11 Aug 2021 15:46
Cablevisión Holding announces its First Half and Second Quarter 2021 Results
Buenos Aires, Argentina, August 10, 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 Half and Second 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 June 30, 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 (1H21 vs. 1H20):
Total Revenues reached Ps. 180,018 million, a decrease of 8.6% in real terms as of 1H21, compared to the same period of 2020, mainly driven by lower revenues from mobile, internet, fixed telephony and cable TV, 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 (50,2% interannually as of June 2021), as a result of the price freeze from May to December 2020. Total Costs (Excluding Depreciation and Amortization) reached Ps. 118,905 million, a decrease of 5.1% in constant currency, mainly driven by lower bad debt expenses, employee benefits expenses and severance payments, taxes and fees with the Regulatory Authority, programming and content costs, commissions and advertising costs, interconnection costs, fees for services, maintenance, materials and supplies; partially offset by higher costs of equipment and handset and other operating expenses. EBITDA reached Ps. 61,113 million as of 1H21, a decrease of 14.7% in real terms compared to 1H20, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 33.9% in 1H21, compared to 36.4% in 1H20.
§ Consolidated Net Loss amounted Ps. 1,883 million. Consolidated net loss attributable to the Controlling Company amounted to Ps. 990 million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of June 30, 2021) | 1H21 | 1H20 | % Ch. | 2Q21 | 1Q21 | 2Q20 | QoQ | YoY |
Total Revenues | 180,018 | 196,999 | (8.6%) | 88,430 | 91,588 | 97,664 | (3.4%) | (9.5%) |
EBITDA (1) | 61,113 | 71,666 | (14.7%) | 27,846 | 33,267 | 36,919 | (16.3%) | (24.6%) |
EBITDA Margin (2) | 33.9% | 36.4% | (6.7%) | 31.5% | 36.3% | 37.8% | (13.3%) | (16.7%) |
Net income | (1,883) | 3,246 | (158.0%) | (11,818) | 9,936 | (1,145) | (218.9%) | 931.8% |
Attributable to: | ||||||||
Equity Shareholders | (990) | 1,320 | (175.0%) | (4,722) | 3,732 | (460) | (226.5%) | 926.7% |
Non-Controlling Interests | (893) | 1,926 | (146.4%) | (7,096) | 6,203 | (685) | (214.4%) | 935.2% |
(1) EBITDA is defined as Total Revenues minus operating cost and expenses (excluding depreciation and amortization). We believe that EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute EBITDA in a different manner; therefore, EBITDA as reported by other companies may not be comparable to EBITDA as we report it.
(2) EBITDA Margin is defined as EBITDA over Total Revenues.
OPERATING RESULTS
Total Revenues reached Ps. 180,018 million in 1H21, a decrease of 8.6% in real terms compared to Ps. 196,999 million in 1H20, mainly driven by lower revenues from mobile, internet, fixed telephony and cable TV, 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 June 30, 2021) | 1H21 | 1H20 | YoY | 1H21% of Total | 1H20 % of Total |
Mobile Services | 67,633 | 74,248 | (8.9%) | 37.6% | 37.7% |
Internet Services | 37,535 | 42,645 | (12.0%) | 20.9% | 21.6% |
Cable TV Services | 35,665 | 39,588 | (9.9%) | 19.8% | 20.1% |
Fixed Telephony and Data Services | 25,884 | 30,180 | (14.2%) | 14.4% | 15.3% |
Other revenues from services | 368 | 575 | (36.0%) | 0.2% | 0.3% |
Revenues from Services | 167,085 | 187,236 | (10.8%) | 92.8% | 95.0% |
Revenues from Equipment Sales | 12,933 | 9,763 | 32.5% | 7.2% | 5.0% |
Total Revenues | 180,018 | 196,999 | (8.6%) | 100.0% | 100.0% |
Mobile Services Revenues decreased by 8.9% in real terms to Ps. 67,633 as of 1H21, mainly due to the restatement effect as of June 30, 2021.
In Argentina, Personal mobile subscribers reached approximately 19.3 million (+460 thousand compared to 1Q21) and around 42% of them are postpaid. Mobile internet revenues reached 73% of Personal Argentina service revenues. Mobile ARPU decreased 6.9% in real terms during the 1H21 compared to 1H20 (Ps. 525.2 in 1H21 vs Ps. 564.0 in 1H20). Mobile churn was 0.7% as of 1H21, compared to 2.1% in 1H20.
During the first half of 2021, our subsidiary Telecom strengthened the variety of mobile offers with a greater volume of data in order to improve clients' connectivity. During the second quarter of 2021, a new Wifi Pass service was offered through Personal and Fibertel brands: a connectivity proposal that allows Personal and Fibertel bundled clients, to share internet gigs free of charge from their phones to any other device.
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 13.9 million clients with 4G devices. During the 1H21, the 4G technology traffic represented 91% of the total traffic.
As of June 30, 2021, Núcleo customer base decreased 2.7% to 2.2 million subscribers, of which 17% are postpaid. Revenues from Núcleo services were Ps 7,788 million in 1H21, a decrease of 17.9% compared to 1H20, mainly due to a lower client base and the decrease in the ARPU.
Internet Services Revenues dropped 12.0% in real terms to Ps. 37,535 in 1H21 mainly due to a 17.3% lower Broadband ARPU of Ps. 1,442.3 as of June 30, 2021. Of the 4.2 million broadband customers reached in 1H21 (+77 thousand compared to 1Q21), around 63% subscribed to services with speeds of 50Mb or higher. Monthly churn increased to 1.5% in 1H21 from 1.3% in 1H20.
Cable TV Services Revenues amounted to Ps. 35,665 million in 1H21, a decrease of 9.9% compared to 1H20, mainly due to the restatement effect as of June 30, 2021. Cable TV ARPU reached Ps. 1,586.9 in 1H21, a decrease of 15.8% compared to 1H20. Additionally, Cable TV churn stood at 1.0% in 1H21.
It is worth mentioning that during the 1H21 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. Regarding the vertical content linked to gaming, Telecom continued to accompany the consolidation of Esports as a phenomenon of entertainment and local consumption. In April 2021, the "Apertura" tournament of the "Liga Master Flow" and the "Unity League Flow" was broadcasted live.
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. 25,884 million in 1H21, a decrease of 14.2% compared to 1H20, mainly due the restatement effect as of June 30, 2021. Additionally, ARBU in fixed telephony reached Ps. 656.6 in 1H21, decreasing 15.8% when compared to 1H20.
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, in June 2021, a new edition of "Telecom SummIT 2021" was launched to help companies to evaluate and redesign new ways of working.
Revenues from equipment sales totaled Ps. 12,933 million in 1H21, a rise of 32.5% in real terms compared to 1H20, mainly due to a 42% 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. 118,905 million in 1H21, a decrease of Ps. 6,428 million in real terms, or 5.1% compared to 1H20.
These lower operating costs and expenses were mainly due to lower bad debt expenses, employee benefits expenses and severance payments, taxes and fees with the Regulatory Authority, programming and content costs, commissions and advertising costs, interconnection costs, fees for services, maintenance, materials and supplies, partially offset by higher costs of equipment and handset and other operating expenses. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 61,113 million in 1H21, a decrease of 14.7% in real terms from Ps. 71,666 million reported for 1H20, 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. 55,952 million in 1H21, an increase of 11.7% in real terms compared to 1H20. The increase was mainly due to the impact of the amortization of assets incorporated after June 30, 2021.
Equity in earnings from unconsolidated affiliates totaled Ps. 115 million in 1H21, compared to Ps. 324 million in 1H20.
Financial Results net totaled Ps. 18,525 million as of 1H21, compared to Ps. (13,702) million in 1H20, mainly as a result of positive FX and inflation adjustments results and lower debt interest costs.
Income tax as of June 30, 2021 reached Ps. (25,684) million, from Ps. (4,945) million in June 2020, mainly as a result of the deferred 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 Loss for the period totaled Ps. 1,883 million in 1H21, compared to a net income of Ps. 3,245 million reported for the same period of 2020. The Equity Shareholders net loss for the period amounted to Ps. (990) million.
(millions of Ps. in constant Currency as of June 30, 2021) | 1H21 | 1H20 | % Ch. | 2Q21 | 1Q21 | 2Q20 | QoQ | YoY |
Consolidated Revenues | 180,018 | 196,999 | (8.6%) | 88,430 | 91,588 | 97,664 | (3.4%) | (9.5%) |
Employee benefit expenses and severance payments | (35,225) | (36,698) | (4.0%) | (18,207) | (17,018) | (18,134) | 7.0% | 0.4% |
Interconnection and Transmission Costs | (6,646) | (6,911) | (3.8%) | (3,103) | (3,543) | (3,720) | (12.4%) | (16.6%) |
Fees for Services, Maintenance, Materials and Supplies | (20,601) | (20,740) | (0.7%) | (10,216) | (10,385) | (9,788) | (1.6%) | 4.4% |
Taxes and Fees with the Regulatory Authority | (13,939) | (14,904) | (6.5%) | (6,816) | (7,123) | (7,341) | (4.3%) | (7.2%) |
Commissions and Advertising | (10,050) | (10,531) | (4.6%) | (5,188) | (4,862) | (4,880) | 6.7% | 6.3% |
Cost of Equipment and Handsets | (9,221) | (6,607) | 39.6% | (4,881) | (4,340) | (3,045) | 12.4% | 60.3% |
Programming and Content Costs | (12,548) | (13,504) | (7.1%) | (5,799) | (6,749) | (6,024) | (14.1%) | (3.7%) |
Bad Debt Expenses | (3,113) | (8,049) | (61.3%) | (1,962) | (1,151) | (4,491) | 70.6% | (56.3%) |
Other Operating Income and Expense | (7,562) | (7,389) | 2.3% | (4,412) | (3,150) | (3,322) | 40.1% | 32.8% |
EBITDA1 | 61,113 | 71,666 | (14.7%) | 27,846 | 33,267 | 36,919 | (16.3%) | (24.6%) |
EBITDA Margin2 | 33.9% | 36.4% | (6.7%) | 31.5% | 36.3% | 37.8% | (13.3%) | (16.7%) |
Net Income | (1,883) | 3,245 | (158.0%) | (11,819) | 9,936 | (1,146) | (219.0%) | 931.6% |
Attributable to: | ||||||||
Controlling Company | (990) | 1,321 | (175.0%) | (4,722) | 3,732 | (460) | (226.5%) | 927.5% |
Non-controlling interest | (893) | 1,924 | (146.4%) | (7,096) | 6,203 | (686) | (214.4%) | 934.4% |
KEY OPERATING INDICATORS
1H21 | 1H20 | YoY | |
Mobile services | |||
Subs(1) | 21,433.2 | 21,043 | 1.9% |
Personal (Argentina) (1) | 19,255.8 | 18,804 | 2.4% |
Núcleo (Paraguay) (1) | 2,177.4 | 2,239 | -2.7% |
Postpaid | |||
Personal (Argentina) | 42% | 41% | 3.5% |
Núcleo (Paraguay) | 17% | 17% | 1.7% |
ARPU Personal(2) | 525.2 | 564.0 | -6.9% |
Churn(4) | 0.7% | 2.1% | -66.5% |
| |||
Internet services | |||
Subs(1) | 4,233.8 | 4,095.1 | 3.4% |
Speed >20Mb (% Total Subs) | 63% | 55% | 14.5% |
ARPU(2) | 1,442.3 | 1,744 | -17.3% |
Churn(4)
| 1.5% | 1.3% | 15.9% |
Pay TV services | |||
Subs(1) | 3,544.8 | 3,499.8 | 1.3% |
ARPU(2) | 1,586.9 | 1,885.5 | -15.8% |
Churn(4)
| 1.0% | 1.0% | -2.2% |
Fixed Telephony | |||
Subs(1) | 2,624.9 | 2,998.0 | -12.4% |
ARBU(3) | 656.6 | 780.1 | -15.8% |
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of June 30, 2021)
(3) ARBU = Average Billing per user (restated by inflation as of June 30, 2021)
(4) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 1H21, our subsidiary, Telecom Argentina, invested Ps. 41,705 million, an increase of 22.0% compared to 1H20. 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 23.2% of consolidated revenues in 1H21.
DEBT AND LIQUIDITY
(In millions of Ps.) | June 2021 | June 2020 | % Change |
Short Term and Long-Term Debt | |||
Current Financial Debt | 52,717 | 118,593 | (55.5%) |
Bank overdraft | 12,715 | 12,166 | 4.5% |
Financial loans | 19,960 | 32,882 | (39.3%) |
Negotiable obligations | 2,808 | 50,301 | (94.4%) |
NDF | 324 | 1,190 | (72.8%) |
Acquisition of equipment | 3,164 | 2,968 | 6.6% |
Accrued interest | 13,746 | 19,087 | (28.0%) |
Non-Current Financial Debt | 187,568 | 156,573 | 19.8% |
Negotiable obligations | 86,110 | 30,624 | 181.2% |
Financial loans | 69,743 | 96,355 | (27.6%) |
NDF | 2 | 50 | (96.0%) |
Acquisition of equipment | 4,560 | 6,095 | (25.2%) |
Accrued interest | 27,153 | 23,449 | 15.8% |
Total Financial Debt (A) | 240,285 | 275,167 | (12.7%) |
Cash and Cash Equivalents (B) | 51,943 | 78,434 | (33.8%) |
Net Debt (A) - (B) | 188,342 | 196,732 | (4.3%) |
Net Debt/Adjusted Ebitda (1) | 1.6x | 1.5x | 9.2% |
% USD Debt | 75.2% | 86.8% | (13.3%) |
% PYG Debt | 3.0% | 2.8% | 5.1% |
% ARS Debt | 20.8% | 10.3% | 101.3% |
% CNY Debt | 1.0% | 0.0% | N/A |
Total Financial Debt (1) decreased from Ps. 275,167 million in June 2020 to Ps. 240,285 million in June 2021, and Net Debt decreased from Ps 196,732 to Ps. 188,342 .
Debt coverage ratio (1) as of June 30, 2021 was 1.6x 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.
CVH (BCBA) Price per Share (ARS)
| 331.50 |
Total Shares | 180,642,580 |
Shares per GDS | 1 |
Closing Price | August 10, 2021
|
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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 Half and Second Quarter 2021Results
Date: Thursday, August 12, 2021
Time: 2:00pm Buenos Aires Time/1:00pm New York Time/6:00pm London
The 1H21 and 2Q21 results will be presented via webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy210812mu2PnrIY.html
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 Email: fig@fig.ooo
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 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 SIX-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020, AND FOR THE THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDED ON JUNE 30, 2021 AND 2020
(in millions of Argentine pesos)
June 30, 2021 | June 30, 2020 | April 1, 2021through June 30, 2021 | April 1, 2020through June 30, 2020 | ||||
Revenues | 180,018 | 196,999 | 88,430 | 97,664 | |||
Employee benefit expenses and severance payments | (35,225) | (36,698) | (18,207) | (18,134) | |||
Interconnection and Transmission Costs | (6,646) | (6,911) | (3,103) | (3,720) | |||
Fees for Services, Maintenance, Materials and Supplies | (20,601) | (20,740) | (10,216) | (9,788) | |||
Taxes and Fees with the Regulatory Authority | (13,939) | (14,904) | (6,816) | (7,341) | |||
Commissions and Advertising | (10,050) | (10,531) | (5,188) | (4,880) | |||
Cost of Equipment and Handsets | (9,221) | (6,607) | (4,881) | (3,045) | |||
Programming and Content Costs | (12,548) | (13,504) | (5,799) | (6,024) | |||
Bad Debt Expenses | (3,113) | (8,049) | (1,962) | (4,491) | |||
Other Operating Income and Expense | (7,562) | (7,389) | (4,412) | (3,322) | |||
Operating Income before Depreciation and Amortization | 61,113 | 71,666 | 27,846 | 36,919 | |||
Depreciation, Amortization and Impairment of PP&E, Intangible Assets and Rights of Use. | (55,952) | (50,099) | (28,587) | (24,380) | |||
Operating Income / (Loss) | 5,161 | 21,567 | (741) | 12,539 | |||
Equity in Earnings from Associates | 115 | 324 | 24 | 179 | |||
Financial Expenses on Debts | 12,145 | (19,158) | 8,713 | (14,261) | |||
Other Financial Results, net | 6,380 | 5,457 | 2,287 | 2,662 | |||
Income (Loss) before Income Tax Expense | 23,801 | 8,190 | 10,283 | 1,119 | |||
Income Tax | (25,684) | (4,944) | (22,101) | (2,264) | |||
Net Income (Loss) for the Period | (1,883) | 3,246 | (11,818) | (1,145) | |||
Other Comprehensive Income - to be subsequently reclassified to profit or loss | |||||||
Currency Translation Adjustments (no effect on Income Tax) | (2,246) | (1,245) | (2,272) | 344 | |||
Effect of NDF classified as hedges | 142 | (485) | 73 | 23 | |||
Tax Effect of NDF classified as hedges | (49) | 133 | (15) | (5) | |||
Other Comprehensive Income, net of Taxes | (2,153) | (1,597) | (2,214) | 362 | |||
Total Comprehensive Income (Loss) for the Period | (4,036) | 1,649 | (14,032) | (783) | |||
Net Income (Loss) attributable to: | |||||||
Shareholders of the Controlling Company | (990) | 1,320 | (4,722) | (460) | |||
Non-Controlling Interest | (893) | 1,926 | (7,096) | (685) | |||
Total Comprehensive Income (Loss) Attributable to: | |||||||
Shareholders of the Controlling Company | (1,638) | 809 | (5,382) | (359) | |||
Non-Controlling Interest | (2,398) | 840 | (8,650) | (424) | |||
Basic and Diluted Earnings per Share attributable to the Shareholders of the Controlling Company (in pesos) | (5.48) | 7.31 | (26.14) | (2.55) |
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2021 AND DECEMBER 31, 2020
(in millions of Argentine pesos)
ASSETS | June 30, 2021 | December 31, 2020 | |
CURRENT ASSETS | |||
Cash and Cash Equivalents | 17,414 | 24,398 | |
Investments | 34,529 | 19,844 | |
Trade Receivables | 20,806 | 23,756 | |
Other Receivables | 6,669 | 6,967 | |
Inventories | 3,329 | 4,665 | |
Total Current Assets | 82,747 | 79,630 | |
NON-CURRENT ASSETS | |||
Trade Receivables | 65 | 74 | |
Other Receivables | 2,636 | 2,675 | |
Deferred Income Tax Assets | 558 | 583 | |
Investments | 2,466 | 2,696 | |
Goodwill | 298,736 | 299,013 | |
Property, Plant and Equipment ("PP&E") | 385,713 | 401,853 | |
Intangible Assets | 124,526 | 129,987 | |
Right-of-Use Assets | 26,354 | 22,273 | |
Total Non-Current Assets | 841,054 | 859,154 | |
Total Assets | 923,801 | 938,784 | |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Accounts Payable | 42,914 | 49,330 | |
Financial Debt | 52,717 | 52,138 | |
Salaries and Social Security Payables | 13,087 | 17,983 | |
Taxes Payable | 6,946 | 4,686 | |
Dividends Payable | 321 | 11,645 | |
Lease Liabilities | 5,445 | 4,181 | |
Other Liabilities | 2,344 | 2,625 | |
Provisions | 1,993 | 2,026 | |
Total Current Liabilities | 125,767 | 144,614 | |
NON-CURRENT LIABILITIES | |||
Accounts Payable | 1,665 | 3,068 | |
Financial Debt | 187,568 | 198,762 | |
Salaries and Social Security Payables | 1,035 | 1,053 | |
Deferred Income Tax Liabilities | 120,248 | 99,851 | |
Taxes Payable | - | 7 | |
Lease Liabilities | 10,608 | 8,730 | |
Other Liabilities | 1,408 | 1,449 | |
Provisions | 8,316 | 9,352 | |
Total Non-Current Liabilities | 330,848 | 322,272 | |
Total Liabilities | 456,615 | 466,886 | |
EQUITY (as per the corresponding statement) | |||
Attributable to Shareholders of the Controlling Company | 194,505 | 196,136 | |
Attributable to Non-Controlling Interests | 272,681 | 275,762 | |
TOTAL EQUITY | 467,186 | 471,898 | |
TOTAL LIABILITIES AND EQUITY | 923,801 | 938,784 | |
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(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 1st 2020 | 181 | 10,665 | 25,503 | 36,349 | (3,006) | 135,197 | 2,169 | 175,428 | (132,777) | 213,360 | 300,972 | 514,332 | ||||
Reversal of Reserves | - | - | - | - | - | - | - | (5,137) | 5,137 | - | - | - | ||||
Distribution of Dividends | - | - | - | - | - | - | - | (1,268) | - | (1,268) | - | (1,268) | ||||
Adjustment to the value of the Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual | - | - | - | - | - | 5 | - | - | - | 5 | 8 | 13 | ||||
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - | - | - | - | - | - | - | (463) | (463) | ||||
Net Income (Loss) for the Period | - | - | - | - | - | - | - | - | 1,320 | 1,320 | 1,926 | 3,246 | ||||
Other Comprehensive Income | - | - | - | - | (511) | - | - | - | - | (511) | (1,086) | (1,597) | ||||
Balances as of June 30, 2020 | 181 | 10,665 | 25,503 | 36,349 | (3,517) | 135,202 | 2,169 | 169,023 | (126,320) | 212,906 | 301,357 | 514,263 | ||||
Balances as of January 1st 2021 | 181 | 10,665 | 25,503 | 36,349 | (3,731) | 135,210 | 2,169 | 157,553 | (131,414) | 196,136 | 275,762 | 471,898 | ||||
Reversal of Reserves (Note 26) | - | - | - | - | - | - | - | (3,775) | 3,775 | - | - | - | ||||
Adjustment to the value of the Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual | - | - | - | - | - | 7 | - | - | - | 7 | 11 | 18 | ||||
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - | - | - | - | - | - | - | (694) | (694) | ||||
Net Income (Loss) for the Period | - | - | - | - | - | - | - | - | (990) | (990) | (893) | (1,883) | ||||
Other Comprehensive Income | - | - | - | - | (648) | - | - | - | - | (648) | (1,505) | (2,153) | ||||
Balances as of June 30, 2021 | 181 | 10,665 | 25,503 | 36,349 | (4,379) | 135,217 | 2,169 | 153,778 | (128,629) | 194,505 | 272,681 | 467,186 | ||||
(1) Voluntary Reserve for Illiquid Results.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020
(in millions of Argentine pesos)
June 30, 2021 | June 30, 2020 | ||
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
Net Income (Loss) for the Period | (1,883) | 3,246 | |
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating Activities | |||
Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies | 4,352 | 8,444 | |
Depreciation of PP&E | 44,927 | 39,998 | |
Amortization of Intangible Assets | 6,439 | 6,227 | |
Amortization of Rights of Use | 4,073 | 3,650 | |
Equity in Earnings from Associates | (115) | (324) | |
Net Book Value of Fixed Assets and Consumption of Materials | 1,011 | 611 | |
Financial Results and Other | (18,721) | 18,239 | |
Income Tax Expense | 25,684 | 4,944 | |
Income Tax Paid | (830) | (1,087) | |
Net Decrease in Assets | (10,485) | (6,379) | |
Net Increase (Decrease) in Liabilities | 1,763 | (6,766) | |
Net Cash Flows provided by Operating Activities | 56,215 | 70,803 | |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
PP&E Acquisitions | (31,059) | (32,759) | |
Intangible Assets Acquisition | (990) | (1,050) | |
Collection of Dividends | 194 | 23 | |
Income from Sale of PP&E and Intangible Assets | 28 | - | |
Net Acquisition of Subsidiaries not considered as Cash and Cash Equivalents | (27,141) | (1,535) | |
Net Cash Flows used in Investing Activities | (58,968) | (35,321) | |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
Proceeds from Financial Debt | 33,323 | 41,587 | |
Payment of Financial Debt | (22,382) | (30,504) | |
Payment of Interest and Related Expenses | (11,189) | (14,192) | |
Payment of Lease Liabilities | (2,536) | (3,681) | |
Payment of Dividends | - | (1,268) | |
Payment of Cash Dividends to Non-Controlled Interests | (330) | (231) | |
Net Cash Flows used in Financing Activities | (3,114) | (8,289) | |
NET (DECREASE) / INCREASE IN CASH FLOW | (5,867) | 27,193 | |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: | 24,398 | 46,174 | |
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS | (1,117) | 1,684 | |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 17,414 | 75,051 | |