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TEO - Telecom Argentina SA News Story

$5.82 -0.1  -2.3%

Last Trade - 01/03/21

Sector
Telecoms
Size
Mid Cap
Market Cap £1.26bn
Enterprise Value £2.34bn
Revenue £2.19bn
Position in Universe 2286th / 6711

Cablevision Holding - 1st Quarter Results

Wed 20th May, 2020 8:18am
RNS Number : 4674N
Cablevision Holding S.A.
20 May 2020
 

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 Total

1Q19
% of Total

Mobile 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: 0-800-666-0250

U.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

                 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 THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019

 

 

 

 

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

 


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