REG - Cablevision Holding - 1st Quarter Results
11/05/2023 09:30
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RNS Number : 0981Z Cablevision Holding S.A. 11 May 2023
Cablevisión Holding announces its First Quarter 2023 Results
Buenos Aires, Argentina, May 10(th), 2023 - 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 Quarter 2023 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, 2023, unless otherwise indicated.
The Company's Management has applied IAS 29 (inflation adjustment) in the
preparation of these financial statements, following the provisions of
Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").
CVH Highlights (1Q23 vs. 1Q22):
§ Total Revenues reached Ps. 214,818 million, a decrease of 10.4% in
real terms as of 1Q23, compared to the same period of 2022, in a context in
which price increases for our services in 2022 and the first quarter of 2023
weren´t sufficient to compensate for the lag vis a vis inflation (104.3%
interannually as of March 2022).
§ Total Costs (Excluding Depreciation and Amortization) reached Ps.
149,954 million, a decrease of 4.4% in constant currency, mainly driven by
lower costs on all items, except for employee benefits expenses and severance
payments, and bad debt expenses.
§ EBITDA reached Ps. 64,864 million as of 1Q23, a decrease of 21.8% in
real terms compared to 1Q22, mainly driven by lower revenues, partially offset
by lower operating costs, which resulted in a lower EBITDA Margin of 30.2% in
1Q23, compared to 34.6% in 1Q22.
§ Consolidated Net Income amounted to Ps. 28,180 million. Consolidated
net income attributable to the Controlling Company amounted to Ps. 10,545
million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of March 31, 2023) 1Q23 1Q22 % Ch. 4Q22 QoQ
Total Revenues 214,818 239,787 (10.4%) 215,195 (0.2%)
EBITDA ((1)) 64,864 82,963 (21.8%) 50,831 27.6%
EBITDA Margin ((2)) 30.2% 34.6% (12.7%) 23.6% 27.8%
Net income 28,180 48,512 (41.9%) (16,958) (266.2%)
Attributable to:
Equity Shareholders 10,545 18,787 (43.9%) (6,951) (251.7%)
Non-Controlling Interests 17,635 29,725 (40.7%) (10,007) (276.2%)
((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. 214,818 million in 1Q23, a decrease of 10.4% in
real terms compared to Ps. 239,787 million in 1Q22, mainly driven by the
difficulty of increasing prices for services along with an increasingly higher
inflation rate.
Following is a breakdown of Total Revenues:
(millions of Ps. in constant Currency as of March 31, 2023) 1Q23 1Q22 YoY 1Q23 1Q22 % of Total
% of Total
Mobile Services 87,610 92,704 (5.5%) 40.8% 38.7%
Internet Services 47,017 54,014 (13.0%) 21.9% 22.5%
Cable TV Services 39,909 44,504 (10.3%) 18.6% 18.6%
Fixed Telephony and Data Services 24,501 30,279 (19.1%) 11.4% 12.6%
Other revenues from services 1,745 1,955 (10.7%) 0.8% 0.8%
Revenues from Services 200,782 223,455 (10.1%) 93.5% 93.2%
Revenues from Equipment Sales 14,036 16,331 (14.1%) 6.5% 6.8%
Total Revenues 214,818 239,787 (10.4%) 100.0% 100.0%
Mobile Services Revenues decreased by 5.5% in real terms to Ps. 87,610 as of
1Q23, mainly due to the restatement effect as of March 31, 2023.
In Argentina, Personal mobile subscribers reached approximately 20.5 million
(+321 thousand compared to 1Q22) and around 42% of them are postpaid. Mobile
internet revenues reached 92% of Personal Argentina service revenues. Mobile
ARPU decreased 6.2% in real terms during the 1Q23 compared to 1Q22 (Ps.
1,307.4 in 1Q23 vs Ps. 1,394.3 in 1Q22). Mobile churn was 1.7% as of 1Q23,
compared to 2.3% in 1Q22.
On the infrastructure side, our subsidiary Telecom continued to enhance the
mobile internet experience of its clients through the deployment of the 4G and
4G+ networks throughout the country, reaching more than 14.8 million clients
with 4G devices. During 1Q23, the 4G technology traffic represented 96.5% of
the total traffic.
In addition, it has been preparing its network for the arrival of 5G
technology by expanding coverage, availability, and capacity of the network
through technologic reconversion and continuing the deployment of 4G. During
1Q23, 39 sites with mobile DSS 5G antennas were enabled in some of the
county's main cities (totaling 182 sites with this technology), with the goal
of preparing the technical and regulatory conditions that allow the full
development of the 5G network.
As of March 31, 2023, Núcleo customer base increased 3.1% to 2.3 million
subscribers, of which 21% are postpaid. Revenues from Núcleo services were Ps
6,501 million in 1Q23, a decrease of 10.2% compared to 1Q22, mainly due to a
decrease in ARPU measured in constant pesos, partially offset by the
appreciation of the Guaraní vis a vis the Argentine Peso.
Internet Services Revenues dropped 13.0% in real terms to Ps. 47,017 in 1Q23
mainly due to a 6.5% lower Broadband ARPU. Of the 4.1 million broadband
customers reached in 1Q23, around 81% subscribed to services with speeds of
100Mb or higher. Monthly churn increased to 1.7% in 1Q23, from 1.5% in 1Q22.
Telecom Argentina continues deploying FTTH technology (Fiber To The Home),
improving clients' connectivity experience with symmetric speeds of up to 300
Mb, with low latency and multiple devices connected, among other advantages.
As part of the initiatives to continue evolving the customer experience of
fixed internet services, during the end of this year, Telecom doubled the
internet speed to all its home customers (with HFC, FTTH technology).
Cable TV Services Revenues amounted to Ps. 39,909 million in 1Q23, a decrease
of 10.3% compared to 1Q22, mainly due to the restatement effect as of March
31, 2023. Cable TV ARPU reached Ps. 3,728.3 in 1Q23, a decrease of 13.5%
compared to 1Q22. Additionally, Cable TV churn increased to 1.8% in 1Q23 from
1.3% in 1Q22.
During the first quarter of 2023 our subsidiary Telecom continued boosting its
entertainment proposal with innovative content and new national and
international productions, positioning itself as the most important integral
platform in Argentina. Among them, Flow broadcasted live and nationwide the
Cosquín Rock festival in February and Lollapalooza in March.
Moreover, our subsidiary Telecom continued to focus on innovation, through
partnerships with renown national and international content producers such as
Disney+, Paramount+, Star+, Netflix and Amazon Prime Video, in line with its
strategy of transforming it in a comprehensive platform its clients value and
continue to choose for its wide variety of content and differential
functionalities. Currently, Flow includes not only lineal TV, series, on
demand movies, documentaries, and co-productions, but also music and gaming
and it will continue to grow as the clients' needs evolve.
In addition, it continued activating the ISDBT digitalization service solution
to its analogical customers, which allows clients to connect to a digital
service from the traditional cable connection without needing a decoder.
Fixed Telephony and Data Services Revenues reached Ps. 24,501 million in 1Q23,
a decrease of 19.1% compared to 1Q22, mainly due the restatement effect as
of March 31, 2023 and a decrease in the fixed telephony customer base.
Additionally, ARPU in fixed telephony reached Ps. 1,618.3 in 1Q23, decreasing
18.4% when compared to 1Q22.
On the corporate segment side, our subsidiary Telecom continued to develop a
series of initiatives aimed at businesses, accompanying them in their digital
transformation process, helping them evolve and grow their e-commerce
platforms, logistics and inventory, among others.
In addition, it continues adding proposals to its cybersecurity services
portfolio.
Revenues from equipment sales totaled Ps. 14,036 million in 1Q23, a drop of
14.1% in real terms compared to 1Q22, mainly due to a decrease in the
quantities sold, partly compensated by an increase in the average prices of
equipment.
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of
PP&E and intangible assets) totaled Ps. 149,954 million in 1Q23, a
decrease of Ps. 6,870 million in real terms, or 4.4% compared to 1Q22.
This reduction in costs and expenses was mainly the result of lower costs
related to revenues: programming and content costs, cost of equipment and
handsets and taxes and fees with the regulatory authority; as well as savings
in other costs: interconnection and transmission costs, commissions and
advertising costs and fees for services, maintenance, materials and supplies;
partially offset by higher salaries. More than 99.8% of the costs and expenses
are related to Telecom Argentina operations.
EBITDA reached Ps. 64,864 million in 1Q23, a decrease of 21.8% in real terms
from Ps. 82,963 million reported for 1Q22, mainly driven by lower revenues,
partially offset by lower operating costs.
Depreciation, amortization and impairment of PP&E, intangible assets and
rights-of-use amounted to Ps. 68,517 million in 1Q23, an increase of 14.9% in
real terms compared to 1Q22.
Equity in earnings from unconsolidated affiliates totaled Ps. 425 million in
1Q23, compared to Ps. 245 million in 1Q22.
Financial Results net totaled Ps. 19,636 million as of 1Q23, compared to Ps.
45,805 million in 1Q22, mainly as a result of lower positive FX differences,
lower positive inflation adjustments results and higher debt interest costs;
partially offset by lower negative results of operations with securities and
bonds.
Income tax as of March 31, 2023 reached Ps. 11,772 million, from Ps. 55
million in March 2022.
Net Income for the period totaled Ps. 28,180 million in 1Q23, compared to a
net income of Ps. 48,512 million reported for the same period of 2022. The
Equity Shareholders net income for the period amounted to Ps. 10,545 million.
(millions of Ps. in constant Currency as of March 31, 2023) 1Q23 1Q22 % Ch. 4Q22 QoQ
Consolidated Revenues 214,818 239,787 (10.4%) 215,195 (0.2%)
Employee benefit expenses and severance payments (51,716) (49,485) 4.5% (57,535) (10.1%)
Interconnection and Transmission Costs (6,408) (7,328) (12.6%) (6,526) (1.8%)
Fees for Services, Maintenance, Materials and Supplies (25,314) (25,754) (1.7%) (27,116) (6.6%)
Taxes and Fees with the Regulatory Authority (16,546) (18,336) (9.8%) (16,370) 1.1%
Commissions and Advertising (12,517) (13,126) (4.6%) (14,169) (11.7%)
Cost of Equipment and Handsets (9,968) (12,280) (18.8%) (10,998) (9.4%)
Programming and Content Costs (12,316) (15,316) (19.6%) (13,475) (8.6%)
Bad Debt Expenses (6,499) (6,535) (0.6%) (5,507) 18.0%
Other Operating Income and Expense (8,670) (8,664) 0.1% (12,670) (31.6%)
EBITDA(1) 64,864 82,963 (21.8%) 50,831 27.6%
EBITDA Margin(2) 30.2% 34.6% (12.7%) 23.6% 27.8%
Net Income 28,180 48,512 (41.9%) (16,958) (266.2%)
Attributable to:
Controlling Company 10,545 18,787 (43.9%) (6,951) (251.7%)
Non-controlling interest 17,635 29,725 (40.7%) (10,007) (276.2%)
KEY OPERATING INDICATORS
1Q23 1Q22 YoY
Mobile services
Subs((1)) 22,794.9 22,405 1.7%
Personal (Argentina) ((1)) 20,483.5 20,163 1.6%
Núcleo (Paraguay) ((1)) 2,311.4 2,242 3.1%
Postpaid
Personal (Argentina) 42% 41% 1.9%
Núcleo (Paraguay) 21% 19% 11.6%
ARPU Personal((2)) 1,307.4 1,394.3 -6.2%
Churn((3)) 1.7% 2.3% -24.8%
Internet services
Subs((1)) 4,082.2 4,238.0 -3.7%
Speed >100Mb (% Total Subs) 81% 37% 120.7%
ARPU((2)) 3,641.0 3,895 -6.5%
Churn((3)) 1.7% 1.5% 15.9%
Pay TV services
Subs((1)) 3,395.5 3,535.2 -4.0%
ARPU((2)) 3,728.3 4,311.1 -13.5%
Churn((3)) 1.8% 1.3% 40.5%
Fixed Telephony
Subs((1)) 1,784.0 2,297.0 -22.3%
ARPU((2)) 1,618.3 1,983.5 -18.4%
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of March 31,
2023)
(3) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 1Q23, our subsidiary, Telecom Argentina, invested Ps. 34,528
million, a decrease of 10.0% compared to 1Q22. The investments were focused on
projects related to:
· Deployment of 4G/LTE network to support growth and a higher quality
of the Mobile Internet service,
· Technological reconversion of 2G/3G networks to 4G and LTE
· The deployment of networks with FTTH (Fiber to the home)
technologies, substantially improving the possibility to offer high speed
services,
· The expansion of the 5G network in some of the country's main cities.
In relative terms, investments reached 16.1% of consolidated revenues in 1Q23.
DEBT AND LIQUIDITY
March 2023 March 2022 % Change
Short Term and Long-Term Debt
Current Financial Debt 176,853 164,203 7.7%
Bank overdraft 33,518 34,753 (3.6%)
Financial loans 45,411 78,325 (42.0%)
Negotiable obligations 54,054 2,490 2070.5%
NDF 4 67 (94.1%)
Acquisition of equipment 5,584 7,988 (30.1%)
Accrued interest 38,282 40,579 (5.7%)
Non-Current Financial Debt 393,017 445,583 (11.8%)
Negotiable obligations 228,820 256,748 (10.9%)
Financial loans 111,490 123,205 (9.5%)
Acquisition of equipment 4,251 8,470 (49.8%)
Accrued interest 48,456 57,160 (15.2%)
Total Financial Debt (A) 569,870 609,786 (6.5%)
Cash and Cash Equivalents and Short-Term Investments (B) 93,746 97,415 (3.8%)
Net Debt (A) - (B) 476,124 512,372 (7.1%)
Net Debt/Adjusted Ebitda ((1)) 2.1x 1.7x 24.7%
% USD Debt 59.1% 63.6% (7.0%)
% PYG Debt 5.5% 2.7% 102.1%
% ARS Debt 32.8% 30.2% 8.7%
% CNY Debt 2.6% 3.5% (26.5%)
Total Financial Debt ((1)) decreased from Ps. 609,786 million in March 2022 to
Ps. 569,870 million in March 2023, and Net Debt decreased from Ps 512,372 to
Ps. 476,124 .
Debt coverage ratio ((1)) as of March 31, 2023 was 2.1x in the case of Net
Debt and of 2.5x 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.
SUBSEQUENT EVENTS
During May our subsidiary Telecom paid dividends in kind for a total market
value of 47.7 billion pesos or approximately 110 million dollars, of which
CVH, through its direct and indirect interest in Telecom, received 160.7
million 2030 Global Bonds. In turn, as had been approved by CVH's
shareholders, the Board approved to pay a dividend in kind for the total
received from Telecom. The payment was executed on May 9(th) in the local
market for a gross market value of AR$ 104.58 per Share.
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. In addition, the company has a Level 1 listing and its
ADRs are traded in the OTC Market.
May 10, 2023
CVH (BCBA) Price per Share (ARS) 1,031.50
Total Shares 180,642,580
Shares per GDS 1
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / LSE: CVH)
cordially invites you to participate in its Webcast Presentation
to discuss the First Quarter 2023 Results
Date: Friday, May 12, 2023
Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=ehdyB8br
The webcast presentation will also be available at:
https://www.cablevisionholding.com/Investors
Investor Relations Contacts:
In Buenos
Aires:
In New York:
Cablevisión Holding
S.A.
Fig Corporate Communications
Samantha Olivieri, Head of Investor
Relations
Camilla Ferreira and Marcella Ewerton Dragone
Email: ir@cvh.com.ar (mailto:ir@cvh.com.ar)
Email: fig@fig.ooo
Tel: (+54 11) 4309 -
3417
Tel: +1 917 691-4047
www.cvh.com.ar (http://www.cvh.com.ar)
ABOUT THE COMPANY
CVH was founded 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 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, 2023 AND 2022
(in millions of Argentine pesos)
March 31, 2023 March 31, 2022
Sales Revenues 214,818 239,787
Employee benefit expenses and severance payments (51,716) (49,485)
Interconnection and Transmission Costs (6,408) (7,328)
Fees for Services, Maintenance, Materials, and Supplies (25,314) (25,754)
Taxes and Fees with the Regulatory Authority (16,546) (18,336)
Commissions and Advertising (12,517) (13,126)
Cost of Equipment and Handsets (9,968) (12,280)
Programming and Content Costs (12,316) (15,316)
Bad Debt Expenses (6,499) (6,535)
Other Operating Income and Expense (8,670) (8,664)
Operating Income before Depreciation and Amortization 64,864 82,963
Depreciation, amortization, and impairment PP&E, Intangible Assets and (68,131) (80,556)
Rights of Use.
Operating (Loss) Income (3,267) 2,407
Equity in Earnings from Subsidiaries 425 245
Financial Expenses on Debts 8,916 29,629
Other Financial Results, net 10,334 16,176
Income (Loss) before Income Tax Expense 16,408 48,457
Income Tax 11,772 55
Net Income (Loss) for the Period 28,180 48,512
Other Comprehensive Income - to be subsequently reclassified to profit or loss
Currency Translation Adjustments (no effect on Income Tax) (770) (3,464)
Effect of NDF classified as hedges (204) 157
Tax Effect of NDF classified as hedges 76 (51)
Other Comprehensive Income, net of Taxes (898) (3,358)
Total Comprehensive Income (Loss) for the Period 27,282 45,154
Net Income (Loss) attributable to:
Shareholders of the Controlling Company 10,545 18,785
Non-Controlling Interests 17,635 29,727
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company 10,242 17,764
Non-Controlling Interests 17,040 27,390
Basic and Diluted Earnings per Share attributable to the Shareholders of the 58.37 103.99
Controlling Company (in Argentine Pesos)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2023 AND DECEMBER 31, 2022
(in millions of Argentine pesos)
ASSETS March 31, 2023 December 31, 2022
CURRENT ASSETS
Cash and Cash Equivalents 43,615 50,861
Investments 50,131 10,193
Trade Receivables 48,122 45,791
Other Receivables 25,605 23,974
Inventories 8,667 7,849
Assets Available for Sale 1,149 1,161
Total Current Assets 177,289 139,829
NON-CURRENT ASSETS
Trade Receivables 143 144
Other Receivables 2,769 3,065
Deferred Income Tax Assets 3,304 3,189
Investments 8,140 7,844
Goodwill 602,273 602,279
Property, Plant and Equipment ("PP&E") 935,691 964,367
Intangible Assets 301,526 309,116
Right-of-Use Assets 79,503 76,609
Total Non-Current Assets 1,933,349 1,966,613
Total Assets 2,110,638 2,106,442
LIABILITIES
CURRENT LIABILITIES
Accounts Payable 107,211 108,713
Financial Debt 180,802 163,561
Salaries and Social Security Payables 37,755 45,864
Income Tax Liabilities 417 382
Other Taxes Payable 13,855 12,090
Lease Liabilities 11,267 11,202
Other Liabilities 5,474 6,038
Provisions 3,268 3,206
Total Current Liabilities 360,049 351,056
NON-CURRENT LIABILITIES
Accounts Payable 365 388
Financial Debt 389,068 407,594
Salaries and Social Security Payables 3,106 3,344
Deferred Income Tax Liabilities 300,091 311,894
Other Taxes Payable 31 54
Lease Liabilities 24,393 23,975
Other Liabilities 2,697 3,177
Provisions 12,783 14,187
Total Non-Current Liabilities 732,534 764,613
Total Liabilities 1,092,583 1,115,669
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company 391,372 381,130
Attributable to Non-Controlling Interests 626,683 609,643
TOTAL EQUITY 1,018,055 990,773
TOTAL LIABILITIES AND EQUITY 2,110,638 2,106,442
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(in millions of Argentine pesos)
Equity attributable to Shareholders of the Controlling Company Equity Attributable to Non-Controlling Interests
Shareholders' Contribution Other Items Retained Earnings Total Equity of Controlling Company Total Equity
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Other Comprehensive Income Other Reserves Legal Reserve Voluntary Reserves ((1)) Retained Earnings
Balances as of January 1(st) 2022 181 30,792 72,836 103,809 (15,006) 386,331 6,194 400,109 (355,762) 525,675 733,181 1,258,856
Net Income (Loss) for the Period - - - - - - - - 18,785 18,785 29,727 48,512
Other Comprehensive Income - - - - (1,021) - - - - (1,021) (2,337) (3,358)
Balances as of March 31, 2022 181 30,792 72,836 103,809 (16,027) 386,331 6,194 400,109 (336,977) 543,439 760,571 1,304,010
Balances as of January 1(st) 2023 181 30,792 72,836 103,809 (17,375) 386,218 6,194 389,407 (487,123) 381,130 609,643 990,773
Net Income (Loss) for the Period - - - - - - - - 10,545 10,545 17,635 28,180
Other Comprehensive Income - - - - (303) - - - - (303) (595) (898)
Balances as of March 31, 2023 181 30,792 72,836 103,809 (17,678) 386,218 6,194 389,407 (476,578) 391,372 626,683 1,018,055
( )
(1 Voluntary Reserve for Illiquid Results.)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(in millions of Argentine pesos)
March 31, 2023 March 31, 2022
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net Income 28,180 48,512
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating
Activities
Allowances Deducted from Assets and Provisions for Lawsuits and Other 5,949 12,080
Contingencies
Depreciation of PP&E 53,053 61,189
Amortization of Intangible Assets 8,585 8,781
Amortization of Rights of Use 6,218 6,051
Equity in Earnings from Associates (425) (245)
Net Book Value of Fixed Assets and Consumption of Materials 69 1,156
Financial Results and Other (24,963) (50,363)
Income Tax Expense (11,772) (55)
Income Tax Paid (292) (1,473)
Net Increase in Assets (28,877) (20,231)
Net Increase in Liabilities 17,311 9,539
Net Cash Flows provided by Operating Activities 53,036 74,941
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
PP&E Acquisitions (17,688) (45,344)
Intangible Assets Acquisition (852) (1,185)
Collection of Dividends - 300
Income from Sale of PP&E and Intangible Assets 1 55
Investments not considered as cash and cash equivalents (42,650) (31,067)
Net Cash Flows used in Investing Activities (61,189) (77,241)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Proceeds from Financial Debt 42,045 38,148
Payment of Financial Debt (16,762) (15,900)
Payment of Interest and Related Expenses (18,237) (17,337)
Payment of Lease Liabilities (4,536) (3,015)
Net Cash Flows provided by Financing Activities 2,510 1,896
NET DECREASE IN CASH FLOWS (5,643) (404)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: 50,861 49,556
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION (1,603) (2,979)
ON CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 43,615 46,173
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