11 Aug 2022 07:32
Cablevisión Holding announces its First Half and Second Quarter 2022 Results
Buenos Aires, Argentina, August 10th, 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 First Half and Second Quarter 2022 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of June 30, 2022, unless otherwise indicated.
The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").
CVH Highlights (1H22 vs. 1H21):
§ Total Revenues reached Ps. 264,577 million, a decrease of 10.4% in real terms as of 1H22, compared to the same period of 2021, mainly driven by lower revenues from cable TV, fixed telephony and data, mobile, equipment sales and internet, which was partially offset by higher revenues from other services, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (64.0% interannually as of June 2021).
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 183,943 million, a decrease of 5.7% in constant currency, mainly driven by lower programming and content costs, fees for services, maintenance, materials and supplies, interconnection and transmission costs, cost of equipment and handsets, taxes and fees with the regulatory authority and commissions and advertising costs, partially offset by higher bad debt expenses and others, as well as higher employee benefits expenses and severance payments.
§ EBITDA reached Ps. 80,634 million as of 1H22, a decrease of 19.5% in real terms compared to 1H21, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 30.5% in 1H22, compared to 33.9% in 1H21.
§ Consolidated Net Income amounted Ps. 31,361 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 11,698 million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of June 30, 2022) | 1H22 | 1H21 | % Ch. | 2Q22 | 1Q22 | 2Q21 | QoQ | YoY |
Total Revenues | 264,577 | 295,198 | (10.4%) | 126,897 | 137,680 | 145,009 | (7.8%) | (12.5%) |
EBITDA (1) | 80,634 | 100,215 | (19.5%) | 32,999 | 47,635 | 45,663 | (30.7%) | (27.7%) |
EBITDA Margin (2) | 30.5% | 33.9% | (10.2%) | 26.0% | 34.6% | 31.5% | (24.8%) | (17.4%) |
Net income | 31,361 | (3,088) | (1115.6%) | 3,506 | 27,855 | (19,379) | (87.4%) | (118.1%) |
Attributable to: | ||||||||
Equity Shareholders | 11,698 | (1,623) | (820.6%) | 911 | 10,787 | (7,743) | (91.6%) | (111.8%) |
Non-Controlling Interests | 19,663 | (1,464) | (1442.8%) | 2,595 | 17,067 | (11,636) | (84.8%) | (122.3%) |
(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. 264,577 million in 1H22, a decrease of 10.4% in real terms compared to Ps. 295,198 million in 1H21, mainly driven by the difficulty of increasing prices for services along with an increasingly higher inflation rate.
Following is a breakdown of Total Revenues:
(millions of Ps. in constant Currency as of June 30, 2022) | 1H22 | 1H21 | YoY | 1H22% of Total | 1H21 % of Total |
Mobile Services | 103,718 | 109,622 | (5.4%) | 39.2% | 37.1% |
Internet Services | 59,308 | 61,551 | (3.6%) | 22.4% | 20.9% |
Cable TV Services | 48,849 | 58,484 | (16.5%) | 18.5% | 19.8% |
Fixed Telephony and Data Services | 33,404 | 42,445 | (21.3%) | 12.6% | 14.4% |
Other revenues from services | 2,248 | 1,888 | 19.1% | 0.8% | 0.6% |
Revenues from Services | 247,527 | 273,990 | (9.7%) | 93.6% | 92.8% |
Revenues from Equipment Sales | 17,050 | 21,208 | (19.6%) | 6.4% | 7.2% |
Total Revenues | 264,577 | 295,198 | (10.4%) | 100.0% | 100.0% |
Mobile Services Revenues decreased by 5.4% in real terms to Ps. 103,718 as of 1H22, mainly due to the restatement effect as of June 30, 2022.
In Argentina, Personal mobile subscribers reached approximately 20.1 million (+806 thousand compared to 1H21) and around 42% of them are postpaid. Mobile internet revenues reached 75% of Personal Argentina service revenues. Mobile ARPU decreased 9.5% in real terms during the 1H22 compared to 1H21 (Ps. 779.2 in 1H22 vs Ps. 861.2 in 1H21). Mobile churn was 2.4% as of 1H22, compared to 1.5% in 1H21.
During the first half of 2022, our subsidiary Telecom continued strengthening the variety of mobile offers with a greater volume of data in order to improve clients' connectivity. During 2021 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 14.6 million clients with 4G devices. During 1H22, the 4G technology traffic represented 95% of the total traffic.
As of June 30, 2022, Núcleo customer base increased 4.7% to 2.3 million subscribers, of which 19% are postpaid. Revenues from Núcleo services were Ps 8,761 million in 1H22, a decrease of 23.7% compared to 1H21, mainly due to a decrease in ARPU measured in constant pesos, partially offset by the appreciation of the Guaraní vis a vis the Argentine Peso.
Internet Services Revenues dropped 3.6% in real terms to Ps. 59,308 in 1H22 mainly due to a 5.3% lower Broadband ARPU. Of the 4.2 million broadband customers reached in 1H22, around 77% subscribed to services with speeds of 50Mb or higher. Monthly churn was 1.5%, stable as compared to the same figure last year.
Cable TV Services Revenues amounted to Ps. 48,849 million in 1H22, a decrease of 16.5% compared to 1H21, mainly due to the restatement effect as of June 30, 2022. Cable TV ARPU reached Ps. 2,239.3 in 1H22, a decrease of 13.9% compared to 1H21. Additionally, Cable TV churn increased to 1.3% in 1H22 from 1.0% in 1H21.
It is worth mentioning that during the first half of 2022 our subsidiary Telecom continued boosting its entertainment proposal with innovative content and new national and international productions, offering a top tier cross- platform experience to its clients.
Moreover, our subsidiary Telecom continued to focus on innovation, through partnerships with renown national and international content producers such as Disney+, Paramount+, Star+, Netflix and Amazon Prime Video, in line with its strategy of transforming it in a comprehensive platform its clients value and continue to choose for its wide variety of content and differential functionalities. Currently, Flow includes not only lineal TV, series, on demand movies, documentaries, and co-productions, but also music and gaming and it will continue to grow as the clients' needs evolve.
In addition, as a step forward into the technological evolution of its platform Flow, it began activating the ISDBT digitalization service solution to its analogical customers. This new solution allows clients connect to a digital service from the traditional cable connexion without needing a decoder. This initiative started in the cities of Neuquén, La Plata, Córdoba and Mar del Plata, as well as surrounding areas to each city, and will continue to expand during the second quarter of 2022.
Fixed Telephony and Data Services Revenues reached Ps. 33,404 million in 1H22, a decrease of 21.3% compared to 1H21, mainly due the restatement effect as of June 30, 2022 and a decrease in the fixed telephony customer base. Additionally, ARPU in fixed telephony reached Ps. 1,015.1 in 1H22, decreasing 5.7% when compared to 1H21.
On the corporate segment side, our subsidiary Telecom continued to develop a series of initiatives for companies, accompanying them in their digital transformation process, helping them evolve and grow their e-commerce platforms, logistics and inventory, among others.
In addition, it continues adding proposals to its cybersecurity services portfolio.
Revenues from equipment sales totaled Ps. 17,050 million in 1H22, a drop of 19.6% in real terms compared to 1H21, mainly due to a decrease in the quantities sold, partly compensated by an increase in the average prices of equipment.
Consolidated Operating Costs and Expenses (Excluding D&A and impairment of PP&E and intangible assets) totaled Ps. 183,943 million in 1H22, a decrease of Ps. 11,040 million in real terms, or 5.7% compared to 1H21.
These lower operating costs and expenses were mainly due to lower programming and content costs, fees for services, maintenance, materials and supplies, interconnection and transmission costs, cost of equipment and handsets, taxes and fees with the regulatory authority and commissions and advertising costs, partially offset by higher bad debt expenses and others, as well as higher employee benefits expenses and severance payments. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 80,634 million in 1H22, a decrease of 19.5% in real terms from Ps. 100,215 million reported for 1H21, 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. 89,374 million in 1H22, an increase of 2.6% in real terms compared to 1H21.
Equity in earnings from unconsolidated affiliates totaled Ps. 144 million in 1H22, compared to Ps. 189 million in 1H21.
Financial Results net totaled Ps. 38,380 million as of 1H22, compared to Ps. 30,377 million in 1H21, mainly as a result of higher inflation adjustments results and lower debt interest costs, partially offset by lower positive FX and higher negative results of operations with securities and bonds.
Income tax as of June 30, 2022 reached Ps. 1,577 million, from Ps. (42,117) million in June 2021, mainly as a result of the application of the differed income tax method, which resulted in a gain versus a loss in 2021 (that had included the effect of the increase in tax rate 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. 31,361 million in 1H22, compared to a net loss of Ps. (3,088) million reported for the same period of 2021. The Equity Shareholders net income for the period amounted to Ps. 11,698 million.
(millions of Ps. in constant Currency as of June 30, 2022) | 1H22 | 1H21 | % Ch. | 2Q22 | 1Q22 | 2Q21 | QoQ | YoY |
Consolidated Revenues | 264,577 | 295,198 | (10.4%) | 126,897 | 137,680 | 145,009 | (7.8%) | (12.5%) |
Employee benefit expenses and severance payments | (60,545) | (57,762) | 4.8% | (32,132) | (28,413) | (29,856) | 13.1% | 7.6% |
Interconnection and Transmission Costs | (8,118) | (10,898) | (25.5%) | (3,910) | (4,208) | (5,088) | (7.1%) | (23.2%) |
Fees for Services, Maintenance, Materials and Supplies | (30,889) | (33,782) | (8.6%) | (16,102) | (14,787) | (16,752) | 8.9% | (3.9%) |
Taxes and Fees with the Regulatory Authority | (20,370) | (22,858) | (10.9%) | (9,842) | (10,528) | (11,177) | (6.5%) | (11.9%) |
Commissions and Advertising | (14,765) | (16,480) | (10.4%) | (7,228) | (7,537) | (8,507) | (4.1%) | (15.0%) |
Cost of Equipment and Handsets | (12,456) | (15,121) | (17.6%) | (5,405) | (7,051) | (8,003) | (23.3%) | (32.5%) |
Programming and Content Costs | (16,719) | (20,577) | (18.7%) | (7,925) | (8,794) | (9,510) | (9.9%) | (16.7%) |
Bad Debt Expenses | (6,454) | (5,105) | 26.4% | (2,702) | (3,752) | (3,219) | (28.0%) | (16.1%) |
Other Operating Income and Expense | (13,627) | (12,400) | 9.9% | (8,652) | (4,975) | (7,234) | 73.9% | 19.6% |
EBITDA1 | 80,634 | 100,215 | (19.5%) | 32,999 | 47,635 | 45,663 | (30.7%) | (27.7%) |
EBITDA Margin2 | 30.5% | 33.9% | (10.2%) | 26.0% | 34.6% | 31.5% | (24.8%) | (17.4%) |
Net Income | 31,361 | (3,088) | (1115.6%) | 3,506 | 27,855 | (19,379) | (87.4%) | (118.1%) |
Attributable to: |
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Controlling Company | 11,698 | (1,623) | (820.6%) | 911 | 10,787 | (7,743) | (91.6%) | (111.8%) |
Non-controlling interest | 19,663 | (1,464) | (1442.8%) | 2,595 | 17,067 | (11,636) | (84.8%) | (122.3%) |
KEY OPERATING INDICATORS
| 1H22 | 1H21 | YoY |
Mobile services |
| ||
Subs(1) | 22,349.1 | 21,439 | 4.2% |
Personal (Argentina) (1) | 20,062.0 | 19,256 | 4.2% |
Núcleo (Paraguay) (1) | 2,287.1 | 2,184 | 4.7% |
Postpaid | |||
Personal (Argentina) | 42% | 42% | -0.3% |
Núcleo (Paraguay) | 19% | 17% | 12.9% |
ARPU Personal(2) | 779.2 | 861.2 | -9.5% |
Churn(4) | 2.4% | 1.5% | 63.3% |
| |||
Internet services | |||
Subs(1) | 4,228.3 | 4,233.8 | -0.1% |
Speed >20Mb (% Total Subs) | 77% | 63% | 22.2% |
ARPU(2) | 2,240.0 | 2,365 | -5.3% |
Churn(4)
| 1.5% | 1.5% | -0.4% |
| |||
Pay TV services | |||
Subs(1) | 3,517.3 | 3,544.8 | -0.8% |
ARPU(2) | 2,239.3 | 2,602.2 | -13.9% |
Churn(4)
| 1.3% | 1.0% | 32.9% |
Fixed Telephony | |||
Subs(1) | 2,169.1 | 2,624.9 | -17.4% |
ARPU(3) | 1,015.1 | 1,076.7 | -5.7% |
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of June 30, 2022)
(3) ARPU = Average Billing per user (restated by inflation as of June 30, 2022)
(4) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 1H22, our subsidiary, Telecom Argentina, invested Ps. 45,219 million, a decrease of 33.9% compared to 1H21. 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 17.1% of consolidated revenues in 1H22.
During June, Telecom announced the acquisition of 100% interest in NYSSA, provider of internet service. With this acquisition it expects to position itself in the Cuyo region, increasing its broadband clients. This is in addition to the investments in sites announced by Telecom for the province of Mendoza, for the convergence of both services, unifying Flow and Personal brands.
DEBT AND LIQUIDITY
(In millions of Ps.) | June 2022 | June 2021 | % Change |
Short Term and Long-Term Debt |
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|
|
Current Financial Debt | 92,751 | 86,447 | 7.3% |
Bank overdraft | 15,703 | 20,850 | (24.7%) |
Financial loans | 47,704 | 32,731 | 45.7% |
Negotiable obligations | 2,660 | 4,605 | (42.2%) |
NDF | 38 | 531 | (92.8%) |
Acquisition of equipment | 4,372 | 5,188 | (15.7%) |
Accrued interest | 22,274 | 22,541 | (1.2%) |
Non-Current Financial Debt | 245,698 | 307,579 | (20.1%) |
Negotiable obligations | 144,673 | 141,205 | 2.5% |
Financial loans | 65,263 | 114,366 | (42.9%) |
NDF | - | 3 | (100.0%) |
Acquisition of equipment | 4,380 | 7,478 | (41.4%) |
Accrued interest | 31,382 | 44,526 | (29.5%) |
Total Financial Debt (A) | 338,449 | 394,026 | (14.1%) |
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Cash and Cash Equivalents and Short-Term Investments (B) | 39,571 | 85,177 | (53.5%) |
Net Debt (A) - (B) | 298,878 | 308,848 | (3.2%) |
Net Debt/Adjusted Ebitda (1) | 1.9x | 1.6x | 16.5% |
% USD Debt | 63.6% | 75.2% | (15.4%) |
% PYG Debt | 2.7% | 3.0% | (8.2%) |
% ARS Debt | 29.6% | 20.8% | 42.5% |
% CNY Debt | 4.0% | 1.0% | 307.7% |
Total Financial Debt (1) decreased from Ps. 394,026 million in June 2021 to Ps. 338,449 million in June 2022, and Net Debt decreased from Ps 308,848 to Ps. 298,878 .
Debt coverage ratio (1) as of June 30, 2022 was 1.9x in the case of Net Debt and of 2.1x 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.
During 2Q22 our subsidiary Telecom paid dividends in kind for a total market value of 31.6 billion pesos or approximately 150 million dollars, of which CVH, through its direct and indirect interest in Telecom, received 160.7 million 2030 Global Bonds and 40.6 million 2035 Global Bonds. In turn, CVH's shareholders approved to pay a dividend in kind for the total received from Telecom and VLG Argentina SAU. The payment was executed on July 15th in the local market for a gross market value of AR$ 64.23 per Share. Cash and Cash Equivalents and Short-Term Investments as of June 30, 2022, include the securities received from Telecom.
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.
August 10, 2022
| |
CVH (BCBA) Price per Share (ARS)
| 745 |
Total Shares | 180,642,580 |
Shares per GDS | 1 |
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / LSE: CVH) cordially invites you to participate in its Webcast Presentation
to discuss the First Half and Second Quarter 2022Results
Date: Friday, August 12, 2022
Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London
To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy220812WnhJ27Zl.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
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 INCOMEFOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2022 AND 2021, AND FOR THE THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDED ON JUNE 30, 2022 AND 2021
(in millions of Argentine pesos)
| June 30, 2022 |
| June 30, 2021 |
| April 1, 2022through June 30, 2022 |
| April 1, 2021through June 30, 2021 |
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Revenues | 264,577 |
| 295,198 |
| 126,897 |
| 145,009 |
Employee benefit expenses and severance payments | (60,545) | (57,762) | (32,132) | (29,856) | |||
Interconnection and Transmission Costs | (8,118) | (10,898) | (3,910) | (5,088) | |||
Fees for Services, Maintenance, Materials and Supplies | (30,889) | (33,782) | (16,102) | (16,752) | |||
Taxes and Fees with the Regulatory Authority | (20,370) | (22,858) | (9,842) | (11,177) | |||
Commissions and Advertising | (14,765) | (16,480) | (7,228) | (8,507) | |||
Cost of Equipment and Handsets | (12,456) | (15,121) | (5,405) | (8,003) | |||
Programming and Content Costs | (16,719) | (20,577) | (7,925) | (9,510) | |||
Bad Debt Expenses | (6,454) | (5,105) | (2,702) | (3,219) | |||
Other Operating Income and Expense | (13,627) | (12,400) | (8,652) | (7,234) | |||
Operating Income before Depreciation and Amortization | 80,634 |
| 100,215 |
| 32,999 |
| 45,663 |
Depreciation, Amortization and Impairment of PP&E, Intangible Assets and Rights of Use. | (89,374) | (91,752) | (43,121) | (46,878) | |||
Operating Income / (Loss) | (8,740) |
| 8,463 |
| (10,122) |
| (1,215) |
Equity in Earnings from Subsidiaries | 144 | 189 | 3 | 40 | |||
Financial Expenses on Debts | 24,989 | 19,915 | 7,977 | 14,287 | |||
Other Financial Results, net | 13,391 | 10,462 | 4,103 | 3,750 | |||
Income (Loss) before Income Tax Expense | 29,784 |
| 39,029 |
| 1,961 |
| 16,862 |
Income Tax | 1,577 | (42,117) | 1,545 | (36,241) | |||
Net Income (Loss) for the Period | 31,361 |
| (3,088) |
| 3,506 |
| (19,379) |
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Other Comprehensive Income - to be subsequently reclassified to profit or loss |
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Currency Translation Adjustments (no effect on Income Tax) | (2,791) | (3,683) | (802) | (3,725) | |||
Effect of NDF classified as hedges | 99 | 233 | 9 | 120 | |||
Tax Effect of NDF classified as hedges | (29) | (80) | - | (24) | |||
Other Comprehensive Income, net of Taxes | (2,721) |
| (3,530) |
| (793) |
| (3,629) |
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| |
Total Comprehensive Income (Loss) for the Period | 28,640 |
| (6,618) |
| 2,713 |
| (23,008) |
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Net Income (Loss) attributable to: |
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Shareholders of the Parent Company | 11,698 | (1,623) | 911 | (7,743) | |||
Non-Controlling Interests | 19,663 | (1,465) | 2,595 | (11,636) | |||
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Total Comprehensive Income (Loss) Attributable to: |
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Shareholders of the Parent Company | 10,859 | (2,686) | 659 | (8,826) | |||
Non-Controlling Interests | 17,781 | (3,932) | 2,054 | (14,182) | |||
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Basic and Diluted Earnings per Share attributable to the Shareholders of the Parent Company (in Argentine Pesos) | 64.76 |
| (8.99) | 5.04 | (42.87) |
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS OF JUNE 30, 2022 AND DECEMBER 31, 2021(in millions of Argentine pesos)
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ASSETS | June 30, 2022 |
| December 31, 2021 |
CURRENT ASSETS | |||
Cash and Cash Equivalents | 22,702 | 28,454 | |
Investments | 16,869 | 15,941 | |
Trade Receivables | 26,788 | 30,708 | |
Other Receivables | 13,284 | 12,192 | |
Inventories | 4,822 | 4,242 | |
Assets Available for Sale | 657 |
| - |
Total Current Assets | 85,122 |
| 91,537 |
NON-CURRENT ASSETS | |||
Trade Receivables | 92 | 98 | |
Other Receivables | 2,869 | 3,605 | |
Deferred Income Tax Assets | 1,162 | 1,002 | |
Investments | 4,364 | 4,392 | |
Goodwill | 489,289 | 488,781 | |
Property, Plant and Equipment ("PP&E") | 575,948 | 613,858 | |
Intangible Assets | 185,398 | 195,586 | |
Right-of-Use Assets | 44,208 | 45,496 | |
Total Non-Current Assets | 1,303,330 |
| 1,352,818 |
Total Assets | 1,388,452 |
| 1,444,355 |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Accounts Payable | 57,466 | 67,054 | |
Financial Debt | 92,751 | 88,320 | |
Salaries and Social Security Payables | 22,831 | 30,341 | |
Income Tax Liabilities | 23,492 | 18,962 | |
Other Taxes Payable | 5,542 | 5,396 | |
Dividends Payable | 435 | 1,255 | |
Lease Liabilities | 8,043 | 8,346 | |
Other Liabilities | 3,907 | 4,160 | |
Provisions | 2,148 | 2,922 | |
Total Current Liabilities | 216,615 | 226,756 | |
NON-CURRENT LIABILITIES |
|
|
|
Accounts Payable | 657 | 1,493 | |
Financial Debt | 245,698 | 275,097 | |
Salaries and Social Security Payables | 2,060 | 2,105 | |
Deferred Income Tax Liabilities | 163,962 | 184,121 | |
Other Taxes Payable | 21 | - | |
Lease Liabilities | 14,586 | 17,409 | |
Other Liabilities | 2,146 | 1,703 | |
Provisions | 11,591 | 13,035 | |
Total Non-Current Liabilities | 440,721 | 494,963 | |
Total Liabilities | 657,336 |
| 721,719 |
EQUITY (as per the corresponding statement) |
|
|
|
Attributable to Shareholders of the Parent Company | 312,621 | 301,762 | |
Attributable to Non-Controlling Interests | 418,495 | 420,874 | |
TOTAL EQUITY | 731,116 | 722,636 | |
TOTAL LIABILITIES AND EQUITY | 1,388,452 |
| 1,444,355 |
|
|
|
|
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2022 AND 2021
(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 Parent 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 2021 | 181 | 17,605 | 41,820 | 59,606 | (6,118) | 221,721 | 3,557 | 258,359 | (215,496) | 321,629 | 452,202 | 773,831 | ||||
Reversal of Reserves | - | - | - | - | - | - | - | (6,190) | 6,190 | - | - | - | ||||
Adjustment to the value of the Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual | - | - | - | - | - | 11 | - | - | - | 11 | 19 | 30 | ||||
Dividends and Other Movements of Non-Controlling Interests | - | - | - | - | - | - | - | - | (1,138) | (1,138) | ||||||
Loss for the period | - | - | - | - | - | - | - | - | (1,623) | (1,623) | (1,465) | (3,088) | ||||
Other Comprehensive Income | - | - | - | - | (1,063) | - | - | - | (1,063) | (2,467) | (3,530) | |||||
Balances as of June 30, 2021 | 181 | 17,605 | 41,820 | 59,606 | (7,181) | 221,732 | 3,557 | 252,169 | (210,929) | 318,954 | 447,151 | 766,105 | ||||
|
|
|
|
|
|
|
|
|
|
| ||||||
Balances as of January 1st 2022 | 181 | 17,605 | 41,820 | 59,606 | (8,684) | 221,821 | 3,557 | 229,732 | (204,270) | 301,762 | 420,874 | 722,636 | ||||
Set-up of Reserves (Note 26.1) | - | - | - | - | - | - | - | 5,035 | (5,035) | - | - | - | ||||
Dividends and Other Movements of Non-Controlling Interests | - | - | - | - | - | - | - | - | - | - | (20,160) | (20,160) | ||||
Net Income (Loss) for the Period | - | - | - | - | - | - | - | - | 11,698 | 11,698 | 19,663 | 31,361 | ||||
Other Comprehensive Income | - | - | - | - | (839) | - | - | - | - | (839) | (1,882) | (2,721) | ||||
Balances as of June 30, 2022 | 181 | 17,605 | 41,820 | 59,606 | (9,523) | 221,821 | 3,557 | 234,767 | (197,607) | 312,621 | 418,495 | 731,116 | ||||
(1) Voluntary Reserve for Illiquid Results.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2022 AND 2021
(in millions of Argentine pesos)
|
| ||
June 30, 2022 |
| June 30, 2021 | |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
Net Income (Loss) | 31,361 | (3,088) | |
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating Activities | |||
Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies | 9,442 | 7,137 | |
Depreciation of PP&E | 69,810 | 73,672 | |
Amortization of Intangible Assets | 9,922 | 10,559 | |
Amortization of Rights of Use | 7,112 | 6,679 | |
Equity in Earnings from Associates | (144) | (189) | |
Net Book Value of Fixed Assets and Consumption of Materials | 3,008 | 1,658 | |
Financial Results and Other | (39,199) | (30,699) | |
Income Tax Expense | (1,577) | 42,117 | |
Income Tax Paid | (4,995) | (1,361) | |
Net Increase in Assets | (19,717) | (17,194) | |
Net Increase in Liabilities | 10,581 | 2,891 | |
Net Cash Flows provided by Operating Activities | 75,604 |
| 92,182 |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
PP&E Acquisitions | (42,170) | (50,931) | |
Intangible Assets Acquisition | (1,464) | (1,623) | |
Acquisition of Equity Interests | (284) | - | |
Collection of Dividends | 173 | 318 | |
Income from Sale of PP&E and Intangible Assets | 250 | 46 | |
Investments not considered as cash and cash equivalents | (29,695) | (44,507) | |
Net Cash Flows used in Investing Activities | (73,190) |
| (96,697) |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
Proceeds from Financial Debt | 25,078 | 54,645 | |
Payment of Financial Debt | (12,222) | (36,703) | |
Payment of Interest and Related Expenses | (15,832) | (18,349) | |
Payment of Lease Liabilities | (2,628) | (4,159) | |
Payment of Cash Dividends to Non-Controlled Interests | (445) | (541) | |
Net Cash Flows used in Financing Activities | (6,049) |
| (5,107) |
|
|
|
|
NET DECREASE IN CASH FLOWS | (3,635) |
| (9,622) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: | 28,454 |
| 40,008 |
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS | (2,117) |
| (1,830) |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 22,702 |
| 28,556 |
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