<PAGE>
EXHIBIT 99
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
EMPLOYER IDENTIFICATION NUMBER 95-4398884
PLAN NUMBER 002
FINANCIAL STATEMENTS AS OF DECEMBER 31, 1999 AND 1998
TOGETHER WITH
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
<PAGE>
INDEX
<TABLE>
<CAPTION>
PAGE
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<S> <C>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS.................... 1
FINANCIAL STATEMENTS
Statements of Net Assets Applicable to Participants'
Equity as of December 31, 1999 and 1998................. 2
Statement of Changes in Net Assets Applicable to
Participants' Equity for the Year Ended December 31,
1999.................................................... 3
NOTES TO FINANCIAL STATEMENTS............................... 4
SUPPLEMENTAL SCHEDULE:
H--Item 4i--Schedule of Assets Held for Investment
Purposes as of December 31, 1999........................ 9
</TABLE>
------------------------
NOTE: All other schedules are omitted since they are not applicable or are not
required based on the disclosure requirements of the Employee Retirement
Income Security Act of 1974 and applicable regulations issued by the
Department of Labor.
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Plan Administrator of
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, 1999 and 1998, and the related statement of changes
in net assets applicable to participants' equity for the year ended
December 31, 1999. These financial statements and the supplemental schedule
referred to below and identified in the accompanying index are the
responsibility of the Plan Administrator. Our responsibility is to express an
opinion on these financial statements and the supplemental schedule based on our
audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States. 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.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets applicable to participants' equity of
the Plan as of December 31, 1999 and 1998, and the changes in net assets
applicable to participant's equity for the year ended December 31, 1999 in
conformity with accounting principles generally accepted in the United States.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of assets held
for investment purposes as of December 31, 1999 as listed in the accompanying
index is presented for the purpose of additional analysis and is not a required
part of the basic financial statements but is supplementary information required
by the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. The supplemental
schedule has been subjected to the auditing procedures applied in the audit of
the basic financial statements for the year ended December 31, 1999, and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Roseland, New Jersey
June 1, 2000
1
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UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
STATEMENTS OF NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY
DECEMBER 31, 1999 AND 1998
EMPLOYER IDENTIFICATION NUMBER 95-4398884
PLAN NUMBER 002
<TABLE>
<CAPTION>
DECEMBER 31
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1999 1998
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<S> <C> <C>
ASSETS:
Investments (see Note 3).................................. $55,086,840 $35,940,884
RECEIVABLES:
Employer contribution..................................... 117,825 114,342
----------- -----------
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY............... $55,204,665 $36,055,226
=========== ===========
</TABLE>
The accompanying notes to financial statements are an integral part of these
statements.
2
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY
DECEMBER 31, 1999
EMPLOYER IDENTIFICATON NUMBER 95-4398884
PLAN NUMBER 002
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31,
1999
-------------
<S> <C>
ADDITIONS:
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments (see
Note 3)............................................. $ 7,639,451
Interest and dividends................................ 3,626,976
-----------
11,266,427
-----------
Contributions:
Participant........................................... 5,568,454
Employer.............................................. 4,066,633
-----------
9,635,087
-----------
Total additions................................... 20,901,514
-----------
DEDUCTIONS:
Deductions from net assets attributed to:
Benefits paid to participants........................... 1,752,075
-----------
Total deductions.................................. 1,752,075
-----------
Net increase...................................... 19,149,439
NET ASSETS APPLICABLE TO PARTICIPANTS' EQUITY:
Beginning of year......................................... 36,055,226
-----------
End of year............................................... $55,204,665
===========
</TABLE>
The accompanying notes to financial statements are an integral part of this
statement.
3
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
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
that, after good faith negotiations regarding retirement benefits, does not
specifically provide for benefits under the Plan. 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 1999 and 1998. Participants may invest, at their option, in any of sixteen
mutual funds and/or one unitized stock fund (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
were $4,066,633 for the year ended December 31, 1999.
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 the participant's proportional share of each individual fund's results.
VESTING
The balance in each participant's account is fully vested at all times.
PARTICIPANT LOANS
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.
4
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998 (CONTINUED)
1. DESCRIPTION OF THE PLAN (CONTINUED)
PAYMENT OF BENEFITS
Benefits are payable upon the earlier of retirement, death, permanent
disability, or termination. Participants will be paid the amounts to which they
are entitled in one lump sum payment. 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 document.
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 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. The
Plan's investments are stated at fair value. Shares of mutual funds are valued
at the net asset value of shares held by the Plan at year end.
Investment transactions are recorded on a trade date basis and gains and
losses are calculated on an average cost basis. Dividends are recorded on the
ex-dividend date.
INVESTMENTS
Contributions to the Plan may be allocated by the participants among sixteen
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.
5
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998 (CONTINUED)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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.
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.
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.
Participants may also elect to allocate their contributions through Fidelity
Management Trust Company to the following unitized stock fund, which 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).
6
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998 (CONTINUED)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 $111,459 for the plan year ended December 31, 1999.
3. INVESTMENTS
The following presents investments that represent 5 percent or more of the
Plan's net assets-
<TABLE>
<CAPTION>
DECEMBER 31
-------------------------
1999 1998
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<S> <C> <C>
Fidelity Magellan Fund, 115,220.128 and 96,309.008 shares,
respectively.............................................. $15,742,526 $11,636,054
Fidelity Blue Chip Fund, 113,724.294 and 89,516.987 shares,
respectively.............................................. 6,835,967 4,510,761
Univision Unitized Stock Fund, 249,191.321 and 159,582.729
shares, respectively...................................... 6,699,520 1,556,422
Fidelity Equity Income Fund, 112,543.685 and 99,787.682
shares, respectively...................................... 6,018,836 5,543,206
Janus Twenty Fund, 52,451.750 and 15,546.805 shares,
respectively.............................................. 4,376,050 828,645
Fidelity Balanced Fund, 214,175.681 and 172,427.140 shares,
respectively.............................................. 3,289,738 2,820,908
Fidelity Fund, 64,782.768 and 53,734.678 shares,
respectively.............................................. 2,760,394 1,971,525
</TABLE>
During 1999, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) appreciated in
value by $7,639,451 as follows-
<TABLE>
<S> <C>
Mutual funds................................................ $4,126,009
Common stock................................................ 3,513,442
----------
$7,639,451
==========
</TABLE>
7
<PAGE>
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998 (CONTINUED)
4. RELATED PARTY TRANSACTIONS
Certain Plan investments are shares of mutual funds managed by Fidelity
Investments. Fidelity Management Trust Company is the custodian and trustee as
defined by the Plan and therefore, these transactions qualify as
party-in-interest transactions. Administrative expenses, including custodial and
trustee service fees, are paid by the Company. Early redemption fees are paid by
individual participants and annual fund operating expenses are paid from fund
assets (see Note 2).
5. 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.
6. INCOME TAX STATUS
The Plan received a favorable determination letter dated September 22, 1999
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.
8
<PAGE>
SCHEDULE H
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
ITEM 4i--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1999
EMPLOYER IDENTIFICATION NUMBER 95-4398884
PLAN NUMBER 002
<TABLE>
<CAPTION>
(C) DESCRIPTION OF INVESTMENT
(B) IDENTITY OF ISSUE, INCLUDING MATURITY DATE,
BORROWER, LESSOR, RATE OF INTEREST, COLLATERAL, (D) CURRENT
(A) OR SIMILAR PARTY PAR OR MATURITY VALUE VALUE
--- ------------------------ ---------------------------------------------------- -----------
<C> <S> <C> <C>
$15,742,526
* Fidelity Management 115,220.128 units of participation in Fidelity
Trust Company Magellan Fund.....................................
6,835,967
* Fidelity Management 113,724.294 units of participation in Fidelity Blue
Trust Company Chip Fund.........................................
6,699,520
* Fidelity Management 249,191.321 units of participation in Univision
Trust Company Unitized Stock Fund...............................
6,018,836
* Fidelity Management 112,543.685 units of participation in Fidelity
Trust Company Equity Income Fund................................
4,376,050
Janus Capital 52,451.750 units of participation in Janus Twenty
Fund..............................................
3,289,738
* Fidelity Management 214,175.681 units of participation in Fidelity
Trust Company Balanced Fund.....................................
* Fidelity Management 64,782.768 units of participation in Fidelity 2,760,394
Trust Company Fund..............................................
2,653,563
* Fidelity Management 2,653,562.640 units of participation in Fidelity
Trust Company Retirement Money Market Portfolio.................
1,998,063
* Fidelity Management 65,488.798 units of participation in Fidelity
Trust Company Disciplined Equity Fund...........................
687,115
* Fidelity Management 70,401.136 units of participation in Fidelity
Trust Company Intermediate Bond Fund............................
593,448
* Fidelity Management 8,731.021 units of participation in Fidelity OTC
Trust Company Portfolio.........................................
429,154
* Fidelity Management 16,750.752 units of participation in Fidelity
Trust Company Diversified International Fund....................
</TABLE>
9
<PAGE>
SCHEDULE H
UNIVISION COMMUNICATIONS INC.
UNIVISION SAVINGS TAX ADVANTAGE RETIREMENT PLAN
ITEM 4i--SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES (CONTINUED)
AS OF DECEMBER 31, 1999
EMPLOYER IDENTIFICATION NUMBER 95-4398884
PLAN NUMBER 002
<TABLE>
<CAPTION>
(C) DESCRIPTION OF INVESTMENT
(B) IDENTITY OF ISSUE, INCLUDING MATURITY DATE,
BORROWER, LESSOR, RATE OF INTEREST, COLLATERAL, (D) CURRENT
(A) OR SIMILAR PARTY PAR OR MATURITY VALUE VALUE
--- ------------------------ ---------------------------------------------------- -----------
<C> <S> <C> <C>
326,873
* Fidelity Management 14,437.840 units of participation in Fidelity Low
Trust Company Priced Stock Fund.................................
319,742
PIMCO Advisors LP 12,856.526 units of participation in PIMCO Cadence
Capital Appreciation Fund.........................
Neuberger & Berman 9,785.713 units of participation of Neuberger &
Management Berman Partners Trust............................. 175,947
Incorporated
116,465
* Fidelity Management 7,922.816 units of participation in Fidelity Real
Trust Company Estate Investment Portfolio.......................
Miller, Anderson & 9,075.579 units of participation in MAS Value 109,905
Sherrerd, L.L.P. Fund..............................................
1,953,534
* Participants' Loans Loans to participants with maturities not to exceed
10 years at interest rates from 6% to 8%..........
-----------
$55,086,840
Total investments...................................
===========
</TABLE>
------------------------
* Party-in-interest.
The accompanying notes to the financial statements are an integral part of this
schedule.
10
<PAGE>
SIGNATURE
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.
Univision Savings Tax Advantage
Retirement Plan
<TABLE>
<S> <C> <C>
By: /s/ GEORGE W. BLANK
-----------------------------------------
George W. Blank
Executive Vice President
and Chief Financial Officer
</TABLE>
Date: June 21, 2000
