REG - Cablevision Holding - Fourth Quarter and Full Year 2019 Results
Cablevisión Holding Announces its Full Year and Fourth Quarter 2019 Results (FY19 and 4Q19)
Buenos Aires, Argentina, March 10, 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 Full Year and fourth quarter 2019 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 December 31, 2019, 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 (2019 vs. 2018):
§ Total Revenues reached Ps. 237,024 million, a decrease of 8.3% in real terms as of December 31, 2019, compared to 2018, mainly due to lower mobile, internet and cable services revenues.
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 160,236 million, a decrease of 7.0% in constant currency, mainly driven by lower cost of taxes and fees with the regulatory authority (in line with a decrease in activity), commissions and advertising and cost of handsets sold.
§ EBITDA reached Ps. 76,788 million, a decrease of 11% in real terms compared to 2018, mainly driven by lower revenues. EBITDA Margin was 32.4% in 2019, compared to 33.4% in 2018.
§ Consolidated Net Income totaled a loss of Ps. 5,185 million. Consolidated Net Income attributable to the Controlling Company amounted a loss of Ps. 3,025 million.
FINANCIAL HIGHLIGHTS
(millions of Ps.in constant Currency as of December 31, 2019)
2019
2018
% Ch.
4Q19
3Q19
4Q18
QoQ
YoY
Total Revenues
237,024
258,518
(8.3%)
58,609
59,330
59,771
(1.2%)
(1.9%)
EBITDA (1)
76,788
86,251
(11.0%)
17,632
19,334
17,168
(8.8%)
2.7%
EBITDA Margin (2)
32.4%
33.4%
(2.9%)
30.1%
32.6%
28.7%
(2.5%)
1.4%
Income for the period
(5,185)
2,883
(279.8%)
11,695
(24,836)
23,472
147.1%
(50.2%)
Attributable to:
Equity Shareholders
(3,025)
(2,467)
(22.6%)
5,328
(11,084)
10,220
148.1%
(47.9%)
Non-Controlling Interests
(2,160)
5,350
(140.4%)
6,366
(13,753)
13,252
146.3%
(52.0%)
(1) EBITDA is defined as Total Revenues minus operating cost and expenses (excluding depreciation and amortization). We believe that EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute EBITDA in a different manner; therefore, EBITDA as reported by other companies may not be comparable to EBITDA as we report it.
(2) EBITDA Margin is defined as EBITDA over Total Revenues.
OPERATING RESULTS
Total Revenues reached Ps. 237,024 million, a decrease of 8.3% compared to Ps. 258,518 million in 2018, mainly driven by lower revenues from Mobile, Internet and Cable TV services in constant currency.
Following is a breakdown of Total Revenues:
(millions of Ps.in constant Currency as of December 31, 2019)
2019
2018
YoY
2019
% of Total2018
% of TotalMobile Services
82,195
88,881
(7.5%)
34.7%
34.4%
Internet Services
52,649
58,061
(9.3%)
22.2%
22.5%
Cable TV Services
49,406
55,485
(11.0%)
20.8%
21.5%
Fixed Telephony and Data Services
37,562
35,612
5.5%
15.8%
13.8%
Other revenues from services
774
735
5.3%
0.3%
0.3%
Revenues From Services
222,586
238,774
(6.8%)
93.9%
92.4%
Revenues From Equipment Sales
14,438
19,744
(26.9%)
6.1%
7.6%
Total Revenues
237,024
258,518
(8.3%)
100.0%
100.0%
Mobile Services Revenues amounted 82,195 as of December 31, 2019, decreasing by 7.5% in real terms compared to 2018. This was mainly the results of the restatement effect as of December 31,2019, which was partially offset by the increase in the prices of mobile plans.
In Argentina, Personal mobile subscriber amounted to 19.1 million at the end of 2019, increasing in more than 768 thousand clients compared to 2018, and around 40% of them are postpaid. Mobile internet revenues reached 76% of service revenues of Personal in Argentina (vs. 59% in 2018). During 2019, mobile ARPU was Ps. 317.1, resulting in an 3.6% lower ARPU restated in constant currency compared to 2018.
As of December 31, 2019, Núcleo customer base reached more than 2.3 million subscribers, of which 17% are postpaid. Revenues from Núcleo services were Ps 11,132 million in 2019, an increase of 8.2% compared to 2018. Mobile internet revenues represented 50% of 2019 service revenues (vs. 45% in 2018).
Internet Services Revenues dropped 9.3% to Ps. 52,649 in 2019, mainly due to the results of the restatement effect as of December 31, 2019. Of the 4.1 million broadband customers reached in 2019, around 62% of them subscribed to services with speeds of 20Mb or higher, increasing from the participation registered in 2018 (38%). Internet ARPU was Ps. 1,058.8 in 2019, decreasing 9.7% compared to 2018, mainly due to the restatement effect as of December 31, 2019. Monthly churn stood at 1.5% in 2019.
Cable TV Services Revenues amounted to Ps. 49,406 million in 2019, a decrease of 11.0% compared to 2018. ARPU had a reduction in real terms, from Ps. 1,314.2 in 2018 to Ps. 1,165.4 in 2019, a decrease of 11.3%. It is important to mention that with the aim of offering the best entertainment experience, an integrated content search solution of Netflix was included by Telecom in Flow´s decoder browser. In addition, Flow continued to promote national fictions through premiered new coproductions during the last part of 2019.
Fixed Telephony and Data Services Revenues reached Ps. 37,562 million in 2019, an increase of 5.5% compared to 2018. The increase was the result of higher Data services revenues, mainly driven by the growing position of Telecom Argentina as an integrated ICT provider (Datacenter, VPN, among other services) in the segment of Corporate and Government customers. Additionally, prices in fixed telephony services for both, corporates and residential, have increased and, consequently, ARBU in fixed telephony also increased 6.1%, from Ps. 416.6 in 2018 to Ps. 442.2 in 2019.
Lastly, Revenues from equipment sales amounted to Ps. 14,438 million (vs. Ps. 19,744 in 2018). This variation was mainly due to a decrease in the quantities sold in a general context of lower consumption of durable goods and difficulties in the access to consumer financing, partially offset by the increase in prices of handset sales.
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 160,236 million in 2019, a decrease of Ps. 12,031 million, or 7.0% compared to 2018. These lower operating costs and expenses were mainly due to lower cost of taxes and fees with the regulatory authority (in line with a decrease in activity), commissions and advertising, cost of handsets sold, interconnection and transmission costs, programming costs, partially offset by higher Fees for Services, Maintenance, Materials and Supplies, bad debt expenses and labor costs. . More than 99.8% of the costs and expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 76,788 million, a decrease of 11.0% from Ps. 86,251 million reported for 2018, driven by lower revenues, mainly in Mobile, Internet and Cable TV Services.
Depreciation, amortization and impairment of PP&E, intangible assets and rights-of-use amounted Ps. 61,277 million in 2019, an increase of 13.5% compared to 2018. The increase was due to the impact of the amortization of the assets incorporated after December 31, 2018, as a consequence of the Capex Plan that Telecom Argentina is developing and the effect of the application of IFRS 16 since January 1, 2019, which was partially offset by assets that have stopped amortizing in 2019.
Equity in earnings from unconsolidated affiliates totaled Ps. (187) million in 2019, compared to Ps. 363 million in 2018.
Financial Results net totaled Ps. (6,293) million compared to Ps. (34,068) million in 2018, as a result of a lower impact of the peso depreciation on dollar denominated debt: positive FX results (including results of NDF) measured in real terms in 2019 for Ps. 311 million, compared to negative FX results measured in real terms registered in 2018 for Ps. 46,522 million. These results were partially offset by a lower inflation adjustment results.
Income tax as of December 2019 reached Ps. (14,216) million, from Ps. 4,340 million in December 2018.
Net Income for the period totaled a loss of Ps. 5,185 million, from Ps. 2,883 million reported for 2018. This was mainly a consequence of lower revenues and higher Depreciations and Amortizations, which was partially offset by lower negative financial results. The Equity Shareholders Income for the period amounted a loss of Ps. 3,025 million.
(millions of Ps.in constant Currency as of December 31, 2019)
2019
2018
YoY
4Q19
3Q19
4Q18
QoQ
YoY
Consolidated Revenues
237,024
258,518
(8.3%)
58,609
59,330
59,771
(1.2%)
(1.9%)
Employee benefit expenses and severance payments
(46,560)
(46,261)
0.6%
(12,568)
(11,252)
(11,483)
11.7%
9.5%
Interconnection and Transmission Costs
(7,520)
(8,500)
(11.5%)
(1,820)
(1,946)
(2,131)
(6.5%)
(14.6%)
Fees for Services, Maintenance, Materials and Supplies
(26,755)
(25,265)
5.9%
(7,392)
(6,996)
(5,830)
5.7%
26.8%
Taxes and Fees with the Regulatory Authority
(18,391)
(20,975)
(12.3%)
(4,404)
(4,536)
(4,978)
(2.9%)
(11.5%)
Commissions and Advertising
(14,612)
(17,245)
(15.3%)
(3,956)
(3,644)
(4,607)
8.6%
(14.1%)
Cost of Equipment and Handsets
(10,749)
(14,871)
(27.7%)
(2,376)
(2,545)
(3,518)
(6.7%)
(32.5%)
Programming and Content Costs
(18,031)
(18,700)
(3.6%)
(4,577)
(4,478)
(4,445)
2.2%
3.0%
Bad Debt Expenses
(6,331)
(5,426)
16.7%
(1,473)
(1,510)
(1,457)
(2.5%)
1.2%
Other Operating Income and Expense
(11,287)
(15,024)
(24.9%)
(2,411)
(3,088)
(4,155)
(21.9%)
(42.0%)
EBITDA1
76,788
86,251
(11.0%)
17,632
19,334
17,168
(8.8%)
2.7%
EBITDA Margin2
32.4%
33.4%
(1.0%)
30.1%
32.6%
28.7%
(2.5%)
1.36%
Net Income
(5,185)
2,883
NA
11,695
(24,836)
23,472
(147.1%)
(50.2%)
Attributable to:
Controlling Company
(3,025)
(2,467)
23%
5,328
(11,084)
10,220
(148.1%)
(47.9%)
Non-controlling interest
(2,160)
5,350
(140%)
6,366
(13,753)
13,252
(146.3%)
(52.0%)
OPERATING STATISTICS BY BUSINESS SEGMENT
2019
2018
YoY
Mobile Services
Total Subscribers
21,410
20,695
3.5%
Personal (Argentina)
19,084
18,316
4.2%
Nucleo (Paraguay)
2,326
2,379
(2.2%)
Postpaid
Personal (Argentina)
40%
39%
2.6%
Nucleo (Paraguay)
17%
17%
0.0%
ARPU Personal(2)
317.1
329.1
(3.6%)
Churn
2.9%
2.6%
11.5%
Broadband Services
Subscribers
4,123
4,138
(0.4%)
Speeds >20Mb (% of subs)
62%
38%
63.2%
ARPU(2)
1,058.8
1,172.2
(9.7%)
Churn(4)
1.5%
1.3%
15.4%
Cable TV Services
Cable TV Subs
3,517
3,532
(0.4%)
Argentina Subs
3,294
3,310
(0.5%)
Uruguay Subs
142
144
(1.4%)
Paraguay Subs
81
78
3.8%
ARPU(2)
1,165.4
1,314.2
(11.3%)
Churn(4)
1.3%
1.3%
0.0%
Fixed Line Services
Subscribers
3,183
3,544
(10.2%)
ARBU(3)
442.2
416.6
6.1%
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of December 31, 2019)
(3) ARBU = Average Billing per user (restated by inflation as of December 31, 2019)
(4) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During 2019, our subsidiary, Telecom Argentina, invested Ps. 70,865 million, an increase of approximately 8.3% compared to 2018. The investments were focused on projects aimed to maximize the network capacity and on products and services developed to contribute the customer's needs in terms of connectivity and data availability. Moreover, transmission and transport networks has been extended to unify the different access technologies, reconverting the copper fixed networks into fiber or coaxial-fiber hybrid networks, in order to face the increasing services demand from mobile and fixed clients. In addition, our subsidiary has invested in the charging, billing and relationship systems with customers. Telecom Argentina aims to improve the capacity and coverage of its networks, which is a key factor, not only for the transformation towards convergent services, but also to leverage the content business, with Flow as an integral content platform and entertainment center. In relative terms, investments reached 29.9% of consolidated revenues in 2019, compared to 25.3% in 2018.
DEBT AND LIQUIDITY
(In millions of Ps.)
December 2019
December 2018
% Change
Short Term and Long-Term Debt
Current Financial Debt
35,280
43,419
(18.7%)
Bank overdraft
9,710
3,501
177.3%
Financial loans
13,807
32,487
(57.5%)
Acquisition of equipment
1,500
1,612
(6.9%)
NDF
361
153
NA
Accrued interest
9,902
5,666
74.8%
Non-Current Financial Debt
116,716
91,173
28.0%
Negotiable obligations
40,525
24,732
63.9%
Financial loans
56,687
52,716
7.5%
NDF
14
0
NA
Acquisition of equipment
2,690
1,586
69.6%
Accrued interest
16,800
12,139
38.4%
Total Financial Debt (A)
151,996
134,592
12.9%
Cash and Cash Equivalents (B)
28,652
21,922
30.7%
Net Debt (A) - (B)
123,344
112,670
9.5%
Net Debt/Adjusted Ebitda (1)
1.6
1.3
23.0%
% USD Debt
92%
95%
(3.0%)
% PYG Debt
3%
3%
0.0%
% ARS Debt
5%
2%
3.0%
Total Financial Debt(1) increased from Ps. 134,592 million to Ps. 151,996 million and Net Debt increased from Ps 112,670 to Ps. 123,344.
Debt coverage ratio (1) as of December 31, 2019 was 1.6x in the case of Net Debt and of 2.2x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Last Twelve Months EBITDA. Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.
STOCK AND MARKET INFORMATION
Cablevisión Holding trades its stock on the Buenos Aires Stock Exchange (BCBA) and on the London Stock Exchange (LSE), in the form of shares and GDS's, respectively.
CVH (BCBA) Price per Share (ARS)
314.0
CVH or CVHSY Price per GDS (USD)
3.5
Total Shares
180,642,580
Total GDSs
180,642,580
Market Value (USD MM)
632.2
Closing Price
March 10, 2020
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / LSE: CVH)
cordially invites you to participate in its conference call and webcast presentation
to discuss Fourth Quarter 2019 Results
Date: Thursday, March 12, 2020
Time: 12:00pm Buenos Aires Time/11:00am New York Time/3:00pm London
To access the conference call, please dial:
Argentina Participants: 0-800-666-0250U.S. Participants: 1-877-830-2576
All other countries: +1-785-424-1726
Passcode: CVH
The 4Q19 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit:
https://services.choruscall.com/links/cvhsy200312AE2xfPba.html
A replay of the conference call will be available four hours after its conclusion and will remain available for 7 days. To access the replay, please dial from the within the U.S. 1-844-488-7474, or from anywhere outside the U.S. +1-862-902-0129. The passcode is: 50122820
The webcast presentation will be archived at: https://www.cablevisionholding.com/Investors/Presentations
Investor Relations Contacts:
In Buenos Aires: In New York:
Cablevisión Holding S.A i-advize Corporate Communications, Inc
Agustín Medina Manson, Head of Investor Relations Camilla Ferreira / Kenia Vargas
Valentina Lopez, Sr. Analyst Email: cferreira@i-advize.com
Email: ir@cvh.com.ar kvargas@i-advize.com
Tel: (+54 11) 4309 - 3417 Tel: +1 212 406 3695 / 3696
ABOUT THE COMPANY
CVH was funded as corporate spin-off from Grupo Clarín S.A. and it is the first Argentine holding company that engages in the development of infrastructure and the provision of convergent telecommunications services, focusing on Argentina and the region. CVH's subsidiaries specialize in the provision of cable TV, broadband and mobile communications services; and their brands are already well known in the telecommunications and content distribution industries.
Disclaimer
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of CVH. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. CVH does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in CVH's projections or forward-looking statements, including, among others, general economic conditions, CVH's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to CVH and its operations.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2019 AND 2018
(in millions of Argentine pesos)
December 31, 2019
December 31, 2018
Revenues
237,024
258,518
Employee benefit expenses and severance payments
(46,560)
(46,261)
Interconnection and Transmission Costs
(7,520)
(8,500)
Fees for Services, Maintenance, Materials and Supplies
(26,755)
(25,265)
Taxes and Fees with the Regulatory Authority
(18,391)
(20,975)
Commissions and Advertising
(14,612)
(17,245)
Cost of Equipment and Handsets
(10,749)
(14,871)
Programming and Content Costs
(18,031)
(18,700)
Bad Debt Expenses
(6,331)
(5,426)
Other Operating Costs
(11,287)
(15,024)
Operating Income before Depreciation and Amortization
76,788
86,251
Depreciation, Amortization and Impairment of Fixed Assets
(61,277)
(54,003)
Operating Income
15,511
32,248
Equity in Earnings from Associates
(187)
363
Financial Expenses on Debts
(18,947)
(57,340)
Other Financial Results, net
12,654
23,272
Income (Loss) before Income Tax Expense
9,031
(1,457)
Income Tax
(14,216)
4,340
Net (Loss) / Income
(5,185)
2,883
Other Comprehensive Income
To be subsequently reclassified to profit or loss
Currency Translation Adjustments (no effect on Income Tax)
(1,944)
1,843
Effect of NDF classified as hedges
(335)
197
Tax Effect of NDF classified as hedges
97
(55)
Not to be subsequently reclassified to profit or loss
Actuarial Results
47
58
Tax Effect
(15)
(15)
Other Comprehensive Income, net of Taxes
(2,150)
2,028
Total Comprehensive Income
(7,335)
4,911
Net Income attributable to:
Shareholders of the Controlling Company
(3,025)
(2,467)
Non-Controlling Interest
(2,160)
5,350
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company
(3,729)
(1,786)
Non-Controlling Interest
(3,606)
6,697
Basic and Diluted Earnings per Share attributable to the Shareholders of the Controlling Company (in pesos)
(16.75)
(13.66)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2019 AND 2018
(in millions of Argentine pesos)
ASSETS
December 31, 2019
December 31, 2018
CURRENT ASSETS
Cash and Cash Equivalents
27,063
11,470
Investments
429
2,109
Trade Receivables
16,965
26,790
Other Receivables
4,614
7,892
Inventories
3,212
4,210
Other Assets
-
460
Total Current Assets
52,283
52,931
NON-CURRENT ASSETS
Trade Receivables
83
94
Other Receivables
2,025
3,072
Deferred Income Tax Assets
333
180
Investments
2,123
8,607
Goodwill
175,360
175,509
Property, Plant and Equipment ("PP&E")
245,836
231,068
Intangible Assets
82,376
91,234
Right-of-Use Assets
9,444
873
Total Non-Current Assets
517,580
510,637
Total Assets
569,863
563,568
LIABILITIES
CURRENT LIABILITIES
Accounts Payable
31,973
35,211
Financial Debt
35,280
43,419
Salaries and Social Security Payables
9,950
9,161
Taxes Payable
3,313
3,615
Lease Liabilities
2,639
-
Other Liabilities
1,741
2,460
Provisions
1,191
1,144
Total Current Liabilities
86,087
95,010
NON-CURRENT LIABILITIES
Accounts Payable
2,355
876
Financial Debt
116,716
91,173
Salaries and Social Security Payables
861
534
Deferred Income Tax Liabilities
52,552
37,755
Taxes Payable
14
40
Lease Liabilities
3,672
-
Other Liabilities
1,524
1,784
Provisions
4,629
5,335
Total Non-Current Liabilities
182,323
137,497
Total Liabilities
268,410
232,507
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
125,051
128,820
Attributable to Non-Controlling Interests
176,402
202,241
TOTAL EQUITY
301,453
331,061
TOTAL LIABILITIES AND EQUITY
569,863
563,568
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2019 AND 2018
(in millions of Argentine pesos)
Equity attributable to Shareholders of the Parent Company
Equity Attributable to Non-Controlling Interests
Shareholders' Contribution
Other Items
Retained Earnings
Total Equity of Controlling Interests
Total Equity
Capital Stock (1)
Inflation Adjustment on Capital Stock
Additional Paid-in Capital
Subtotal
Other Comprehensive Income
Other Reserves
Legal Reserve
Voluntary Reserves
Retained Earnings
Balances as of January 1, 2018
181
6,175
14,948
21,304
(1,737)
(12)
212
10,464
21,238
51,469
25,404
76,873
Effect of Adopting New Accounting Policies
-
-
-
-
-
-
-
-
(153)
(153)
(112)
(265)
Effect of the Merger (Note 4)
-
-
-
-
-
79,513
-
-
-
79,513
197,626
277,139
Set-up of Reserves (Note 30.1)
-
-
-
-
-
-
-
3,670
(3,670)
-
-
-
Dividends and Other Movements of Non-Controlling Interest
-
-
-
-
-
-
-
-
-
-
(27,022)
(27,022)
Increase of the equity interest in CV Berazategui
-
-
-
-
-
(143)
-
-
-
(143)
(229)
(372)
Changes in Other Reserves
-
-
-
-
-
(80)
-
-
-
(80)
(123)
(203)
Net Income (Loss) for the Year
-
-
-
-
-
-
-
-
(2,467)
(2,467)
5,350
2,883
Other Comprehensive Income
-
-
-
-
681
-
-
-
-
681
1,347
2,028
Balances as of December 31, 2018
181
6,175
14,948
21,304
(1,056)
79,278
212
14,134
14,948
128,820
202,241
331,061
Set-up of Reserves (Note 30.1)
-
-
-
-
-
-
1,058
88,686
(89,744)
-
-
-
Changes in Reserves
-
-
-
-
-
(9)
-
-
-
(9)
(15)
(24)
Dividends and Other Movements of Non-Controlling Interest
-
-
-
-
-
-
-
-
-
-
(22,075)
(22,075)
Acquisition of an equity interest in Tuves
-
-
-
-
-
14
-
-
-
14
(74)
(60)
Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual
-
-
-
-
-
(45)
-
-
-
(45)
(69)
(114)
Net Income (Loss) for the Year
-
-
-
-
-
-
-
-
(3,025)
(3,025)
(2,160)
(5,185)
Other Comprehensive Income
-
-
-
-
(704)
-
-
-
-
(704)
(1,446)
(2,150)
Balances as of December 31, 2019
181
6,175
14,948
21,304
(1,760)
79,238
1,270
(2) 102,820
(77,821)
125,051
176,402
301,453
(1) Includes 1,578 treasury shares. See Note 22.
(2) Broken down as follows: (i) Voluntary Reserve for Illiquid Results of $ 84,360, (ii) Voluntary Reserve for Financial Obligations of $ 18,460.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2019 AND 2018
(in millions of Argentine pesos)
December 31, 2019
December 31, 2018
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net (Loss) / Income
(5,185)
2,883
Adjustments to reconcile Net Income to net Cash flows provided by Operating Activities
Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies
9,963
5,572
Depreciation of PP&E
46,973
42,462
Amortization of Intangible Assets
8,261
8,176
Amortization of Rights of Use
3,479
150
Equity in Earnings from Associates
187
(363)
Impairment of PP&E and Intangible Assets
2,564
3,215
Net Book Value of PP&E and Consumption of Materials
268
891
Financial Results and Other
17,629
27,871
Accrued Income Tax and Tax on Assets
14,216
(4,340)
Income Tax Paid
(1,764)
(9,135)
Decrease (Increase) in Assets, Net
3,882
(7,930)
Net Decrease in Liabilities
(18,870)
(4,732)
Net Cash Flows provided by Operating Activities
81,603
64,720
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
PP&E Acquisitions
(49,170)
(60,878)
Intangible Assets Acquisition
(1,628)
(4471)
Acquisition of Equity Interests
(61)
(375)
Collection of Dividends
185
86
Cash Incorporated under the Merger
-
6,430
Income from Sale of PP&E and Intangible Assets
102
9
Investments not considered as cash and cash equivalents
7,285
11,072
Net Cash Flows used in Investing Activities
(43,287)
(48,127)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Proceeds from Financial Debt
58,507
42,719
Payment of Financial Debt
(50,282)
(29,694)
Payment of Interest and Related Expenses
(8,990)
(6,850)
Payment of Lease Liabilities
(3,626)
-
Reversal of Reserve Account
520
514
Payment of Cash Dividends to Non-Controlling Interests
(21,743)
(29,244)
Net Cash Flows used in Financing Activities
(25,614)
(22,555)
NET INCREASE / (DECREASE) IN CASH FLOW
12,702
(5,962)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR:
11,470
11,082
EFFECTS OF EXCHANGE RATE CHANGES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS
2,891
6,350
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR
27,063
11,470
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