20 May 2020 08:18
Cablevisión Holding Announces its First Quarter 2020 Results (1Q20)
Buenos Aires, Argentina, May 19, 2020 - Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company" - BCBA: CVH; LSE: CVH; Level 1: CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2), announces today its First quarter 2020 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, 2020, unless otherwise indicated.
The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the annual financial statements.
CVH Highlights (1Q20 vs. 1Q19):
§ Total Revenues reached Ps. 62,762 million, a decrease of 4.5% in real terms as of March 31, 2020, compared to 1Q19, mainly due to lower Internet, Cable and Fixed Telephony and Data services revenues.
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 40,808 million, a decrease of 8.0% in constant currency, mainly driven by lower labor costs, taxes and fees, commissions and advertising, cost of handsets sold, interconnection and transmission and programing and content costs.
§ EBITDA reached Ps. 21,954 million, an increase of 2.7% in real terms compared to 1Q19, mainly driven as a result of lower costs, which decreased at a faster pace as compared to revenues drop. EBITDA Margin was 35.0% in 1Q20, compared to 32.5% in 1Q19.
§ Consolidated Net Income totaled Ps. 2,774 million. Consolidated Net Income attributable to the Controlling Company amounted Ps. 1,125 million.
FINANCIAL HIGHLIGHTS
(millions of Ps.in constant Currency as of March 31, 2020) | 1Q20 | 1Q19 | % Ch. |
Total Revenues | 62,762 | 65,735 | (4.5%) |
EBITDA (1) | 21,954 | 21,386 | 2.7% |
EBITDA Margin (2) | 35.0% | 32.5% | 7.5% |
Income for the period | 2,774 | 1,034 | 168.3% |
Attributable to: |
|
|
|
Equity Shareholders | 1,125 | (258) | NA |
Non-Controlling Interests | 1,649 | 1,292 | 27.6% |
(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. 62,762 million, a decrease of 4.5% compared to Ps. 65,735 million in 1Q19, mainly driven by lower revenues from Internet, Cable TV and Fixed Telephony and Data Services in constant currency.
Following is a breakdown of Total Revenues:
(millions of Ps.in constant Currency as of March 31, 2020) | 1Q20 | 1Q19 | YoY | 1Q20% of Total | 1Q19% of Total |
Mobile Services | 23,127 | 21,967 | 5.3% | 36.8% | 33.4% |
Internet Services | 13,656 | 15,055 | (9.3%) | 21.8% | 22.9% |
Cable TV Services | 13,120 | 14,199 | (7.6%) | 20.9% | 21.6% |
Fixed Telephony and Data Services | 9,478 | 10,180 | (6.9%) | 15.1% | 15.5% |
Other revenues from services | 178 | 171 | 4.1% | 0.3% | 0.3% |
Revenues From Services | 59,559 | 61,572 | (3.3%) | 94.9% | 93.7% |
Revenues From Equipment Sales | 3,203 | 4,163 | (23.1%) | 5.1% | 6.3% |
Total Revenues | 62,762 | 65,735 | (4.5%) | 100.0% | 100.0% |
Mobile Services Revenues amounted 23,127 as of March 31, 2020, increasing by 5.3% in real terms compared to 1Q19. This was mainly driven by higher revenues from Mobile services in Argentina, as a result of a higher ARPU and an increase in the number of clients. The commercial strategy was focused on achieving higher mobile portability through convergent offers and promoting the consumption of mobile internet.
In Argentina, Personal mobile subscribers amounted to 18.8 million at the end of 1Q20, increasing 3,8% compared to 1Q19, and around 41% of them are postpaid. In 1Q20, mobile service revenues in Argentina amounted to Ps 20,150 million (+5.0% vs 1Q19). Mobile internet revenues reached 78% of service revenues of Personal in Argentina (vs. 73% in 1Q19). During 1Q20, mobile ARPU was Ps. 352.0, resulting in an 5.1% higher ARPU restated in constant currency compared to 1Q19.
As of March 31, 2020, Núcleo customer base reached almost 2.4 million subscribers, of which 16% are postpaid. Revenues from Núcleo services were Ps 2,977 million in 1Q20, an increase of 7.0% compared to 1Q19. Mobile internet revenues represented 54% of 1Q20 service revenues (vs. 48% in 1Q19).
Internet Services Revenues dropped 9.3% to Ps. 13,656 in 1Q20, mainly due to the results of the restatement effect as of March 31, 2020 and a lower ARPU compared to 1Q19. Of the 4.1 million broadband customers reached in 1Q20, around 66% of them subscribed to services with speeds of 20Mb or higher, increasing from the participation registered in 1Q19 (44%). Internet ARPU was Ps. 1107.5 in 1Q20, decreasing 8.7% compared to 1Q19, mainly due to the restatement effect as of March 31, 2020. Monthly churn was 1.6% in 1Q20, compared to 1.4% in 1Q19.
Cable TV Services Revenues amounted to Ps. 13,120 million in 1Q20, a decrease of 7.6% compared to 1Q19. ARPU had a reduction in real terms from Ps. 1,353.3 in 1Q19 to Ps. 1250.5 in 1Q20, a decrease of 7.6%. It is important to mention that with the aim of offering the best entertainment experience, during the 1Q20 Telecom continued to promote new content and co-productions for its Flow platform. In addition, and in order to support the families during their isolation in their homes, Telecom allowed all its Cablevision´s customers to download the Flow application free of charge.
Fixed Telephony and Data Services Revenues reached Ps. 9,478 million in 1Q20, a decrease of 6.9% compared to 1Q19, mainly driven by the results of the restatement effect as of March 31, 2020. Additionally, ARBU in fixed telephony increased 4.5%, from Ps. 466.4 in 1Q19 to Ps. 487.3 in 1Q20.
It is important to mention that, regarding the corporate segment, and in order to promote the development of the IoT (Internet of Things), Telecom announced the strategic alliance with the global provider NOKIA to incorporate the WING (Worlwide IoT Network Grid), a comprehensive and scalable tool. On the other hand, in the emergency and contingency scenario posed by the pandemic in Argentina, a series of initiatives were carried out by Telecom to allow corporate clients to connect remotely while disposing freely of their data consumption.
Revenues from equipment sales amounted to Ps. 3,203 million, decreasing 23.1% compared to 1Q19, mainly due to a decrease in the quantities sold, which was partially offset by an increase in prices of handsets.
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 40,808 million in 1Q20, a decrease of Ps. 3,541 million, or 8.0% compared to 1Q19. These lower operating costs and expenses were mainly due to lower labor costs, taxes and fees with the regulatory authority, commissions and advertising, cost of handsets sold, interconnection and transmission costs, programming and content costs. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 21,954 million, an increase of 2.7% from Ps. 21,386 million reported for 1Q19, as a result of lower costs, which decreased at a faster pace as compared to revenues drop.
Depreciation, amortization and impairment of PP&E, intangible assets and rights-of-use amounted Ps. 16,249 million in 1Q20, an increase of 9.6% compared to 1Q19. The increase was due to the impact of the amortization of the incorporations after March 31, 2019, as a consequence of the Capex Plan that Telecom Argentina has been developing.
Equity in earnings from unconsolidated affiliates totaled Ps. 92 million in 1Q20, compared to Ps. 153 million in 1Q19.
Financial Results net totaled Ps. (1,330) million compared to Ps. (597) million in 1Q19, as a result of lower inflation adjustment results ( Ps. 1,062 in 1Q20 compared to Ps. 5,565 in 1Q19), which was partially offset by positive FX results (including results of NDF) measured in real terms in 1Q20 for Ps. 1,092 million , compared to negative FX results measured in real terms registered in 1Q19 for Ps. (3,144) million.
Income tax as of March 2020 reached Ps. (1,693) million, from Ps. (5,083) million in March 2019.
Net Income for the period totaled Ps. 2,774 million, from Ps. 1,034 million reported for 1Q19. This was mainly a consequence of lower total operative costs and income taxes, which was partially offset by lower revenues, higher Depreciations and Amortizations, as well as higher financial results. The Equity Shareholders Income for the period amounted a loss of Ps. 1,125 million.
(millions of Ps.in constant Currency as of March 31, 2020) | 1Q20 | 1Q19 | YoY | |
Consolidated Revenues | 62,762 | 65,735 | (4.5%) | |
Employee benefit expenses and severance payments | (11,730) | (13,031) | (10.0%) | |
Interconnection and Transmission Costs | (2,016) | (2,174) | (7.3%) | |
Fees for Services, Maintenance, Materials and Supplies | (6,919) | (6,735) | 2.7% | |
Taxes and Fees with the Regulatory Authority | (4,778) | (5,165) | (7.5%) | |
Commissions and Advertising | (3,570) | (3,734) | (4.4%) | |
Cost of Equipment and Handsets | (2,250) | (3,236) | (30.5%) | |
Programming and Content Costs | (4,726) | (5,060) | (6.6%) | |
Bad Debt Expenses | (2,248) | (2,147) | 4.7% | |
Other Operating Income and Expense | (2,571) | (3,067) | (16.2%) | |
EBITDA1 | 21,954 | 21,386 | 2.7% | |
EBITDA Margin2 | 35.0% | 32.5% | 7.5% | |
Net Income | 2,774 | 1,034 | 168.3% | |
Attributable to: |
|
|
| |
Controlling Company | 1,125 | (258) | NA | |
Non-controlling interest | 1,649 | 1,292 | 27.6% |
OPERATING STATISTICS BY BUSINESS SEGMENT
| 1Q20 | 1Q19 | YoY |
Mobile Services |
|
|
|
Total Subscribers | 21,202 | 20,784 | 2.0% |
Personal (Argentina)
| 18,839 | 18,152 | 3.8% |
Núcleo (Paraguay) | 2,363 | 2,374 | (0.5%) |
|
|
|
|
Postpaid |
|
|
|
Personal (Argentina) | 41% | 40% | 2.6% |
Núcleo (Paraguay) | 16% | 16% | 0.0% |
|
|
|
|
ARPU Personal(2) | 352.0 | 334.9 | 5.1% |
Churn | 2.2% | 2.6% | (0.4%) |
|
|
|
|
Broadband Services |
|
|
|
Subscribers | 4,073 | 4,114 | (1.0%) |
Speeds >20Mb (% of subs) | 66% | 44% | 50.0% |
ARPU(2) | 1,107.5 | 1,212.6 | (8.7%) |
Churn(4) | 1.6% | 1.4% | 0.1% |
Cable TV Services |
|
|
|
Cable TV Subs | 3,495.0 | 3,475.0 | 0.6% |
Argentina Subs | 3,270.0 | 3,254.0 | 0.5% |
Uruguay Subs | 141.0 | 142.0 | (0.7%) |
Paraguay Subs | 84.0 | 79.0 | 6,3 |
ARPU(2) | 1,250.6 | 1,353.3 | (7.6%) |
Churn(4) | 1.4% | 1.5% | (0.1%) |
Fixed Line Services |
|
|
|
Subscribers | 3,078 | 3,452 | (10.8%) |
ARBU(3) | 487.3 | 466.4 | 4.5% |
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of March 31, 2020)
(3) ARBU = Average Billing per user (restated by inflation as of March 31, 2020)
(4) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX - includes PP&E, Intangible Assets and Right of use Assets)
During 1Q20, our subsidiary, Telecom Argentina, invested Ps. 9,985 million, a decrease of approximately 25.7% compared to 1Q19. The investments were focused on projects related to the expansion of Cable TV and Internet services to improve the transmission and access speed offered to clients, deployment of 4G coverage and capacity to support the growth of the Mobile Internet Services, and the extension of the transmission networks in order to unify the different access technologies, reconverting the copper fixed networks into fiber or hybrid fiber coaxial networks. Moreover, the capacity of the mobile network in certain smaller cities of the country was expanded, and a continuous preventive maintenance was performed on all the networks to ensure continuity of service throughout the country. It is important to mention that thanks to the CAPEX made during the last years, Telecom was able to manage efficiently the significant increase in traffic generated by the COVID-19. In relative terms, investments represented 15.9% of consolidated revenues in 1Q20.
DEBT AND LIQUIDITY
(In millions of Ps.) | March 2020 | December 2019 | % Change |
Short Term and Long-Term Debt |
|
|
|
Current Financial Debt | 45,505 | 38,032 | 19.6% |
Bank overdraft | 10,748 | 10,467 | 2.7% |
Securities-guaranteed loans | 1,030 | 332 | 210.2% |
Financial loans | 17,205 | 14,552 | 18.2% |
Acquisition of equipment | 1,809 | 1,617 | 11.9% |
Negotiable obligations | 2,360 | - | NA |
NDF | 782 | 389 | 101.0% |
Accrued interest | 11,571 | 10,675 | 8.4% |
Non-Current Financial Debt | 125,624 | 125,819 | (0.2%) |
Negotiable obligations | 46,103 | 43,686 | 5.5% |
Financial loans | 59,214 | 61,108 | (3.1%) |
NDF | 39 | 15 | 160.0% |
Acquisition of equipment | 3,771 | 2,900 | 30.0% |
Accrued interest | 16,497 | 18,110 | (8.9%) |
Total Financial Debt (A) | 171,129 | 163,851 | 4.4% |
Cash and Cash Equivalents (B) | 38,753 | 32,990 | 17.5% |
Net Debt (A) - (B) | 132,376 | 130,861 | 1.2% |
Net Debt/Adjusted Ebitda (1) | 1.50 | 1.53 | -1.5% |
% USD Debt | 85.6% | 92.3% | (6.7%) |
% PYG Debt | 2.9% | 2.8% | 0.1% |
% ARS Debt | 11.5% | 4.9% | 6.6% |
Total Financial Debt(1) increased from Ps. 163,851 million to Ps. 171,129 million and Net Debt increased from Ps 130,861 to Ps. 132,376.
Debt coverage ratio (1) as of March 31, 2020 was 1.5x in the case of Net Debt and of 1.9x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Last Quarter Annualized EBITDA. Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.
DIVIDEND PAYMENT
As of April 29th, 2020, the Annual Ordinary and Extraordinary Shareholder meeting approved a cash dividend payment corresponding to the fiscal year ended on December 31, 2019, for the amount of USD 12 million equivalent to USD 6.64 per 100 shares or GDS. On May 13th, 2020 the Company paid the cash dividends.
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)
| 388.0 |
CVH or CVHSY Price per GDS (USD) | 5.3 |
Total Shares | 180,642,580 |
Total GDSs | 180,642,580 |
Closing Price | May 19, 2020
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|
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / LSE: CVH)
cordially invites you to participate in its conference call and webcast presentation
to discuss First Quarter 2020 Results
Date: Wednesday, May 20, 2020
Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London
To access the conference call, please dial:Argentina Participants: 0-800-666-0250
U.S. Participants: 1-877-830-2576
All other countries: +1-785-424-1726Passcode: CVH
The 1Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy2005207adPTRbp.html
NOTE: Cablevisión Holding S.A. will release its First Quarter 2020 Earnings Report on Tuesday, May 19, 2020 after the markets close.
A replay of the conference call will be available four hours after its conclusion and will remain available for 7 days. To access the replay, please dial from the within the U.S. 1-844-488-7474, or from anywhere outside the U.S. +1-862-902-0129. The passcode is: 29246471
The webcast presentation will be archived at: https://www.cablevisionholding.com/Investors/Presentations
Investor Relations Contacts:
In Buenos Aires: In New York:
Cablevisión Holding S.A i-advize Corporate Communications, Inc
Agustín Medina Manson, Head of Investor Relations Camilla Ferreira / Kenia Vargas
Valentina Lopez, Sr. Analyst Email: cferreira@i-advize.com
Email: ir@cvh.com.ar kvargas@i-advize.com
Tel: (+54 11) 4309 - 3417 Tel: +1 212 406 3695 / 3696
www.cvh.com.ar
ABOUT THE COMPANY
CVH was funded as corporate spin-off from Grupo Clarín S.A. and it is the first Argentine holding company that engages in the development of infrastructure and the provision of convergent telecommunications services, focusing on Argentina and the region. CVH's subsidiaries specialize in the provision of cable TV, broadband and mobile communications services; and their brands are already well known in the telecommunications and content distribution industries.
Disclaimer
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of CVH. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. CVH does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in CVH's projections or forward-looking statements, including, among others, general economic conditions, CVH's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to CVH and its operations.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
(in millions of Argentine pesos)
|
| March 31, 2020 |
| March 31, 2019 |
|
|
Revenues |
| 62,762 |
| 65,735 |
|
|
Employee benefit expenses and severance payments |
| (11,730) |
| (13,031) |
|
|
Interconnection and Transmission Costs |
| (2,016) |
| (2,174) |
|
|
Fees for Services, Maintenance, Materials and Supplies |
| (6,919) |
| (6,735) |
|
|
Taxes and Fees with the Regulatory Authority |
| (4,778) |
| (5,165) |
|
|
Commissions and Advertising |
| (3,570) |
| (3,734) |
|
|
Cost of Equipment and Handsets |
| (2,250) |
| (3,236) |
|
|
Programming and Content Costs |
| (4,726) |
| (5,060) |
|
|
Bad Debt Expenses |
| (2,248) |
| (2,147) |
|
|
Other Operating Income and Expense |
| (2,571) |
| (3,067) |
|
|
Operating Income before Depreciation and Amortization |
| 21,954 |
| 21,386 |
|
|
Depreciation, Amortization and Impairment of Fixed Assets |
| (16,249) |
| (14,825) |
|
|
Operating Income |
| 5,705 |
| 6,561 |
|
|
Equity in Earnings from Associates |
| 92 |
| 153 |
|
|
Financial Expenses on Debts |
| (3,094) |
| (6,939) |
|
|
Other Financial Results, net |
| 1,764 |
| 6,342 |
|
|
Income before Income Tax Expense |
| 4,467 |
| 6,117 |
|
|
Income Tax |
| (1,693) |
| (5,083) |
|
|
Net Income |
| 2,774 |
| 1,034 |
|
|
|
|
|
|
|
|
|
Other Comprehensive Income - to be subsequently reclassified to profit or loss |
|
|
|
|
|
|
Currency Translation Adjustments (no effect on Income Tax) |
| (1,004) |
| (724) |
|
|
Effect of NDF classified as hedges |
| (308) |
| (111) |
|
|
Tax Effect of NDF classified as hedges |
| 74 |
| 31 |
|
|
Other Comprehensive Income, net of Taxes |
| (1,238) |
| (804) |
|
|
|
|
|
|
|
|
|
Total Comprehensive (Loss) / Income |
| 1,536 |
| 230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income attributable to: |
|
|
|
|
|
|
Shareholders of the Controlling Company |
| 1,125 |
| (258) |
|
|
Non-Controlling Interest |
| 1,649 |
| 1,292 |
|
|
|
|
|
|
|
|
|
Total Comprehensive Income (Loss) Attributable to: |
|
|
|
|
|
|
Shareholders of the Controlling Company |
| 738 |
| (519) |
|
|
Non-Controlling Interest |
| 798 |
| 749 |
|
|
|
|
|
|
|
|
|
Basic and Diluted Earnings per Share attributable to the Shareholders of the Controlling Company (in pesos) |
| 6.22 |
| (1.43) |
|
|
|
|
|
|
|
|
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CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF MARCH 31, 2020 AND DECEMBER 31, 2019
(in millions of Argentine pesos)
|
|
|
|
|
ASSETS |
| March 31, 2020 |
| December 31, 2019 |
CURRENT ASSETS |
|
|
|
|
Cash and Cash Equivalents |
| 36,768 |
| 29,174 |
Investments |
| 807 |
| 462 |
Trade Receivables |
| 18,986 |
| 18,288 |
Other Receivables |
| 6,447 |
| 4,974 |
Inventories |
| 2,991 |
| 3,463 |
Total Current Assets |
| 65,999 |
| 56,361 |
NON-CURRENT ASSETS |
|
|
|
|
Trade Receivables |
| 63 |
| 89 |
Other Receivables |
| 2,283 |
| 2,183 |
Deferred Income Tax Assets |
| 337 |
| 359 |
Investments |
| 2,327 |
| 2,289 |
Goodwill |
| 188,871 |
| 189,036 |
Property, Plant and Equipment ("PP&E") |
| 259,713 |
| 265,010 |
Intangible Assets |
| 87,014 |
| 88,802 |
Right-of-Use Assets |
| 10,401 |
| 10,181 |
Total Non-Current Assets |
| 551,009 |
| 557,949 |
Total Assets |
| 617,008 |
| 614,310 |
LIABILITIES |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Accounts Payable |
| 30,854 |
| 34,467 |
Financial Debt |
| 45,505 |
| 38,032 |
Salaries and Social Security Payables |
| 7,126 |
| 10,726 |
Taxes Payable |
| 2,766 |
| 3,571 |
Lease Liabilities |
| 2,891 |
| 2,845 |
Other Liabilities |
| 1,728 |
| 1,877 |
Provisions |
| 1,141 |
| 1,284 |
Total Current Liabilities |
| 92,011 |
| 92,802 |
NON-CURRENT LIABILITIES |
|
|
|
|
Accounts Payable |
| 3,268 |
| 2,539 |
Financial Debt |
| 125,624 |
| 125,819 |
Salaries and Social Security Payables |
| 869 |
| 928 |
Deferred Income Tax Liabilities |
| 58,220 |
| 56,651 |
Taxes Payable |
| 12 |
| 15 |
Lease Liabilities |
| 4,180 |
| 3,958 |
Other Liabilities |
| 1,645 |
| 1,642 |
Provisions |
| 4,677 |
| 4,990 |
Total Non-Current Liabilities |
| 198,495 |
| 196,542 |
Total Liabilities |
| 290,506 |
| 289,344 |
EQUITY (as per the corresponding statement) |
|
|
|
|
Attributable to Shareholders of the Parent Company |
| 135,542 |
| 134,804 |
Attributable to Non-Controlling Interests |
| 190,960 |
| 190,162 |
TOTAL EQUITY |
| 326,502 |
| 324,966 |
TOTAL LIABILITIES AND EQUITY |
| 617,008 |
| 614,310 |
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
(in millions of Argentine pesos)
| Equity attributable to Shareholders of the Parent Company |
| Equity Attributable to Non-Controlling Interests |
|
| |||||||||||
| Shareholders' Contribution |
| Other Items |
| Retained Earnings | Total Equity of Controlling Interests |
|
| Total Equity | |||||||
| Capital Stock (1) | Inflation Adjustment on Capital Stock | Additional Paid-in Capital | Subtotal |
| Other Comprehensive Income | Other Reserves |
| Legal Reserve | Voluntary Reserves | Retained Earnings |
|
| |||
Balances as of January 1, 2019 | 181 | 6,672 | 16,113 | 22,966 |
| (1,138) | 85,463 |
| 228 | 15,236 | 16,113 | 138,868 |
| 218,015 |
| 356,883 |
Net Income (Loss) for the Period | - | - | - | - |
| - | - |
| - | - | (258) | (258) |
| 1,292 |
| 1,034 |
Other Comprehensive Income | - | - | - | - |
| (261) | - |
| - | - | - | (261) |
| (543) |
| (804) |
|
|
|
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|
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|
|
Balances as of March 31, 2019 | 181 | 6,672 | 16,113 | 22,966 |
| (1,399) | 85,463 |
| 228 | 15,236 | 15,855 | 138,349 |
| 218,764 |
| 357,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of January 1, 2020 | 181 | 6,672 | 16,113 | 22,966 |
| (1,898) | 85,418 |
| 1,371 | 110,839 | (83,892) | 134,804 |
| 190,162 |
| 324,966 |
Net Income (Loss) for the Period | - | - | - | - |
| - | - |
| - | - | 1,125 | 1,125 |
| 1,649 |
| 2,774 |
Other Comprehensive Income | - | - | - | - |
| (387) | - |
| - | - | - | (387) |
| (851) |
| (1,238) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of March 31, 2020 | 181 | 6,672 | 16,113 | 22,966 |
| (2,285) | 85,418 |
| 1,371 | (2) 110,839 | (82,767) | 135,542 |
| 190,960 |
| 326,502 |
(1) Includes 1,578 treasury shares.
(2) Broken down as follows: (i) Voluntary Reserve for Illiquid Results of $ 90,940, (ii) Voluntary Reserve for Financial Obligations of $ 19,899.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
(in millions of Argentine pesos)
|
|
|
| |
|
| March 31, 2020 |
| March 31, 2019 |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES |
|
|
|
|
Net Income |
| 2,774 |
| 1,034 |
Adjustments to reconcile Net Income to net Cash flows provided by Operating Activities |
|
|
|
|
Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies |
| 2,471 |
| 2,373 |
Depreciation of PP&E |
| 13,012 |
| 11,637 |
Amortization of Intangible Assets |
| 2,135 |
| 2,135 |
Amortization of Rights of Use |
| 1,034 |
| 945 |
Equity in Earnings from Associates |
| (92) |
| (153) |
Net Book Value of Fixed Assets and Consumption of Materials |
| 179 |
| 90 |
Financial Results and Other |
| 3,376 |
| 6,111 |
Income Tax Expense |
| 1,693 |
| 5,083 |
Income Tax Paid |
| (427) |
| (516) |
Decrease (Increase) in Assets, Net |
| (5,230) |
| 3,630 |
Net Decrease in Liabilities |
| (4,844) |
| (11,742) |
Net Cash Flows provided by Operating Activities |
| 16,081 |
| 20,627 |
CASH FLOWS USED IN INVESTING ACTIVITIES |
|
|
|
|
PP&E Acquisitions |
| (10,950) |
| (11,489) |
Intangible Assets Acquisition |
| (383) |
| (442) |
Collection of Dividends |
| 22 |
| 116 |
Income from Sale of PP&E and Intangible Assets |
| - |
| 1 |
Investments not considered as cash and cash equivalents |
| (257) |
| 1,617 |
Net Cash Flows used in Investing Activities |
| (11,568) |
| (10,197) |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
|
|
|
Proceeds from Financial Debt |
| 21,579 |
| 18,392 |
Payment of Financial Debt |
| (12,431) |
| (17,872) |
Payment of Interest and Related Expenses |
| (5,002) |
| (2,473) |
Payment of Lease Liabilities |
| (1,009) |
| (1,224) |
Increase in the Reserve Account |
| - |
| (79) |
Net Cash Flows provided by (used in) Financing Activities |
| 3,137 |
| (3,256) |
|
|
|
|
|
NET INCREASE IN CASH FLOWS |
| 7,650 |
| 7,174 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: |
| 29,173 |
| 12,266 |
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS |
|
(55) |
| 915 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD |
| 36,768 |
| 20,355 |