REG - Cablevision Holding - Full Year and Last Quarter 2022 Results
13/03/2023 18:00
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RNS Number : 8032S Cablevision Holding S.A. 13 March 2023
Cablevisión Holding announces its Full Year and Last Quarter 2022 Results
Buenos Aires, Argentina, March 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 Full Year and Last Quarter 2022 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, 2022, 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 (2022 vs. 2021):
§ Total Revenues reached Ps. 729,182 million, a decrease of 12.0% in
real terms as of 2022, compared to the same period of 2021, in a context in
which price increases for our services in 2021 weren´t sufficient to
compensate for the lag vis a vis inflation (94.8% interannually as of December
2022).
§ Total Costs (Excluding Depreciation and Amortization) reached Ps.
529,386 million, a decrease of 7.2% 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. 199,796 million as of 2022, a decrease of 22.6%
in real terms compared to 2021, mainly driven by lower revenues, partially
offset by lower operating costs, which resulted in a lower EBITDA Margin of
27.4% in 2022, compared to 31.1% in 2021.
§ Consolidated Net Loss amounted to Ps. 168,757 million. Consolidated
net loss attributable to the Controlling Company amounted to Ps. 100,704
million. Given the economic and market conditions, Telecom and the Company
assessed the recoverable value of the goodwill assets generated by the merger
of Telecom and Cablevisión as of September 30, 2022. Consequently, the net
income for the period contains an impairment loss, which amounts to Ps.
204,744 million in constant currency as of December 31, 2022. This impairment
does not affect assets other than mentioned goodwill and has no impact over
Telecom's operations or its cash generation capacity.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of December 31, 2022) 2022 2021 %Ch. 4Q22 3Q22 4Q21 QoQ YoY
Total Revenues 729,182 828,831 (12.0%) 176,777 173,874 199,850 1.7% (11.5%)
EBITDA ((1)) 199,796 258,066 (22.6%) 41,756 42,677 53,764 (2.2%) (22.3%)
EBITDA Margin ((2)) 27.4% 31.1% (12.0%) 23.6% 24.5% 26.9% (3.8%) (12.2%)
Net income (168,757) 19,970 (945.0%) (13,931) (199,694) 16,982 (93.0%) (182.0%)
Attributable to:
Equity Shareholders (100,704) 7,203 (1498.0%) (5,710) (111,730) 6,111 (94.9%) (193.4%)
Non-Controlling Interests (68,053) 12,767 (633.0%) (8,220) (87,964) 10,871 (90.7%) (175.6%)
((1)) EBITDA is defined as Total Revenues minus operating cost and expenses
(excluding depreciation and amortization). We believe that EBITDA is a
meaningful measure of our performance. It is commonly used to analyze and
compare media companies based on operating performance, leverage and
liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow
from operations and should not be considered as an alternative to net income,
an indication of our financial performance, an alternative to cash flow from
operating activities or a measure of liquidity. Other companies may compute
EBITDA in a different manner; therefore, EBITDA as reported by other companies
may not be comparable to EBITDA as we report it.
((2 )) EBITDA Margin is defined as EBITDA over Total Revenues.
OPERATING RESULTS
Total Revenues reached Ps. 729,182 million in 2022, a decrease of 12.0% in
real terms compared to Ps. 828,831 million in 2021, 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 December 31, 2022)
Mobile Services 293,112 313,872 (6.6%) 40.2% 37.9%
Internet Services 161,740 176,810 (8.5%) 22.2% 21.3%
Cable TV Services 130,904 160,802 (18.6%) 18.0% 19.4%
Fixed Telephony and Data Services 89,023 114,792 (22.4%) 12.2% 13.8%
Other revenues from services 5,782 4,515 28.1% 0.8% 0.5%
Revenues from Services 680,561 770,791 (11.7%) 93.3% 93.0%
Revenues from Equipment Sales 48,621 58,041 (16.2%) 6.7% 7.0%
Total Revenues 729,182 828,831 (12.0%) 100.0% 100.0%
Mobile Services Revenues decreased by 6.6% in real terms to Ps. 293,112 as of
2022, mainly due to the restatement effect as of December 31, 2022.
In Argentina, Personal mobile subscribers reached approximately 20.2 million
(+114 thousand compared to 2021) and around 43% of them are postpaid. Mobile
internet revenues reached 86% of Personal Argentina service revenues. Mobile
ARPU decreased 8.3% in real terms during the 2022 compared to 2021 (Ps.
1,102.6 in 2022 vs Ps. 1,201.9 in 2021). Mobile churn was 2.3% as of 2022,
compared to 1.5% in 2021.
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 2022, the 4G technology traffic represented 95% 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
2022, 143 sites with mobile DSS 5G antennas were enabled in some of the
county's main cities, with the goal of preparing the technical and regulatory
conditions that allow the full development of the 5G network.
As of December 31, 2022, Núcleo customer base increased 0.1% to 2.2 million
subscribers, of which 21% are postpaid. Revenues from Núcleo services were Ps
25,077 million in 2022, a decrease of 22.9% compared to 2021, 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 8.5% in real terms to Ps. 161,740 in 2022
mainly due to a 9.3% lower Broadband ARPU. Of the 4.1 million broadband
customers reached in 2022, around 84% subscribed to services with speeds of
50Mb or higher. Monthly churn increased to 1.6% in 2022, from 1.5% in 2021.
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. 130,904 million in 2022, a decrease
of 18.6% compared to 2021, mainly due to the restatement effect as of December
31, 2022. Cable TV ARPU reached Ps. 3,006.9 in 2022, a decrease of 18.0%
compared to 2021. Additionally, Cable TV churn increased to 1.3% in 2022 from
1.1% in 2021.
During 2022 our subsidiary Telecom continued boosting its entertainment
proposal with innovative content and new national and international
productions, offering a top tier cross- platform experience to its clients.
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, as a step forward into the technological evolution of its
platform Flow, it began activating the ISDBT digitalization service solution
to its analogical customers. This new solution allows clients connect to a
digital service from the traditional cable connection without needing a
decoder. This initiative started in the cities of Neuquén, La Plata, Córdoba
and Mar del Plata, as well as surrounding areas to each city, and continued to
expand in 2H22 to the City of Buenos Aires and some peripheral areas.
As part of the continuous renewal of customer premises equipment, it presented
a new self-installing decoder with differential properties of surround sound,
Google Assistant, integrated Chromecast, 4K resolution, HDR, Dolby Vision,
among others.
Furthermore, during 2022, Telecom launched Flow Flex, a new flexible pay TV
service that enables clients to hire the service for a few days period.
Fixed Telephony and Data Services Revenues reached Ps. 89,023 million in 2022,
a decrease of 22.4% compared to 2021, mainly due the restatement effect as
of December 31, 2022 and a decrease in the fixed telephony customer base.
Additionally, ARPU in fixed telephony reached Ps. 1,445.0 in 2022, decreasing
4.6% when compared to 2021.
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. 48,621 million in 2022, a drop of
16.2% in real terms compared to 2021, 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. 529,386 million in 2022, a
decrease of Ps. 41,379 million in real terms, or 7.2% compared to 2021.
This costs and expenses reduction was mainly the result of lower costs related
to revenues: programming and content costs, taxes and fees with the regulatory
authority and cost of equipment and handsets; as well as savings in other
costs: fees for services, maintenance, materials and supplies, interconnection
and transmission costs, other operating income and expense, and commissions
and advertising costs, partially offset by higher severance payments and
higher bad debt expenses. More than 99.8% of the costs and expenses are
related to Telecom Argentina operations.
EBITDA reached Ps. 199,796 million in 2022, a decrease of 22.6% in real terms
from Ps. 258,066 million reported for 2021, 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. 456,124 million in 2022, an increase of 72.8% in
real terms compared to 2021. Given Argentina's complex macroeconomic
situation, our subsidiary Telecom - and therefore the Company- identified the
need to revise the recoverable value estimation made of the goodwill assets
assigned to the Cash-Generating Units (CGU) of Argentina. The analysis brought
to conclusion that the accounting value of the CGU was higher than its
recuperable value as of September 30, 2022. Consequently, the Company
registered an impairment of the goodwill asset of which amounts to Ps. 204,744
million in constant currency as of December 31, 2022.
Equity in earnings from unconsolidated affiliates totaled Ps. 819 million in
2022, compared to Ps. 769 million in 2021.
Financial Results net totaled Ps. 60,261 million as of 2022, compared to Ps.
90,076 million in 2021, mainly as a result of lower positive FX differences
and negative results of operations with securities and bonds, partially offset
by higher positive inflation adjustments results and lower debt interest
costs.
Income tax as of December 31, 2022 reached Ps. 26,491 million, from Ps.
(64,909) million in December 2021.
Net Loss for the period totaled Ps. 168,757 million in 2022, compared to a net
income of Ps. 19,970 million reported for the same period of 2021. The Equity
Shareholders net loss for the period amounted to Ps. 100,704 million.
(millions of Ps. in constant Currency as of December 31, 2022)
Consolidated Revenues 729,182 828,831 (12.0%) 176,777 173,874 199,850 1.7% (11.5%)
Employee benefit expenses and severance payments (182,764) (178,992) 2.1% (47,263) (48,879) (49,360) (3.3%) (4.2%)
Interconnection and Transmission Costs (22,455) (29,729) (24.5%) (5,361) (5,480) (6,806) (2.2%) (21.2%)
Fees for Services, Maintenance, Materials and Supplies (88,940) (96,719) (8.0%) (22,275) (22,472) (24,575) (0.9%) (9.4%)
Taxes and Fees with the Regulatory Authority (55,993) (63,783) (12.2%) (13,447) (13,402) (15,256) 0.3% (11.9%)
Commissions and Advertising (44,166) (47,514) (7.0%) (11,639) (11,402) (12,027) 2.1% (3.2%)
Cost of Equipment and Handsets (34,540) (40,830) (15.4%) (9,035) (7,685) (9,161) 17.6% (1.4%)
Programming and Content Costs (45,741) (56,391) (18.9%) (11,069) (10,752) (13,388) 2.9% (17.3%)
Bad Debt Expenses (18,342) (15,550) 18.0% (4,524) (4,585) (4,039) (1.3%) 12.0%
Other Operating Income and Expense (36,445) (41,257) (11.7%) (10,408) (6,541) (11,474) 59.1% (9.3%)
EBITDA(1) 199,796 258,066 (22.6%) 41,756 42,677 53,764 (2.2%) (22.3%)
EBITDA Margin(2) 27.4% 31.1% (12.0%) 23.6% 24.5% 26.9% (3.8%) (12.2%)
Net Income (168,757) 19,970 (945.0%) (13,931) (199,694) 16,982 (93.0%) (182.0%)
Attributable to:
Controlling Company (100,704) 7,203 (1498.0%) (5,710) (111,730) 6,111 (94.9%) (193.4%)
Non-controlling interest (68,053) 12,767 (633.0%) (8,220) (87,964) 10,871 (90.7%) (175.6%)
KEY OPERATING INDICATORS
Mobile services
Subs((1)) 22,464.5 22,348 0.5%
Personal (Argentina) ((1)) 20,244.0 20,130 0.6%
Núcleo (Paraguay) ((1)) 2,220.5 2,218 0.1%
Postpaid
Personal (Argentina) 43% 41% 5.2%
Núcleo (Paraguay) 21% 18% 14.6%
ARPU Personal((2)) 1,102.6 1,201.9 -8.3%
Churn((3)) 2.3% 1.5% 53.3%
Internet services
Subs((1)) 4,115.8 4,247.5 -3.1%
Speed >50Mb (% Total Subs) 84% 70% 19.6%
ARPU((2)) 3,052.4 3,364 -9.3%
Churn((3)) 1.6% 1.5% 9.8%
Pay TV services
Subs((1)) 3,479.0 3,562.5 -2.3%
ARPU((2)) 3,006.9 3,668.4 -18.0%
Churn((3)) 1.3% 1.1% 15.1%
Fixed Telephony
Subs((1)) 1,910.0 2,417.2 -21.0%
ARPU((2)) 1,445.0 1,513.9 -4.6%
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of December 31,
2022)
(3) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 2022, our subsidiary, Telecom Argentina, invested Ps. 147,266
million, a decrease of 27.1% compared to 2021. The investments were focused on
projects related to:
· Extension of the transmission networks to unify the different access
technologies, changing the copper fixed networks into fiber or hybrid
fiber-coaxial networks,
· The deployment of networks with FTTH (Fiber to the home)
technologies, substantially improving the possibility to offer high speed
services,
· Deployment of 4G coverage and capacity to support growth and a higher
quality of the Mobile Internet service,
· The expansion of the 5G network in some of the country's main cities.
In relative terms, investments reached 20.2% of consolidated revenues in 2022.
DEBT AND LIQUIDITY
Short Term and Long-Term Debt
Current Financial Debt 134,361 126,361 6.3%
Bank overdraft 7,610 23,734 (67.9%)
Financial loans 40,072 63,458 (36.9%)
Negotiable obligations 47,404 - N/A
NDF 19 360 (94.7%)
Acquisition of equipment 5,269 7,003 (24.8%)
Accrued interest 33,987 31,806 6.9%
Non-Current Financial Debt 334,828 393,583 (14.9%)
Negotiable obligations 181,071 216,929 (16.5%)
Financial loans 102,588 112,482 (8.8%)
Acquisition of equipment 4,455 7,630 (41.6%)
Accrued interest 46,714 56,542 (17.4%)
Total Financial Debt (A) 469,189 519,944 (9.8%)
Cash and Cash Equivalents and Short-Term Investments (B) 50,154 63,516 (21.0%)
Net Debt (A) - (B) 419,035 456,427 (8.2%)
Net Debt/Adjusted Ebitda ((1)) 2.1x 1.8x 18.6%
% USD Debt 63.8% 68.2% (6.4%)
% PYG Debt 2.6% 2.8% (7.7%)
% ARS Debt 28.2% 26.1% 8.1%
% CNY Debt 5.3% 2.9% 84.7%
Total Financial Debt ((1)) decreased from Ps. 519,944 million in December 2021
to Ps. 469,189 million in December 2022, and Net Debt decreased from Ps
456,427 to Ps. 419,035 .
Debt coverage ratio ((1)) as of December 31, 2022 was 2.1x in the case of
Net Debt and of 2.3x 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. In addition, the company has a Level 1 listing and its
ADRs are traded in the OTC Market.
March 10, 2023
CVH (BCBA) Price per Share (ARS) 993.50
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 Full Year and Last Quarter 2022 Results
Date: Tuesday, March 14, 2023
Time: 1:00pm Buenos Aires Time/12:00pm New York Time/4:00pm London
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=VCwcLgDS
The webcast presentation will also be available at:
https://www.cablevisionholding.com/Investors
(https://www.cablevisionholding.com/Investors)
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.
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)
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, 2022 AND 2021
(in millions of Argentine pesos)
December 31, 2022 December 31, 2021
Revenues 729,182 828,831
Employee benefit expenses and severance payments (182,764) (178,992)
Interconnection and Transmission Costs (22,455) (29,729)
Fees for Services, Maintenance, Materials and Supplies (88,940) (96,719)
Taxes and Fees with the Regulatory Authority (55,993) (63,783)
Commissions and Advertising (44,166) (47,514)
Cost of Equipment and Handsets (34,540) (40,830)
Programming and Content Costs (45,741) (56,391)
Bad Debt Expenses (18,342) (15,550)
Other Operating Costs (36,445) (41,257)
Operating Income before Depreciation, Amortization, and Impairment 199,796 258,066
Depreciation, amortization, and impairment Fixed Assets (456,124) (264,033)
Operating Loss (256,328) (5,967)
Equity in Earnings from Associates 819 769
Financial Expenses on Debts 29,744 55,906
Other Financial Results, net 30,517 34,171
(Loss) / Income before Income Tax Expense (195,248) 84,879
Income Tax 26,491 (64,909)
Net (Loss) / Income (168,757) 19,970
Other Comprehensive Income
To be subsequently reclassified to profit or loss
Currency Translation Adjustments (no effect on Income Tax) (6,740) (12,447)
Effect of NDF classified as hedges 607 666
Tax Effect of NDF classified as hedges and other (278) (249)
Not to be subsequently reclassified to profit or loss
Actuarial Results 28 (68)
Tax Effect (10) 23
Other Comprehensive Income, net of Taxes (6,393) (12,075)
Total Comprehensive Income/ (Loss) (175,150) 7,895
Net Income (Loss) attributable to:
Shareholders of the Controlling Company (100,704) 7,203
Non-Controlling Interest (68,053) 12,767
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company (102,652) 3,629
Non-Controlling Interest (72,498) 4,266
Basic and Diluted Earnings per Share attributable to the Shareholders of the (557.48) 39.87
Controlling Company (in Argentine Pesos)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2022 AND 2021
(in millions of Argentine pesos)
ASSETS December 31, 2022 December 31, 2021
CURRENT ASSETS
Cash and Cash Equivalents 41,781 40,710
Investments 8,373 22,806
Trade Receivables 37,616 43,934
Other Receivables 19,693 17,445
Inventories 6,448 6,068
Assets Available for Sale 954 -
Total Current Assets 114,865 130,963
NON-CURRENT ASSETS
Trade Receivables 118 141
Other Receivables 2,518 5,159
Deferred Income Tax Assets 2,620 1,434
Investments 6,444 6,284
Goodwill 494,757 699,300
Property, Plant and Equipment ("PP&E") 792,203 878,248
Intangible Assets 253,931 279,826
Right-of-Use Assets 62,932 65,090
Total Non-Current Assets 1,615,523 1,935,482
Total Assets 1,730,388 2,066,445
LIABILITIES
CURRENT LIABILITIES
Accounts Payable 89,305 95,934
Financial Debt 134,361 126,361
Salaries and Social Security Payables 37,676 43,409
Income Tax Liabilities 314 27,129
Taxes Payable 9,932 7,720
Dividends Payable - 1,796
Lease Liabilities 9,202 11,941
Other Liabilities 4,960 5,951
Provisions 2,634 4,180
Total Current Liabilities 288,384 324,421
NON-CURRENT LIABILITIES
Accounts Payable 319 2,135
Financial Debt 334,828 393,583
Salaries and Social Security Payables 2,747 3,012
Deferred Income Tax Liabilities 256,213 263,423
Taxes Payable 44 -
Lease Liabilities 19,695 24,906
Other Liabilities 2,610 2,435
Provisions 11,654 18,650
Total Non-Current Liabilities 628,110 708,144
Total Liabilities 916,494 1,032,565
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company 313,088 431,734
Attributable to Non-Controlling Interests 500,806 602,146
TOTAL EQUITY 813,894 1,033,880
TOTAL LIABILITIES AND EQUITY 1,730,388 2,066,445
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2022 AND 2021
(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 01, 2021 181 25,263 59,832 85,276 (8,751) 317,126 5,088 369,636 (308,312) 460,063 646,820 1,106,883
Reversal of Reserves - - - - - - - (8,857) 8,857 - - -
Dividend Distribution - - - - - - - (32,100) - (32,100) - (32,100)
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (49,117) (49,117)
Adjustment to the value of the Irrevocable Call and Put Option on the Shares - - - - - 142 - - - 142 177 319
of AVC Continente Audiovisual
Net Income (Loss) for the Year - - - - - - - - 7,203 7,203 12,767 19,970
Other Comprehensive Income - - - - (3,574) - - - - (3,574) (8,501) (12,075)
Balances as of December 31, 2021 181 25,263 59,832 85,276 (12,325) 317,268 5,088 328,679 (292,252) 431,734 602,146 1,033,880
Set-up of Reserves - - - - - - - 7,203 (7,203) - - -
Dividend Distribution - - - - - - - (15,994) - (15,994) - (15,994)
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (28,842) (28,842)
Net Income (Loss) for the Year - - - - - - - - (100,704) (100,704) (68,053) (168,757)
Other Comprehensive Income - - - - (1,948) - - - - (1,948) (4,445) (6,393)
Balances as of December 31, 2022 181 25,263 59,832 85,276 (14,273) 317,268 5,088 319,888 (400,159) 313,088 500,806 813,894
( )
(1 Voluntary Reserve for Illiquid Results.)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2022 AND 2021
(in millions of Argentine pesos)
December 31, 2022 December 31, 2021
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net (Loss) / Income (168,757) 19,970
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating
Activities
Allowances Deducted from Assets and Provisions for Lawsuits and Other 19,128 18,412
Contingencies
Depreciation of PP&E 198,770 211,103
Amortization of Intangible Assets 28,626 30,305
Amortization of Rights of Use 21,749 20,122
Impairment of Goodwill 204,808 -
Equity in Earnings from Associates (819) (769)
Net Book Value of Fixed Assets and Consumption of Materials 4,834 5,310
Financial Results and Other (47,121) (94,453)
Income Tax Expense (26,491) 64,909
Income Tax Paid (10,128) (4,422)
Net (Increase) Decrease in Assets (51,671) (35,956)
Net Decrease in Liabilities 40,712 18,377
Net Cash Flows provided by Operating Activities 213,640 252,908
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
PP&E Acquisitions (117,255) (143,341)
Intangible Assets Acquisition (5,220) (4,948)
Acquisition of Equity Interests (407) -
Collection of Dividends 615 456
Income from Sale of PP&E and Intangible Assets 358 306
Investments not considered as cash and cash equivalents (43,780) (76,558)
Net Cash Flows used in Investing Activities (165,689) (224,085)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Proceeds from Financial Debt 85,215 125,088
Payment of Financial Debt (68,313) (97,973)
Payment of Interest and Related Expenses (46,212) (52,238)
Payment of Lease Liabilities (15,260) (12,849)
Reversal of Reserve Account - (115)
Payment of Cash Dividends to Non-Controlling Interests (1,229) (1,449)
Net Cash Flows used in Financing Activities (45,799) (39,536)
NET INCREASE / (DECREASE) IN CASH FLOW 2,152 (10,713)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: 40,710 57,240
EFFECTS OF EXCHANGE RATE CHANGES AND GAIN (LOSS) ON NET MONETARY POSITION ON (1,081) (5,817)
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 41,781 40,710
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