REG - Cablevision Holding - CVH Announces First Quarter 2021 Results
Cablevisión Holding announces its First Quarter 2021 Results
Buenos Aires, Argentina, May 11, 2021 - Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company" - BCBA: CVH; LSE: CVH; Level 1: CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2), announced today its first quarter 2021 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of March 31, 2021, unless otherwise indicated.
The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").
CVH Highlights (1Q21 vs. 1Q20):
§ Total Revenues reached Ps. 82,547 million, a decrease of 7.8% in real terms as of 1Q21, compared to the same period of 2020, mainly driven by lower revenues from mobile, internet, cable TV, fixed telephony, and other revenues from services, which was partially offset by higher revenues from equipment sales, in a context of an increasing inflation, where price increases of mobile and fixed Telephony, Internet and Pay TV services were suspended between May 1 to August 31, 2020, as agreed by industry players & the National Communications Entity (ENACOM), and from July 31, 2020 to December 31, 2020 through the Decree 690/2020.
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 52,564 million, a decrease of 9.7% in constant currency, mainly driven by lower bad debt expenses, employee benefits expenses and severance payments, other operating expenses, commissions and advertising costs, programming and content costs, fees for services, maintenance, materials and supplies, taxes and fees with the Regulatory Authority, partially offset by higher costs of equipment and handset as well as higher interconnection costs.
§ EBITDA reached Ps. 29,983 million as of 1Q21, a decrease of 4.3% in real terms compared to 1Q20, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a higher EBITDA Margin of 36.3% in 1Q21, compared to 35.0% in 1Q20.
§ Consolidated Net Income amounted Ps. 8,955 million. Consolidated Net Income attributable to the Controlling Company amounted to Ps. 3,364 million.
FINANCIAL HIGHLIGHTS
(millions of Ps.in constant Currency as of March 31, 2021)
Total Revenues
82,547
89,529
(7.8%)
78,831
4.7%
EBITDA (1)
29,983
31,317
(4.3%)
22,574
32.8%
EBITDA Margin (2)
36.3%
35.0%
3.8%
28.6%
26.8%
Loss for the period
8,955
3,957
126.3%
(5,249)
(270.6%)
Attributable to:
Equity Shareholders
3,364
1,605
109.6%
(2,771)
(221.4%)
Non-Controlling Interests
5,591
2,352
137.7%
(2,478)
(325.6%)
(1) EBITDA is defined as Total Revenues minus operating cost and expenses (excluding depreciation and amortization). We believe that EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute EBITDA in a different manner; therefore, EBITDA as reported by other companies may not be comparable to EBITDA as we report it.
(2) EBITDA Margin is defined as EBITDA over Total Revenues.
OPERATING RESULTS
Total Revenues reached Ps. 82,547 million in 1Q21, a decrease of 7.8% compared to Ps. 89,529 million in 1Q20, mainly driven by lower revenues from mobile, internet, cable TV, fixed telephony and other revenues from services, which was partially offset by higher revenues from equipment sales.
Following is a breakdown of Total Revenues:
(millions of Ps.in constant Currency as of March 31, 2021)
Mobile Services
30,886
32,990
(6.4%)
37.4%
36.8%
Internet Services
17,460
19,480
(10.4%)
21.2%
21.8%
Cable TV Services
16,728
18,716
(10.6%)
20.3%
20.9%
Fixed Telephony and Data Services
11,833
13,520
(12.5%)
14.3%
15.1%
Other revenues from services
209
254
(17.7%)
0.3%
0.3%
Revenues from Services
77,116
84,960
(9.2%)
93.4%
94.9%
Revenues from Equipment Sales
5,431
4,569
18.9%
6.6%
5.1%
Total Revenues
82,547
89,529
(7.8%)
100.0%
100.0%
Mobile Services Revenues decreased by 6.4% in real terms to Ps. 30,886 as of 1Q21, mainly due to the restatement effect as of March 31, 2021.
In Argentina, Personal mobile subscribers reached more than 18.8 million (+363 thousand compared to 4Q20) and around 42% of them are postpaid. Mobile internet revenues reached 73% of Personal Argentina service revenues. Mobile ARPU decreased 3.3% during the 1Q21 compared to 1Q20 (Ps. 485.5 in 1Q21 vs Ps. 501.5 in 1Q20). Mobile churn was 1.5% as of 1Q21, compared to 2.3% in 1Q20.
During the first quarter of 2021, our subsidiary Telecom strengthened the variety of mobile offers with a greater volume of data in order to improve the connectivity of clients. In addition, Personal and Fibertel brands offered their convergent clients the benefit of gigs as a gift for the summer.
On the infrastructure side, our subsidiary Telecom continued to enhance the mobile internet experience of its clients through the deployment of the 4G and 4G+ networks throughout the country, reaching more than 13.5 million clients with 4G devices. Additionally, it announced the start of the first 5G network in Argentina, launching 10 Personal mobile sites in Buenos Aires and Rosario, strengthening its commitment to transformation and innovation.
As of March 31, 2021, Núcleo customer base decreased 2.8% to 2.2 million subscribers, of which 17% are postpaid. Revenues from Núcleo services were Ps 3,570 million in 1Q21, a decrease of 15.9% compared to 1Q20, mainly due to a lower client base and the decrease in the ARPU.
Internet Services Revenues dropped 10.4% to Ps. 17,460 in 1Q21 mainly due to a 14% lower Broadband ARPU of Ps.1,358.4 as of March 31, 2021. Of the 4.2 million broadband customers reached in 1Q21 (+12 thousand compared to 4Q20), around 74% subscribed to services with speeds of 20Mb or higher. Monthly churn dropped to 1.4% in 1Q21 from 1.6% in 1Q20.
Cable TV Services Revenues amounted to Ps. 16,728 million in 1Q21, a decrease of 10.6% compared to 1Q20, mainly due to the restatement effect as of March 31, 2021. Cable TV ARPU reached Ps. 1,540.6 in 1Q21, a decrease of 13.6% compared to 1Q20. Additionally, Cable TV churn decreased to 1.2% in 1Q21 from 1.4% in 1Q20.
It is worth mentioning that during the first quarter of 2021 our subsidiary Telecom continued boosting its entertainment proposal with innovative and high-quality content through its Flow platform, which participated in the BAFICI Festival, awarding the "Flow Award to Argentina cinema". Regarding the vertical content linked to gaming, Telecom continued to accompany the consolidation of Esports as a phenomenon of entertainment and local consumption.
Moreover, our subsidiary Telecom continued to focus on innovation, through the incorporation of Disney+ into its Flow entertainment platform during the last year, in line with its strategy of transforming it in a comprehensive platform its clients value and continue to choose for its wide variety of content and differential functionalities. Currently, Flow includes not only lineal TV, series, on demand movies, documentaries, and co-productions, but also music and gaming and it will continue to grow as the clients' needs evolve.
Fixed Telephony and Data Services Revenues reached Ps. 11,833 million in 1Q21, a decrease of 12.5% compared to 1Q20, mainly due the restatement effect as of March 31, 2021. Additionally, ARBU in fixed telephony reached Ps. 589.5 in 1Q21, decreasing 15.2% compared to 1Q20.
On the corporate segment side, our subsidiary Telecom continued to develop a series of initiatives for companies, providing solutions based on their needs to support them in their productivity and growth.
Moreover, as a part of the commercial agreement between Telecom and IBM, two new product offering were announced in January: IBM Security Guardium, a data security technology, and IBM Security Trusteer, which offers detection fraud and continues authentication based on digital identity risk.
Additionally, Telecom FiberCorp presented a new Collaboration solution that provides integrated telephony, chat, meeting, and screen sharing services, among other functions, from one place. It is also worth mentioning that Telecom FiberCorp participated in the 101st edition of the Congreso Segurinfo Iberoamericano, the main annual conference on Cybersecurity and Information Technologies. Thus, our subsidiary continues to support companies by offering comprehensive solutions for the security of their information.
Revenues from equipment sales totaled Ps. 5,431 million in 1Q21, a rise of 18.9% compared to 1Q20, mainly due to an increase in the quantities sold, as well as an increase in the average prices of handsets.
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 52,564 million in 1Q21, a decrease of Ps. 5,648 million, or 9.7% compared to 1Q20.
These lower operating costs and expenses were mainly due to lower bad debt expenses, employee benefits expenses and severance payments, other operating expenses, commissions and advertising costs, programming and content costs, fees for services, maintenance, materials and supplies, taxes and fees with the Regulatory Authority, which was partially offset by higher costs of equipment and handset as well as higher interconnection costs. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 29,983 million in 1Q21, a decrease of 4.3% from Ps. 31,317 million reported for 1Q20, mainly driven by lower revenues, partially offset by lower operating costs.
Depreciation, amortization and impairment of PP&E, intangible assets and rights-of-use amounted Ps. 24,664 million in 1Q21, an increase of 6.4% compared to 1Q20. The increase was mainly due to the impact of the amortization of assets incorporated after March 31, 2020.
Equity in earnings from unconsolidated affiliates totaled Ps. 82 million in 1Q21, compared to Ps. 131 million in 1Q20.
Financial Results net totaled Ps. 6,783 million as of 1Q21, compared to Ps. (1,897) million in 1Q20, mainly as a result of positive FX and inflation adjustments results and lower debt interest costs.
Income tax as of March 31, 2021 reached Ps. (3,229) million, from Ps. (2,415) million in March 2020.
Net Income for the period totaled Ps. 8,955 million in 1Q21, compared to a net income of Ps. 3,957 million reported for the same period of 2020. The Equity Shareholders net income for the period amounted to Ps. 3,364 million.
(millions of Ps.in constant Currency as of March 31, 2021)
Consolidated Revenues
82,547
89,529
(7.8%)
78,831
4.7%
Employee benefit expenses and severance payments
(15,338)
(16,731)
(8.3%)
(17,439)
(12.0%)
Interconnection and Transmission Costs
(3,193)
(2,875)
11.1%
(3,061)
4.3%
Fees for Services, Maintenance, Materials and Supplies
(9,360)
(9,870)
(5.2%)
(9,854)
(5.0%)
Taxes and Fees with the Regulatory Authority
(6,420)
(6,816)
(5.8%)
(6,171)
4.0%
Commissions and Advertising
(4,382)
(5,093)
(14.0%)
(5,024)
(12.8%)
Cost of Equipment and Handsets
(3,912)
(3,210)
21.9%
(3,475)
12.6%
Programming and Content Costs
(6,083)
(6,742)
(9.8%)
(5,623)
8.2%
Bad Debt Expenses
(1,037)
(3,207)
(67.7%)
(2,292)
(54.8%)
Other Operating Income and Expense
(2,839)
(3,668)
(22.6%)
(3,317)
(14.4%)
EBITDA1
29,983
31,317
(4.3%)
22,574
32.8%
EBITDA Margin2
36.3%
35.0%
3.8%
28.6%
26.8%
Net Income
8,955
3,957
126.3%
(5,249)
(270.6%)
Attributable to:
Controlling Company
3,364
1,605
109.6%
(2,771)
(221.4%)
Non-controlling interest
5,591
2,352
137.7%
(2,478)
(325.6%)
KEY OPERATING INDICATORS
Mobile services
Subs(1)
21,000.0
21,040.0
-0.2%
Personal (Argentina) (1)
18,800.0
18,839.0
-0.2%
Núcleo (Paraguay) (1)
2,200.0
2,201.0
0.0%
Postpaid
Personal (Argentina)
42.0%
41.0%
2.4%
Núcleo (Paraguay)
17.0%
17.0%
0.0%
ARPU Personal(2)
485.5
501.5
-3.2%
Churn(4)
1.5%
2.3%
-34.8%
Internet services
Subs(1)
4,200.0
4,107.6
2.2%
Speed >20Mb (% Total Subs)
73.8%
65.6%
12.5%
ARPU(2)
1,358.3
1,579.8
-14.0%
Churn(4)
1.4%
1.6%
-12.5%
Pay TV services
Argentina Subs(1)
3,500.0
3,495.0
0.1%
ARPU(2)
1,540.6
1,784.0
-13.6%
Churn(4)
1.2%
1.4%
-14.3%
Fixed Telephony
Subs(1)
2,800.0
3,078.0
-9.0%
ARBU(3)
589.5
695.1
-15.2%
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of March 31, 2021)
(3) ARBU = Average Billing per user (restated by inflation as of March 31, 2021)
(4) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the first quarter of 2021, our subsidiary, Telecom Argentina, invested Ps. 19,522 million, an increase of 37.1% compared to 1Q20. The investments were focused on projects related to:
· Cable TV and Internet services expansion to improve the transmission and access speed offered to customers,
· Deployment of 4G coverage and capacity to support growth and a higher quality of the Mobile Internet service,
· Extension of the transmission networks to unify the different access technologies, reconverting the copper fixed networks into fiber or hybrid fiber- coaxial networks, and
· Investments in customer contact systems.
Regarding 5G, the first sites have Dynamic Spectrum Sharing ("DSS") technology, which is leveraged on the current 4G network to power 5G accesses dynamically and on demand, allowing speeds of 10 Gbps, greater capacity of connected devices, and greater coverage and features than the current LTE-4G/4.5G. It is worth noting, that our subsidiary Telecom participated in the trials that ENACOM developed with different actors of the ICT ecosystem in Argentina, to demonstrate what 5G could offer to its future users.
In relative terms, investments reached 23.6% of consolidated revenues in 1Q21.
DEBT AND LIQUIDITY
Short Term and Long-Term Debt
Current Financial Debt
49,628
64,912
(23.5%)
Bank overdraft
3,816
15,332
(75.1%)
Securities-guaranteed loans
0
1,469
Financial loans
17,000
24,543
(30.7%)
Negotiable obligations
11,929
3,367
254.3%
NDF
331
1,116
(70.3%)
Acquisition of equipment
2,705
2,581
4.8%
Accrued interest
13,847
16,506
(16.1%)
Non-Current Financial Debt
172,868
179,201
(3.5%)
Negotiable obligations
72,578
65,765
10.4%
Financial loans
70,192
84,468
(16.9%)
NDF
2
56
(96.4%)
Acquisition of equipment
4,122
5,379
(23.4%)
Accrued interest
25,974
23,533
10.4%
Total Financial Debt (A)
222,496
244,114
(8.9%)
Cash and Cash Equivalents (B)
38,069
55,048
(30.8%)
Net Debt (A) - (B)
184,427
189,065
(2.5%)
Net Debt/Adjusted Ebitda (1)
1.6
1.6
(0.6%)
% USD Debt
82.5%
85.6%
(3.6%)
% PYG Debt
3.4%
2.9%
16.8%
% ARS Debt
14.1%
11.5%
22.3%
Total Financial Debt (1) decreased from Ps. 244,114 million in March 2020 to Ps. 222,496 million in March 2021, and Net Debt decreased from Ps 189,065 to Ps. 184,427.
Debt coverage ratio (1) as of March 31, 2021 was 1.6x in the case of Net Debt and of 2.4x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Last Twelve Months EBITDA. Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.
STOCK AND MARKET INFORMATION
Cablevisión Holding trades its stock on the Buenos Aires Stock Exchange (BCBA) and on the London Stock Exchange (LSE), in the form of shares and GDS's, respectively.
CVH (BCBA) Price per Share (ARS)
290
CVH or CVHSY Price per GDS (USD)
1.75
Total Shares
180,642,580
Total GDSs
180,642,580
Closing Price
May 11, 2021
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / LSE: CVH)
cordially invites you to participate in its Webcast Presentationto discuss First Quarter 2021 Results
Date: Tuesday, May 18, 2021
Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London
To access the live stream and slide Webcast presentation, visit:
https://services.choruscall.com/links/cvhsy210518tW9c2pKp.html
NOTE: Cablevisión Holding S.A. will release its First Quarter 2021 Earnings Report on Tuesday, May 11, 2021 after the markets close.
The webcast presentation will also be available at: https://www.cablevisionholding.com/Investors
Investor Relations Contacts:
In Buenos Aires: In New York:
Cablevisión Holding S.A. Fig Corporate Communications
Samantha Olivieri, Head of Investor Relations Camilla Ferreira and Marcella Ewerton Dragone
Valentina Lopez, Sr. Analyst
Email: ir@cvh.com.ar
Tel: (+54 11) 4309 - 3417 Tel: +1 917 691-4047
ABOUT THE COMPANY
CVH was founded as corporate spin-off from Grupo Clarín S.A. and it is the first Argentine holding company that engages in the development of infrastructure and the provision of convergent telecommunications services, focusing on Argentina and the region. CVH's subsidiaries specialize in the provision of cable TV, broadband and mobile communications services; and their brands are already well known in the telecommunications and content distribution industries.
Disclaimer
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of CVH. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. CVH does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in CVH's projections or forward-looking statements, including, among others, general economic conditions, CVH's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to CVH and its operations.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
(in millions of Argentine pesos)
March 31, 2021
March 31, 2020
Revenues
82,547
89,529
Employee benefit expenses and severance payments
(15,338)
(16,731)
Interconnection and Transmission Costs
(3,193)
(2,875)
Fees for Services, Maintenance, Materials and Supplies
(9,360)
(9,870)
Taxes and Fees with the Regulatory Authority
(6,420)
(6,816)
Commissions and Advertising
(4,382)
(5,093)
Cost of Equipment and Handsets
(3,912)
(3,210)
Programming and Content Costs
(6,083)
(6,742)
Bad Debt Expenses
(1,037)
(3,207)
Other Operating Income and Expense
(2,839)
(3,668)
Operating Income before Depreciation and Amortization
29,983
31,317
Depreciation, Amortization and Impairment of Fixed Assets
(24,664)
(23,179)
Operating Income
5,319
8,138
Equity in Earnings from Associates
82
131
Financial Expenses on Debts
3,093
(4,413)
Other Financial Results, net
3,690
2,516
Income (Loss) before Income Tax Expense
12,184
6,372
Income Tax
(3,229)
(2,415)
Net Income
8,955
3,957
Other Comprehensive Income - to be subsequently reclassified to profit or loss
Currency Translation Adjustments (no effect on Income Tax)
23
(1,432)
Effect of NDF classified as hedges
62
(439)
Tax Effect of NDF classified as hedges
(31)
105
Other Comprehensive Income, net of Taxes
54
(1,766)
Total Comprehensive Income/ (Loss)
9,009
2,191
Net Income (Loss) attributable to:
Shareholders of the Controlling Company
3,364
1,605
Non-Controlling Interest
5,591
2,352
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company
3,375
1,053
Non-Controlling Interest
5,634
1,138
Basic and Diluted Earnings per Share attributable to the Shareholders of the Controlling Company (in pesos)
18.62
8.89
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2021 AND DECEMBER 31, 2020
(in millions of Argentine pesos)
ASSETS
March 31,
2021
December 31, 2020
CURRENT ASSETS
Cash and Cash Equivalents
32,638
21,990
Investments
5,431
17,885
Trade Receivables
22,166
21,411
Other Receivables
8,046
6,279
Inventories
3,874
4,204
Total Current Assets
72,155
71,769
NON-CURRENT ASSETS
Trade Receivables
67
67
Other Receivables
2,567
2,411
Deferred Income Tax Assets
535
525
Investments
2,205
2,431
Goodwill
269,387
269,495
Property, Plant and Equipment ("PP&E")
356,194
362,184
Intangible Assets
114,738
117,155
Right-of-Use Assets
23,555
20,074
Total Non-Current Assets
769,248
774,342
Total Assets
841,403
846,111
LIABILITIES
CURRENT LIABILITIES
Accounts Payable
44,210
44,461
Financial Debt
49,628
46,991
Salaries and Social Security Payables
12,170
16,208
Taxes Payable
4,794
4,223
Dividends Payable
-
10,496
Lease Liabilities
4,367
3,768
Other Liabilities
2,255
2,366
Provisions
1,640
1,826
Total Current Liabilities
119,064
130,339
NON-CURRENT LIABILITIES
Accounts Payable
1,485
2,765
Financial Debt
172,868
179,141
Salaries and Social Security Payables
900
949
Deferred Income Tax Liabilities
93,174
89,994
Taxes Payable
2
6
Lease Liabilities
10,404
7,868
Other Liabilities
1,277
1,305
Provisions
7,900
8,429
Total Non-Current Liabilities
288,010
290,457
Total Liabilities
407,074
420,796
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
180,150
176,775
Attributable to Non-Controlling Interests
254,179
248,540
TOTAL EQUITY
434,329
425,315
TOTAL LIABILITIES AND EQUITY
841,403
846,111
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
(in millions of Argentine pesos)
Equity attributable to Shareholders of the Parent Company
Equity Attributable to Non-Controlling Interests
Shareholders' Contribution
Other Items
Retained Earnings
Total Equity of Controlling Interests
Total Equity
Capital Stock
Inflation Adjustment on Capital Stock
Additional Paid-in Capital
Subtotal
Other Comprehensive Income
Other Reserves
Legal Reserve
Voluntary Reserves
Retained Earnings
Balances as of January 1, 2020
181
9,594
22,986
32,761
(2,708)
121,847
1,955
158,112
(119,671)
192,296
271,264
463,560
Net Income (Loss) for the Period
-
-
-
-
-
-
-
-
1,605
1,605
2,352
3,957
Other Comprehensive Income
-
-
-
-
(552)
-
-
-
-
(552)
(1,214)
(1,766)
Balances as of March 31, 2020
181
9,594
22,986
32,761
(3,260)
121,847
1,955
158,112
(118,066)
193,349
272,402
465,751
Balances as of January 1, 2021
181
9,594
22,986
32,761
(3,363)
121,863
1,955
142,000
(118,441)
176,775
248,540
425,315
Dividends and Other Movements of Non-Controlling Interest
-
-
-
-
-
-
-
-
-
-
5
5
Net Income (Loss) for the Period
-
-
-
-
-
-
-
-
3,364
3,364
5,591
8,955
Other Comprehensive Income
-
-
-
-
11
-
-
-
-
11
43
54
Balances as of March 31, 2021
181
9,594
22,986
32,761
(3,352)
121,863
1,955
(1) 142,000
(115,077)
180,150
254,179
434,329
(1) Voluntary Reserve for Illiquid Results.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
(in millions of Argentine pesos)
March 31,
2021
March 31,
2020
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net Income
8,955
3,957
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating Activities
Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies
1,632
3,525
Depreciation of PP&E
19,875
18,561
Amortization of Intangible Assets
2,927
3,046
Amortization of Rights of Use
1,789
1,475
Equity in Earnings from Associates
(82)
(131)
Net Book Value of Fixed Assets and Consumption of Materials
359
255
Financial Results and Other
(8,994)
4,816
Income Tax Expense
3,229
2,415
Income Tax Paid
(291)
(609)
Net Decrease in Assets
(6,979)
(7,461)
Net Increase (Decrease) in Liabilities
5,082
(6,910)
Net Cash Flows provided by Operating Activities
27,502
22,939
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
PP&E Acquisitions
(14,415)
(15,620)
Intangible Assets Acquisition
(426)
(546)
Collection of Dividends
175
31
Income from Sale of PP&E and Intangible Assets
3
-
Investments not considered as cash and cash equivalents
854
(367)
Net Cash Flows used in Investing Activities
(13,809)
(16,502)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Proceeds from Financial Debt
13,065
30,782
Payment of Financial Debt
(7,407)
(17,733)
Payment of Interest and Related Expenses
(7,092)
(7,135)
Payment of Lease Liabilities
(1,185)
(1,439)
Net Cash Flows (used in) provided by Financing Activities
(2,619)
4,475
NET INCREASE IN CASH FLOWS
11,074
10,912
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR:
21,990
41,615
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS
(426)
(78)
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
32,638
52,449
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