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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 - First Half and Second Quarter 2020 Results

Thu 20th August, 2020 7:50am
RNS Number : 6939W
Cablevision Holding S.A.
20 August 2020
 

Cablevisión Holding Announces First Half and Second Quarter 2020 Results (1H20 and 2Q20)

 

Buenos Aires, Argentina, August 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), announced today its first half and second 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 June 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 (1H20 vs. 1H19):

 

§ Total Revenues reached Ps. 131,158 million, a decrease of 3.0% in real terms as of June 30, 2020, compared to 1H19, mainly driven by lower revenues from equipment sales, internet, and cable services revenues, which was partially offset by higher mobile services revenues.

§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 83,444 million, a decrease of 7.3% in constant currency, mainly driven by lower costs of equipment and handset, employee benefits expenses and severance payments, programming and content costs, taxes and fees with the Regulatory Authority and commissions and advertising costs, partially offset by higher bad debt expenses.

§ EBITDA reached Ps. 47,714 million, an increase of 5.5% in real terms compared to 1H19, mainly driven by lower operating costs. EBITDA Margin was 36.4% in 1H20, compared to 33.4% in 1H19.

§ Consolidated Net Income amounted to Ps. 2,161 million. Consolidated Net Income attributable to the Controlling Company amounted to Ps. 879 million.

                                                                                                                                                                                                                                       

FINANCIAL HIGHLIGHTS

 

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

1H20

1H19

% Ch.

2Q20

1Q20

2Q19

QoQ

YoY

Total Revenues

131,158

135,272

(3.0%)

65,023

66,135

66,004

(1.7%)

(1.5%)

EBITDA (1)

47,714

45,235

5.5%

24,580

23,134

22,700

6.3%

8.3%

EBITDA Margin (2)

36.4%

33.4%

8.8%

37.8%

36.9%

34.4%

0.9%

3.4%

Income for the period

2,161

9,041

(76.1%)

(763)

2,923

7,951

(126.1%)

(109.6%)

Attributable to:

 

 

 

 

 

 

 

 

Equity Shareholders

879

3,102

(71.7%)

(305)

1,185

3,374

(125.7%)

(109.0%)

Non-Controlling Interests

1,282

5,939

(78.4%)

(457)

1,738

4,577

(126.3%)

(110.0%)

 

 

(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. 131,158 million, a decrease of 3.0% compared to Ps. 135,272 million in 1H19, mainly driven by lower revenues from equipment sales, internet, and cable services revenues, which was partially offset by higher mobile services revenues.

 

Following is a breakdown of Total Revenues:

 

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

1H20

1H19

YoY

1H20
% of Total

1H19
% of Toal

Mobile Services

49,433

45,716

8.1%

37.7%

33.8%

Internet Services

28,392

30,623

(7.3%)

21.6%

22.6%

Cable TV Services

26,357

28,575

(7.8%)

20.1%

21.1%

Fixed Telephony and Data Services

20,093

21,065

(4.6%)

15.3%

15.6%

Other revenues from services

383

478

(19.9%

0.3%

0.4%

Revenues From Services

124,658

126,457

(1.4)

95.0%

93.5%

Revenues From Equipment Sales

6,500

8,815

(26.3%)

5.0%

6.5%

Total Revenues

131,158

135,272

(3.0%)

100.0%

100.0%

 

Mobile Services Revenues increased by 8.1% in real terms. This was mainly the results of an increase in the subscribers' base compared to 1H19.

 

In Argentina, Personal mobile subscriber amounted to 18.8 million and around 41% of them are postpaid. Mobile internet revenues reached 77% of service revenues of Personal in Argentina (vs. 78% in 1H19). Thanks to the value proposition of Personal, our subsidiary had a positive subscribers' evolution compared to 1H19, increasing in more than 100 thousand clients. Mobile ARPU increased 6.9% during the 1H20 compared to 1H19 (Ps. 375.5 in 1H20 vs Ps. 351.4 in 1H19). Mobile churn was 2.2% as of June 30, 2020, compared to 2.3% in 1H19.

 

It is important to highlight that as a result of the mandatory lockdown that the country is going through,  our subsidiary continues 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.

 

As of June 30, 2020, Núcleo customer base reached around 2.2 million subscribers, of which 17% are postpaid. Revenues from Núcleo services were Ps 6,317 million in 1H20, an increase of 7.6% compared to 1H19. Mobile internet revenues represented 50.0% of 1H20 service revenues (vs. 49.0% in 1H19).

 

Internet Services Revenues dropped 7.3% to Ps. 28,392 in 1H20 mainly due to the restatement effect as of June 30, 2020. Of the 4.1 million broadband customers reached in 1H20, around 67% of them subscribed to services with speeds of 20Mb or higher. Monthly churn dropped to 1.3% in 1H20 from 1.4% in 1H19.

 

It is worth to mention that a new solution under the name of INFINITE was launched in June of 2020. It has an automatic switch between fixed and mobile networks that guarantees a secure connection and allows to enhance the Internet connection ´s performance.

 

Cable TV Services Revenues amounted to Ps. 26,357 million in 1H20, a decrease of 7.8% compared to 1H19, mainly due to the restatement effect as of June 30, 2020, and the fact that those revenues derived from  activities suspended due to the mandatory lockdown have not been generated during the period.  Cable TV ARPU reached Ps. 1,255.3 in 1H20, a decrease of 8.2% compared to 1H19. Additionally, Cable TV churn decreased to 1.0% in 1H20 from 1.3% in 1H19.

 

Fixed Telephony and Data Services Revenues reached Ps. 20,093 million in 1H20, a decrease of 4.6% compared to 1H19, mainly due the restatement effect as of June 30, 2020. Additionally, ARBU in fixed telephony reached Ps. 519.4 in 1H20, increasing 6.5% compared to 1H19. In the current health emergency context, different initiatives were developed by Telecom during the second 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.

 

Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 83,444 million in 1H20, a decrease of Ps. 6,593 million, or 7.3% compared to 1H19. These lower operating costs and expenses were mainly due to lower costs of equipment and handset, employee benefits and severance payments, programming and content costs, taxes and fees with the Regulatory Authority and commissions and advertising costs. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.

 

EBITDA reached Ps. 47,714 million, an increase of 5.5% from Ps. 45,235 million reported for 1H19, driven by lower operating costs.

 

Depreciation, amortization and impairment of PP&E, intangible assets and rights-of-use amounted Ps. 33,355 million in 1H20, an increase of 4.0% compared to 1H19. The increase was due to the impact of the amortization of the assets activated after June 30, 2019.

 

Equity in earnings from unconsolidated affiliates totaled Ps. 216 million in 1H20, compared to Ps. 236 million in 1H19.

 

Financial Results net totaled Ps. (9122) million compared to Ps. 6,528 million in 1H19, mainly as a result of negative FX results (including results of NDF) measured in real terms in 1H20 for Ps. (5,793) million (vs. positive FX results measured in real terms registered in 1H19 for Ps. 8,737 million), higher interests on financial debts and lower inflation adjustment results.

 

Income tax as of June 2020 reached Ps. (3,292) million, from Ps. (10,880) million in June 2019.

 

Net Income for the period totaled Ps. 2,161 million, from Ps. 9,041 million reported for 1H19. This was mainly a consequence of negative financial results in 1H20, which was partially offset by a lower income tax. The Equity Shareholders Income for the period amounted to Ps. 879 million.

 

 

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

1H20

1H19

YoY

2Q20

1Q20

2Q19

QoQ

YoY

 
 

Consolidated Revenues

131,158

135,272

 (3.0%)

65,023

66,135

66,004

(1.7%)

(1%)

 

 

  Employee benefit expenses and severance payments

(24,433)

(25,831)

 

    (5.4%)

 

(12,073)

 

(12,360)

 

(12,095)

 

(2.3%)

 

(0%)

 

 

  Interconnection and Transmission Costs

 

    (4,601)

  (4,264)

 

7.9%

 

(2,477)

 

(2,124)

 

(1,973)

 

16.6%

 

26%

 

 

  Fees for Services, Maintenance, Materials and Supplies

  (13,807)

(14,049)

(1.7%)

(6,516)

(7,291)

(6,948)

(10.6%)

(6%)

 

 

  Taxes and Fees with the Regulatory Authority

    (9,923)

  (10,737)

 

(7.6%)

 

(4,888)

 

(5,035)

 

(5,292)

 

(2.9%)

 

(8%)

 

 

  Commissions and Advertising

  (7,011)

(7,965)

(12.0%)

(3,249)

(3,762)

(4,028)

(13.6%)

(19%)

 

 

  Cost of Equipment and Handsets

(4,399)

(6,621)

(33.6%)

(2,028)

(2,371)

(3,211)

(14.5%)

(37%)

 

 

  Programming and Content Costs

(8,991)

(10,196)

(11.8%)

(4,011)

(4,980)

(4,862)

(19.5%)

(18%)

 

 

  Bad Debt Expenses

(5,359)

(3,800)

41.0%

(2,990)

(2,369)

(1,535)

26.2%

95%

 

 

  Other Operating Income and Expense

(4,920)

(6,574)

(25.2%)

(2,211)

(2,709)

(3,360)

(18.4%)

(34%)

 

 

EBITDA1

47,714

45,235

5.5%

24,580

23,134

22,700

6.3%

8%

 

 

EBITDA Margin2

36.4%

33.4%

8.8%

37.8%

36.9%

34.4%

0.9%

3%

 

 

Net Income

2,161

9,041

(76.1%)

(763)

2,923

7,951

(126.1%)

(110%)

 

 

Attributable to:

 

 

 

 

 

 

 

 

 

 

Controlling Company

879

3,102

(72%)

(305)

1,185

3,374

(125.7%)

(109.0%)

 

 

Non-controlling interest

1,282

5,939

(78.4%)

(457)

1,738

4,577

(126.3%)

(110.0%)

 

 

 

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

 

1H20

1H19

YoY

Mobile Services

 

 

 

Total Subscribers

21.049

 

20,943

0.5%

Personal (Argentina)

18.804

 

18,408

2.2%

Nextel (Argentina)

0

182

N/A

Nucleo (Paraguay)

2,245

2,352

(4.5%)

 

 

 

 

Postpaid

 

 

 

Personal (Argentina)

41%

40%

2.5%

Nextel (Argentina)

N/A

76%

N/A

Nucleo (Paraguay)

17%

17%

-

 

 

 

 

ARPU Personal(2)

375.5

351.4

6.9%

Churn

2.2%

2.3%

(0.1%)

 

 

 

 

Broadband Services

 

 

 

Subscribers

4,095

4,132

(0.9%)

Speeds >20Mb (% of subs)

67%

49%

36.7%

ARPU(2)

1,160.9

1,235.4

(6.0%)

Churn(4)

1.3%

1.4%

(0.1%)

Cable TV Services

 

 

 

Cable TV Subs

3,500

3,417

2.4%

Argentina Subs

3,284

3,276

0.2%

Uruguay Subs

141

141

-

ARPU(2)

1,255.3

1,367.2

(8.2%)

Churn(4)

1.0%

1.3%

(0.3%)

Fixed Line Services

 

 

 

Subscribers

2,998

3,371

(11.1%)

ARBU(3)

519.4

487.9

6.5%

 

(1) Figures in thousands

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

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

(4) Monthly Average Churn

 

 

CAPITAL EXPENDITURE (CAPEX)

 

During 1H20, our subsidiary, Telecom Argentina, invested Ps. 22,766 million, a decrease of approximately 33.9% compared to 1H19. The investments were focused on projects related to: the Cable TV and Internet services expansion to improve the transmission and access speed offered to customers, the deployment of 4G coverage and capacity to support the growth of the Mobile Internet service, 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.. 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 17.4% of consolidated revenues in 1H20.

 

 

DEBT AND LIQUIDITY

 

(In millions of Ps.)

June 2020

December 2019

% Change

Short Term and Long-Term Debt 

 

 

 

Current Financial Debt

78,957

40,076

97.0%

Bank overdraft

8,100

11,030

(26.6%)

Securities-guaranteed loans

0

350

(100.0%)

Financial loans

21,892

15,334

42.8%

Acquisition of equipment

1,976

1,704

16.0%

Negotiable obligations

33,489

0

NA

NDF

792

410

93.2%

Acrrued interest

12,708

11,248

13.0%

Non-Current Financial Debt

104,243

132,581

(21.4%)

Negotiable obligations

20,389

46,034

(55.7%)

Financial loans

64,151

64,392

(0.4%)

NDF

33

16

106.3%

Acquisition of equipment

4,058

3,056

32.8%

Accrued interest

15,612

19,083

(18.2%)

Total Financial Debt (A)

183,200

172,657

6.1%

 

 

 

 

Cash and Cash Equivalents (B)

52,973

33,659

57.4%

Net Debt (A) - (B)

130,227

138,998

(6.3%)

Net Debt/Adjusted Ebitda (1)

1.5

1.6

(8.9%)

% USD Debt

86,8%

92.3%

(5.5%)

% PYG Debt

2,9%

2.8%

0.1%

% ARS Debt

10,3%

4.9%

5.4%

 

Total Financial Debt(1) increased from Ps. 172,657 million to Ps. 183,200 million and and Net Debt decreased from Ps 138,998 to Ps. 130,277.

 

Debt coverage ratio (1) as of June 30, 2020 was 1.5x in the case of Net Debt and of 2.0x 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)

 

429,5

CVH or CVHSY Price per GDS (USD)

3.0

Total Shares

180,642,580

Total GDSs

180,642,580

Closing Price

August 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 Second Quarter 2020 Results

 

Date: Wednesday, August 26, 2020

Time: 2:00pm Buenos Aires Time/1:00pm New York Time/6:00pm 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 2Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy200819ckfv4r2Y.html

 

 

NOTE: Cablevisión Holding S.A. will release its Second Quarter 2020 Earnings Report on Wednesday, August 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: 99475127

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

www.cvh.com.ar

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.

AND THE THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDED ON JUNE 30, 2020 AND 2019

 (in millions of Argentine pesos)

 

 

 

June 30, 2020

 

June 30,

2019

 

April 1, 2020
through June 30, 2020

 

April 1, 2019
through June 30, 2019

 

 

 

 

 

 

 

 

Revenues

131,158

 

135,272

 

65,023

 

66,004

  Employee benefit expenses and severance payments

(24,433)

 

(25,831)

 

(12,073)

 

(12,095)

  Interconnection and Transmission Costs

(4,601)

 

(4,264)

 

(2,477)

 

(1,973)

  Fees for Services, Maintenance, Materials and Supplies

(13,807)

 

(14,049)

 

(6,516)

 

(6,948)

  Taxes and Fees with the Regulatory Authority

(9,923)

 

(10,737)

 

(4,888)

 

(5,292)

  Commissions and Advertising

(7,011)

 

(7,965)

 

(3,249)

 

(4,028)

  Cost of Equipment and Handsets

(4,399)

 

(6,621)

 

(2,028)

 

(3,211)

  Programming and Content Costs

(8,991)

 

(10,196)

 

(4,011)

 

(4,862)

  Bad Debt Expenses

(5,359)

 

(3,800)

 

(2,990)

 

(1,535)

  Other Operating Income and Expense

(4,920)

 

(6,574)

 

(2,211)

 

(3,360)

Operating Income before Depreciation and Amortization

47,714

 

45,235

 

24,580

 

22,700

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

(33,355)

 

 

(32,078)

 

(16,232)

 

 

(16,456)

Operating Income

14,359

 

13,157

 

8,348

 

6,244

  Equity in Earnings from Associates

216

 

236

 

119

 

75

  Financial Expenses on Debts

(12,755)

 

2,821

 

(9,495)

 

10,133

  Other Financial Results, net

3,633

 

3,707

 

1,773

 

(2,977)

Income (Loss) before Income Tax Expense

5,453

 

19,921

 

745

 

13,475

  Income Tax

(3,292)

 

(10,880)

 

(1,508)

 

(5,524)

Net Income (Loss)

2,161

 

9,041

 

(763)

 

7,951

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

  Currency Translation Adjustments (no effect on Income Tax)

(829)

 

(2,745)

 

229

 

(1,982)

  Effect of NDF classified as hedges

(323)

 

(351)

 

2

 

(235)

  Tax Effect of NDF classified as hedges

89

 

68

 

11

 

36

Other Comprehensive Income, net of Taxes

(1,063)

 

(3,028)

 

242

 

(2,181)

 

 

 

 

 

 

 

 

Total Comprehensive (Loss) / Income

1,098

 

6,013

 

(521)

 

5,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss) attributable to:

 

 

 

 

 

 

 

Shareholders of the Controlling Company

879

 

3,102

 

(306)

 

3,374

Non-Controlling Interest

1,282

 

5,939

 

(457)

 

4,577

 

 

 

 

 

 

 

 

Total Comprehensive Income (Loss) Attributable to:

 

 

 

 

 

 

 

Shareholders of the Controlling Company

539

 

2,160

 

(238)

 

2,707

Non-Controlling Interest

559

 

3,853

 

(283)

 

3,063

 

 

 

 

 

 

 

 

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

4.87

 

17.17

 

(1.69)

 

18.68

 

 

CABLEVISIÓN HOLDING S.A.

(in millions of Argentine pesos)

 

 

 

 

 

 

 

ASSETS

June 30,

2020

 

December 31, 2019

CURRENT ASSETS

 

 

 

Cash and Cash Equivalents

49,967

 

30,742

Investments

2,253

 

487

Trade Receivables

17,152

 

19,271

Other Receivables

5,800

 

5,241

Inventories

2,325

 

3,649

Total Current Assets

77,497

 

59,390

NON-CURRENT ASSETS

 

 

 

Trade Receivables

54

 

94

Other Receivables

2,138

 

2,302

Deferred Income Tax Assets

375

 

378

Investments

2,241

 

2,412

Goodwill

199,087

 

199,197

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

270,133

 

279,253

Intangible Assets

89,931

 

93,511

Right-of-Use Assets

12,011

 

10,790

Total Non-Current Assets

575,970

 

587,937

Total Assets

653,467

 

647,327

LIABILITIES

 

 

 

CURRENT LIABILITIES

 

 

 

Accounts Payable

28,652

 

36,319

Financial Debt

78,957

 

40,076

Salaries and Social Security Payables

9,978

 

11,303

Taxes Payable

3,928

 

3,763

Dividends Payable

152

 

-

Lease Liabilities

3,177

 

2,998

Other Liabilities

2,211

 

1,978

Provisions

1,321

 

1,353

Total Current Liabilities

128,376

 

97,790

NON-CURRENT LIABILITIES

 

 

 

Accounts Payable

3,661

 

2,675

Financial Debt

104,243

 

132,581

Salaries and Social Security Payables

871

 

978

Deferred Income Tax Liabilities

62,828

 

59,696

Taxes Payable

10

 

16

Lease Liabilities

5,400

 

4,171

Other Liabilities

1,031

 

1,731

Provisions

4,662

 

5,258

Total Non-Current Liabilities

182,706

 

207,106

Total Liabilities

311,082

 

304,896

EQUITY (as per the corresponding statement)

 

 

 

Attributable to Shareholders of the Parent Company

141,748

 

142,050

Attributable to Non-Controlling Interests

200,637

 

200,381

TOTAL EQUITY

342,385

 

342,431

TOTAL LIABILITIES AND EQUITY

653,467

 

647,327

 

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 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

7,040

16,979

24,200

 

(1,199)

90,056

 

242

16,055

16,978

146,332

 

229,732

 

376,064

Set-up of Reserves

-

-

-

-

 

-

-

 

1,202

100,741

(101,943)

-

 

-

 

-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-

 

-

-

 

-

-

-

-

 

(6,301)

 

(6,301)

Net Income (Loss) for the Period

-

-

-

-

 

-

-

 

-

-

3,102

3,102

 

5,939

 

9,041

Other Comprehensive Income

-

-

-

-

 

(942)

-

 

-

-

-

(942)

 

(2,086)

 

(3,028)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of June 30, 2019

181

7,040

16,979

24,200

 

(2,141)

90,056

 

1,444

116,796

(81,863)

148,492

 

227,284

 

375,776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of January 1, 2020

181

7,040

16,979

24,200

 

(2,000)

90,010

 

1,444

116,796

(88,400)

142,050

 

200,381

 

342,431

Set-up of Reserves (Note 26)

-

-

-

-

 

-

-

 

-

(3,420)

3,420

-

 

-

 

-

Dividend Distribution (Note 26)

-

-

-

-

 

-

-

 

-

(844)

-

(844)

 

-

 

(844)

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

-

-

-

-

 

-

3

 

-

-

-

3

 

5

 

8

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-

 

-

-

 

-

-

-

-

 

(308)

 

(308)

Net Income (Loss) for the Period

-

-

-

-

 

-

-

 

-

-

879

879

 

1,282

 

2,161

Other Comprehensive Income

-

-

-

-

 

(340)

-

 

-

-

-

(340)

 

(723)

 

(1,063)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances as of June 30, 2020

181

7,040

16,979

24,200

 

(2,340)

90,013

 

1,444

(2) 112,532

(84,101)

141,748

 

200,637

 

342,385

 

 

 

(1) Includes 1,578 treasury shares. See Note 20.

(2)  Voluntary Reserve for Illiquid Results.

  

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019

 (in millions of Argentine pesos)

 

 

 

 

 

 

June 30, 2020

 

June 30, 2019

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES

 

 

 

Net Income

2,161

 

9,041

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

 

 

 

  Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies

5,622

 

4,250

  Depreciation of PP&E

26,630

 

25,622

  Amortization of Intangible Assets

4,146

 

4,453

  Amortization of Rights of Use

2,430

 

1,876

  Equity in Earnings from Associates

(216)

 

(236)

  Net Book Value of Fixed Assets and Consumption of Materials

407

 

93

  Financial Results and Other

12,143

 

585

  Income Tax Expense

3,292

 

10,880

  Income Tax Paid

(724)

 

(1,142)

  Net (Increase) Decrease in Assets

(4,247)

 

5,232

  Net Decrease in Liabilities

(4,505)

 

(11,215)

Net Cash Flows provided by Operating Activities

47,139

 

49,439

CASH FLOWS USED IN INVESTING ACTIVITIES

 

 

 

  PP&E Acquisitions

(21,810)

 

(29,985)

  Intangible Assets Acquisition

(699)

 

(968)

  Collection of Dividends

15

 

153

  Income from Sale of PP&E and Intangible Assets

-

 

1

  Investments not considered as cash and cash equivalents

(1,022)

 

2,100

Net Cash Flows used in Investing Activities

(23,516)

 

(28,699)

CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES

 

 

 

  Proceeds from Financial Debt

27,688

 

31,286

  Payment of Financial Debt

(20,309)

 

(21,917)

  Payment of Interest and Related Expenses

(9,449)

 

(5,496)

  Payment of Lease Liabilities

(2,451)

 

(2,264)

  Payment of Dividends

(844)

 

-

  Increase in the Reserve Account

-

 

(13)

  Payment of Cash Dividends to Non-Controlling Interests

(154)

 

(5,707)

Net Cash Flows used in Financing Activities

(5,519)

 

(4,111)

 

 

 

 

NET INCREASE IN CASH FLOWS

18,104

 

16,629

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR:

30,742

 

13,028

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

1,121

 

 

(2,226)

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

49,967

 

27,431

 


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