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Market Cap £221.02bn
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Cablevision Holding - Fourth Quarter and Full Year 2019 Results

Wed 11th March, 2020 8:37am
RNS Number : 7516F
Cablevision Holding S.A.
11 March 2020
 

Cablevisión Holding Announces its Full Year and Fourth Quarter 2019 Results (FY19 and 4Q19)

 

The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the annual financial statements.

 

CVH Highlights (2019 vs. 2018):

 

§ Total Revenues reached Ps. 237,024 million, a decrease of 8.3% in real terms as of December 31, 2019, compared to 2018, mainly due to lower mobile, internet and cable services revenues.

§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 160,236 million, a decrease of 7.0% in constant currency, mainly driven by lower cost of taxes and fees with the regulatory authority (in line with a decrease in activity), commissions and advertising and cost of handsets sold.

§ EBITDA reached Ps. 76,788 million, a decrease of 11% in real terms compared to 2018, mainly driven by lower revenues. EBITDA Margin was 32.4% in 2019, compared to 33.4% in 2018.

§ Consolidated Net Income totaled a loss of Ps. 5,185 million. Consolidated Net Income attributable to the Controlling Company amounted a loss of Ps. 3,025 million.

                                                                                                                                                                                                                                       

FINANCIAL HIGHLIGHTS

 

(millions of Ps.in constant Currency as of December 31, 2019)

2019

2018

% Ch.

4Q19

3Q19

4Q18

QoQ

YoY

Total Revenues

237,024

258,518

(8.3%)

58,609

59,330

59,771

(1.2%)

(1.9%)

EBITDA (1)

76,788

86,251

(11.0%)

17,632

19,334

17,168

(8.8%)

2.7%

EBITDA Margin (2)

32.4%

33.4%

(2.9%)

30.1%

32.6%

28.7%

(2.5%)

1.4%

Income for the period

(5,185)

2,883

(279.8%)

11,695

(24,836)

23,472

147.1%

(50.2%)

Attributable to:

 

 

 

 

 

 

 

 

Equity Shareholders

(3,025)

(2,467)

(22.6%)

5,328

(11,084)

10,220

148.1%

(47.9%)

Non-Controlling Interests

(2,160)

5,350

(140.4%)

6,366

(13,753)

13,252

146.3%

(52.0%)

 

 

(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. 237,024 million, a decrease of 8.3% compared to Ps. 258,518 million in 2018, mainly driven by lower revenues from Mobile, Internet and Cable TV services in constant currency.

 

Following is a breakdown of Total Revenues:

 

(millions of Ps.in constant Currency as of December 31, 2019)

2019

2018

YoY

2019
% of Total

2018
% of Total

Mobile Services

82,195

88,881

(7.5%)

34.7%

34.4%

Internet Services

52,649

58,061

(9.3%)

22.2%

22.5%

Cable TV Services

49,406

55,485

(11.0%)

20.8%

21.5%

Fixed Telephony and Data Services

37,562

35,612

5.5%

15.8%

13.8%

Other revenues from services

774

735

5.3%

0.3%

0.3%

Revenues From Services

222,586

238,774

(6.8%)

93.9%

92.4%

Revenues From Equipment Sales

14,438

19,744

(26.9%)

6.1%

7.6%

Total Revenues

237,024

258,518

(8.3%)

100.0%

100.0%

 

Mobile Services Revenues amounted 82,195 as of December 31, 2019, decreasing by 7.5% in real terms compared to 2018. This was mainly the results of the restatement effect as of December 31,2019, which was partially offset by the increase in the prices of mobile plans.

 

In Argentina, Personal mobile subscriber amounted to 19.1 million at the end of 2019, increasing in more than 768 thousand clients compared to 2018, and around 40% of them are postpaid. Mobile internet revenues reached 76% of service revenues of Personal in Argentina (vs. 59% in 2018). During 2019, mobile ARPU was Ps. 317.1, resulting in an 3.6% lower ARPU restated in constant currency compared to 2018.

 

As of December 31, 2019, Núcleo customer base reached more than 2.3 million subscribers, of which 17% are postpaid. Revenues from Núcleo services were Ps 11,132 million in 2019, an increase of 8.2% compared to 2018. Mobile internet revenues represented 50% of 2019 service revenues (vs. 45% in 2018).

 

Internet Services Revenues dropped 9.3% to Ps. 52,649 in 2019, mainly due to the results of the restatement effect as of December 31, 2019. Of the 4.1 million broadband customers reached in 2019, around 62% of them subscribed to services with speeds of 20Mb or higher, increasing from the participation registered in 2018 (38%). Internet ARPU was Ps. 1,058.8 in 2019, decreasing 9.7% compared to 2018, mainly due to the restatement effect as of December 31, 2019. Monthly churn stood at 1.5% in 2019.

 

Cable TV Services Revenues amounted to Ps. 49,406 million in 2019, a decrease of 11.0% compared to 2018. ARPU had a reduction in real terms, from Ps. 1,314.2 in 2018 to Ps. 1,165.4 in 2019, a decrease of 11.3%. It is important to mention that with the aim of offering the best entertainment experience, an integrated content search solution of Netflix was included by Telecom in Flow´s decoder browser. In addition, Flow continued to promote national fictions through premiered new coproductions during the last part of 2019.

 

Fixed Telephony and Data Services Revenues reached Ps. 37,562 million in 2019, an increase of 5.5% compared to 2018. The increase was the result of higher Data services revenues, mainly driven by the growing position of Telecom Argentina as an integrated ICT provider (Datacenter, VPN, among other services) in the segment of Corporate and Government customers. Additionally, prices in fixed telephony services for both, corporates and residential, have increased and, consequently, ARBU in fixed telephony also increased 6.1%, from Ps. 416.6 in 2018 to Ps. 442.2 in 2019.

 

Lastly, Revenues from equipment sales amounted to Ps. 14,438 million (vs. Ps. 19,744 in 2018). This variation was mainly due to a decrease in the quantities sold in a general context of lower consumption of durable goods and difficulties in the access to consumer financing, partially offset by the increase in prices of handset sales.

 

Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 160,236 million in 2019, a decrease of Ps. 12,031 million, or 7.0% compared to 2018. These lower operating costs and expenses were mainly due to lower cost of taxes and fees with the regulatory authority (in line with a decrease in activity), commissions and advertising, cost of handsets sold, interconnection and transmission costs, programming costs, partially offset by higher Fees for Services, Maintenance, Materials and Supplies, bad debt expenses and labor costs. . More than 99.8% of the costs and expenses are related to Telecom Argentina operations.

 

EBITDA reached Ps. 76,788 million, a decrease of 11.0% from Ps. 86,251 million reported for 2018, driven by lower revenues, mainly in Mobile, Internet and Cable TV Services.

 

Depreciation, amortization and impairment of PP&E, intangible assets and rights-of-use amounted Ps. 61,277 million in 2019, an increase of 13.5% compared to 2018. The increase was due to the impact of the amortization of the assets incorporated after December 31, 2018, as a consequence of the Capex Plan that Telecom Argentina is developing and the effect of the application of IFRS 16 since January 1, 2019, which was partially offset by assets that have stopped amortizing in 2019.

 

Equity in earnings from unconsolidated affiliates totaled Ps. (187) million in 2019, compared to Ps. 363 million in 2018.

 

(6,293)

 

Income tax as of December 2019 reached Ps. (14,216) million, from Ps. 4,340 million in December 2018.

 

 .
 

 

(millions of Ps.in constant Currency as of December 31, 2019)

2019

2018

YoY

4Q19

3Q19

4Q18

QoQ

YoY

 
 

Consolidated Revenues

237,024

258,518

(8.3%)

58,609

59,330

59,771

(1.2%)

(1.9%)

 

  Employee benefit expenses and severance payments

(46,560)

(46,261)

0.6%

(12,568)

(11,252)

(11,483)

11.7%

9.5%

 

  Interconnection and Transmission Costs

(7,520)

(8,500)

(11.5%)

(1,820)

(1,946)

(2,131)

(6.5%)

(14.6%)

 

  Fees for Services, Maintenance, Materials and Supplies

(26,755)

(25,265)

5.9%

(7,392)

(6,996)

(5,830)

5.7%

26.8%

 

  Taxes and Fees with the Regulatory Authority

(18,391)

(20,975)

(12.3%)

(4,404)

(4,536)

(4,978)

(2.9%)

(11.5%)

 

  Commissions and Advertising

(14,612)

(17,245)

(15.3%)

(3,956)

(3,644)

(4,607)

8.6%

(14.1%)

 

  Cost of Equipment and Handsets

(10,749)

(14,871)

(27.7%)

(2,376)

(2,545)

(3,518)

(6.7%)

(32.5%)

 

  Programming and Content Costs

(18,031)

(18,700)

(3.6%)

(4,577)

(4,478)

(4,445)

2.2%

3.0%

 

  Bad Debt Expenses

(6,331)

(5,426)

16.7%

(1,473)

(1,510)

(1,457)

(2.5%)

1.2%

 

  Other Operating Income and Expense

(11,287)

(15,024)

(24.9%)

(2,411)

(3,088)

(4,155)

(21.9%)

(42.0%)

 

EBITDA1

76,788

86,251

(11.0%)

17,632

19,334

17,168

(8.8%)

2.7%

 

EBITDA Margin2

32.4%

33.4%

(1.0%)

30.1%

32.6%

28.7%

(2.5%)

1.36%

 

Net Income

(5,185)

2,883

NA

11,695

(24,836)

23,472

(147.1%)

(50.2%)

 

Attributable to:

 

 

 

 

 

 

 

 

 

Controlling Company

(3,025)

(2,467)

23%

5,328

(11,084)

10,220

(148.1%)

(47.9%)

 

Non-controlling interest

(2,160)

5,350

(140%)

6,366

(13,753)

13,252

(146.3%)

(52.0%)

 

 

 

 

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

2019

2018

YoY

Mobile Services

 

 

 

Total Subscribers

21,410

20,695

3.5%

Personal (Argentina)

19,084

18,316

4.2%

Nucleo (Paraguay)

2,326

2,379

(2.2%)

 

 

 

 

Postpaid

 

 

 

Personal (Argentina)

40%

39%

2.6%

Nucleo (Paraguay)

17%

17%

0.0%

 

 

 

 

ARPU Personal(2)

317.1

329.1

(3.6%)

Churn

2.9%

2.6%

11.5%

 

 

 

 

Broadband Services

 

 

 

Subscribers

4,123

4,138

(0.4%)

Speeds >20Mb (% of subs)

62%

38%

63.2%

ARPU(2)

1,058.8

1,172.2

(9.7%)

Churn(4)

1.5%

1.3%

15.4%

Cable TV Services

 

 

 

Cable TV Subs

3,517

3,532

(0.4%)

Argentina Subs

3,294

3,310

(0.5%)

Uruguay Subs

142

144

(1.4%)

Paraguay Subs

81

78

3.8% 

ARPU(2)

1,165.4

1,314.2

(11.3%)

Churn(4)

1.3%

1.3%

0.0%

Fixed Line Services

 

 

 

Subscribers

3,183

3,544

(10.2%)

ARBU(3)

442.2

416.6

6.1%

 

(1) Figures in thousands

(2) ARPU = Average Revenue per user (restated by inflation as of December 31, 2019)

(3) ARBU = Average Billing per user (restated by inflation as of December 31, 2019)

(4) Monthly Average Churn

 

CAPITAL EXPENDITURE (CAPEX)

 

During 2019, our subsidiary, Telecom Argentina, invested Ps. 70,865 million, an increase of approximately 8.3% compared to 2018. The investments were focused on projects aimed to maximize the network capacity and on products and services developed to contribute the customer's needs in terms of connectivity and data availability. Moreover, transmission and transport networks has been extended to unify the different access technologies, reconverting the copper fixed networks into fiber or coaxial-fiber hybrid networks, in order to face the increasing services demand from mobile and fixed clients.  In addition, our subsidiary has invested in the charging, billing and relationship systems with customers. Telecom Argentina aims to improve the capacity and coverage of its networks, which is a key factor, not only for the transformation towards convergent services, but also to leverage the content business, with Flow as an integral content platform and entertainment center. In relative terms, investments reached 29.9% of consolidated revenues in 2019, compared to 25.3% in 2018.

 

DEBT AND LIQUIDITY

 

(In millions of Ps.)

December 2019

December 2018

% Change

Short Term and Long-Term Debt 

 

 

 

Current Financial Debt

35,280

43,419

(18.7%)

Bank overdraft

9,710

3,501

177.3%

Financial loans

13,807

32,487

(57.5%)

Acquisition of equipment

1,500

1,612

(6.9%)

NDF

361

153

NA

Accrued interest

9,902

5,666

74.8%

Non-Current Financial Debt

116,716

91,173

28.0%

Negotiable obligations

40,525

24,732

63.9%

Financial loans

56,687

52,716

7.5%

NDF

14

0

NA

Acquisition of equipment

2,690

1,586

69.6%

Accrued interest

16,800

12,139

38.4%

Total Financial Debt (A)

151,996

134,592

12.9%

 

 

 

 

Cash and Cash Equivalents (B)

28,652

21,922

30.7%

Net Debt (A) - (B)

123,344

112,670

9.5%

Net Debt/Adjusted Ebitda (1)

1.6

1.3

23.0%

% USD Debt

92%

95%

(3.0%)

% PYG Debt

3%

3%

0.0%

% ARS Debt

5%

2%

3.0%

 

Total Financial Debt(1) increased from Ps. 134,592 million to Ps. 151,996 million and Net Debt increased from Ps 112,670 to Ps. 123,344.

 

Debt coverage ratio (1) as of December 31, 2019 was 1.6x 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.

 

 

CVH (BCBA) Price per Share (ARS)

 

314.0

CVH or CVHSY Price per GDS (USD)

3.5

Total Shares

180,642,580

Total GDSs

180,642,580

Market Value (USD MM)

632.2

Closing Price

March 10, 2020

 

 

 

 

CONFERENCE CALL AND WEBCAST INFORMATION

 

CABLEVISIÓN HOLDING S.A

(BCBA: CVH / LSE: CVH)

cordially invites you to participate in its conference call and webcast presentation

to discuss Fourth Quarter 2019 Results

 

Date: Thursday, March 12, 2020

Time: 12:00pm Buenos Aires Time/11:00am New York Time/3:00pm London

 

To access the conference call, please dial:
Argentina Participants: 0-800-666-0250

U.S. Participants: 1-877-830-2576

All other countries: +1-785-424-1726
Passcode: CVH

 

The 4Q19 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: 

https://services.choruscall.com/links/cvhsy200312AE2xfPba.html

 

A replay of the conference call will be available four hours after its conclusion and will remain available for 7 days.  To access the replay, please dial from the within the U.S. 1-844-488-7474, or from anywhere outside the U.S. +1-862-902-0129. The passcode is: 50122820

The webcast presentation will be archived at:  https://www.cablevisionholding.com/Investors/Presentations  

Investor Relations Contacts:

 

In Buenos Aires:                                                                                                            In New York:

Cablevisión Holding S.A                                                                                                i-advize Corporate Communications, Inc

Agustín Medina Manson, Head of Investor Relations                                                 Camilla Ferreira / Kenia Vargas

Valentina Lopez, Sr. Analyst                                                                                         Email:      cferreira@i-advize.com

Email: ir@cvh.com.ar                                                                                                                   kvargas@i-advize.com 

Tel: (+54 11) 4309 - 3417                                                                                             Tel: +1 212 406 3695 / 3696

www.cvh.com.ar 

ABOUT THE COMPANY

 

CVH was funded 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 YEAR ENDED DECEMBER 31, 2019 AND 2018

 (in millions of Argentine pesos)

 

December 31, 2019

 

December 31, 2018

 

 

 

 

Revenues

237,024

 

258,518

  Employee benefit expenses and severance payments

(46,560)

 

(46,261)

  Interconnection and Transmission Costs

(7,520)

 

(8,500)

  Fees for Services, Maintenance, Materials and Supplies

(26,755)

 

(25,265)

  Taxes and Fees with the Regulatory Authority

(18,391)

 

(20,975)

  Commissions and Advertising

(14,612)

 

(17,245)

  Cost of Equipment and Handsets

(10,749)

 

(14,871)

  Programming and Content Costs

(18,031)

 

(18,700)

  Bad Debt Expenses

(6,331)

 

(5,426)

  Other Operating Costs

(11,287)

 

(15,024)

Operating Income before Depreciation and Amortization

76,788

 

86,251

  Depreciation, Amortization and Impairment of Fixed Assets

(61,277)

 

(54,003)

Operating Income

15,511

 

32,248

  Equity in Earnings from Associates

(187)

 

363

  Financial Expenses on Debts

(18,947)

 

(57,340)

  Other Financial Results, net

12,654

 

23,272

Income (Loss) before Income Tax Expense

9,031

 

(1,457)

  Income Tax

(14,216)

 

4,340

Net (Loss) / Income

(5,185)

 

2,883

 

 

 

 

Other Comprehensive Income

 

 

 

 To be subsequently reclassified to profit or loss

 

 

 

  Currency Translation Adjustments (no effect on Income Tax)

(1,944)

 

1,843

  Effect of NDF classified as hedges

(335)

 

197

  Tax Effect of NDF classified as hedges

97

 

(55)

Not to be subsequently reclassified to profit or loss

 

 

 

Actuarial Results

47

 

58

Tax Effect

(15)

 

(15)

Other Comprehensive Income, net of Taxes

(2,150)

 

2,028

 

 

 

 

Total Comprehensive Income

(7,335)

 

4,911

 

 

 

 

 

 

 

 

Net Income attributable to:

 

 

 

Shareholders of the Controlling Company

(3,025)

 

(2,467)

Non-Controlling Interest

(2,160)

 

5,350

 

 

 

 

Total Comprehensive Income (Loss) Attributable to:

 

 

 

Shareholders of the Controlling Company

(3,729)

 

(1,786)

Non-Controlling Interest

(3,606)

 

6,697

 

 

 

 

Basic and Diluted Earnings per Share attributable to the Shareholders of the Controlling Company (in pesos)

(16.75)

 

(13.66)

 

 

 

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF DECEMBER 31, 2019 AND 2018

(in millions of Argentine pesos)

 

 

 

 

 

 

ASSETS

December 31, 2019

 

December 31, 2018

CURRENT ASSETS

 

 

 

Cash and Cash Equivalents

27,063

 

11,470

Investments

429

 

2,109

Trade Receivables

16,965

 

26,790

Other Receivables

4,614

 

7,892

Inventories

3,212

 

4,210

Other Assets

-

 

460

Total Current Assets

52,283

 

52,931

NON-CURRENT ASSETS

 

 

 

Trade Receivables

83

 

94

Other Receivables

2,025

 

3,072

Deferred Income Tax Assets

333

 

180

Investments

2,123

 

8,607

Goodwill

175,360

 

175,509

Property, Plant and Equipment ("PP&E")

245,836

 

231,068

Intangible Assets

82,376

 

91,234

Right-of-Use Assets

9,444

 

873

Total Non-Current Assets

517,580

 

510,637

Total Assets

569,863

 

563,568

LIABILITIES

 

 

 

CURRENT LIABILITIES

 

 

 

Accounts Payable

31,973

 

35,211

Financial Debt

35,280

 

43,419

Salaries and Social Security Payables

9,950

 

9,161

Taxes Payable

3,313

 

3,615

Lease Liabilities

2,639

 

-

Other Liabilities

1,741

 

2,460

Provisions

1,191

 

1,144

Total Current Liabilities

86,087

 

95,010

NON-CURRENT LIABILITIES

 

 

 

Accounts Payable

2,355

 

876

Financial Debt

116,716

 

91,173

Salaries and Social Security Payables

861

 

534

Deferred Income Tax Liabilities

52,552

 

37,755

Taxes Payable

14

 

40

Lease Liabilities

3,672

 

-

Other Liabilities

1,524

 

1,784

Provisions

4,629

 

5,335

Total Non-Current Liabilities

182,323

 

137,497

Total Liabilities

268,410

 

232,507

EQUITY (as per the corresponding statement)

 

 

 

Attributable to Shareholders of the Parent Company

125,051

 

128,820

Attributable to Non-Controlling Interests

176,402

 

202,241

TOTAL EQUITY

301,453

 

331,061

TOTAL LIABILITIES AND EQUITY

569,863

 

563,568

 

 

 

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2019 AND 2018

 (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 (1)

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, 2018

181

6,175

14,948

21,304

 

(1,737)

(12)

 

212

10,464

21,238

51,469

 

25,404

 

76,873

Effect of Adopting New Accounting Policies

-

-

-

-

 

-

-

 

-

-

(153)

(153)

 

(112)

 

(265)

Effect of the Merger (Note 4)

-

-

-

-

 

-

79,513

 

-

-

-

79,513

 

197,626

 

277,139

Set-up of Reserves (Note 30.1)

-

-

-

-

 

-

-

 

-

3,670

(3,670)

-

 

-

 

-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

 

-

-

 

-

-

-

-

 

(27,022)

 

(27,022)

Increase of the equity interest in CV Berazategui

-

-

-

-

 

-

(143)

 

-

-

-

(143)

 

(229)

 

(372)

Changes in Other Reserves

-

-

-

-

 

-

(80)

 

-

-

-

(80)

 

(123)

 

(203)

Net Income (Loss) for the Year

-

-

-

-

 

-

-

 

-

-

(2,467)

(2,467)

 

5,350

 

2,883

Other Comprehensive Income

-

-

-

-

 

681

-

 

-

-

-

681

 

1,347

 

2,028

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of December 31, 2018

181

6,175

14,948

21,304

 

(1,056)

79,278

 

212

14,134

14,948

128,820

 

202,241

 

331,061

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Set-up of Reserves (Note 30.1)

-

-

-

-

 

-

-

 

1,058

88,686

(89,744)

-

 

-

 

-

Changes in Reserves

-

-

-

-

 

-

(9)

 

-

-

-

(9)

 

(15)

 

(24)

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-

 

-

-

 

-

-

-

-

 

(22,075)

 

(22,075)

Acquisition of an equity interest in Tuves

-

-

-

-

 

-

14

 

-

-

-

14

 

(74)

 

(60)

Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual

-

-

-

-

 

-

(45)

 

-

-

-

(45)

 

(69)

 

(114)

Net Income (Loss) for the Year

-

-

-

-

 

-

-

 

-

-

(3,025)

(3,025)

 

(2,160)

 

(5,185)

Other Comprehensive Income

-

-

-

-

 

(704)

-

 

-

-

-

(704)

 

(1,446)

 

(2,150)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of December 31, 2019

181

6,175

14,948

21,304

 

(1,760)

79,238

 

1,270

(2) 102,820

(77,821)

125,051

 

176,402

 

301,453

 

(1) Includes 1,578 treasury shares. See Note 22.

(2)  Broken down as follows: (i) Voluntary Reserve for Illiquid Results of $ 84,360, (ii) Voluntary Reserve for Financial Obligations of $ 18,460.

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED DECEMBER 31, 2019 AND 2018

 (in millions of Argentine pesos)

 

 

 

 

 

December 31, 2019

 

December 31, 2018

CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

 

 

Net (Loss) / Income

(5,185)

 

2,883

Adjustments to reconcile Net Income to net Cash flows provided by Operating Activities

 

 

 

  Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies

9,963

 

5,572

  Depreciation of PP&E

46,973

 

42,462

  Amortization of Intangible Assets

8,261

 

8,176

  Amortization of Rights of Use

3,479

 

150

  Equity in Earnings from Associates

187

 

(363)

  Impairment of PP&E and Intangible Assets

2,564

 

3,215

  Net Book Value of PP&E and Consumption of Materials

268

 

891

  Financial Results and Other

17,629

 

27,871

  Accrued Income Tax and Tax on Assets

14,216

 

(4,340)

  Income Tax Paid

(1,764)

 

(9,135)

  Decrease (Increase) in Assets, Net

3,882

 

(7,930)

  Net Decrease in Liabilities

(18,870)

 

(4,732)

Net Cash Flows provided by Operating Activities

81,603

 

64,720

CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES

 

 

 

  PP&E Acquisitions

(49,170)

 

(60,878)

  Intangible Assets Acquisition

(1,628)

 

(4471)

  Acquisition of Equity Interests

(61)

 

(375)

  Collection of Dividends

185

 

86

  Cash Incorporated under the Merger

-

 

6,430

  Income from Sale of PP&E and Intangible Assets

102

 

9

  Investments not considered as cash and cash equivalents

7,285

 

11,072

Net Cash Flows used in Investing Activities

(43,287)

 

(48,127)

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES

 

 

 

  Proceeds from Financial Debt

58,507

 

42,719

  Payment of Financial Debt

(50,282)

 

(29,694)

  Payment of Interest and Related Expenses

(8,990)

 

(6,850)

  Payment of Lease Liabilities

(3,626)

 

-

  Reversal of Reserve Account

520

 

514

  Payment of Cash Dividends to Non-Controlling Interests

(21,743)

 

(29,244)

Net Cash Flows used in Financing Activities

(25,614)

 

(22,555)

 

 

 

 

NET INCREASE / (DECREASE) IN CASH FLOW

12,702

 

(5,962)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR:

11,470

 

11,082

EFFECTS OF EXCHANGE RATE CHANGES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS

2,891

 

6,350

CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

27,063

 

11,470

 


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