REG - Cablevision Holding - Nine months and Third Quarter 2022 Results
11/11/2022 09:00
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RNS Number : 1202G Cablevision Holding S.A. 11 November 2022
Cablevisión Holding announces its Nine months and Third Quarter 2022 Results
Buenos Aires, Argentina, November 10(th), 2022 - 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 Nine months and Third Quarter 2022 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 September 30, 2022, 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 (9M22 vs. 9M21):
§ Total Revenues reached Ps. 470,960 million, a decrease of 12.2% in real
terms as of 9M22, compared to the same period of 2021, mainly driven by lower
revenues from cable TV, fixed telephony and data, mobile, equipment sales and
internet, which was partially offset by higher revenues from other services,
in a context in which price increases for our services in 2021 weren´t
sufficient to compensate for the lag vis a vis inflation (83.0% interannually
as of September 2022).
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 336,221
million, a decrease of 7.1% in constant currency, mainly driven by lower costs
on all items, except for employee benefits expenses and severance payments,
and bad debt expenses.
§ EBITDA reached Ps. 134,739 million as of 9M22, a decrease of 22.6% in
real terms compared to 9M21, mainly driven by lower revenues, partially offset
by lower operating costs, which resulted in a lower EBITDA Margin of 28.6% in
9M22, compared to 32.5% in 9M21.
§ Consolidated Net Loss amounted Ps. 131,999 million. Consolidated net loss
attributable to the Controlling Company amounted to Ps. 80,988 million. Given
the economic and market conditions, Telecom and the Company assessed the
recoverable value of the goodwill assets generated by the merger of Telecom
and Cablevisión. Consequently, the net income for the period contains an
impairment loss of $174,558 million as of September 30, 2022. This impairment
does not affect assets other than mentioned goodwill and has no impact over
Telecom's operations or its cash generation capacity.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of September 30, 2022) 9M22 9M21 % Ch. 3Q22 2Q22 3Q21 QoQ YoY
Total Revenues 470,960 536,247 (12.2%) 148,238 154,785 176,174 (4.2%) (15.9%)
EBITDA ((1)) 134,739 174,181 (22.6%) 36,384 40,251 51,942 (9.6%) (30.0%)
EBITDA Margin ((2)) 28.6% 32.5% (11.9%) 24.5% 26.0% 29.5% (5.6%) (16.8%)
Net income (131,999) 2,548 (5280.9%) (170,254) 4,277 6,314 (4080.6%) (2796.4%)
Attributable to:
Equity Shareholders (80,988) 932 (8793.2%) (95,256) 1,111 2,910 (8673.2%) (3373.6%)
Non-Controlling Interests (51,011) 1,616 (3256.3%) (74,998) 3,166 3,404 (2468.9%) (2303.0%)
((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. 470,960 million in 9M22, a decrease of 12.2% in
real terms compared to Ps. 536,247 million in 9M21, mainly driven by the
difficulty of increasing prices for services along with an increasingly higher
inflation rate.
Following is a breakdown of Total Revenues:
(millions of Ps. in constant Currency as of September 30, 2022) 9M22 9M21 YoY 9M22 9M21 % of Total
% of Total
Mobile Services 187,113 200,703 (6.8%) 39.7% 37.4%
Internet Services 105,070 113,620 (7.5%) 22.3% 21.2%
Cable TV Services 85,700 105,120 (18.5%) 18.2% 19.6%
Fixed Telephony and Data Services 58,534 75,192 (22.2%) 12.4% 14.0%
Other revenues from services 3,952 3,523 12.2% 0.8% 0.7%
Revenues from Services 440,369 498,158 (11.6%) 93.5% 92.9%
Revenues from Equipment Sales 30,591 38,089 (19.7%) 6.5% 7.1%
Total Revenues 470,960 536,247 (12.2%) 100.0% 100.0%
Mobile Services Revenues decreased by 6.8% in real terms to Ps. 187,113 as of
9M22, mainly due to the restatement effect as of September 30, 2022.
In Argentina, Personal mobile subscribers reached approximately 20.0 million
(+475 thousand compared to 9M21) and around 43% of them are postpaid. Mobile
internet revenues reached 88% of Personal Argentina service revenues. Mobile
ARPU decreased 9.9% in real terms during the 9M22 compared to 9M21 (Ps. 936.5
in 9M22 vs Ps. 1,039.7 in 9M21). Mobile churn was 2.5% as of 9M22, compared to
1.6% in 9M21.
During the first nine months of 2022, our subsidiary Telecom continued
strengthening the variety of mobile offers with a greater volume of data in
order to improve clients' connectivity. During 2021 a new Wifi Pass service
was launched, allowing mobile clients who in addition are internet access
clients to share internet gigs free of charge from their phones to any other
device without consuming data allowance from their contracted plan.
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 14.7 million clients
with 4G devices. During 9M22, the 4G technology traffic represented 95% of the
total traffic.
As of September 30, 2022, Núcleo customer base increased 6.4% to 2.3 million
subscribers, of which 20% are postpaid. Revenues from Núcleo services were Ps
15,999 million in 9M22, a decrease of 29.2% compared to 9M21, mainly due to a
decrease in ARPU measured in constant pesos, partially offset by the
appreciation of the Guaraní vis a vis the Argentine Peso.
Internet Services Revenues dropped 7.5% in real terms to Ps. 105,070 in 9M22
mainly due to a 8.7% lower Broadband ARPU. Of the 4.2 million broadband
customers reached in 9M22, around 79% subscribed to services with speeds of
50Mb or higher. Monthly churn was 1.5%, stable as compared to the same figure
last year.
Telecom Argentina continues deploying FTTH technology (Fiber To The Home),
improving clients' connectivity experience with symmetric speeds of up to 300
Mb, with low latency and multiple devices connected, among other advantages.
Cable TV Services Revenues amounted to Ps. 85,700 million in 9M22, a decrease
of 18.5% compared to 9M21, mainly due to the restatement effect as of
September 30, 2022. Cable TV ARPU reached Ps. 2,620.9 in 9M22, a decrease of
18.1% compared to 9M21. Additionally, Cable TV churn increased to 1.3% in 9M22
from 1.1% in 9M21.
It is worth mentioning that during the first nine months of 2022 our
subsidiary Telecom continued boosting its entertainment proposal with
innovative content and new national and international productions, offering a
top tier cross- platform experience to its clients.
Moreover, our subsidiary Telecom continued to focus on innovation, through
partnerships with renown national and international content producers such as
Disney+, Paramount+, Star+, Netflix and Amazon Prime Video, 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.
In addition, as a step forward into the technological evolution of its
platform Flow, it began activating the ISDBT digitalization service solution
to its analogical customers. This new solution allows clients connect to a
digital service from the traditional cable connection without needing a
decoder. This initiative started in the cities of Neuquén, La Plata, Córdoba
and Mar del Plata, as well as surrounding areas to each city, and continued to
expand in 3Q22 to the City of Buenos Aires and some peripheral areas, reaching
1.5 million clients.
Furthermore, during 2022, Telecom launched Flow Flex, a new flexible pay TV
service that enables clients to hire the service for a few days period.
Fixed Telephony and Data Services Revenues reached Ps. 58,534 million in 9M22,
a decrease of 22.2% compared to 9M21, mainly due the restatement effect as
of September 30, 2022 and a decrease in the fixed telephony customer base.
Additionally, ARPU in fixed telephony reached Ps. 1,206.6 in 9M22, decreasing
6.9% when compared to 9M21.
On the corporate segment side, our subsidiary Telecom continued to develop a
series of initiatives aimed at businesses, accompanying them in their digital
transformation process, helping them evolve and grow their e-commerce
platforms, logistics and inventory, among others.
In addition, it continues adding proposals to its cybersecurity services
portfolio.
Revenues from equipment sales totaled Ps. 30,591 million in 9M22, a drop of
19.7% in real terms compared to 9M21, mainly due to a decrease in the
quantities sold, partly compensated by an increase in the average prices of
equipment.
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of
PP&E and intangible assets) totaled Ps. 336,221 million in 9M22, a
decrease of Ps. 25,845 million in real terms, or 7.1% compared to 9M21.
This costs and expenses reduction was mainly the result of lower costs related
to revenues: programming and content costs, cost of equipment and handsets and
taxes and fees with the regulatory authority, as well as savings in other
costs: interconnection and transmission costs, fees for services, maintenance,
materials and supplies, other operating income and expense, and commissions
and advertising costs, partially offset by higher severance payments and
higher bad debt expenses. More than 99.8% of the costs and expenses are
related to Telecom Argentina operations.
EBITDA reached Ps. 134,739 million in 9M22, a decrease of 22.6% in real terms
from Ps. 174,181 million reported for 9M21, 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 to Ps. 336,392 million in 9M22, an increase of 95.1% in
real terms compared to 9M21. Given Argentina's complex macroeconomic
situation, our subsidiary Telecom - and therefore the Company- identified the
need to revise the recoverable value estimation made of the goodwill assets
assigned to the Cash-Generating Units (CGU) of Argentina. The analysis brought
to conclusion that the accounting value of the CGU was higher than its
recuperable value. Consequently, the Company registered an impairment of the
goodwill asset of Ps. 174,558 million in the financial statements as of
September 30, 2022.
Equity in earnings from unconsolidated affiliates totaled Ps. 342 million in
9M22, compared to Ps. 384 million in 9M21.
Financial Results net totaled Ps. 73,619 million as of 9M22, compared to Ps.
57,089 million in 9M21, mainly as a result of higher inflation adjustments
results and lower debt interest costs, partially offset by negative results of
operations with securities and bonds and lower positive FX.
Income tax as of September 30, 2022 reached Ps. (4,307) million, from Ps.
(56,673) million in September 2021, mainly as a result of the application of
the differed income tax method, which resulted in a gain versus a loss in 2021
(that had included the effect of the increase in tax rate according to the Law
N° 27,630, released on June 16th, 2021, which replaced the previous tax rate
of 25% and established a tax rate scale from 25% up to 35%, depending on the
taxpayer´s taxable income).
Net Loss for the period totaled Ps. 131,999 million in 9M22, compared to a net
income of Ps. 2,548 million reported for the same period of 2021. The Equity
Shareholders net loss for the period amounted to Ps. (80,988) million.
(millions of Ps. in constant Currency as of September 30, 2022) 9M22 9M21 % Ch. 3Q22 2Q22 3Q21 QoQ YoY
Consolidated Revenues 470,960 536,247 (12.2%) 148,238 154,785 176,174 (4.2%) (15.9%)
Employee benefit expenses and severance payments (115,523) (110,519) 4.5% (41,672) (39,194) (40,062) 6.3% 4.0%
Interconnection and Transmission Costs (14,574) (19,544) (25.4%) (4,672) (4,770) (6,250) (2.1%) (25.3%)
Fees for Services, Maintenance, Materials and Supplies (56,836) (61,507) (7.6%) (19,159) (19,641) (20,302) (2.5%) (5.6%)
Taxes and Fees with the Regulatory Authority (36,273) (41,372) (12.3%) (11,426) (12,005) (13,491) (4.8%) (15.3%)
Commissions and Advertising (27,731) (30,255) (8.3%) (9,721) (8,817) (10,153) 10.3% (4.3%)
Cost of Equipment and Handsets (21,745) (27,001) (19.5%) (6,552) (6,593) (8,557) (0.6%) (23.4%)
Programming and Content Costs (29,560) (36,663) (19.4%) (9,167) (9,666) (11,564) (5.2%) (20.7%)
Bad Debt Expenses (11,781) (9,814) 20.0% (3,909) (3,295) (3,587) 18.6% 9.0%
Other Operating Income and Expense (22,198) (25,391) (12.6%) (5,576) (10,554) (10,266) (47.2%) (45.7%)
EBITDA(1) 134,739 174,181 (22.6%) 36,384 40,251 51,942 (9.6%) (30.0%)
EBITDA Margin(2) 28.6% 32.5% (11.9%) 24.5% 26.0% 29.5% (5.6%) (16.8%)
Net Income (131,999) 2,548 (5280.9%) (170,254) 4,277 6,314 (4080.6%) (2796.4%)
Attributable to:
Controlling Company (80,988) 932 (8793.2%) (95,256) 1,111 2,910 (8673.2%) (3373.6%)
Non-controlling interest (51,011) 1,616 (3256.3%) (74,998) 3,166 3,404 (2468.9%) (2303.0%)
KEY OPERATING INDICATORS
9M22 9M21 YoY
Mobile services
Subs((1)) 22,339.3 21,722 2.8%
Personal (Argentina) ((1)) 19,997.5 19,522 2.4%
Núcleo (Paraguay) ((1)) 2,341.8 2,200 6.4%
Postpaid
Personal (Argentina) 43% 42% 3.2%
Núcleo (Paraguay) 20% 18% 9.1%
ARPU Personal((2)) 936.5 1,039.7 -9.9%
Churn((3)) 2.5% 1.6% 56.3%
Internet services
Subs((1)) 4,218.4 4,248.3 -0.7%
Speed >20Mb (% Total Subs) 79% 68% 16.5%
ARPU((2)) 2,642.0 2,893 -8.7%
Churn((3)) 1.5% 1.5% 1.5%
Pay TV services
Subs((1)) 3,499.8 3,560.8 -1.7%
ARPU((2)) 2,620.9 3,201.6 -18.1%
Churn((3)) 1.3% 1.1% 14.7%
Fixed Telephony
Subs((1)) 2,029.8 2,524.2 -19.6%
ARPU((2)) 1,206.6 1,296.2 -6.9%
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of September 30,
2022)
(3) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 9M22, our subsidiary, Telecom Argentina, invested Ps. 85,664
million, a decrease of 29.6% compared to 9M21. The investments were focused on
projects related to:
· Extension of the transmission networks to unify the different access
technologies, changing the copper fixed networks into fiber or hybrid
fiber-coaxial networks,
· The deployment of networks with FTTH (Fiber to the home)
technologies, substantially improving the possibility to offer high speed
services,
· Deployment of 4G coverage and capacity to support growth and a higher
quality of the Mobile Internet service,
· Investments in customer contact systems.
In relative terms, investments reached 18.2% of consolidated revenues in 9M22.
DEBT AND LIQUIDITY
(In millions of Ps.) September 2022 September 2021 % Change
Short Term and Long-Term Debt
Current Financial Debt 100,664 122,074 (17.5%)
Bank overdraft 14,901 25,136 (40.7%)
Financial loans 31,961 59,898 (46.6%)
Negotiable obligations 20,434 3,295 520.2%
NDF 81 339 (76.1%)
Acquisition of equipment 4,813 6,289 (23.5%)
Accrued interest 28,474 27,118 5.0%
Non-Current Financial Debt 299,286 333,135 (10.2%)
Negotiable obligations 167,705 167,280 0.3%
Financial loans 87,849 113,793 (22.8%)
Acquisition of equipment 4,421 7,903 (44.1%)
Accrued interest 39,311 44,158 (11.0%)
Total Financial Debt (A) 399,950 455,208 (12.1%)
Cash and Cash Equivalents and Short-Term Investments (B) 40,663 49,801 (18.3%)
Net Debt (A) - (B) 359,287 405,408 (11.4%)
Net Debt/Adjusted Ebitda ((1)) 2.0x 1.8x 10.1%
% USD Debt 62.4% 74.3% (16.1%)
% PYG Debt 2.6% 2.9% (9.1%)
% ARS Debt 30.6% 21.3% 43.8%
% CNY Debt 4.5% 1.6% 185.4%
Total Financial Debt ((1)) decreased from Ps. 455,208 million in September
2021 to Ps. 399,950 million in September 2022, and Net Debt decreased from
Ps 405,408 to Ps. 359,287 .
Debt coverage ratio ((1)) as of September 30, 2022 was 2.0x in the case of
Net Debt and of 2.2x 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. In addition, the company has a Level 1 listing and its
ADRs are traded in the OTC Market.
November 10, 2022
CVH (BCBA) Price per Share (ARS) 694
Total Shares 180,642,580
Shares per GDS 1
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / LSE: CVH)
cordially invites you to participate in its Webcast Presentation
to discuss the Nine months and Third Quarter 2022 Results
Date: Monday, November 14, 2022
Time: 12:00pm Buenos Aires Time/10:00am New York Time/4:00pm London
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=BrA3Ou6T
The webcast presentation will also be available at:
https://www.cablevisionholding.com/Investors
(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
Email: ir@cvh.com.ar (mailto:ir@cvh.com.ar)
Email: fig@fig.ooo
Tel: (+54 11) 4309 -
3417
Tel: +1 917 691-4047
www.cvh.com.ar (http://www.cvh.com.ar)
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 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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021, AND FOR THE
THREE-MONTH PERIODS BEGINNING JULY 1 AND ENDED SEPTEMBER 30, 2022 AND 2021
(in millions of Argentine pesos)
September 30, 2022 September 30, 2021 July 1, 2022 July 1, 2021
through September 30, 2022
through September 30, 2021
Revenues 470,960 536,247 148,238 176,174
Employee benefit expenses and severance payments (115,523) (110,519) (41,672) (40,062)
Interconnection and Transmission Costs (14,574) (19,544) (4,672) (6,250)
Fees for Services, Maintenance, Materials and Supplies (56,836) (61,507) (19,159) (20,302)
Taxes and Fees with the Regulatory Authority (36,273) (41,372) (11,426) (13,491)
Commissions and Advertising (27,731) (30,255) (9,721) (10,153)
Cost of Equipment and Handsets (21,745) (27,001) (6,552) (8,557)
Programming and Content Costs (29,560) (36,663) (9,167) (11,564)
Bad Debt Expenses (11,781) (9,814) (3,909) (3,587)
Other Operating Income and Expense (22,198) (25,391) (5,576) (10,266)
Operating Income before Depreciation and Amortization 134,739 174,181 36,384 51,942
Depreciation, Amortization and Impairment of PP&E, Intangible Assets (336,392) (172,433) (227,377) (60,517)
and Rights of Use.
Operating Income / (Loss) (201,653) 1,748 (190,993) (8,575)
Equity in Earnings from Associates 342 384 166 154
Financial Expenses on Debts 40,935 38,837 10,454 14,545
Other Financial Results, net 32,684 18,252 16,350 5,491
Income (Loss) before Income Tax Expense (127,692) 59,221 (164,023) 11,615
Income Tax (4,307) (56,673) (6,231) (5,301)
Net Income (Loss) for the Period (131,999) 2,548 (170,254) 6,314
Other Comprehensive Income - to be subsequently reclassified to profit or loss
Currency Translation Adjustments (no effect on Income Tax) (6,328) (7,563) (2,924) (3,071)
Effect of NDF classified as hedges 418 419 297 135
Tax Effect of NDF classified as hedges (191) (135) (156) (37)
Other Comprehensive Income, net of Taxes (6,101) (7,279) (2,783) (2,973)
Total Comprehensive Income (Loss) for the Period (138,100) (4,731) (173,037) 3,341
Net Income (Loss) attributable to:
Shareholders of the Controlling Company (80,988) 932 (95,256) 2,910
Non-Controlling Interests (51,011) 1,616 (74,998) 3,404
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company (82,786) (1,240) (96,031) 2,035
Non-Controlling Interests (55,314) (3,491) (77,006) 1,306
Basic and Diluted Earnings per Share attributable to the Shareholders of the (448) 5 (527) 16
Controlling Company (in Argentine Pesos)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021
(in millions of Argentine pesos)
ASSETS September 30, 2022 December 31, 2021
CURRENT ASSETS
Cash and Cash Equivalents 34,403 34,708
Investments 6,260 19,444
Trade Receivables 29,779 37,456
Other Receivables 13,334 14,871
Inventories 5,058 5,173
Assets Available for Sale 791 -
Total Current Assets 89,625 111,652
NON-CURRENT ASSETS
Trade Receivables 101 120
Other Receivables 3,094 4,398
Deferred Income Tax Assets 1,746 1,222
Investments 5,139 5,358
Goodwill 422,217 596,196
Property, Plant and Equipment ("PP&E") 684,210 748,762
Intangible Assets 221,640 238,570
Right-of-Use Assets 51,666 55,493
Total Non-Current Assets 1,389,813 1,650,119
Total Assets 1,479,438 1,761,771
LIABILITIES
CURRENT LIABILITIES
Accounts Payable 62,051 81,790
Financial Debt 100,664 107,730
Salaries and Social Security Payables 31,257 37,009
Deferred Income Tax Liabilities 32,250 23,129
Other Taxes Payable 7,773 6,581
Dividends Payable - 1,531
Lease Liabilities 8,068 10,180
Other Liabilities 4,730 5,074
Provisions 2,316 3,564
Total Current Liabilities 249,109 276,588
NON-CURRENT LIABILITIES
Accounts Payable 551 1,820
Financial Debt 299,286 335,555
Salaries and Social Security Payables 2,676 2,567
Deferred Income Tax Liabilities 194,740 224,585
Other Taxes Payable 58 -
Lease Liabilities 15,926 21,234
Other Liabilities 2,434 2,076
Provisions 9,538 15,900
Total Non-Current Liabilities 525,209 603,737
Total Liabilities 774,318 880,325
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company 271,658 368,080
Attributable to Non-Controlling Interests 433,462 513,366
TOTAL EQUITY 705,120 881,446
TOTAL LIABILITIES AND EQUITY 1,479,438 1,761,771
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021
(in millions of Argentine pesos)
Equity attributable to Shareholders of the Controlling Company Equity Attributable to Non-Controlling Interests
Shareholders' Contribution Other Items Retained Earnings Total Equity of Controlling Company Total Equity
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Other Comprehensive Income Other Reserves Legal Reserve Voluntary Reserves ((1)) Retained Earnings
Balances as of January 1(st) 2021 181 21,512 51,011 72,704 (7,462) 270,448 4,338 315,137 (262,854) 392,311 551,581 943,892
Reversal of Reserves (Note 26.1) - - - - - - - (7,550) 7,550 - - -
Dividend Distribution (Note 26.1) - - - - - - - (27,368) - (27,368) - (27,368)
Dividends and Other Movements of Non-Controlling Interests - - - - - 23 - - - 23 37 60
Adjustment to the value of the Irrevocable Call and Put Option on the Shares - - - - - - - - - - (41,877) (41,877)
of AVC Continente Audiovisual
Net Income (Loss) for the Period - - - - - - - - 932 932 1,616 2,548
Other Comprehensive Income - - - - (2,172) - - - - (2,172) (5,107) (7,279)
Balances as of September 30, 2021 181 21,512 51,011 72,704 (9,634) 270,471 4,338 280,219 (254,372) 363,726 506,250 869,976
Balances as of January 1(st) 2022 181 21,512 51,011 72,704 (10,509) 270,491 4,338 280,219 (249,163) 368,080 513,366 881,446
Set-up of Reserves (Note 26.1) - - - - - - - 6,141 (6,141) - - -
Dividends and Other Movements of Non-Controlling Interests - - - - - - - (13,636) - (13,636) (24,590) (38,226)
Net Income (Loss) for the Period - - - - - - - - (80,988) (80,988) (51,011) (131,999)
Other Comprehensive Income - - - - (1,798) - - - - (1,798) (4,303) (6,101)
Balances as of September 30, 2022 181 21,512 51,011 72,704 (12,307) 270,491 4,338 272,724 (336,292) 271,658 433,462 705,120
( )
((1) Voluntary Reserve for Illiquid Results.)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021
(in millions of Argentine pesos)
September 30, 2022 September 30, 2021
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net (Loss) Income (131,999) 2,548
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating
Activities
Allowances Deducted from Assets and Provisions for Lawsuits and Other 16,793 13,206
Contingencies
Depreciation of PP&E 128,443 138,565
Amortization of Intangible Assets 18,014 19,282
Amortization of Rights of Use 13,410 12,560
Impairment of Goodwill 174,558 -
Equity in Earnings from Associates (342) (384)
Net Book Value of Fixed Assets and Consumption of Materials 3,939 2,822
Financial Results and Other (75,983) (61,350)
Income Tax Expense 4,307 56,673
Income Tax Paid (6,475) (2,797)
Net Increase in Assets (29,735) (23,820)
Net Increase in Liabilities 15,492 8,026
Net Cash Flows provided by Operating Activities 130,422 165,331
CASH FLOWS (USED IN) INVESTING ACTIVITIES
PP&E Acquisitions (72,735) (89,487)
Intangible Assets Acquisition (3,559) (3,278)
Acquisition of Equity Interests (347) -
Transactions with Securities, Bonds, and Other Placements, Net - 79
Collection of Dividends 211 386
Income from Sale of PP&E and Intangible Assets 305 146
Investments not considered as cash and cash equivalents (37,746) (62,638)
Net Cash Flows used in Investing Activities (113,871) (154,792)
CASH FLOWS (USED IN) FINANCING ACTIVITIES
Proceeds from Financial Debt 75,146 79,283
Payment of Financial Debt (51,453) (56,104)
Payment of Interest and Related Expenses (31,671) (36,738)
Payment of Lease Liabilities (4,740) (7,618)
Payment of Dividends (1,047) (659)
Net Cash Flows used in Financing Activities (13,765) (21,836)
NET INCREASE / (DECREASE) IN CASH FLOW 2,786 (11,297)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: 34,708 48,801
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION (3,091) (4,400)
ON CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 34,403 33,104
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