REG - Cablevision Holding - Full Year and Last Quarter 2021 Results
11/03/2022 10:00
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RNS Number : 4968E Cablevision Holding S.A. 11 March 2022
Cablevisión Holding announces its Full Year and Last Quarter 2021 Results
Buenos Aires, Argentina, March 10(th), 2022 - 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 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 December 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 (2021 vs. 2020):
§ Total Revenues reached Ps. 425,493 million, a decrease of 6.5% in real
terms as of 2021, compared to the same period of 2020, mainly driven by lower
revenues from fixed telephony, mobile, cable TV and internet, which was
partially offset by higher revenues from equipment sales, in a context in
which price increases for our services in 2021 weren´t sufficient to
compensate for the lag vis a vis inflation (50.9% interannually as of December
2021).
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 293,011
million, a decrease of 2.4% in constant currency, mainly driven by lower bad
debt expenses, taxes and fees with the Regulatory Authority, interconnection
and transmission costs, commissions and advertising costs and programming and
content costs; partially offset by higher costs of equipment and handset and
higher employee benefits expenses and severance payments.
§ EBITDA reached Ps. 132,482 million as of 2021, a decrease of 14.5% in
real terms compared to 2020, mainly driven by lower revenues, partially offset
by lower operating costs, which resulted in a lower EBITDA Margin of 31.1% in
2021, compared to 34.0% in 2020.
§ Consolidated Net Income amounted Ps. 10,252 million. Consolidated net
income attributable to the Controlling Company amounted to Ps. 3,698 million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of December 31, 2021) 2021 2020 % Ch. 4Q21 3Q21 4Q20 QoQ YoY
Total Revenues 425,493 455,234 (6.5%) 102,596 106,082 105,343 (3.3%) (2.6%)
EBITDA ((1)) 132,482 154,930 (14.5%) 27,600 31,277 30,170 (11.8%) (8.5%)
EBITDA Margin ((2)) 31.1% 34.0% (8.5%) 26.9% 29.5% 28.6% (8.8%) (6.1%)
Net income 10,252 (8,866) (215.6%) 8,718 3,802 (7,010) 129.3% (224.4%)
Attributable to:
Equity Shareholders 3,698 (4,545) (181.4%) 3,137 1,753 (3,698) 78.9% (184.8%)
Non-Controlling Interests 6,554 (4,321) (251.7%) 5,581 2,049 (3,312) 172.4% (268.5%)
(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. 425,493 million in 2021, a decrease of 6.5% in real
terms compared to Ps. 455,234 million in 2020, mainly driven by lower revenues
from fixed telephony and data services, mobile, cable TV and internet, 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 December 31, 2021) 2021 2020 YoY 2021 2020 % of Total
% of Total
Mobile Services 161,131 171,089 (5.8%) 37.9% 37.6%
Internet Services 90,768 96,954 (6.4%) 21.3% 21.3%
Cable TV Services 82,550 89,934 (8.2%) 19.4% 19.8%
Fixed Telephony and Data Services 58,930 68,825 (14.4%) 13.8% 15.1%
Other revenues from services 2,318 1,863 24.4% 0.5% 0.4%
Revenues from Services 395,697 428,665 (7.7%) 93.0% 94.2%
Revenues from Equipment Sales 29,796 26,569 12.1% 7.0% 5.8%
Total Revenues 425,493 455,234 (6.5%) 100.0% 100.0%
Mobile Services Revenues decreased by 5.8% in real terms to Ps. 161,131 as of
2021, mainly due to the restatement effect as of December 31, 2021.
In Argentina, Personal mobile subscribers reached approximately 20.1 million
(+608 thousand compared to 3Q21) and around 41% of them are postpaid. Mobile
internet revenues reached 75% of Personal Argentina service revenues. Mobile
ARPU decreased 6.3% in real terms during the 2021 compared to 2020 (Ps. 617.0
in 2021 vs Ps. 658.4 in 2020). Mobile churn was 1.1% as of 2021, compared to
2.2% in 2020.
During 2021, our subsidiary Telecom strengthened the variety of mobile offers
with a greater volume of data in order to improve clients' connectivity.
During this period a new Wifi Pass service was launched, allowing mobile
clients who in addition are internet access clients to share internet gigs
free of charge from their phones to any other device without consuming data
allowance from their contracted plan.
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 14.3 million clients
with 4G devices. During 2021, the 4G technology traffic represented 92% of the
total traffic.
As of December 31, 2021, Núcleo customer base increased 0.4% to 2.2 million
subscribers, of which 18% are postpaid. Revenues from Núcleo services were Ps
16,708 million in 2021, a decrease of 14.2% compared to 2020, mainly due to a
decrease in ARPU.
Internet Services Revenues dropped 6.4% in real terms to Ps. 90,768 in 2021
mainly due to a 10.0% lower Broadband ARPU of Ps. 1,727.1 as of December 31,
2021. Of the 4.2 million broadband customers reached in 2021, around 70%
subscribed to services with speeds of 50Mb or higher. Monthly churn increased
to 1.5% in 2021 from 1.3% in 2020.
Cable TV Services Revenues amounted to Ps. 82,550 million in 2021, a decrease
of 8.2% compared to 2020, mainly due to the restatement effect as of December
31, 2021. Cable TV ARPU reached Ps. 1,883.2 in 2021, a decrease of 9.7%
compared to 2020. Additionally, Cable TV churn increased to 1.1% in 2021 from
1.0% in 2020.
It is worth mentioning that during 2021 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 the
incorporation of Disney+ in November 2020 and Paramount+, Star+ and Amazon
Prime Video in 2021, into its Flow entertainment platform, 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. 58,930 million in 2021,
a decrease of 14.4% compared to 2020, mainly due the restatement effect as
of December 31, 2021 and a decrease in the fixed telephony customer base.
Additionally, ARBU in fixed telephony reached Ps. 777.2 in 2021, decreasing
10.3% when compared to 2020.
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.
In addition, during 2021, our subsidiary Telecom rebranded its institutional
visual identity and of its commercial brands, to express the technological
evolution it is undertaking to better serve the digital development of its
clients. From now on, its customers have total connectivity through Personal,
whether they are at home or out and about, with the best customer experience,
thanks to the fixed and mobile networks. Flow is a real entertainment meeting
point, where content from the most relevant platforms in the market is
integrated. And, under the brand Telecom, it continues to bring digital
solutions for the Corporate and Government segment, contributing to their
development and growth.
Revenues from equipment sales totaled Ps. 29,796 million in 2021, a rise of
12.1% in real terms compared to 2020, 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. 293,011 million in 2021, a
decrease of Ps. 7,293 million in real terms, or 2.4% compared to 2020.
These lower operating costs and expenses were mainly due to lower bad debt
expenses, taxes and fees with the Regulatory Authority, interconnection and
transmission costs, commissions and advertising costs and programming and
content costs, partially offset by costs of equipment and handset and higher
employee benefits expenses and severance payments. More than 99.9% of the
costs and expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 132,482 million in 2021, a decrease of 14.5% in real terms
from Ps. 154,930 million reported for 2020, 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. 135,545 million in 2021, an increase of 8.7% in
real terms compared to 2020. The increase was mainly due to the impact of the
amortization of assets incorporated after December 31, 2020.
Equity in earnings from unconsolidated affiliates totaled Ps. 395 million in
2021, compared to Ps. 749 million in 2020.
Financial Results net totaled Ps. 46,242 million as of 2021, compared to Ps.
(27,443) million in 2020, mainly as a result of positive FX (versus a loss in
2020) and inflation adjustments results and lower debt interest costs and
renegotiation of financial debt negative results.
Income tax as of December 31, 2021 reached Ps. (33,322) million, from Ps.
(12,457) million in December 2020, mainly as a result of the tax effect
according to the Law N° 27,630, released on June 16th, 2021, which replaced
the previous tax rate of 25% and established a tax rate scale from 25% up to
35%, depending on the taxpayer´s taxable income.
Net Income for the period totaled Ps. 10,252 million in 2021, compared to a
net loss of Ps. (8,866) million reported for the same period of 2020. The
Equity Shareholders net income for the period amounted to Ps. 3,698 million.
(millions of Ps. in constant Currency as of December 31, 2021) 2021 2020 % Ch. 4Q21 3Q21 4Q20 QoQ YoY
Consolidated Revenues 425,493 455,234 (6.5%) 102,596 106,082 105,343 (3.3%) (2.6%)
Employee benefit expenses and severance payments (91,888) (88,320) 4.0% (25,340) (24,123) (23,300) 5.0% 8.8%
Interconnection and Transmission Costs (15,262) (16,987) (10.2%) (3,494) (3,764) (4,090) (7.2%) (14.6%)
Fees for Services, Maintenance, Materials and Supplies (49,652) (50,061) (0.8%) (12,616) (12,224) (13,168) 3.2% (4.2%)
Taxes and Fees with the Regulatory Authority (32,744) (34,750) (5.8%) (7,832) (8,124) (8,247) (3.6%) (5.0%)
Commissions and Advertising (24,392) (26,040) (6.3%) (6,174) (6,113) (6,714) 1.0% (8.0%)
Cost of Equipment and Handsets (20,961) (16,803) 24.7% (4,703) (5,152) (4,644) (8.7%) 1.3%
Programming and Content Costs (28,949) (30,443) (4.9%) (6,873) (6,963) (7,515) (1.3%) (8.5%)
Bad Debt Expenses (7,983) (16,309) (51.1%) (2,074) (2,160) (3,063) (4.0%) (32.3%)
Other Operating Income and Expense (21,180) (20,591) 2.9% (5,891) (6,182) (4,433) (4.7%) 32.9%
EBITDA(1) 132,482 154,930 (14.5%) 27,600 31,277 30,170 (11.8%) (8.5%)
EBITDA Margin(2) 31.1% 34.0% (8.5%) 26.9% 29.5% 28.6% (8.8%) (6.1%)
Net Income 10,252 (8,866) (215.6%) 8,718 3,802 (7,010) 129.3% (224.4%)
Attributable to:
Controlling Company 3,698 (4,545) (181.4%) 3,137 1,753 (3,698) 78.9% (184.8%)
Non-controlling interest 6,554 (4,321) (251.7%) 5,581 2,049 (3,312) 172.4% (268.5%)
KEY OPERATING INDICATORS
2021 2020 YoY
Mobile services
Subs((1)) 22,348.1 20,643.1 8.3%
Personal (Argentina) ((1)) 20,129.7 18,433.0 9.2%
Núcleo (Paraguay) ((1)) 2,218.4 2,210.1 0.4%
Postpaid
Personal (Argentina) 41% 42% -2.6%
Núcleo (Paraguay) 18% 17% 9.0%
ARPU Personal((2)) 617.0 658.4 -6.3%
Churn((4)) 1.1% 2.2% -51.6%
Internet services
Subs((1)) 4,247.5 4,146.0 2.4%
Speed >20Mb (% Total Subs) 70% 59% 18.6%
ARPU((2)) 1,727.1 1,918.5 -10.0%
Churn((4)) 1.5% 1.3% 12.1%
Pay TV services
Subs((1)) 3,562.5 3,543.2 0.5%
ARPU((2)) 1,883.2 2,086.3 -9.7%
Churn((4)) 1.1% 1.0% 12.9%
Fixed Telephony
Subs((1)) 2,417.2 2,821.0 -14.3%
ARBU((3)) 777.2 866.9 -10.3%
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of December 31,
2021)
(3) ARBU = Average Billing per user (restated by inflation as of December 31,
2021)
(4) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 2021, our subsidiary, Telecom Argentina, invested Ps. 103,704
million, an increase of 2.9% compared to 2020. 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.
In relative terms, investments reached 24.4% of consolidated revenues in 2021.
DEBT AND LIQUIDITY
(In millions of Ps.) December 2021 December 2020 % Change
Short Term and Long-Term Debt
Current Financial Debt 64,869 62,795 3.3%
Bank overdraft 12,184 5,967 104.2%
Financial loans 32,577 11,499 183.3%
Negotiable obligations - 20,813 (100.0%)
NDF 185 779 (76.2%)
Acquisition of equipment 3,595 3,707 (3.0%)
Accrued interest 16,328 20,030 (18.5%)
Non-Current Financial Debt 202,052 239,390 (15.6%)
Negotiable obligations 111,364 85,331 30.5%
Financial loans 57,745 110,858 (47.9%)
NDF - 17 (100.0%)
Acquisition of equipment 3,916 6,279 (37.6%)
Accrued interest 29,027 36,905 (21.3%)
Total Financial Debt (A) 266,921 302,185 (11.7%)
Cash and Cash Equivalents (B) 32,607 51,214 (36.3%)
Net Debt (A) - (B) 234,314 250,970 (6.6%)
Net Debt/Adjusted Ebitda ((1)) 1.8x 1.6x 9.2%
% USD Debt 68.2% 84.4% (19.3%)
% PYG Debt 2.8% 2.9% (1.3%)
% ARS Debt 26.1% 12.6% 107.5%
% CNY Debt 2.9% 0.1% 2144.0%
Total Financial Debt ((1)) decreased from Ps. 302,185 million in December 2020
to Ps. 266,921 million in December 2021, and Net Debt decreased from Ps
250,970 to Ps. 234,314 .
Debt coverage ratio ((1)) as of December 31, 2021 was 1.8x in the case of
Net Debt and of 2.0x in terms of Total Financial Debt.
((1) )Debt Coverage Ratio is defined as Total Financial Debt divided by Last
Twelve Months EBITDA. Total Financial debt is defined as financial loans and
debt for acquisitions, including accrued interest.
STOCK AND MARKET INFORMATION
Cablevisión Holding trades its stock on the Buenos Aires Stock Exchange
(BCBA) and on the London Stock Exchange (LSE), in the form of shares and
GDS's, respectively. In addition, the company has a Level 1 listing and its
ADRs are traded in the OTC Market.
March 10, 2022
CVH (BCBA) Price per Share (ARS) 638.50
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 Full Year and Last Quarter 2021Results
Date: Monday, March 14, 2022
Time: 12:00pm Buenos Aires Time/11:00am New York Time/3:00pm London
The 2021 and 4Q21 results will be presented via webcast presentation. To
access the live stream and slide presentation, visit:
https://services.choruscall.com/links/cvhsy220314dQp6NdiX.html
The webcast presentation will also be available at:
https://www.cablevisionholding.com/Investors
(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 (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 YEAR ENDED DECEMBER 31, 2021 AND 2020
(in millions of Argentine pesos)
December 31, 2021 December 31, 2020
Revenues 425,493 455,234
Employee benefit expenses and severance payments (91,888) (88,320)
Interconnection and Transmission Costs (15,262) (16,987)
Fees for Services, Maintenance, Materials and Supplies (49,652) (50,061)
Taxes and Fees with the Regulatory Authority (32,744) (34,750)
Commissions and Advertising (24,392) (26,040)
Cost of Equipment and Handsets (20,961) (16,803)
Programming and Content Costs (28,949) (30,443)
Bad Debt Expenses (7,983) (16,309)
Other Operating Costs (21,180) (20,591)
Operating Income before Depreciation, Amortization and Impairment 132,482 154,930
Depreciation, Amortization and Impairment of Fixed Assets (135,545) (124,645)
Operating (Loss) / Income (3,063) 30,285
Equity in Earnings from Associates 395 749
Financial Expenses on Debts 28,700 (37,280)
Other Financial Results, net 17,542 9,837
Income (Loss) before Income Tax Expense 43,574 3,591
Income Tax (33,322) (12,457)
Net Income / (Loss) 10,252 (8,866)
Other Comprehensive Income
To be subsequently reclassified to profit or loss
Currency Translation Adjustments (no effect on Income Tax) (6,390) (2,513)
Effect of NDF classified as hedges 342 (411)
Tax Effect of NDF classified as hedges and other (128) 32
Not to be subsequently reclassified to profit or loss -
Actuarial Results (35) 204
Tax Effect 12 (62)
Other Comprehensive Income, net of Taxes (6,199) (2,750)
-
Total Comprehensive Income/ (Loss) 4,053 (11,616)
Net Income (Loss) attributable to:
Shareholders of the Parent Company 3,698 (4,545)
Non-Controlling Interest 6,554 (4,321)
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent Company 1,863 (5,420)
Non-Controlling Interest 2,190 (6,196)
Basic and Diluted Earnings per Share attributable to the Shareholders of the 20.47 (25.16)
Parent Company (in pesos)
Additional information on costs by function is provided in Note 25.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2021 AND 2020
(in millions of Argentine pesos)
ASSETS December 31, 2021 December 31, 2020
CURRENT ASSETS
Cash and Cash Equivalents 20,899 29,385
Investments 11,708 21,829
Trade Receivables 22,554 28,612
Other Receivables 8,956 10,462
Inventories 3,115 5,618
Total Current Assets 67,232 95,906
NON-CURRENT ASSETS
Trade Receivables 72 89
Other Receivables 2,648 3,220
Deferred Income Tax Assets 736 702
Investments 3,226 3,248
Goodwill 359,118 360,135
Property, Plant and Equipment ("PP&E") 450,862 483,994
Intangible Assets 143,653 156,558
Right-of-Use Assets 33,415 26,825
Total Non-Current Assets 993,730 1,034,771
Total Assets 1,060,962 1,130,677
LIABILITIES
CURRENT LIABILITIES
Accounts Payable 49,249 59,414
Financial Debt 64,869 62,795
Salaries and Social Security Payables 22,285 21,659
Income Tax Liabilities 13,927 100
Taxes Payable 3,963 5,544
Dividends Payable 922 14,025
Lease Liabilities 6,130 5,035
Other Liabilities 3,055 3,162
Provisions 2,146 2,441
Total Current Liabilities 166,546 174,175
NON-CURRENT LIABILITIES
Accounts Payable 1,096 3,695
Financial Debt 202,052 239,390
Salaries and Social Security Payables 1,546 1,268
Deferred Income Tax Liabilities 135,232 120,261
Taxes Payable - 8
Lease Liabilities 12,786 10,515
Other Liabilities 1,250 1,745
Provisions 9,574 11,263
Total Non-Current Liabilities 363,536 388,145
Total Liabilities 530,082 562,320
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company 221,685 236,228
Attributable to Non-Controlling Interests 309,195 332,129
TOTAL EQUITY 530,880 568,357
TOTAL LIABILITIES AND EQUITY 1,060,962 1,130,677
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 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 Company 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 01, 2020 181 12,881 30,716 43,778 (3,618) 162,827 2,612 211,287 (159,916) 256,970 362,491 619,461
- - - - - - - -
Reversal of Reserves (Note 30.1) - - - - - - - (6,187) 6,187 - - -
Dividend Distribution (Note 30.1) - - - - - - - (15,342) - (15,342) - (15,342)
Sale of Treasury Stock - - - - - 2 - - (2) - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (24,198) (24,198)
Adjustment to the value of the Irrevocable Call and Put Option on the Shares - - - - - 20 - - - 20 32 52
of AVC Continente Audiovisual
Net Income (Loss) for the Year - - - - - - - - (4,545) (4,545) (4,321) (8,866)
Other Comprehensive Income - - - - (875) - - - - (875) (1,875) (2,750)
Balances as of December 31, 2020 181 12,881 30,716 43,778 (4,493) 162,849 2,612 189,758 (158,276) 236,228 332,129 568,357
Reversal of Reserves (Note 30.1) - - - - - - - (4,547) 4,547 - - -
Dividend Distribution (Note 30.1) - - - - - - - (16,479) - (16,479) - (16,479)
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (25,215) (25,215)
Adjustment to the value of the Irrevocable Call and Put Option on the Shares - - - - - 73 - - - 73 91 164
of AVC Continente Audiovisual
Net Income (Loss) for the Year - - - - - - - - 3,698 3,698 6,554 10,252
Other Comprehensive Income - - - - (1,835) - - - - (1,835) (4,364) (6,199)
Balances as of December 31, 2021 181 12,881 30,716 43,778 (6,328) 162,922 2,612 ((1)) 168,732 (150,031) 221,685 309,195 530,880
((1) Voluntary Reserve for Illiquid Results.)
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2021 AND 2020
(in millions of Argentine pesos)
December 31, 2021 December 31, 2020
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES
Net Income / (Loss) 10,252 (8,866)
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating
Activities
Allowances Deducted from Assets and Provisions for Lawsuits and Other 9,452 17,165
Contingencies
Depreciation of PP&E 108,373 99,176
Amortization of Intangible Assets 15,558 16,041
Amortization of Rights of Use 10,330 8,860
Equity in Earnings from Associates (395) (749)
Net Book Value of Fixed Assets and Consumption of Materials 2,726 996
Financial Results and Other (48,489) 39,577
Income Tax Expense 33,322 12,457
Income Tax Paid (2,270) (2,866)
Net (Increase) Decrease in Assets (18,459) (12,178)
Net Decrease in Liabilities 9,434 (16,838)
Net Cash Flows provided by Operating Activities 129,834 152,775
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
PP&E Acquisitions (73,586) (78,924)
Intangible Assets Acquisition (2,540) (3,128)
Collection of Dividends 234 121
Income from Sale of PP&E and Intangible Assets 157 80
Investments not considered as cash and cash equivalents (39,302) (43,518)
Net Cash Flows used in Investing Activities (115,037) (125,369)
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES
Proceeds from Financial Debt 64,216 84,570
Payment of Financial Debt (50,296) (98,705)
Payment of Interest and Related Expenses (26,817) (31,473)
Payment of Lease Liabilities (6,596) (7,896)
Payment of Dividends - (1,481)
Acquisition of Equity Interests (59) -
Payment of Cash Dividends to Non-Controlling Interests (744) (554)
Net Cash Flows used in Financing Activities (20,296) (55,539)
NET (DECREASE) / INCREASE IN CASH FLOW (5,499) (28,133)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: 29,385 55,613
EFFECTS OF EXCHANGE RATE CHANGES AND GAIN (LOSS) ON NET MONETARY POSITION ON (2,987) 1,905
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 20,899 29,385
See Note 5.b for additional information on the consolidated statement of cash
flows.
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