REG - Cablevision Holding - CVH Announces First Quarter 2021 Results

Walt Disney CoAnnouncement

12/05/2021 09:25

RNS Number : 3552Y
  
Cablevision Holding S.A.
  
12 May 2021
  
 

Cablevisión Holding announces its First Quarter 2021 Results 
 
Buenos Aires, Argentina, May 11, 2021 - 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 2021 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, 2021, 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 (1Q21 vs. 1Q20):
 
§  Total Revenues reached Ps. 82,547 million, a decrease of 7.8% in real terms as of 1Q21, compared to the same period of 2020, mainly driven by lower revenues from mobile, internet, cable TV, fixed telephony, and other revenues from services, which was partially offset by higher revenues from equipment sales, in a context of an increasing  inflation, where price increases of mobile and fixed Telephony, Internet and Pay TV services were suspended between May 1 to August 31, 2020, as agreed by industry players & the National Communications Entity (ENACOM), and from July 31, 2020 to December 31, 2020 through the Decree 690/2020.
§  Total Costs (Excluding Depreciation and Amortization) reached Ps. 52,564 million, a decrease of 9.7% in constant currency, mainly driven by lower bad debt expenses, employee benefits expenses and severance payments, other operating expenses, commissions and advertising costs, programming and content costs, fees for services, maintenance, materials and supplies,  taxes and fees with the Regulatory Authority, partially offset by higher costs of equipment and handset as well as higher interconnection costs.
§   EBITDA reached Ps. 29,983 million as of 1Q21, a decrease of 4.3% in real terms compared to 1Q20, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a higher EBITDA Margin of 36.3% in 1Q21, compared to 35.0% in 1Q20.
§  Consolidated Net Income amounted Ps. 8,955 million. Consolidated Net Income attributable to the Controlling Company amounted to Ps. 3,364 million.
                                                                                                                                                                                                                                        
FINANCIAL HIGHLIGHTS 
 




(millions of Ps.in constant Currency as of March 31, 2021)


 


 


 


 


 




Total Revenues


82,547


89,529


(7.8%)


78,831


4.7%




EBITDA (1) 


29,983


31,317


(4.3%)


22,574


32.8%




EBITDA Margin (2)


36.3%


35.0%


3.8%


28.6%


26.8%




Loss for the period


8,955


3,957


126.3%


(5,249)


(270.6%)




Attributable to:


 


 


 


 


 




Equity Shareholders


3,364


1,605


109.6%


(2,771)


(221.4%)




Non-Controlling Interests


5,591


2,352


137.7%


(2,478)


(325.6%)




 
(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. 82,547 million in 1Q21, a decrease of 7.8% compared to Ps. 89,529 million in 1Q20, mainly driven by lower revenues from mobile, internet, cable TV, fixed telephony and other revenues from services, which was partially offset by higher revenues from equipment sales. 
 
Following is a breakdown of Total Revenues:
 




(millions of Ps.in constant Currency as of March 31, 2021)


 


 


 


 


 




Mobile Services


30,886


32,990


(6.4%)


37.4%


36.8%




Internet Services


17,460


19,480


(10.4%)


21.2%


21.8%




Cable TV Services


16,728


18,716


(10.6%)


20.3%


20.9%




Fixed Telephony and Data Services


11,833


13,520


(12.5%)


14.3%


15.1%




Other revenues from services


209


254


(17.7%)


0.3%


0.3%




Revenues from Services


77,116


84,960


(9.2%)


93.4%


94.9%




Revenues from Equipment Sales


5,431


4,569


18.9%


6.6%


5.1%




Total Revenues


82,547


89,529


(7.8%)


100.0%


100.0%




 
 
Mobile Services Revenues decreased by 6.4% in real terms to Ps. 30,886 as of 1Q21, mainly due to the restatement effect as of March 31, 2021. 
 
In Argentina, Personal mobile subscribers reached more than 18.8 million (+363 thousand compared to 4Q20) and around 42% of them are postpaid. Mobile internet revenues reached 73% of Personal Argentina service revenues. Mobile ARPU decreased 3.3% during the 1Q21 compared to 1Q20 (Ps. 485.5 in 1Q21 vs Ps. 501.5 in 1Q20). Mobile churn was 1.5% as of 1Q21, compared to 2.3% in 1Q20.
 
During the first quarter of 2021, our subsidiary Telecom strengthened the variety of mobile offers with a greater volume of data in order to improve the connectivity of clients. In addition, Personal and Fibertel brands offered their convergent clients the benefit of gigs as a gift for the summer. 
 
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 13.5 million clients with 4G devices. Additionally, it announced the start of the first 5G network in Argentina, launching 10 Personal mobile sites in Buenos Aires and Rosario, strengthening its commitment to transformation and innovation.
 
As of March 31, 2021, Núcleo customer base decreased 2.8% to 2.2 million subscribers, of which 17% are postpaid. Revenues from Núcleo services were Ps 3,570 million in 1Q21, a decrease of 15.9% compared to 1Q20, mainly due to a lower client base and the decrease in the ARPU.
 
Internet Services Revenues dropped 10.4% to Ps. 17,460 in 1Q21 mainly due to a 14% lower Broadband ARPU of Ps.1,358.4 as of March 31, 2021. Of the 4.2 million broadband customers reached in 1Q21 (+12 thousand compared to 4Q20), around 74% subscribed to services with speeds of 20Mb or higher. Monthly churn dropped to 1.4% in 1Q21 from 1.6% in 1Q20. 
 
Cable TV Services Revenues amounted to Ps. 16,728 million in 1Q21, a decrease of 10.6% compared to 1Q20, mainly due to the restatement effect as of March 31, 2021.  Cable TV ARPU reached Ps. 1,540.6 in 1Q21, a decrease of 13.6% compared to 1Q20. Additionally, Cable TV churn decreased to 1.2% in 1Q21 from 1.4% in 1Q20.
 
It is worth mentioning that during the first quarter of 2021 our subsidiary Telecom continued boosting its entertainment proposal with innovative and high-quality content through its Flow platform, which participated in the BAFICI Festival, awarding the "Flow Award to Argentina cinema". Regarding the vertical content linked to gaming, Telecom continued to accompany the consolidation of Esports as a phenomenon of entertainment and local consumption.
 
Moreover, our subsidiary Telecom continued to focus on innovation, through the incorporation of Disney+ into its Flow entertainment platform during the last year, 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.
 
Fixed Telephony and Data Services Revenues reached Ps. 11,833 million in 1Q21, a decrease of 12.5% compared to 1Q20, mainly due the restatement effect as of March 31, 2021. Additionally, ARBU in fixed telephony reached Ps. 589.5 in 1Q21, decreasing 15.2% compared to 1Q20. 
 
On the corporate segment side, our subsidiary Telecom continued to develop a series of initiatives for companies, providing solutions based on their needs to support them in their productivity and growth.
Moreover, as a part of the commercial agreement between Telecom and IBM, two new product offering were announced in January: IBM Security Guardium, a data security technology, and IBM Security Trusteer, which offers detection fraud and continues authentication based on digital identity risk.
 
Additionally, Telecom FiberCorp presented a new Collaboration solution that provides integrated telephony, chat, meeting, and screen sharing services, among other functions, from one place. It is also worth mentioning that Telecom FiberCorp participated in the 101st edition of the Congreso Segurinfo Iberoamericano, the main annual conference on Cybersecurity and Information Technologies. Thus, our subsidiary continues to support companies by offering comprehensive solutions for the security of their information.
 
Revenues from equipment sales totaled Ps. 5,431 million in 1Q21, a rise of 18.9% compared to 1Q20, mainly due to an increase in the quantities sold, as well as an increase in the average prices of handsets.
 
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 52,564 million in 1Q21, a decrease of Ps. 5,648 million, or 9.7% compared to 1Q20.
 
These lower operating costs and expenses were mainly due to lower bad debt expenses, employee benefits expenses and severance payments, other operating expenses, commissions and advertising costs, programming and content costs, fees for services, maintenance, materials and supplies, taxes and fees with the Regulatory Authority, which was partially offset by higher costs of equipment and handset as well as higher interconnection costs. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.
 
EBITDA reached Ps. 29,983 million in 1Q21, a decrease of 4.3% from Ps. 31,317 million reported for 1Q20, 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 Ps. 24,664 million in 1Q21, an increase of 6.4% compared to 1Q20. The increase was mainly due to the impact of the amortization of assets incorporated after March 31, 2020.
 
Equity in earnings from unconsolidated affiliates totaled Ps. 82 million in 1Q21, compared to Ps. 131 million in 1Q20.
 
Financial Results net totaled Ps. 6,783 million as of 1Q21, compared to Ps. (1,897) million in 1Q20, mainly as a result of positive FX and inflation adjustments results and lower debt interest costs.
 
Income tax as of March 31, 2021 reached Ps. (3,229) million, from Ps. (2,415) million in March 2020. 
 
 
Net Income for the period totaled Ps. 8,955 million in 1Q21, compared to a net income of Ps. 3,957 million reported for the same period of 2020. The Equity Shareholders net income for the period amounted to Ps. 3,364 million.
 
 
 




(millions of Ps.in constant Currency as of March 31, 2021)


 


 


 


 


 

 


 



Consolidated Revenues


82,547


89,529


(7.8%)


78,831


4.7%

 



Employee benefit expenses and severance payments


(15,338)


(16,731)


(8.3%)


(17,439)


(12.0%)

 



Interconnection and Transmission Costs


(3,193)


(2,875)


11.1%


(3,061)


4.3%

 



Fees for Services, Maintenance, Materials and Supplies


(9,360)


(9,870)


(5.2%)


(9,854)


(5.0%)

 



Taxes and Fees with the Regulatory Authority


(6,420)


(6,816)


(5.8%)


(6,171)


4.0%

 



Commissions and Advertising


(4,382)


(5,093)


(14.0%)


(5,024)


(12.8%)

 



Cost of Equipment and Handsets


(3,912)


(3,210)


21.9%


(3,475)


12.6%

 



Programming and Content Costs


(6,083)


(6,742)


(9.8%)


(5,623)


8.2%

 



Bad Debt Expenses


(1,037)


(3,207)


(67.7%)


(2,292)


(54.8%)

 



Other Operating Income and Expense


(2,839)


(3,668)


(22.6%)


(3,317)


(14.4%)

 



EBITDA1


29,983


31,317


(4.3%)


22,574


32.8%

 



EBITDA Margin2


36.3%


35.0%


3.8%


28.6%


26.8%

 



Net Income


8,955


3,957


126.3%


(5,249)


(270.6%)

 



Attributable to:


 


 


 


 


 

 



Controlling Company


3,364


1,605


109.6%


(2,771)


(221.4%)

 



Non-controlling interest


5,591


2,352


137.7%


(2,478)


(325.6%)

 



 
KEY OPERATING INDICATORS




 


 


 


 




Mobile services


 


 


 




Subs(1)


21,000.0


21,040.0


-0.2%




Personal (Argentina) (1)


18,800.0


18,839.0


-0.2%




Núcleo (Paraguay) (1)


2,200.0


2,201.0


0.0%




 


 


 


 




Postpaid


 


 


 




Personal (Argentina)


42.0%


41.0%


2.4%




Núcleo (Paraguay)


17.0%


17.0%


0.0%




ARPU Personal(2)


485.5


501.5


-3.2%




Churn(4)


1.5%


2.3%


-34.8%




 
 


 


 


 




Internet services


 


 


 




Subs(1)


4,200.0


4,107.6


2.2%




Speed >20Mb (% Total Subs)


73.8%


65.6%


12.5%




ARPU(2)


1,358.3


1,579.8


-14.0%




Churn(4)
 


1.4%


1.6%


-12.5%




 


 


 


 




Pay TV services 


 


 


 




Argentina Subs(1)


3,500.0


3,495.0


0.1%




ARPU(2)


1,540.6


1,784.0


-13.6%




Churn(4)
 


1.2%


1.4%


-14.3%




 


 


 


 




Fixed Telephony


 


 


 




Subs(1)                                                                              


2,800.0


3,078.0


-9.0%




ARBU(3) 


589.5


695.1


-15.2%




(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of March 31, 2021)
(3) ARBU = Average Billing per user (restated by inflation as of March 31, 2021)
(4) Monthly Average Churn
 
 
 
CAPITAL EXPENDITURE (CAPEX)
During the first quarter of 2021, our subsidiary, Telecom Argentina, invested Ps. 19,522 million, an increase of 37.1% compared to 1Q20. The investments were focused on projects related to: 
 
·      Cable TV and Internet services expansion to improve the transmission and access speed offered to customers, 
·      Deployment of 4G coverage and capacity to support growth and a higher quality of the Mobile Internet service, 
·      Extension of the transmission networks to unify the different access technologies, reconverting the copper fixed networks into fiber or hybrid fiber- coaxial networks, and 
·      Investments in customer contact systems.
 
Regarding 5G, the first sites have Dynamic Spectrum Sharing ("DSS") technology, which is leveraged on the current 4G network to power 5G accesses dynamically and on demand, allowing speeds of 10 Gbps, greater capacity of connected devices, and greater coverage and features than the current LTE-4G/4.5G. It is worth noting, that our subsidiary Telecom participated in the trials that ENACOM developed with different actors of the ICT ecosystem in Argentina, to demonstrate what 5G could offer to its future users.
In relative terms, investments reached 23.6% of consolidated revenues in 1Q21.
 
DEBT AND LIQUIDITY
 




 


 


 


 






Short Term and Long-Term Debt  


 


 


 




Current Financial Debt


49,628


64,912


(23.5%)




Bank overdraft


3,816


15,332


(75.1%)




Securities-guaranteed loans


0


1,469


 




Financial loans


17,000


24,543


(30.7%)




Negotiable obligations


11,929


3,367


254.3%




NDF


331


1,116


(70.3%)




Acquisition of equipment


2,705


2,581


4.8%




Accrued interest


13,847


16,506


(16.1%)




Non-Current Financial Debt


172,868


179,201


(3.5%)




Negotiable obligations


72,578


65,765


10.4%




Financial loans


70,192


84,468


(16.9%)




NDF


2


56


(96.4%)




Acquisition of equipment


4,122


5,379


(23.4%)




Accrued interest


25,974


23,533


10.4%




Total Financial Debt (A)


222,496


244,114


(8.9%)




 


 


 


 




Cash and Cash Equivalents (B)


38,069


55,048


(30.8%)




Net Debt (A) - (B)


184,427


189,065


(2.5%)




Net Debt/Adjusted Ebitda (1)


1.6


1.6


(0.6%)




% USD Debt


82.5%


85.6%


(3.6%)




% PYG Debt


3.4%


2.9%


16.8%




% ARS Debt


14.1%


11.5%


22.3%




 
Total Financial Debt (1) decreased from Ps. 244,114 million in March 2020 to Ps. 222,496 million in March 2021, and Net Debt decreased from Ps 189,065 to Ps. 184,427. 
 
Debt coverage ratio (1) as of March 31, 2021 was 1.6x in the case of Net Debt and of 2.4x 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)
 


290 




CVH or CVHSY Price per GDS (USD)


1.75 




Total Shares


180,642,580




Total GDSs


180,642,580




Closing Price


May 11, 2021
 




 
 


 




CONFERENCE CALL AND WEBCAST INFORMATION
 
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / LSE: CVH)

cordially invites you to participate in its Webcast Presentation
to discuss First Quarter 2021 Results
 
Date: Tuesday, May 18, 2021
Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London
 
 
To access the live stream and slide Webcast presentation, visit: 
https://services.choruscall.com/links/cvhsy210518tW9c2pKp.html
 
NOTE: Cablevisión Holding S.A. will release its First Quarter 2021 Earnings Report on Tuesday, May 11, 2021 after the markets close.
 
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
Valentina Lopez, Sr. Analyst
Email: ir@cvh.com.ar                                                                                   
Tel: (+54 11) 4309 - 3417                                                                                             Tel: +1 917 691-4047
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 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 THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
(in millions of Argentine pesos)
 




 


March 31, 2021


 


March 31, 2020


 




 


 


 


 


 




Revenues


82,547


 


89,529


 




  Employee benefit expenses and severance payments


(15,338)


 


(16,731)


 




  Interconnection and Transmission Costs


(3,193)


 


(2,875)


 




  Fees for Services, Maintenance, Materials and Supplies


(9,360)


 


(9,870)


 




  Taxes and Fees with the Regulatory Authority


(6,420)


 


(6,816)


 




  Commissions and Advertising


(4,382)


 


(5,093)


 




  Cost of Equipment and Handsets


(3,912)


 


(3,210)


 




  Programming and Content Costs


(6,083)


 


(6,742)


 




  Bad Debt Expenses


(1,037)


 


(3,207)


 




  Other Operating Income and Expense


(2,839)


 


(3,668)


 




Operating Income before Depreciation and Amortization


29,983


 


31,317


 




  Depreciation, Amortization and Impairment of Fixed Assets


(24,664)


 


(23,179)


 




Operating Income


5,319


 


8,138


 




  Equity in Earnings from Associates


82


 


131


 




  Financial Expenses on Debts


3,093


 


(4,413)


 




  Other Financial Results, net


3,690


 


2,516


 




Income (Loss) before Income Tax Expense


12,184


 


6,372


 




  Income Tax


(3,229)


 


(2,415)


 




Net Income


8,955


 


3,957


 




 


 


 


 


 




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


 


 


 


 




  Currency Translation Adjustments (no effect on Income Tax)


23


 


(1,432)


 




  Effect of NDF classified as hedges


62


 


(439)


 




  Tax Effect of NDF classified as hedges


(31)


 


105


 




Other Comprehensive Income, net of Taxes


54


 


(1,766)


 




 


 


 


 


 




Total Comprehensive Income/ (Loss)


9,009


 


2,191


 




 


 


 


 


 




 


 


 


 


 




Net Income (Loss) attributable to:


 


 


 


 




Shareholders of the Controlling Company


3,364


 


1,605


 




Non-Controlling Interest


5,591


 


2,352


 




 


 


 


 


 




Total Comprehensive Income (Loss) Attributable to:


 


 


 


 




Shareholders of the Controlling Company


3,375


 


1,053


 




Non-Controlling Interest


5,634


 


1,138


 




 


 


 


 


 




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


18.62


 


8.89


 




 


 


 


 


 




 
 
 
 
 
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2021 AND DECEMBER 31, 2020
(in millions of Argentine pesos)
 




 


 


 


 




ASSETS


March 31, 
2021


 


December 31, 2020




CURRENT ASSETS


 


 


 




Cash and Cash Equivalents


32,638


 


21,990




Investments


5,431


 


17,885




Trade Receivables


22,166


 


21,411




Other Receivables


8,046


 


6,279




Inventories


3,874


 


4,204




Total Current Assets


72,155


 


71,769




NON-CURRENT ASSETS


 


 


 




Trade Receivables


67


 


67




Other Receivables


2,567


 


2,411




Deferred Income Tax Assets


535


 


525




Investments


2,205


 


2,431




Goodwill


269,387


 


269,495




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


356,194


 


362,184




Intangible Assets


114,738


 


117,155




Right-of-Use Assets


23,555


 


20,074




Total Non-Current Assets


769,248


 


774,342




Total Assets


841,403


 


846,111




LIABILITIES


 


 


 




CURRENT LIABILITIES


 


 


 




Accounts Payable


44,210


 


44,461




Financial Debt


49,628


 


46,991




Salaries and Social Security Payables


12,170


 


16,208




Taxes Payable


4,794


 


4,223




Dividends Payable


-


 


10,496




Lease Liabilities


4,367


 


3,768




Other Liabilities


2,255


 


2,366




Provisions


1,640


 


1,826




Total Current Liabilities


119,064


 


130,339




NON-CURRENT LIABILITIES


 


 


 




Accounts Payable


1,485


 


2,765




Financial Debt


172,868


 


179,141




Salaries and Social Security Payables


900


 


949




Deferred Income Tax Liabilities


93,174


 


89,994




Taxes Payable


2


 


6




Lease Liabilities


10,404


 


7,868




Other Liabilities


1,277


 


1,305




Provisions


7,900


 


8,429




Total Non-Current Liabilities


288,010


 


290,457




Total Liabilities


407,074


 


420,796




EQUITY (as per the corresponding statement)


 


 


 




Attributable to Shareholders of the Parent Company


180,150


 


176,775




Attributable to Non-Controlling Interests


254,179


 


248,540




TOTAL EQUITY 


434,329


 


425,315




TOTAL LIABILITIES AND EQUITY 


841,403


 


846,111




 


 


 


 




 
 
 
 
 

 

 
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
 (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


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, 2020


181


9,594


22,986


32,761


 


(2,708)


121,847


 


1,955


158,112


(119,671)


192,296


 


271,264


 


463,560




Net Income (Loss) for the Period


-


-


-


-


 


-


-


 


-


-


1,605


1,605


 


2,352


 


3,957




Other Comprehensive Income


-


-


-


-


 


(552)


-


 


-


-


-


(552)


 


(1,214)


 


(1,766)




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




Balances as of March 31, 2020


181


9,594


22,986


32,761


 


(3,260)


121,847


 


1,955


158,112


(118,066)


193,349


 


272,402


 


465,751




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




Balances as of January 1, 2021


181


9,594


22,986


32,761


 


(3,363)


121,863


 


1,955


142,000


(118,441)


176,775


 


248,540


 


425,315




Dividends and Other Movements of Non-Controlling Interest 


-


-


-


-


 


-


-


 


-


-


-


-


 


5


 


5




Net Income (Loss) for the Period


-


-


-


-


 


-


-


 


-


-


3,364


3,364


 


5,591


 


8,955




Other Comprehensive Income


-


-


-


-


 


11


-


 


-


-


-


11


 


43


 


54




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




Balances as of March 31, 2021


181


9,594


22,986


32,761


 


(3,352)


121,863


 


1,955


 (1) 142,000


(115,077)


180,150


 


254,179


 


434,329




 
 
(1) Voluntary Reserve for Illiquid Results.
 
 
 


CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
 (in millions of Argentine pesos)
 
 




 


 


 




 


March 31, 
2021


 


March 31, 
2020




CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES


 


 


 




Net Income


8,955 


 


3,957




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


 


 


 




  Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies


1,632 


 


3,525




  Depreciation of PP&E


19,875 


 


18,561




  Amortization of Intangible Assets


2,927 


 


3,046




  Amortization of Rights of Use


1,789 


 


1,475




  Equity in Earnings from Associates


(82) 


 


(131) 




  Net Book Value of Fixed Assets and Consumption of Materials


359 


 


               255 




  Financial Results and Other


(8,994) 


 


4,816




  Income Tax Expense


3,229 


 


2,415




  Income Tax Paid


(291)


 


(609) 




  Net Decrease in Assets


(6,979) 


 


(7,461)




  Net Increase (Decrease) in Liabilities


5,082 


 


(6,910)




Net Cash Flows provided by Operating Activities 


27,502 


 


22,939




CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES 


 


 


 




  PP&E Acquisitions


(14,415)


 


(15,620)




  Intangible Assets Acquisition


(426) 


 


(546) 




  Collection of Dividends


175 


 


                 31 




  Income from Sale of PP&E and Intangible Assets


3 


 


                        -   




  Investments not considered as cash and cash equivalents


854 


 


(367) 




Net Cash Flows used in Investing Activities 


(13,809)


 


(16,502)




CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES 


 


 


 




  Proceeds from Financial Debt


13,065 


 


30,782




  Payment of Financial Debt


(7,407) 


 


(17,733)




  Payment of Interest and Related Expenses


(7,092)


 


(7,135)




  Payment of Lease Liabilities


(1,185) 


 


(1,439)




Net Cash Flows (used in) provided by Financing Activities 


(2,619) 


 


4,475




 


 


 


 




NET INCREASE IN CASH FLOWS


11,074 


 


10,912




CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR:


21,990 


 


41,615




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


(426)


 


(78) 




CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD


32,638 


 


52,449




 


 


 


 




 
 

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