11 Mar 2022 08:56
Cablevisión Holding announces its Full Year and Last Quarter 2021 Results
Buenos Aires, Argentina, March 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 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% of Total | 2020 % 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% |
EBITDA1 | 132,482 | 154,930 | (14.5%) | 27,600 | 31,277 | 30,170 | (11.8%) | (8.5%) |
EBITDA Margin2 | 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
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 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 Parent Company (in pesos) | 20.47 |
| (25.16) |
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 of AVC Continente Audiovisual | - | - | - | - |
| - | 20 |
| - | - | - | 20 |
| 32 |
| 52 |
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 of AVC Continente Audiovisual | - | - | - | - |
| - | 73 |
| - | - | - | 73 |
| 91 |
| 164 |
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 Contingencies | 9,452 |
| 17,165 |
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 CASH AND CASH EQUIVALENTS | (2,987) |
| 1,905 |
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.