Telecom Argentina SA logo

TEO - Telecom Argentina SA News Story

$5.46 -0.1  -1.8%

Last Trade - 05/03/21

Sector
Telecoms
Size
Mid Cap
Market Cap £1.18bn
Enterprise Value £2.26bn
Revenue £2.19bn
Position in Universe 2334th / 6647

Cablevision Holding - 9M20 and 3Q20 Results

Thu 12th November, 2020 7:26am
RNS Number : 1041F
Cablevision Holding S.A.
12 November 2020
 

Cablevisión Holding Announces Nine months and Third Quarter 2020 Results (9M20 and 3Q20)

 

Buenos Aires, Argentina, November 11, 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), announced today its nine months and third 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 September 30, 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 (9M20 vs. 9M19):

 

§ Total Revenues reached Ps. 208,220 million, a decrease of 4.6% in real terms as of September 30, 2020, compared to 9M19, mainly driven by lower revenues from internet, cable TV and fixed telephony and data services revenues and from equipment sales, which was partially offset by higher mobile services revenues. It is important to mention that, as it was established in the Agreement with the National Communications Entity (ENACOM), the prices of mobile and fixed telephony, Internet and Pay TV services did not increase from May 1 to August 31, 2020, and also considering the provisions set forth by Decree 690/2020 in August 2020, price increases or any announcement of increase as from July 31st, 2020 have been suspended until December 31, 2020.

§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 133,973 million, a decrease of 8.1% in constant currency, mainly driven by lower costs of equipment and handset, employee benefits expenses and severance payments, programming and content costs, fees for services, maintenance, materials and supplies, taxes and fees with the Regulatory Authority, commissions and advertising costs and other operating expenses, partially offset by higher bad debt expenses and higher interconnection costs.

§ EBITDA reached Ps. 74,247 million, an increase of 2.6% in real terms compared to 9M19, mainly driven by lower operating costs. EBITDA Margin was 35.7% in 9M20, compared to 33.2% in 9M19.

§ Consolidated Net Income amounted a net loss of Ps. 1,102 million. Consolidated Net Loss attributable to the Controlling Company amounted to Ps. 501 million.

                                                                                                                                                                                                                                       

FINANCIAL HIGHLIGHTS

 

(millions of Ps.in constant Currency as of September 30, 2020)

9M20

9M19

% Ch.

3Q20

2Q20

3Q19

QoQ

YoY

Total Revenues

208,220

218,182

(4.6%)

67,022

70,000

72,555

(4.3%)

(7.6%)

EBITDA (1)

74,247

72,340

2.6%

22,881

26,462

23,645

(13.5%)

(3.2%)

EBITDA Margin (2)

35.7%

33.2%

7.5%

34.1%

37.8%

32.6%

(3.7%)

1.6%

Income for the period

(1,102)

(20,642)

(94.7%)

(3,428)

(821)

(30,372)

317.3%

(88.7%)

Attributable to:









Equity Shareholders

(501)

(10,215)

(95.1%)

(1,447)

(328)

(13,554)

340.7%

(89.3%)

Non-Controlling Interests

(601)

(10,427)

(94.2%)

(1,981)

(492)

(16,818)

302.7%

(88.2%)

(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. 208,220 million, a decrease of 4.6% compared to Ps. 218,182 million in 9M19, mainly driven by lower revenues from internet, cable TV, fixed telephony and data services and revenues from equipment sales, which was partially offset by higher mobile services revenues.

 

Following is a breakdown of Total Revenues:

 

 

(millions of Ps.in constant Currency as of September 30, 2020)

9M20

9M19

YoY

9M20
% of Total

9M19
% of Toal

Mobile Services

79,706

74,908

6.4%

38.3%

34.3%

Internet Services

44,053

48,991

(10.1%)

21.2%

22.5%

Cable TV Services

40,755

45,618

(10.7%)

19.6%

20.9%

Fixed Telephony and Data Services

31,955

34,184

(6.5%)

15.3%

15.7%

Other revenues from services

575

740

(22.3%)

0.3%

0.3%

Revenues From Services

197,044

204,441

(3.6%)

94.6%

93.7%

Revenues From Equipment Sales

11,176

13,741

(18.7%)

5.4%

6.3%

Total Revenues

208,220

218,182

(4.6%)

100.0%

100.0%

 

 

Mobile Services Revenues increased by 6.4% in real terms to Ps. 79,706. Our subsidiary Telecom Argentina continued its focus on achieving higher mobile portability through a cross-selling strategy and promoting mobile internet consumption.

 

In Argentina, Personal mobile subscriber reached more than 18.7 million and around 41% of them are postpaid. Mobile internet revenues reached 76% of service revenues of Personal in Argentina (no changes vs 9M19). Mobile ARPU increased 3.5% during the 9M20 compared to 9M19 (Ps. 401.2 in 9M20 vs Ps. 387.6 in 9M19). Mobile churn was 2.2% as of September 30, 2020, compared to 2.1% in 9M19.

 

It is important to highlight that as a result of the mandatory lockdown that the country was going through,  our subsidiary continued to reinforce its networks, systems infrastructure and service platforms to provide services that are essential for the society as they connect people, homes, companies and governments. In this sense, digital and telephone contact channels have been strengthened so that the greater volume of service and commercial requests could be carried out directly from the clients' homes, without needing to visit the company's commercial offices.

 

To continue supporting clients in a context where they need to have a digital proposal to defend their businesses, during the third quarter of the year Telecom Argentina launched Mi Negocio Personal, an integrated and personalized virtual store solution designed for entrepreneurs and SMEs.

 

 

 

 

As of September 30, 2020, Núcleo customer base reached around 2.2 million subscribers, of which 17% are postpaid. Revenues from Núcleo services were Ps 10,334 million in 9M20, an increase of 3.6% compared to 9M19. Mobile internet revenues represented 51% of 9M20 service revenues (vs. 50% in 9M19).

 

Internet Services Revenues dropped 10.1% to Ps. 44,053 in 9M20 mainly due to the restatement effect as of September 30, 2020. Of the 4.2 million broadband customers reached in 9M20, around 58% of them subscribed to services with speeds of 50Mb or higher. Monthly churn dropped to 1.2% in 9M20 from 1.5% in 9M19.

 

Cable TV Services Revenues amounted to Ps. 40,755 million in 9M20, a decrease of 10.7% compared to 9M19, mainly due to the restatement effect as of September 30, 2020, and the fact that revenues derived from the Football premium package were reduced due to the suspension of the Argentina Football League cause by the mandatory lockdown during this period.  Cable TV ARPU reached Ps. 1,285.3 in 9M20, a decrease of 11.7% compared to 9M19. Additionally, Cable TV churn decreased to 0.9% in 9M20 from 1.3% in 9M19.

 

Fixed Telephony and Data Services Revenues reached Ps. 31,955 million in 9M20, a decrease of 6.5% compared to 9M19, mainly due the restatement effect as of September 30, 2020. Additionally, ARBU in fixed telephony reached Ps. 542.7 in 9M20, increasing 1.9% compared to 9M19. In the current health emergency context, different initiatives were developed by Telecom during the third quarter of 2020, in order to assist the corporate segment, providing solutions based on the needs of the companies so they can continue with their activities.

 

Revenues from equipment sales totaled Ps. 11,176 million in 9M20, a decrease of 18.7% compared to 9M19, mainly due to a fall in the quantities sold, which was partially offset by an increase in the prices of handsets.

 

Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 133,973 million in 9M20, a decrease of Ps. 11,869 million, or 8.1% compared to 9M19. These lower operating costs and expenses were mainly due to lower costs of equipment and handset, employee benefits expenses and severance payments, programming and content costs, fees for services, maintenance, materials and supplies, taxes and fees with the Regulatory Authority and commissions,  advertising costs and other operating expenses partially offset by higher bad debt expenses and higher interconnection costs. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.

 

EBITDA reached Ps. 74,247 million, an increase of 2.6% from Ps. 72,340 million reported for 9M19, driven by lower operating costs.

 

Depreciation, amortization and impairment of PP&E, intangible assets and rights-of-use amounted Ps. 55,051 million in 9M20, an increase of 3.8% compared to 9M19. The increase was due to the impact of the amortization of the assets activated after September 30, 2019.

 

Equity in earnings from unconsolidated affiliates totaled Ps. 372 million in 9M20, compared to Ps. (279) million in 9M19.

 

 

 

 

Financial Results net totaled Ps. (12,888) million compared to Ps. (22,542) million in 9M19, mainly as a result of lower negative FX results (including results of NDF) measured in real terms in 9M20 for Ps. (4,224) million compared to Ps. (13,398) registered in 9M19, which was partially offset by lower positive inflation adjustment results.

 

Income tax as of September 2020 reached Ps. (7,782) million, from Ps. (17,136) million in September 2019.

 

Net Income for the period totaled a net loss of Ps. 1,102 million, compared to a net loss of Ps. 20,642 million reported for 9M19. The decrease in the net loss was mainly a consequence of lower negative financial results in 9M20, derived from lower FX losses, in a context of a lower devaluation in real terms compared to 9M19. The Equity Shareholders net loss for the period amounted to Ps. 501 million.

 

 

 

 

(millions of Ps.in constant Currency as of September 30, 2020)

9M20

9M19

YoY

3Q20

2Q20

3Q19

QoQ

YoY

 

 

Consolidated Revenues

208,220

218,182

(4.6%)

67,022

70,000

72,555

(4.3%)

(7.6%)

Employee benefit expenses and severance payments

(38,691)

(41,568)

(6.9%)

(12,388)

(12,997)

(13,760)

(4.7%)

(10.0%)

Interconnection and Transmission Costs

(7,675)

(6,970)

10.1%

(2,722)

(2,667)

(2,380)

2.1%

14.4%

Fees for Services, Maintenance, Materials and Supplies

(21,955)

(23,679)

(7.3%)

(7,091)

(7,015)

(8,555)

1.1%

(17.1%)

Taxes and Fees with the Regulatory Authority

(15,772)

(17,105)

(7.8%)

(5,089)

(5,262)

(5,547)

(3.3%)

(8.3%)

Commissions and Advertising

(11,501)

(13,032)

(11.7%)

(3,953)

(3,498)

(4,457)

13.0%

(11.3%)

Cost of Equipment and Handsets

(7,236)

(10,240)

(29.3%)

(2,500)

(2,183)

(3,112)

14.5%

(19.7%)

Programming and Content Costs

(13,645)

(16,453)

(17.1%)

(3,966)

(4,318)

(5,476)

(8.2%)

(27.6%)

Bad Debt Expenses

(7,883)

(5,940)

32.7%

(2,114)

(3,219)

(1,847)

(34.3%)

14.5%

Other Operating Income and Expense

(9,615)

(10,855)

(11.4%)

(4,318)

(2,380)

(3,776)

81.4%

14.4%

EBITDA1

74,247

72,340

2.6%

22,881

26,462

23,645

(13.5%)

(3.2%)

EBITDA Margin2

35.7%

33.2%

7.5%

34.1%

37.8%

32.6%

(3.7%)

1.6%

Net Income

(1,102)

(20,642)

(94.7%)

(3,428)

(821)

(30,372)

317.3%

(88.7%)

Attributable to:









Controlling Company

(501)

(10,215)

(95%)

(1,447)

(328)

(13,554)

340.7%

(89.3%)

Non-controlling interest

(601)

(10,427)

(94.2%)

(1,981)

(492)

(16,818)

302.7%

(88.2%)

 

 



 

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 


9M20

9M19

YoY

Mobile Services




Total Subscribers

20,889

 

21,282

(1.8%)

Personal (Argentina)

18,654

 

18,974

(1.7%)

Núcleo (Paraguay)

2,235

2,308

(3.2%)





Postpaid




Personal (Argentina)

41%

40%

2.5%

Nucleo (Paraguay)

17%

17%

-





ARPU Personal(2)

401.2

387.6

3.5%

Churn

2.2%

2.1%

0.1%





Broadband Services




Subscribers

4,173

4,144

0.7%

Speeds >50Mb (% of subs)

58%

33%

75.8%

ARPU(2)

1,199.7

1,333.0

(10.0%)

Churn(4)

1.2%

1.5%

(0.3%)

Cable TV Services




Cable TV Subs

3,568

3,515

1.5%

Argentina Subs

3,344

3,291

1.6%

Uruguay Subs

142

143

(0.5%)

Paraguay Subs

82

81

1.1%

ARPU(2)

1,285.3

1,455.7

(11.7%)

Churn(4)

0.9%

1.3%

(0.4%)

Fixed Line Services




Subscribers

2,938

3,272

(10.2%)

ARBU(3)

542.7

532.6

1.9%

 

(1) Figures in thousands

(2) ARPU = Average Revenue per user (restated by inflation as of September 30, 2020)

(3) ARBU = Average Billing per user (restated by inflation as of September 30, 2020)

(4) Monthly Average Churn



 

 

CAPITAL EXPENDITURE (CAPEX)

 

During 9M20, our subsidiary, Telecom Argentina, invested Ps. 40,699 million, a decrease of 32.2% compared to 9M19. The investments were focused on projects related to:

 

·    Cable TV and Internet services expansion to improve the transmission and access speed offered to customers,

·    Deployment of 4G coverage and capacity to support the growth of the Mobile Internet service,

·    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, and

·    Reconversion of systems and advances towards the complete digitalization of operations, with the aim of developing an ecosystem of platforms leveraged on connectivity and focused on the digital and convergent experience of clients.

 

It is important to mention that thanks to the investments that our subsidiary has done in recent years, the equipment and systems allow its networks to perform efficiently, supporting the increase of up to 50% in home internet data traffic, 70% in mobile voice services and 30% in mobile data, plus a 75% growth in upstream. In relative terms, investments reached 19.5% of consolidated revenues in 9M20.

 

DEBT AND LIQUIDITY

 

(In millions of Ps.)

September 2020

December 2019

% Change

Short Term and Long-Term Debt 




Current Financial Debt

37,063

43,144

(14.1%)

Bank overdraft

3,854

11,874

(67.5%)

Securities-guaranteed loans

-

377

NA

Financial loans

6,837

16,508

(58.6%)

Acquisition of equipment

2,108

1,834

14.9%

Negotiable obligations

11,295

-

NA

NDF

721

441

63.5%

Acrrued interest

12,248

12,110

1.1%

Non-Current Financial Debt

134,825

142,730

(5.5%)

Negotiable obligations

43,716

49,558

(11.8%)

Financial loans

64,810

69,321

(6.5%)

NDF

16

17

(5.9%)

Acquisition of equipment

4,067

3,290

23.6%

Accrued interest

22,216

20,544

8.1%

Total Financial Debt (A)

171,888

185,874

(7.5%)





Cash and Cash Equivalents (B)

40,295

36,236

11.2%

Net Debt (A) - (B)

131,593

149,638

(12.1%)

Net Debt/Adjusted Ebitda (1)

1.4

1.6

(13.8%)

% USD Debt

88.2%

92.3%

(4.1%)

% PYG Debt

3.0%

2.8%

0.2%

% ARS Debt

8.8%

4.9%

3.9%

 

Total Financial Debt (1) decreased from Ps. 185,874 million in December 2019 to Ps. 171,888 million in September 2020, and Net Debt decreased from Ps 149,638 to Ps. 131,593.

 

Debt coverage ratio (1) as of September 30, 2020 was 1.4x in the case of Net Debt and of 1.8x 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)

 

455

CVH or CVHSY Price per GDS (USD)

2.4

Total Shares

180,642,580

Total GDSs

180,642,580

Closing Price

November 11, 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 Third Quarter 2020 Results

 

Date: Wednesday, November 18, 2020

Time: 12:00pm Buenos Aires Time/10:00am 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 3Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy2011180ih9kytp.html

 

NOTE: Cablevisión Holding S.A. will release its Third Quarter 2020 Earnings Report on Wednesday, November 11, 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: 55721014. The webcast presentation will be archived at:  https://www.cablevisionholding.com/Investors/Presentations

 

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.

 

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 

 

 

 

 

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, 2020 AND 2019,

AND THE THREE-MONTH PERIODS BEGINNING ON JULY 1 AND ENDING ON SEPTEMBER 30, 2020 AND 2019

 (in millions of Argentine pesos)

 

 


September 30, 2020


September 30, 2019


July 1, 2020
through September 30, 2020


July 1, 2019
through September 30, 2019









Revenues

208,220


218,182


67,022


72,555

  Employee benefit expenses and severance payments

(38,691)


(41,568)


(12,388)


(13,760)

  Interconnection and Transmission Costs

(7,675)


(6,970)


(2,722)


(2,380)

  Fees for Services, Maintenance, Materials and Supplies

(21,955)


(23,679)


(7,091)


(8,555)

  Taxes and Fees with the Regulatory Authority

(15,772)


(17,105)


(5,089)


(5,547)

  Commissions and Advertising

(11,501)


(13,032)


(3,953)


(4,458)

  Cost of Equipment and Handsets

(7,236)


(10,240)


(2,500)


(3,112)

  Programming and Content Costs

(13,645)


(16,453)


(3,966)


(5,476)

  Bad Debt Expenses

(7,883)


(5,940)


(2,114)


(1,847)

  Other Operating Income and Expense

(9,615)


(10,855)


(4,318)


(3,776)

Operating Income before Depreciation and Amortization

74,247


72,340


22,881


23,644

  Depreciation, Amortization and Impairment of PP&E, Intangible Assets and Rights of Use.

(55,051)


(53,025)


(19,143)


(18,492)

Operating Income

19,196


19,315


3,738


5,152

  Equity in Earnings from Associates

372


(279)


139


(533)

  Financial Expenses on Debts

(20,669)


(35,271)


(6,938)


(38,308)

  Other Financial Results, net

7,781


12,729


3,871


8,741

Income (Loss) before Income Tax Expense

6,680


(3,506)


810


(24,948)

  Income Tax

(7,782)


(17,136)


(4,238)


(5,424)

Net Loss

(1,102)


(20,642)


(3,428)


(30,372)









Other Comprehensive Income - to be subsequently reclassified to profit or loss








  Currency Translation Adjustments (no effect on Income Tax)

(762)


(676)


130


2,278

  Effect of NDF classified as hedges

(301)


(492)


47


(113)

  Tax Effect of NDF classified as hedges

73


128


(23)


55

Other Comprehensive Income, net of Taxes

(990)


(1,040)


154


2,220









Total Comprehensive Income/ (Loss)

(2,092)


(21,682)


(3,274)


(28,152)

















Net Income (Loss) attributable to:








Shareholders of the Controlling Company

(501)


(10,215)


(1,447)


(13,554)

Non-Controlling Interest

(601)


(10,427)


(1,981)


(16,818)









Total Comprehensive Income (Loss) Attributable to:








Shareholders of the Controlling Company

(781)


(10,605)


(1,361)


(12,930)

Non-Controlling Interest

(1,311)


(11,077)


(1,913)


(15,222)









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

(2.77)


(56.55)


(8.01)


(75.03)

 

 

 



 

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2020, AND DECEMBER 31, 2019

(in millions of Argentine pesos)

 

 

 

 

 





ASSETS

September 30, 2020


December 31, 2019

CURRENT ASSETS




Cash and Cash Equivalents

21,949


33,095

Investments

18,097


525

Trade Receivables

16,064


20,746

Other Receivables

6,148


5,642

Inventories

3,076


3,928

Total Current Assets

65,334


63,936

NON-CURRENT ASSETS




Trade Receivables

56


101

Other Receivables

2,110


2,478

Deferred Income Tax Assets

384


407

Investments

1,997


2,596

Goodwill

214,324


214,446

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

289,653


300,630

Intangible Assets

94,778


100,669

Right-of-Use Assets

13,272


11,616

Total Non-Current Assets

616,574


632,943

Total Assets

681,908


696,879

LIABILITIES




CURRENT LIABILITIES




Accounts Payable

33,712


39,099

Financial Debt

37,063


43,144

Salaries and Social Security Payables

11,100


12,168

Taxes Payable

3,374


4,052

Dividends Payable

160


-

Lease Liabilities

3,455


3,227

Other Liabilities

1,648


2,128

Provisions

3,402


1,457

Total Current Liabilities

93,914


105,275

NON-CURRENT LIABILITIES




Accounts Payable

3,055


2,880

Financial Debt

134,825


142,730

Salaries and Social Security Payables

798


1,053

Deferred Income Tax Liabilities

71,829


64,270

Taxes Payable

7


17

Lease Liabilities

6,114


4,490

Other Liabilities

1,193


1,861

Provisions

4,821


5,660

Total Non-Current Liabilities

222,642


222,961

Total Liabilities

316,556


328,236

EQUITY (as per the corresponding statement)




Attributable to Shareholders of the Parent Company

151,254


152,922

Attributable to Non-Controlling Interests

214,098


215,721

TOTAL EQUITY

365,352


368,643

TOTAL LIABILITIES AND EQUITY

681,908


696,879





 

 

 

 


 

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 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

7,592

18,279

26,052


(1,291)

96,951


261

17,284

18,276

157,533


247,318


404,851

Set-up of Reserves

-

-

-

-


-

-


1,294

108,453

(109,747)

-


-


-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-

-


(12,979)


(12,979)

Acquisition of an equity interest in Tuves

-

-

-

-


-

16


-

-

-

16


(89)


(73)

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

-

-

-

-


-

(56)


-

-

-

(56)


(84)


(140)

Income (Loss) for the period

-

-

-

-


-

-


-

-

(10,215)

(10,215)


(10,427)


(20,642)

Other Comprehensive Income

-

-

-

-


(390)

-


-

-

-

(390)


(650)


(1,040)


















Balances as of September 30, 2019

181

7,592

18,279

26,052


(1,681)

96,911


1,555

125,737

(101,686)

146,888


223,089


369,977


















Balances as of January 1, 2020

181

7,592

18,279

26,052


(2,153)

96,900


1,555

125,737

(95,169)

152,922


215,721


368,643

Set-up of Reserves (Note 26)

-

-

-

-


-

-


-

(3,682)

3,682

-


-


-

Dividend Distribution (Note 26)

-

-

-

-


-

-


-

(895)

-

(895)


-


(895)

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

-

-

-

-


-

8


-

-

-

8


12


20

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-

-


(324)


(324)

Income (Loss) for the period

-

-

-

-


-

-


-

-

(501)

(501)


(601)


(1,102)

Other Comprehensive Income

-

-

-

-


(280)

-


-

-

-

(280)


(710)


(990)


















Balances as of September 30, 2020

181

7,592

18,279

26,052


(2,433)

96,908


1,555

 (2) 121,160

(91,988)

151,254


214,098


365,352

 

 

 

(1) Includes 1,578 treasury shares.

(2)  Voluntary Reserve for Illiquid Results.

 

 


CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2020 AND 2019

(in millions of Argentine pesos)

 

 





September 30, 2020


September 30, 2019

CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES




Net Loss

(1,102)


(20,642)

Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating Activities




  Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies

7,852


9,644

  Depreciation of PP&E

43,708


42,279

  Amortization of Intangible Assets

7,198


7,716

  Amortization of Rights of Use

3,865


2,999

  Equity in Earnings from Associates

(372)


279

  Impairment of PP&E

-


31

  Net Book Value of Fixed Assets and Consumption of Materials

392


133

  Financial Results and Other

16,743


33,229

  Income Tax Expense

7,782


17,136

  Income Tax Paid

(1,138)


(1,847)

  Net (Increase) Decrease in Assets

(5,242)


2,972

  Net Decrease in Liabilities

(8,101)


(18,065)

Net Cash Flows provided by Operating Activities

71,585


75,864

CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES




  PP&E Acquisitions

(32,747)


(42,563)

  Intangible Assets Acquisition

(1,437)


(1,518)

  Acquisition of an equity interest in Tuves

-


(74)

  Transactions with Notes, Bonds and Other Placements, Net

70


-

  Collection of Dividends

46


201

  Income from Sale of PP&E and Intangible Assets

-


1

  Investments not considered as cash and cash equivalents

(13,055)


5,936

Net Cash Flows used in Investing Activities

(47,123)


(38,017)

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES




  Proceeds from Financial Debt

40,127


66,127

  Payment of Financial Debt

(57,544)


(42,550)

  Payment of Interest and Related Expenses

(15,731)


(8,960)

  Payment of Lease Liabilities

(2,956)


(2,398)

  Payment of Dividends

(882)


(12,647)

  Payment of Dividends to Non-Controlling Interests

(158)


-

  Increase in the Reserve Account

-


148

Net Cash Flows used in Financing Activities

(37,144)


(280)





NET (DECREASE) / INCREASE IN CASH FLOW

(12,682)


37,567

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR:

33,095


14,027

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

1,536


1,489

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

21,949


53,083





 

 

 

 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
QRTBTBRTMTTBMBM
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.