<PAGE>
- --------------------------------------------------------------------------------
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
(MARK ONE):
/X/ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7,
1996].
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED].
FOR THE TRANSITION PERIOD FROM ______________ TO ______________
COMMISSION FILE NUMBER 001-12223
------------------------
A. Full title to the plan and the address of the plan, if different from
that of the issuer named below:
Univision Savings Tax Advantage Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Univision Communications Inc.
1999 Avenue of the Stars, Suite 3050
Los Angeles, California 90067
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
REQUIRED INFORMATION
Univision Communications Inc. hereby files the financial statements required
by Form 11-K with respect to the Univision Savings Tax Advantage Retirement Plan
(the "Plan"). The financial statements for the Plan and the report of
independent public accountants are attached hereto as Exhibits and are
incorporated in this Annual Report on Form 11-K.
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ------------- -----------------------------------------------------------------------------------------------------
<S> <C>
23.1 Consent of Arthur Andersen LLP
99 Financial Statements and Schedules for the Univision Savings Tax Advantage Retirement Plan as of
December 31, 1998 and 1997 (with Report of Independent Public Accountants thereon).
</TABLE>
<PAGE>
EXHIBIT 23.1
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
To Univision Communications Inc.:
As independent public accountants, we hereby consent to the incorporation of
our report included in this Form 11-K, into the Company's previously filed
Registration Statements File Nos. 333-34559, 333-47017 and 333-56595.
ARTHUR ANDERSEN LLP
Roseland, New Jersey
June 24, 1999
<PAGE>
EXHIBIT 99
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1998 AND 1997
TOGETHER WITH
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Committee of the
Univision Savings Tax Advantage Retirement Plan:
We have audited the accompanying statements of net assets applicable to
participants' equity of the Univision Savings Tax Advantage Retirement Plan (the
"Plan") as of December 31, 1998 and 1997, and the related statement of changes
in net assets applicable to participants' equity for the year ended December 31,
1998 as listed in the accompanying index. These financial statements and
supplemental schedules are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and
supplemental schedules based on our audits.
Except as explained in the following paragraph, we conducted our audits in
accordance with generally accepted auditing standards. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
As permitted by 29 CFR 2520.103-8 of the Department of Labor Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974, investment assets held by Fidelity Management Trust
Company, the trustee of the Plan, and transactions in those assets were excluded
from the scope of our audit of the Plan's 1997 financial statements, except for
comparing the information provided by the trustee, which is summarized in Note
5, with the related information included in the financial statements.
Because of the significance of the information that we did not audit, we are
unable to, and do not, express an opinion on the Plan's financial statements as
of December 31, 1997. The form and content of the information included in the
1997 financial statements, other than that derived from the information
certified by the trustee, have been audited by us and, in our opinion, are
presented in compliance with the Department of Labor Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974.
In our opinion, the financial statements, referred to above, of the Plan as
of December 31, 1998, and for the year then ended present fairly, in all
material respects, the financial status of the Plan as of December 31, 1998, and
changes in its financial status for the year then ended in conformity with
generally accepted accounting principles.
Our audit of the Plan's financial statements as of and for the year ended
December 31, 1998, was made for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental schedules of assets held
for investment purposes as of December 31, 1998 and reportable transactions for
the year then ended as listed in the accompanying index are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements, but are supplementary information required by the
Department of Labor Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The supplemental schedules have
been subjected to the auditing procedures applied in the audit of the basic
financial statements for the year ended December 31, 1998, and, in our opinion,
are fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
ARTHUR ANDERSEN LLP
Roseland, New Jersey
June 7, 1999
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
INDEX
<TABLE>
<S> <C>
FINANCIAL STATEMENTS:
Statements of Net Assets Applicable to Participants' Equity as of December 31, 1998
and 1997
Statement of Changes in Net Assets Applicable to Participants' Equity for the Year
Ended December 31, 1998
Notes to Financial Statements
SUPPLEMENTAL SCHEDULES:
I--Item 27a--Schedule of Assets Held for Investment Purposes as of December 31,
1998
II--Item 27d--Schedule of Reportable Transactions for the Year Ended December 31,
1998
</TABLE>
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
STATEMENTS OF NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY
AS OF DECEMBER 31, 1998 AND 1997
<TABLE>
<CAPTION>
1998 1997
------------- -------------
<S> <C> <C>
INVESTMENTS:
Fidelity Fund.................................................................... $ 1,971,525 $ 1,113,572
Fidelity Magellan Fund........................................................... 11,636,054 8,084,624
Fidelity Equity Income Fund...................................................... 5,543,206 4,571,828
Fidelity Intermediate Bond Fund.................................................. 516,383 331,595
Fidelity Balanced Fund........................................................... 2,820,908 2,206,938
Fidelity Blue Chip Fund.......................................................... 4,510,761 2,386,489
Fidelity Disciplined Equity Fund................................................. 1,587,277 991,327
Fidelity Retirement Money Market Portfolio....................................... 2,123,389 1,411,533
Univision Unitized Stock Fund.................................................... 1,556,422 0
Janus Twenty Fund................................................................ 828,645 81,896
MAS Value Fund................................................................... 88,266 31,565
Neuberger & Berman Partners Trust................................................ 161,888 19,049
PIMCO Cadence Capital Appreciation Fund.......................................... 248,275 64,800
Fidelity OTC Portfolio........................................................... 195,474 24,963
Fidelity Real Estate Investment Portfolio........................................ 121,007 11,235
Fidelity Low Priced Stock Fund................................................... 274,680 72,082
Fidelity Diversified International Fund.......................................... 186,611 30,036
Participants' Loans.............................................................. 1,570,113 1,057,675
------------- -------------
Total investments.............................................................. 35,940,884 22,491,207
RECEIVABLES:
Employer contributions........................................................... 114,342 415,324
------------- -------------
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY.................................... $ 36,055,226 $ 22,906,531
------------- -------------
------------- -------------
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements.
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FIDELITY FIDELITY
FIDELITY EQUITY INTERMEDIATE
FIDELITY MAGELLAN INCOME BOND
FUND FUND FUND FUND
------------ ------------- ------------ ------------
<S> <C> <C> <C> <C>
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, beginning of year.... $ 1,113,572 $ 8,084,624 $ 4,571,828 $ 331,595
------------ ------------- ------------ ------------
ADDITIONS:
Employee contributions............................................ 312,117 1,122,014 630,607 146,949
Employer contributions............................................ 250,975 980,411 517,638 103,105
Net unrealized/realized appreciation (depreciation) of
investments..................................................... 318,532 2,342,563 285,492 2,461
Interest and dividends............................................ 105,247 548,793 316,998 26,070
Early redemption fees............................................. 0 0 0 0
Loans to participants............................................. (68,227) (255,361) (233,759) (56,349)
Reinvestment of loan payments..................................... 32,237 215,747 86,768 12,045
------------ ------------- ------------ ------------
Total additions................................................. 950,881 4,954,167 1,603,744 234,281
NET TRANSFERS....................................................... (32,533) (945,455) (387,447) (39,223)
DEDUCTIONS--PAYMENTS TO PLAN PARTICIPANTS........................... (60,395) (457,282) (244,919) (10,270)
------------ ------------- ------------ ------------
Increase (decrease) in net assets............................... 857,953 3,551,430 971,378 184,788
------------ ------------- ------------ ------------
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, end of year.......... $ 1,971,525 $ 11,636,054 $ 5,543,206 $ 516,383
------------ ------------- ------------ ------------
------------ ------------- ------------ ------------
<CAPTION>
FIDELITY FIDELITY
BALANCED BLUE CHIP
FUND FUND
------------ ------------
<S> <C> <C>
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, beginning of year.... $ 2,206,938 $ 2,386,489
------------ ------------
ADDITIONS:
Employee contributions............................................ 327,074 757,154
Employer contributions............................................ 302,491 643,015
Net unrealized/realized appreciation (depreciation) of
investments..................................................... 193,172 856,530
Interest and dividends............................................ 273,087 183,308
Early redemption fees............................................. 0 0
Loans to participants............................................. (152,865) (211,861)
Reinvestment of loan payments..................................... 54,778 84,906
------------ ------------
Total additions................................................. 997,737 2,313,052
NET TRANSFERS....................................................... (178,684) (18,805)
DEDUCTIONS--PAYMENTS TO PLAN PARTICIPANTS........................... (205,083) (169,975)
------------ ------------
Increase (decrease) in net assets............................... 613,970 2,124,272
------------ ------------
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, end of year.......... $ 2,820,908 $ 4,510,761
------------ ------------
------------ ------------
</TABLE>
The accompanying notes to financial statements are an integral part of this
statement.
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY
(CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FIDELITY
FIDELITY RETIREMENT UNIVISION JANUS
DISCIPLINED MONEY MARKET UNITIZED TWENTY MAS VALUE
EQUITY FUND PORTFOLIO STOCK FUND FUND FUND
------------ ------------ ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, beginning of
year....................................................... $ 991,327 $ 1,411,533 $ 0 $ 81,896 $ 31,565
ADDITIONS:
Employee contributions..................................... 287,868 355,079 326,646 137,575 24,181
Employer contributions..................................... 240,660 309,278 201,894 98,684 20,871
Net unrealized/realized appreciation (depreciation) of
investments.............................................. 155,591 0 2,023 210,853 (17,449)
Interest and dividends..................................... 106,622 100,593 6,328 7,046 14,107
Early redemption fees...................................... 0 0 0 0 0
Loans to participants...................................... (69,256) (103,202) (26,069) (3,932) (619)
Reinvestment of loan payments.............................. 35,089 32,132 39,864 22,207 554
------------ ------------ ------------ ---------- ----------
Total additions.......................................... 756,574 693,880 550,686 472,433 41,645
NET TRANSFERS................................................ (58,677) 117,535 1,035,622 274,816 15,584
DEDUCTIONS--PAYMENTS TO PLAN PARTICIPANTS.................. (101,947) (99,559) (29,886) (500) (528)
------------ ------------ ------------ ---------- ----------
Increase (decrease) in net assets........................ 595,950 711,856 1,556,422 746,749 56,701
------------ ------------ ------------ ---------- ----------
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, end of
year..................................................... $ 1,587,277 $ 2,123,389 $ 1,556,422 $ 828,645 $ 88,266
------------ ------------ ------------ ---------- ----------
------------ ------------ ------------ ---------- ----------
<CAPTION>
PIMCO
NEUBERGER CADENCE
& BERMAN CAPITAL
PARTNERS APPRECIATION
TRUST FUND
---------- ------------
<S> <C> <C>
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, beginning of
year....................................................... $ 19,049 $ 64,800
ADDITIONS:
Employee contributions..................................... 63,295 98,573
Employer contributions..................................... 27,981 40,021
Net unrealized/realized appreciation (depreciation) of
investments.............................................. 2,508 10,738
Interest and dividends..................................... 5,358 18,569
Early redemption fees...................................... 0 0
Loans to participants...................................... 0 (1,616)
Reinvestment of loan payments.............................. 8,869 15,980
---------- ------------
Total additions.......................................... 108,011 182,265
NET TRANSFERS................................................ 34,923 2,135
DEDUCTIONS--PAYMENTS TO PLAN PARTICIPANTS.................. (95) (925)
---------- ------------
Increase (decrease) in net assets........................ 142,839 183,475
---------- ------------
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, end of
year..................................................... $ 161,888 $ 248,275
---------- ------------
---------- ------------
</TABLE>
The accompanying notes to financial statements are an integral part of this
statement.
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY
(CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FIDELITY FIDELITY
REAL LOW FIDELITY
FIDELITY ESTATE PRICED DIVERSIFIED
OTC INVESTMENT STOCK INTERNATIONAL PARTICIPANTS'
PORTFOLIO PORTFOLIO FUND FUND LOANS
---------- ----------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, beginning
of year................................................. $ 24,963 $ 11,235 $ 72,082 $ 30,036 $ 1,057,675
ADDITIONS:
Employee contributions.................................. 53,461 35,645 107,230 68,647 0
Employer contributions.................................. 37,448 28,695 61,940 44,066 0
Net unrealized/realized appreciation (depreciation) of
investments........................................... 32,164 (20,515) (15,734) 6,437 0
Interest and dividends.................................. 6,521 8,203 17,841 7,549 0
Early redemption fees................................... 0 (52) (262) 0 0
Loans to participants................................... (4,956) (11,992) (8,153) (1,297) 1,209,514
Reinvestment of loan payments........................... 3,862 5,232 6,890 4,822 (661,982)
---------- ----------- ---------- ------------ ------------
Total additions....................................... 128,500 45,216 169,752 130,224 547,532
NET TRANSFERS............................................. 42,689 64,556 41,710 31,254 0
DEDUCTIONS--PAYMENTS TO PLAN PARTICIPANTS................. (678) 0 (8,864) (4,903) (35,094)
---------- ----------- ---------- ------------ ------------
Increase (decrease) in net assets..................... 170,511 109,772 202,598 156,575 512,438
---------- ----------- ---------- ------------ ------------
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, end of
year.................................................... $ 195,474 $ 121,007 $ 274,680 $ 186,611 $ 1,570,113
---------- ----------- ---------- ------------ ------------
---------- ----------- ---------- ------------ ------------
<CAPTION>
EMPLOYER
CONTRIBUTIONS
RECEIVABLE TOTAL
------------- -------------
<S> <C> <C>
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, beginning
of year................................................. $ 415,324 $ 22,906,531
ADDITIONS:
Employee contributions.................................. 0 4,854,115
Employer contributions.................................. (300,982) 3,608,191
Net unrealized/realized appreciation (depreciation) of
investments........................................... 0 4,365,366
Interest and dividends.................................. 0 1,752,240
Early redemption fees................................... 0 (314)
Loans to participants................................... 0 0
Reinvestment of loan payments........................... 0 0
------------- -------------
Total additions....................................... (300,982) 14,579,598
NET TRANSFERS............................................. 0 0
DEDUCTIONS--PAYMENTS TO PLAN PARTICIPANTS................. 0 (1,430,903)
------------- -------------
Increase (decrease) in net assets..................... (300,982) 13,148,695
------------- -------------
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY, end of
year.................................................... $ 114,342 $ 36,055,226
------------- -------------
------------- -------------
</TABLE>
The accompanying notes to financial statements are an integral part of this
statement.
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
(1) DESCRIPTION OF THE PLAN:
The following description of the Univision Savings Tax Advantage Retirement
Plan (the "Plan") provides only general information. Participants should refer
to the Plan document for a more complete description of the Plan's provisions.
GENERAL-
The Plan, which became effective January 1, 1989, is a cash or deferred
arrangement type of plan within the meaning of Section 401(k) of the Internal
Revenue Code, covering all eligible employees of Univision Communications Inc.
(the "Company") who have completed one year of service and are 21 years of age
or over, excluding those employees covered by a collective bargaining agreement
for which retirement benefits have been the subject of good faith negotiations.
However, for the Plan's initial enrollment on October 1, 1989, the service
requirement was waived. The Plan is administered by the Company and is subject
to the provisions of the Employee Retirement Income Security Act of 1974
("ERISA").
CONTRIBUTIONS-
The Plan allows participants to contribute up to a maximum of 15% of their
annual earnings before taxes to the Plan. Under the Tax Reform Act of 1986,
individual contributions for which taxes may be deferred were limited to $10,000
in 1998. Participants may invest, at their option, in any of seventeen mutual
funds (see Note 2). Discretionary matching contributions of up to a maximum of
6% of each employee's annual compensation may be made by the Company. The
Company's matching contributions to the Plan for the year ended December 31,
1998 were $3,608,191.
PARTICIPANT ACCOUNTS-
Each participant's account is credited with the participant's contribution,
the Company matching contribution (if it elects to make one) and an allocation
based on a proportional share of the Plan's net investment experience.
VESTING-
The balance in each participant's account is fully vested at all times and
is not subject to forfeiture for any reason.
PAYMENT OF BENEFITS-
Benefits are payable upon the earlier of retirement, death, disability, or
termination. Participants will be paid the amounts to which they are entitled in
one lump sum payment in cash. Additionally, required minimum distributions are
to begin by April 1 of the calendar year after the later of the calendar year in
which the employee reaches age 70 1/2 or the calendar year in which the employee
retires.
In addition, participants may make withdrawals from their accounts for
reason of financial hardship, as defined in the Plan agreement.
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
USE OF ESTIMATES-
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amount of assets and
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
BASIS OF ACCOUNTING-
The accounting records of the Plan are maintained on the accrual basis.
Investment transactions are recorded on a trade date basis and gains and losses
are calculated on an average cost basis.
INVESTMENTS-
Contributions to the Plan may be allocated by the participants among
seventeen mutual funds through Fidelity Management Trust Company, the Plan's
custodian and trustee, as follows-
Fidelity Fund seeks long-term capital growth with a reasonable level of
current income as a secondary objective through investment in common
stocks.
Fidelity Magellan Fund seeks long-term capital appreciation by investing
in common stocks, and securities convertible to common stock, issued by
U.S. companies operating domestically and/or abroad as well as foreign
companies.
Fidelity Equity Income Fund seeks reasonable income by investing for
yields that exceed the yield on the securities comprising the Standard &
Poor's 500 by investing at least sixty-five percent in income producing
common and preferred stocks; the remainder tends to be invested in debt
securities.
Fidelity Intermediate Bond Fund seeks a high level of current income
through investment in high and medium grade fixed income obligations.
Fidelity Balanced Fund seeks as much income as possible, consistent with
preservation of capital by maintaining a balance of high-yielding
securities including foreign and domestic stocks and bonds.
Fidelity Blue Chip Fund seeks growth of capital over the long-term by
investing in common stocks of more well-known established companies.
Fidelity Disciplined Equity Fund seeks long-term capital growth. It also
strives to consistently outperform the Standard and Poor's 500.
Fidelity Retirement Money Market Portfolio seeks a high current income,
preservation of capital and liquidity from money market instruments.
The following funds were added to the Plan on August 15, 1997:
Janus Twenty Fund seeks as much income as possible, consistent with the
preservation of capital by investing in 20 to 30 common stocks that
maintain strong current financial positions and the potential for future
growth.
MAS Value Fund seeks a total return consistent with reasonable risk by
investing in common stocks of companies with market capitalizations
greater than $300 million.
Neuberger & Berman Partners Trust seeks capital growth by investing in
securities of established companies that are considered to be undervalued
based on low price/earnings ratios, consistent cash flows, and support
from asset values.
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (CONTINUED)
PIMCO Cadence Capital Appreciation Fund seeks capital growth through
investments in companies with capitalizations of at least $100 million.
Fidelity OTC Portfolio seeks capital appreciation by investing at least
65% of its assets in equity securities principally traded on the
over-the-counter ("OTC") market.
Fidelity Real Estate Investment Portfolio seeks above average income and
long-term capital growth consistent with reasonable risk by investing at
least 65% of its assets in securities of companies in the real estate
industry.
Fidelity Low Priced Stock Fund seeks capital appreciation by investing at
least 65% of its assets in equity securities that are priced at $25 per
share or less.
Fidelity Diversified International Fund seeks capital appreciation by
investing in securities of companies located in at least three countries
outside of the United States; most investments are made in companies of
developed countries with capitalizations of $100 million or more.
The following fund was added to the Plan on March 9, 1998-
Univision Unitized Stock Fund seeks capital growth by investing in
Univision Communications Inc. Class A Common Stock (except that the Fund
may hold a small amount of cash).
Investments are carried at fair value which is based on each fund's net
asset value.
ADMINISTRATIVE EXPENSES-
Administrative expenses are paid by Univision Communications Inc. These
expenses amounted to $137,896 for the plan year ended December 31, 1998.
(3) INCOME TAX STATUS:
The Plan received a favorable determination letter dated December 17, 1996
from the Internal Revenue Service ("IRS") stating that the Plan is a qualified
plan under Section 401(a) of the Internal Revenue Code (the "Code"). The Plan is
subject to the Employee Retirement Income Security Act of 1974 and certain
provisions of the Code. Although the Plan has been amended since the last
determination letter the Company believes that the Plan is currently designed
and being operated in compliance with the applicable requirements of the Code
and, as a result, no provision for income taxes has been included in the Plan's
financial statements. On June 1, 1999, the Company filed for an updated
determination letter from the IRS. As of the date of this report, the Company
has not received any response relating to this application.
(4) PLAN TERMINATION:
Although Univision Communications Inc. has not expressed any intent to do
so, they have the right under the Plan to terminate the Plan subject to the
provisions of ERISA.
(5) PLAN ASSET FIDUCIARIES:
The Plan provides for-
- A custodian and trustee for the Plan assets; Fidelity Management Trust
Company
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(5) PLAN ASSET FIDUCIARIES: (CONTINUED)
Fidelity Management Trust Company, the asset custodian and trustee, had
certified to the completeness and accuracy of the following unaudited
information included in the financial statements and schedules as of December
31, 1997-
<TABLE>
<S> <C>
Investments-
1997 $22,491,207
</TABLE>
(6) LOANS TO PARTICIPANTS:
Participant loans may not exceed the lesser of $50,000 (subject to
limitations) or 50% of the participant's account balance and are secured by the
participant's account balance. Participant loans are being repaid over periods
ranging from one to ten years. Interest is being charged at rates between 6% and
8%. Earnings from these loans are credited directly to the individual
participants' accounts.
(7) RECONCILIATION TO FORM 5500:
As of December 31, 1998 and 1997, the Plan had approximately $0 and $31,962,
respectively, of pending distributions to participants who elected to withdraw
from the operation and earnings of the Plan. These amounts are recorded as a
liability in the Plan's Form 5500; however, these amounts are not recorded as a
liability in the accompanying statements of net assets applicable to
participants' equity in accordance with generally accepted accounting
principles.
The following table reconciles net assets applicable to participants' equity
per the financial statements to the Form 5500 as filed or to be filed by the
Company for the years ended December 31, 1998 and 1997-
<TABLE>
<CAPTION>
NET ASSETS APPLICABLE TO
PARTICIPANTS' EQUITY
DECEMBER 31
BENEFITS PAYABLE BENEFITS ----------------------------
TO PARTICIPANTS PAID 1998 1997
----------------- ------------ ------------- -------------
<S> <C> <C> <C> <C>
Per financial statements...................... $ 0 $ 1,430,903 $ 36,055,226 $ 22,906,531
Accrued benefit payments net of prior year
accrual for benefits paid................... 0 (31,962) 0 (31,962)
--
------------ ------------- -------------
Per Form 5500................................. $ 0 $ 1,398,941 $ 36,055,226 $ 22,874,569
--
--
------------ ------------- -------------
------------ ------------- -------------
</TABLE>
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(8) TOTAL NUMBER OF UNITS AND NET ASSET VALUE PER UNIT:
The following table represents total number of units rounded and unit values
for the individual funds on December 31, 1998-
<TABLE>
<S> <C>
Fidelity Fund-
Total units......................................................... 53,734.678
Unit value.......................................................... $36.69
Fidelity Magellan Fund-
Total units......................................................... 96,309.008
Unit value.......................................................... $120.82
Fidelity Equity Income Fund-
Total units......................................................... 99,787.682
Unit value.......................................................... $55.55
Fidelity Intermediate Bond Fund-
Total units......................................................... 50,280.695
Unit value.......................................................... $10.27
Fidelity Balanced Fund-
Total units......................................................... 172,427.140
Unit value.......................................................... $16.36
Fidelity Blue Chip Fund-
Total units......................................................... 89,516.987
Unit value.......................................................... $50.39
Fidelity Disciplined Equity Fund-
Total units......................................................... 54,136.312
Unit value.......................................................... $29.32
Fidelity Retirement Money Market Portfolio-
Total units......................................................... 2,123,389.330
Unit value.......................................................... $1.00
Univision Unitized Stock Fund -
Total units......................................................... 159,582.729
Unit value.......................................................... $9.75
Janus Twenty Fund-
Total units......................................................... 15,546.805
Unit value.......................................................... $53.30
MAS Value Fund-
Total units......................................................... 6,116.868
Unit value.......................................................... $14.43
Neuberger & Berman Partners Trust-
Total units......................................................... 8,958.952
Unit value.......................................................... $18.07
PIMCO Cadence Capital Appreciation Fund-
Total units......................................................... 10,015.143
Unit value.......................................................... $24.79
Fidelity OTC Portfolio-
Total units......................................................... 4,480.264
Unit value.......................................................... $43.63
</TABLE>
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(8) TOTAL NUMBER OF UNITS AND NET ASSET VALUE PER UNIT: (CONTINUED)
<TABLE>
<S> <C>
Fidelity Real Estate Investment Portfolio-
Total units......................................................... 7,786.794
Unit value.......................................................... $15.54
Fidelity Low Priced Stock Fund-
Total units......................................................... 12,021.017
Unit value.......................................................... $22.85
Fidelity Diversified International Fund-
Total units......................................................... 10,531.072
Unit value.......................................................... $17.72
</TABLE>
<PAGE>
SCHEDULE I
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1998
EMPLOYER IDENTIFICATION NUMBER 95-4398884
<TABLE>
<CAPTION>
(C) DESCRIPTION OF INVESTMENT
(B) IDENTITY OF ISSUE, INCLUDING MATURITY DATE,
BORROWER, LESSOR, RATE OF INTEREST, COLLATERAL, (E) CURRENT
(A) OR SIMILAR PARTY PAR OR MATURITY VALUE (D) COST VALUE
--- --------------------------- ----------------------------------------------- ------------- -------------
<C> <S> <C> <C> <C>
* Fidelity Management 53,734.678 units of participation in Fidelity
Trust Company Fund $ 1,563,946 $ 1,971,525
* Fidelity Management 96,309.008 units of participation in Fidelity
Trust Company Magellan Fund 8,438,199 11,636,054
* Fidelity Management 99,787.682 units of participation in Fidelity
Trust Company Equity Income Fund 4,389,655 5,543,206
* Fidelity Management 50,280.695 units of participation in Fidelity
Trust Company Intermediate Bond Fund 512,255 516,383
* Fidelity Management 172,427.140 units of participation in Fidelity
Trust Company Balanced Fund 2,482,337 2,820,908
* Fidelity Management 89,516.987 units of participation in Fidelity
Trust Company Blue Chip Fund 3,456,877 4,510,761
* Fidelity Management 54,136.312 units of participation in Fidelity
Trust Company Disciplined Equity Fund 1,395,542 1,587,277
* Fidelity Management 2,123,389.330 units of participation in
Trust Company Fidelity Retirement Money Market Portfolio 2,123,389 2,123,389
* Fidelity Management 159,582.729 units of participation in Univision
Trust Company Unitized Stock Fund 1,543,966 1,556,422
* Janus Capital 15,546.805 units of participation in Janus
Twenty Fund 629,056 828,645
* Miller, Anderson & 6,116.868 units of participation in MAS Value
Sherrerd, L.L.P. Fund 107,212 88,266
* Neuberger & Berman 8,958.952 units of participation of Neuberger &
Management Berman Partners Trust
Incorporated 160,495 161,888
* PIMCO Advisors LP 10,015.143 units of participation in PIMCO
Cadence Capital Appreciation Fund 240,664 248,275
* Fidelity Management 4,480.264 units of participation in Fidelity
Trust Company OTC Portfolio 166,778 195,474
* Fidelity Management 7,786.794 units of participation in Fidelity
Trust Company Real Estate Investment Portfolio 134,818 121,007
</TABLE>
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
ITEM 27a--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (CONTINUED)
AS OF DECEMBER 31, 1998
EMPLOYER IDENTIFICATION NUMBER 95-4398884
<TABLE>
<CAPTION>
(C) DESCRIPTION OF INVESTMENT
(B) IDENTITY OF ISSUE, INCLUDING MATURITY DATE,
BORROWER, LESSOR, RATE OF INTEREST, COLLATERAL, (E) CURRENT
(A) OR SIMILAR PARTY PAR OR MATURITY VALUE (D) COST VALUE
--- --------------------------- ----------------------------------------------- ------------- -------------
<C> <S> <C> <C> <C>
* Fidelity Management 12,021.017 units of participation in Fidelity
Trust Company Low Priced Stock Fund 283,785 274,680
* Fidelity Management 10,531.072 units of participation in Fidelity
Trust Company Diversified International Fund 183,323 186,611
* Participants' Loans Loans to participants with maturities not to
exceed 10 years at interest rates from 6% to
8% 1,570,113 1,570,113
------------- -------------
Total investments $ 29,382,410 $ 35,940,884
------------- -------------
------------- -------------
</TABLE>
- ------------------------
* Party-in-interest.
The accompanying notes to financial statements are an integral part of this
schedule.
<PAGE>
SCHEDULE II
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
ITEM 27D--SCHEDULE OF REPORTABLE TRANSACTIONS (A)
FOR THE YEAR ENDED DECEMBER 31, 1998
EMPLOYER IDENTIFICATION NUMBER 95-4398884
PLAN NUMBER 002
<TABLE>
<CAPTION>
(B) DESCRIPTION OF ASSETS (INCLUDE
INTEREST RATE AND MATURITY IN CASE OF (C) PURCHASE (D) SELLING (E) COST OF
(A) IDENTITY OF PARTY INVOLVED LOAN) PRICE PRICE ASSET
- -------------------------------------- -------------------------------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Fidelity Fund
*Fidelity Management Trust Company 108 Purchases $ 897,439 $ N/A $ 897,439
66 Sales N/A 358,018 301,195
Fidelity Magellan Fund
*Fidelity Management Trust Company 168 Purchases 3,075,204 N/A 3,075,204
126 Sales N/A 1,866,338 1,515,867
Fidelity Equity Income Fund
*Fidelity Management Trust Company 154 Purchases 1,836,195 N/A 1,836,195
116 Sales N/A 1,150,309 924,336
Fidelity Balanced Fund
*Fidelity Management Trust Company 128 Purchases 995,256 N/A 995,256
91 Sales N/A 574,458 523,623
Fidelity Blue Chip Fund
*Fidelity Management Trust Company 140 Purchases 2,020,724 N/A 2,020,724
94 Sales N/A 752,982 628,656
Fidelity Retirement Money Market Fund
*Fidelity Management Trust Company 136 Purchases 1,491,098 N/A 1,491,098
117 Sales N/A 779,241 779,241
Univision Unitized Stock Fund
*Fidelity Management Trust Company 127 Purchases 3,093,508 N/A 3,093,508
72 Sales N/A 1,564,607 1,574,327
<CAPTION>
(F) CURRENT
VALUE
OF ASSET ON (G) NET GAIN
(A) IDENTITY OF PARTY INVOLVED TRANSACTION DATE OR (LOSS)
- -------------------------------------- ---------------- ------------
<S> <C> <C>
*Fidelity Management Trust Company $ 897,439 $ 0
358,018 56,823
*Fidelity Management Trust Company 3,075,204 0
1,866,338 350,471
*Fidelity Management Trust Company 1,836,195 0
1,150,309 225,973
*Fidelity Management Trust Company 995,256 0
574,458 50,835
*Fidelity Management Trust Company 2,020,724 0
752,982 124,326
*Fidelity Management Trust Company 1,149,098 0
779,241 0
*Fidelity Management Trust Company 3,093,508 0
1,564,607 (9,720)
</TABLE>
- ------------------------
(A) Reportable transactions include transactions in excess of 5% of net plan
assets as of January 1, 1998.
* Party-In-Interest
The accompanying notes to financial statements are an integral part of this
schedule.
<PAGE>
SIGNATURES
THE PLAN. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
Undersigned hereunto duly authorized.
<TABLE>
<S> <C> <C>
UNIVISION SAVINGS TAX ADVANTAGE
RETIREMENT PLAN
By: /s/ GEORGE W. BLANK
-----------------------------------------
George W. Blank
EXECUTIVE VICE PRESIDENT
AND CHIEF FINANCIAL OFFICER
</TABLE>
Date: June 25, 1999
