REG - Cablevision Holding - 1st Quarter Results
Cablevisión Holding Announces its First Quarter 2020 Results (1Q20)
Buenos Aires, Argentina, May 19, 2020 - 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), announces today its First quarter 2020 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, 2020, unless otherwise indicated.
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 (1Q20 vs. 1Q19):
§ Total Revenues reached Ps. 62,762 million, a decrease of 4.5% in real terms as of March 31, 2020, compared to 1Q19, mainly due to lower Internet, Cable and Fixed Telephony and Data services revenues.
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 40,808 million, a decrease of 8.0% in constant currency, mainly driven by lower labor costs, taxes and fees, commissions and advertising, cost of handsets sold, interconnection and transmission and programing and content costs.
§ EBITDA reached Ps. 21,954 million, an increase of 2.7% in real terms compared to 1Q19, mainly driven as a result of lower costs, which decreased at a faster pace as compared to revenues drop. EBITDA Margin was 35.0% in 1Q20, compared to 32.5% in 1Q19.
§ Consolidated Net Income totaled Ps. 2,774 million. Consolidated Net Income attributable to the Controlling Company amounted Ps. 1,125 million.
FINANCIAL HIGHLIGHTS
(millions of Ps.in constant Currency as of March 31, 2020)
1Q20
1Q19
% Ch.
Total Revenues
62,762
65,735
(4.5%)
EBITDA (1)
21,954
21,386
2.7%
EBITDA Margin (2)
35.0%
32.5%
7.5%
Income for the period
2,774
1,034
168.3%
Attributable to:
Equity Shareholders
1,125
(258)
NA
Non-Controlling Interests
1,649
1,292
27.6%
(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. 62,762 million, a decrease of 4.5% compared to Ps. 65,735 million in 1Q19, mainly driven by lower revenues from Internet, Cable TV and Fixed Telephony and Data Services in constant currency.
Following is a breakdown of Total Revenues:
(millions of Ps.in constant Currency as of March 31, 2020)
1Q20
1Q19
YoY
1Q20
% of Total1Q19
% of TotalMobile Services
23,127
21,967
5.3%
36.8%
33.4%
Internet Services
13,656
15,055
(9.3%)
21.8%
22.9%
Cable TV Services
13,120
14,199
(7.6%)
20.9%
21.6%
Fixed Telephony and Data Services
9,478
10,180
(6.9%)
15.1%
15.5%
Other revenues from services
178
171
4.1%
0.3%
0.3%
Revenues From Services
59,559
61,572
(3.3%)
94.9%
93.7%
Revenues From Equipment Sales
3,203
4,163
(23.1%)
5.1%
6.3%
Total Revenues
62,762
65,735
(4.5%)
100.0%
100.0%
Mobile Services Revenues amounted 23,127 as of March 31, 2020, increasing by 5.3% in real terms compared to 1Q19. This was mainly driven by higher revenues from Mobile services in Argentina, as a result of a higher ARPU and an increase in the number of clients. The commercial strategy was focused on achieving higher mobile portability through convergent offers and promoting the consumption of mobile internet.
In Argentina, Personal mobile subscribers amounted to 18.8 million at the end of 1Q20, increasing 3,8% compared to 1Q19, and around 41% of them are postpaid. In 1Q20, mobile service revenues in Argentina amounted to Ps 20,150 million (+5.0% vs 1Q19). Mobile internet revenues reached 78% of service revenues of Personal in Argentina (vs. 73% in 1Q19). During 1Q20, mobile ARPU was Ps. 352.0, resulting in an 5.1% higher ARPU restated in constant currency compared to 1Q19.
As of March 31, 2020, Núcleo customer base reached almost 2.4 million subscribers, of which 16% are postpaid. Revenues from Núcleo services were Ps 2,977 million in 1Q20, an increase of 7.0% compared to 1Q19. Mobile internet revenues represented 54% of 1Q20 service revenues (vs. 48% in 1Q19).
Internet Services Revenues dropped 9.3% to Ps. 13,656 in 1Q20, mainly due to the results of the restatement effect as of March 31, 2020 and a lower ARPU compared to 1Q19. Of the 4.1 million broadband customers reached in 1Q20, around 66% of them subscribed to services with speeds of 20Mb or higher, increasing from the participation registered in 1Q19 (44%). Internet ARPU was Ps. 1107.5 in 1Q20, decreasing 8.7% compared to 1Q19, mainly due to the restatement effect as of March 31, 2020. Monthly churn was 1.6% in 1Q20, compared to 1.4% in 1Q19.
Cable TV Services Revenues amounted to Ps. 13,120 million in 1Q20, a decrease of 7.6% compared to 1Q19. ARPU had a reduction in real terms from Ps. 1,353.3 in 1Q19 to Ps. 1250.5 in 1Q20, a decrease of 7.6%. It is important to mention that with the aim of offering the best entertainment experience, during the 1Q20 Telecom continued to promote new content and co-productions for its Flow platform. In addition, and in order to support the families during their isolation in their homes, Telecom allowed all its Cablevision´s customers to download the Flow application free of charge.
Fixed Telephony and Data Services Revenues reached Ps. 9,478 million in 1Q20, a decrease of 6.9% compared to 1Q19, mainly driven by the results of the restatement effect as of March 31, 2020. Additionally, ARBU in fixed telephony increased 4.5%, from Ps. 466.4 in 1Q19 to Ps. 487.3 in 1Q20.
It is important to mention that, regarding the corporate segment, and in order to promote the development of the IoT (Internet of Things), Telecom announced the strategic alliance with the global provider NOKIA to incorporate the WING (Worlwide IoT Network Grid), a comprehensive and scalable tool. On the other hand, in the emergency and contingency scenario posed by the pandemic in Argentina, a series of initiatives were carried out by Telecom to allow corporate clients to connect remotely while disposing freely of their data consumption.
Revenues from equipment sales amounted to Ps. 3,203 million, decreasing 23.1% compared to 1Q19, mainly due to a decrease in the quantities sold, which was partially offset by an increase in prices of handsets.
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 40,808 million in 1Q20, a decrease of Ps. 3,541 million, or 8.0% compared to 1Q19. These lower operating costs and expenses were mainly due to lower labor costs, taxes and fees with the regulatory authority, commissions and advertising, cost of handsets sold, interconnection and transmission costs, programming and content costs. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 21,954 million, an increase of 2.7% from Ps. 21,386 million reported for 1Q19, as a result of lower costs, which decreased at a faster pace as compared to revenues drop.
Depreciation, amortization and impairment of PP&E, intangible assets and rights-of-use amounted Ps. 16,249 million in 1Q20, an increase of 9.6% compared to 1Q19. The increase was due to the impact of the amortization of the incorporations after March 31, 2019, as a consequence of the Capex Plan that Telecom Argentina has been developing.
Equity in earnings from unconsolidated affiliates totaled Ps. 92 million in 1Q20, compared to Ps. 153 million in 1Q19.
Financial Results net totaled Ps. (1,330) million compared to Ps. (597) million in 1Q19, as a result of lower inflation adjustment results ( Ps. 1,062 in 1Q20 compared to Ps. 5,565 in 1Q19), which was partially offset by positive FX results (including results of NDF) measured in real terms in 1Q20 for Ps. 1,092 million , compared to negative FX results measured in real terms registered in 1Q19 for Ps. (3,144) million.
Income tax as of March 2020 reached Ps. (1,693) million, from Ps. (5,083) million in March 2019.
Net Income for the period totaled Ps. 2,774 million, from Ps. 1,034 million reported for 1Q19. This was mainly a consequence of lower total operative costs and income taxes, which was partially offset by lower revenues, higher Depreciations and Amortizations, as well as higher financial results. The Equity Shareholders Income for the period amounted a loss of Ps. 1,125 million.
(millions of Ps.in constant Currency as of March 31, 2020)
1Q20
1Q19
YoY
Consolidated Revenues
62,762
65,735
(4.5%)
Employee benefit expenses and severance payments
(11,730)
(13,031)
(10.0%)
Interconnection and Transmission Costs
(2,016)
(2,174)
(7.3%)
Fees for Services, Maintenance, Materials and Supplies
(6,919)
(6,735)
2.7%
Taxes and Fees with the Regulatory Authority
(4,778)
(5,165)
(7.5%)
Commissions and Advertising
(3,570)
(3,734)
(4.4%)
Cost of Equipment and Handsets
(2,250)
(3,236)
(30.5%)
Programming and Content Costs
(4,726)
(5,060)
(6.6%)
Bad Debt Expenses
(2,248)
(2,147)
4.7%
Other Operating Income and Expense
(2,571)
(3,067)
(16.2%)
EBITDA1
21,954
21,386
2.7%
EBITDA Margin2
35.0%
32.5%
7.5%
Net Income
2,774
1,034
168.3%
Attributable to:
Controlling Company
1,125
(258)
NA
Non-controlling interest
1,649
1,292
27.6%
OPERATING STATISTICS BY BUSINESS SEGMENT
1Q20
1Q19
YoY
Mobile Services
Total Subscribers
21,202
20,784
2.0%
Personal (Argentina)
18,839
18,152
3.8%
Núcleo (Paraguay)
2,363
2,374
(0.5%)
Postpaid
Personal (Argentina)
41%
40%
2.6%
Núcleo (Paraguay)
16%
16%
0.0%
ARPU Personal(2)
352.0
334.9
5.1%
Churn
2.2%
2.6%
(0.4%)
Broadband Services
Subscribers
4,073
4,114
(1.0%)
Speeds >20Mb (% of subs)
66%
44%
50.0%
ARPU(2)
1,107.5
1,212.6
(8.7%)
Churn(4)
1.6%
1.4%
0.1%
Cable TV Services
Cable TV Subs
3,495.0
3,475.0
0.6%
Argentina Subs
3,270.0
3,254.0
0.5%
Uruguay Subs
141.0
142.0
(0.7%)
Paraguay Subs
84.0
79.0
6,3
ARPU(2)
1,250.6
1,353.3
(7.6%)
Churn(4)
1.4%
1.5%
(0.1%)
Fixed Line Services
Subscribers
3,078
3,452
(10.8%)
ARBU(3)
487.3
466.4
4.5%
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of March 31, 2020)
(3) ARBU = Average Billing per user (restated by inflation as of March 31, 2020)
(4) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX - includes PP&E, Intangible Assets and Right of use Assets)
During 1Q20, our subsidiary, Telecom Argentina, invested Ps. 9,985 million, a decrease of approximately 25.7% compared to 1Q19. The investments were focused on projects related to the expansion of Cable TV and Internet services to improve the transmission and access speed offered to clients, deployment of 4G coverage and capacity to support the growth of the Mobile Internet Services, and the extension of the transmission networks in order to unify the different access technologies, reconverting the copper fixed networks into fiber or hybrid fiber coaxial networks. Moreover, the capacity of the mobile network in certain smaller cities of the country was expanded, and a continuous preventive maintenance was performed on all the networks to ensure continuity of service throughout the country. It is important to mention that thanks to the CAPEX made during the last years, Telecom was able to manage efficiently the significant increase in traffic generated by the COVID-19. In relative terms, investments represented 15.9% of consolidated revenues in 1Q20.
DEBT AND LIQUIDITY
(In millions of Ps.)
March 2020
December 2019
% Change
Short Term and Long-Term Debt
Current Financial Debt
45,505
38,032
19.6%
Bank overdraft
10,748
10,467
2.7%
Securities-guaranteed loans
1,030
332
210.2%
Financial loans
17,205
14,552
18.2%
Acquisition of equipment
1,809
1,617
11.9%
Negotiable obligations
2,360
-
NA
NDF
782
389
101.0%
Accrued interest
11,571
10,675
8.4%
Non-Current Financial Debt
125,624
125,819
(0.2%)
Negotiable obligations
46,103
43,686
5.5%
Financial loans
59,214
61,108
(3.1%)
NDF
39
15
160.0%
Acquisition of equipment
3,771
2,900
30.0%
Accrued interest
16,497
18,110
(8.9%)
Total Financial Debt (A)
171,129
163,851
4.4%
Cash and Cash Equivalents (B)
38,753
32,990
17.5%
Net Debt (A) - (B)
132,376
130,861
1.2%
Net Debt/Adjusted Ebitda (1)
1.50
1.53
-1.5%
% USD Debt
85.6%
92.3%
(6.7%)
% PYG Debt
2.9%
2.8%
0.1%
% ARS Debt
11.5%
4.9%
6.6%
Total Financial Debt(1) increased from Ps. 163,851 million to Ps. 171,129 million and Net Debt increased from Ps 130,861 to Ps. 132,376.
Debt coverage ratio (1) as of March 31, 2020 was 1.5x in the case of Net Debt and of 1.9x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Last Quarter Annualized EBITDA. Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.
DIVIDEND PAYMENT
As of April 29th, 2020, the Annual Ordinary and Extraordinary Shareholder meeting approved a cash dividend payment corresponding to the fiscal year ended on December 31, 2019, for the amount of USD 12 million equivalent to USD 6.64 per 100 shares or GDS. On May 13th, 2020 the Company paid the cash dividends.
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)
388.0
CVH or CVHSY Price per GDS (USD)
5.3
Total Shares
180,642,580
Total GDSs
180,642,580
Closing Price
May 19, 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 First Quarter 2020 Results
Date: Wednesday, May 20, 2020
Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London
To access the conference call, please dial:
Argentina Participants: 0-800-666-0250U.S. Participants: 1-877-830-2576
All other countries: +1-785-424-1726
Passcode: CVH
The 1Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy2005207adPTRbp.html
NOTE: Cablevisión Holding S.A. will release its First Quarter 2020 Earnings Report on Tuesday, May 19, 2020 after the markets close.
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: 29246471
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
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 THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
(in millions of Argentine pesos)
March 31, 2020
March 31, 2019
Revenues
62,762
65,735
Employee benefit expenses and severance payments
(11,730)
(13,031)
Interconnection and Transmission Costs
(2,016)
(2,174)
Fees for Services, Maintenance, Materials and Supplies
(6,919)
(6,735)
Taxes and Fees with the Regulatory Authority
(4,778)
(5,165)
Commissions and Advertising
(3,570)
(3,734)
Cost of Equipment and Handsets
(2,250)
(3,236)
Programming and Content Costs
(4,726)
(5,060)
Bad Debt Expenses
(2,248)
(2,147)
Other Operating Income and Expense
(2,571)
(3,067)
Operating Income before Depreciation and Amortization
21,954
21,386
Depreciation, Amortization and Impairment of Fixed Assets
(16,249)
(14,825)
Operating Income
5,705
6,561
Equity in Earnings from Associates
92
153
Financial Expenses on Debts
(3,094)
(6,939)
Other Financial Results, net
1,764
6,342
Income before Income Tax Expense
4,467
6,117
Income Tax
(1,693)
(5,083)
Net Income
2,774
1,034
Other Comprehensive Income - to be subsequently reclassified to profit or loss
Currency Translation Adjustments (no effect on Income Tax)
(1,004)
(724)
Effect of NDF classified as hedges
(308)
(111)
Tax Effect of NDF classified as hedges
74
31
Other Comprehensive Income, net of Taxes
(1,238)
(804)
Total Comprehensive (Loss) / Income
1,536
230
Net Income attributable to:
Shareholders of the Controlling Company
1,125
(258)
Non-Controlling Interest
1,649
1,292
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company
738
(519)
Non-Controlling Interest
798
749
Basic and Diluted Earnings per Share attributable to the Shareholders of the Controlling Company (in pesos)
6.22
(1.43)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF MARCH 31, 2020 AND DECEMBER 31, 2019
(in millions of Argentine pesos)
ASSETS
March 31, 2020
December 31, 2019
CURRENT ASSETS
Cash and Cash Equivalents
36,768
29,174
Investments
807
462
Trade Receivables
18,986
18,288
Other Receivables
6,447
4,974
Inventories
2,991
3,463
Total Current Assets
65,999
56,361
NON-CURRENT ASSETS
Trade Receivables
63
89
Other Receivables
2,283
2,183
Deferred Income Tax Assets
337
359
Investments
2,327
2,289
Goodwill
188,871
189,036
Property, Plant and Equipment ("PP&E")
259,713
265,010
Intangible Assets
87,014
88,802
Right-of-Use Assets
10,401
10,181
Total Non-Current Assets
551,009
557,949
Total Assets
617,008
614,310
LIABILITIES
CURRENT LIABILITIES
Accounts Payable
30,854
34,467
Financial Debt
45,505
38,032
Salaries and Social Security Payables
7,126
10,726
Taxes Payable
2,766
3,571
Lease Liabilities
2,891
2,845
Other Liabilities
1,728
1,877
Provisions
1,141
1,284
Total Current Liabilities
92,011
92,802
NON-CURRENT LIABILITIES
Accounts Payable
3,268
2,539
Financial Debt
125,624
125,819
Salaries and Social Security Payables
869
928
Deferred Income Tax Liabilities
58,220
56,651
Taxes Payable
12
15
Lease Liabilities
4,180
3,958
Other Liabilities
1,645
1,642
Provisions
4,677
4,990
Total Non-Current Liabilities
198,495
196,542
Total Liabilities
290,506
289,344
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
135,542
134,804
Attributable to Non-Controlling Interests
190,960
190,162
TOTAL EQUITY
326,502
324,966
TOTAL LIABILITIES AND EQUITY
617,008
614,310
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
(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, 2019
181
6,672
16,113
22,966
(1,138)
85,463
228
15,236
16,113
138,868
218,015
356,883
Net Income (Loss) for the Period
-
-
-
-
-
-
-
-
(258)
(258)
1,292
1,034
Other Comprehensive Income
-
-
-
-
(261)
-
-
-
-
(261)
(543)
(804)
Balances as of March 31, 2019
181
6,672
16,113
22,966
(1,399)
85,463
228
15,236
15,855
138,349
218,764
357,113
Balances as of January 1, 2020
181
6,672
16,113
22,966
(1,898)
85,418
1,371
110,839
(83,892)
134,804
190,162
324,966
Net Income (Loss) for the Period
-
-
-
-
-
-
-
-
1,125
1,125
1,649
2,774
Other Comprehensive Income
-
-
-
-
(387)
-
-
-
-
(387)
(851)
(1,238)
Balances as of March 31, 2020
181
6,672
16,113
22,966
(2,285)
85,418
1,371
(2) 110,839
(82,767)
135,542
190,960
326,502
(1) Includes 1,578 treasury shares.
(2) Broken down as follows: (i) Voluntary Reserve for Illiquid Results of $ 90,940, (ii) Voluntary Reserve for Financial Obligations of $ 19,899.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
(in millions of Argentine pesos)
March 31, 2020
March 31, 2019
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income
2,774
1,034
Adjustments to reconcile Net Income to net Cash flows provided by Operating Activities
Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies
2,471
2,373
Depreciation of PP&E
13,012
11,637
Amortization of Intangible Assets
2,135
2,135
Amortization of Rights of Use
1,034
945
Equity in Earnings from Associates
(92)
(153)
Net Book Value of Fixed Assets and Consumption of Materials
179
90
Financial Results and Other
3,376
6,111
Income Tax Expense
1,693
5,083
Income Tax Paid
(427)
(516)
Decrease (Increase) in Assets, Net
(5,230)
3,630
Net Decrease in Liabilities
(4,844)
(11,742)
Net Cash Flows provided by Operating Activities
16,081
20,627
CASH FLOWS USED IN INVESTING ACTIVITIES
PP&E Acquisitions
(10,950)
(11,489)
Intangible Assets Acquisition
(383)
(442)
Collection of Dividends
22
116
Income from Sale of PP&E and Intangible Assets
-
1
Investments not considered as cash and cash equivalents
(257)
1,617
Net Cash Flows used in Investing Activities
(11,568)
(10,197)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Proceeds from Financial Debt
21,579
18,392
Payment of Financial Debt
(12,431)
(17,872)
Payment of Interest and Related Expenses
(5,002)
(2,473)
Payment of Lease Liabilities
(1,009)
(1,224)
Increase in the Reserve Account
-
(79)
Net Cash Flows provided by (used in) Financing Activities
3,137
(3,256)
NET INCREASE IN CASH FLOWS
7,650
7,174
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR:
29,173
12,266
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS
(55)
915
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
36,768
20,355
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDQRFPPUCGAUPUUMU
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