13 Mar 2023 16:56
Cablevisión Holding announces its Full Year and Last Quarter 2022 Results
Buenos Aires, Argentina, March 10th, 2023 - 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 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 December 31, 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 (2022 vs. 2021):
§ Total Revenues reached Ps. 729,182 million, a decrease of 12.0% in real terms as of 2022, compared to the same period of 2021, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (94.8% interannually as of December 2022).
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 529,386 million, a decrease of 7.2% in constant currency, mainly driven by lower costs on all items, except for employee benefits expenses and severance payments, and bad debt expenses.
§ EBITDA reached Ps. 199,796 million as of 2022, a decrease of 22.6% in real terms compared to 2021, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 27.4% in 2022, compared to 31.1% in 2021.
§ Consolidated Net Loss amounted to Ps. 168,757 million. Consolidated net loss attributable to the Controlling Company amounted to Ps. 100,704 million. Given the economic and market conditions, Telecom and the Company assessed the recoverable value of the goodwill assets generated by the merger of Telecom and Cablevisión as of September 30, 2022. Consequently, the net income for the period contains an impairment loss, which amounts to Ps. 204,744 million in constant currency as of December 31, 2022. This impairment does not affect assets other than mentioned goodwill and has no impact over Telecom's operations or its cash generation capacity.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of December 31, 2022) | 2022 | 2021 | %Ch. | 4Q22 | 3Q22 | 4Q21 | QoQ | YoY |
Total Revenues | 729,182 | 828,831 | (12.0%) | 176,777 | 173,874 | 199,850 | 1.7% | (11.5%) |
EBITDA (1) | 199,796 | 258,066 | (22.6%) | 41,756 | 42,677 | 53,764 | (2.2%) | (22.3%) |
EBITDA Margin (2) | 27.4% | 31.1% | (12.0%) | 23.6% | 24.5% | 26.9% | (3.8%) | (12.2%) |
Net income | (168,757) | 19,970 | (945.0%) | (13,931) | (199,694) | 16,982 | (93.0%) | (182.0%) |
Attributable to: | ||||||||
Equity Shareholders | (100,704) | 7,203 | (1498.0%) | (5,710) | (111,730) | 6,111 | (94.9%) | (193.4%) |
Non-Controlling Interests | (68,053) | 12,767 | (633.0%) | (8,220) | (87,964) | 10,871 | (90.7%) | (175.6%) |
(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. 729,182 million in 2022, a decrease of 12.0% in real terms compared to Ps. 828,831 million in 2021, 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 December 31, 2022) | |||||
Mobile Services | 293,112 | 313,872 | (6.6%) | 40.2% | 37.9% |
Internet Services | 161,740 | 176,810 | (8.5%) | 22.2% | 21.3% |
Cable TV Services | 130,904 | 160,802 | (18.6%) | 18.0% | 19.4% |
Fixed Telephony and Data Services | 89,023 | 114,792 | (22.4%) | 12.2% | 13.8% |
Other revenues from services | 5,782 | 4,515 | 28.1% | 0.8% | 0.5% |
Revenues from Services | 680,561 | 770,791 | (11.7%) | 93.3% | 93.0% |
Revenues from Equipment Sales | 48,621 | 58,041 | (16.2%) | 6.7% | 7.0% |
Total Revenues | 729,182 | 828,831 | (12.0%) | 100.0% | 100.0% |
Mobile Services Revenues decreased by 6.6% in real terms to Ps. 293,112 as of 2022, mainly due to the restatement effect as of December 31, 2022.
In Argentina, Personal mobile subscribers reached approximately 20.2 million (+114 thousand compared to 2021) and around 43% of them are postpaid. Mobile internet revenues reached 86% of Personal Argentina service revenues. Mobile ARPU decreased 8.3% in real terms during the 2022 compared to 2021 (Ps. 1,102.6 in 2022 vs Ps. 1,201.9 in 2021). Mobile churn was 2.3% as of 2022, compared to 1.5% in 2021.
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 14.8 million clients with 4G devices. During 2022, the 4G technology traffic represented 95% of the total traffic.
In addition, it has been preparing its network for the arrival of 5G technology by expanding coverage, availability, and capacity of the network through technologic reconversion and continuing the deployment of 4G. During 2022, 143 sites with mobile DSS 5G antennas were enabled in some of the county's main cities, with the goal of preparing the technical and regulatory conditions that allow the full development of the 5G network.
As of December 31, 2022, Núcleo customer base increased 0.1% to 2.2 million subscribers, of which 21% are postpaid. Revenues from Núcleo services were Ps 25,077 million in 2022, a decrease of 22.9% compared to 2021, 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 8.5% in real terms to Ps. 161,740 in 2022 mainly due to a 9.3% lower Broadband ARPU. Of the 4.1 million broadband customers reached in 2022, around 84% subscribed to services with speeds of 50Mb or higher. Monthly churn increased to 1.6% in 2022, from 1.5% in 2021.
Telecom Argentina continues deploying FTTH technology (Fiber To The Home), improving clients' connectivity experience with symmetric speeds of up to 300 Mb, with low latency and multiple devices connected, among other advantages. As part of the initiatives to continue evolving the customer experience of fixed internet services, during the end of this year, Telecom doubled the internet speed to all its home customers (with HFC, FTTH technology).
Cable TV Services Revenues amounted to Ps. 130,904 million in 2022, a decrease of 18.6% compared to 2021, mainly due to the restatement effect as of December 31, 2022. Cable TV ARPU reached Ps. 3,006.9 in 2022, a decrease of 18.0% compared to 2021. Additionally, Cable TV churn increased to 1.3% in 2022 from 1.1% in 2021.
During 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 connection 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 continued to expand in 2H22 to the City of Buenos Aires and some peripheral areas.
As part of the continuous renewal of customer premises equipment, it presented a new self-installing decoder with differential properties of surround sound, Google Assistant, integrated Chromecast, 4K resolution, HDR, Dolby Vision, among others.
Furthermore, during 2022, Telecom launched Flow Flex, a new flexible pay TV service that enables clients to hire the service for a few days period.
Fixed Telephony and Data Services Revenues reached Ps. 89,023 million in 2022, a decrease of 22.4% compared to 2021, mainly due the restatement effect as of December 31, 2022 and a decrease in the fixed telephony customer base. Additionally, ARPU in fixed telephony reached Ps. 1,445.0 in 2022, decreasing 4.6% when compared to 2021.
On the corporate segment side, our subsidiary Telecom continued to develop a series of initiatives aimed at businesses, 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. 48,621 million in 2022, a drop of 16.2% in real terms compared to 2021, 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. 529,386 million in 2022, a decrease of Ps. 41,379 million in real terms, or 7.2% compared to 2021.
This costs and expenses reduction was mainly the result of lower costs related to revenues: programming and content costs, taxes and fees with the regulatory authority and cost of equipment and handsets; as well as savings in other costs: fees for services, maintenance, materials and supplies, interconnection and transmission costs, other operating income and expense, and commissions and advertising costs, partially offset by higher severance payments and higher bad debt expenses. More than 99.8% of the costs and expenses are related to Telecom Argentina operations.
EBITDA reached Ps. 199,796 million in 2022, a decrease of 22.6% in real terms from Ps. 258,066 million reported for 2021, 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 to Ps. 456,124 million in 2022, an increase of 72.8% in real terms compared to 2021. Given Argentina's complex macroeconomic situation, our subsidiary Telecom - and therefore the Company- identified the need to revise the recoverable value estimation made of the goodwill assets assigned to the Cash-Generating Units (CGU) of Argentina. The analysis brought to conclusion that the accounting value of the CGU was higher than its recuperable value as of September 30, 2022. Consequently, the Company registered an impairment of the goodwill asset of which amounts to Ps. 204,744 million in constant currency as of December 31, 2022.
Equity in earnings from unconsolidated affiliates totaled Ps. 819 million in 2022, compared to Ps. 769 million in 2021.
Financial Results net totaled Ps. 60,261 million as of 2022, compared to Ps. 90,076 million in 2021, mainly as a result of lower positive FX differences and negative results of operations with securities and bonds, partially offset by higher positive inflation adjustments results and lower debt interest costs.
Income tax as of December 31, 2022 reached Ps. 26,491 million, from Ps. (64,909) million in December 2021.
Net Loss for the period totaled Ps. 168,757 million in 2022, compared to a net income of Ps. 19,970 million reported for the same period of 2021. The Equity Shareholders net loss for the period amounted to Ps. 100,704 million.
(millions of Ps. in constant Currency as of December 31, 2022) | ||||||||
Consolidated Revenues | 729,182 | 828,831 | (12.0%) | 176,777 | 173,874 | 199,850 | 1.7% | (11.5%) |
Employee benefit expenses and severance payments | (182,764) | (178,992) | 2.1% | (47,263) | (48,879) | (49,360) | (3.3%) | (4.2%) |
Interconnection and Transmission Costs | (22,455) | (29,729) | (24.5%) | (5,361) | (5,480) | (6,806) | (2.2%) | (21.2%) |
Fees for Services, Maintenance, Materials and Supplies | (88,940) | (96,719) | (8.0%) | (22,275) | (22,472) | (24,575) | (0.9%) | (9.4%) |
Taxes and Fees with the Regulatory Authority | (55,993) | (63,783) | (12.2%) | (13,447) | (13,402) | (15,256) | 0.3% | (11.9%) |
Commissions and Advertising | (44,166) | (47,514) | (7.0%) | (11,639) | (11,402) | (12,027) | 2.1% | (3.2%) |
Cost of Equipment and Handsets | (34,540) | (40,830) | (15.4%) | (9,035) | (7,685) | (9,161) | 17.6% | (1.4%) |
Programming and Content Costs | (45,741) | (56,391) | (18.9%) | (11,069) | (10,752) | (13,388) | 2.9% | (17.3%) |
Bad Debt Expenses | (18,342) | (15,550) | 18.0% | (4,524) | (4,585) | (4,039) | (1.3%) | 12.0% |
Other Operating Income and Expense | (36,445) | (41,257) | (11.7%) | (10,408) | (6,541) | (11,474) | 59.1% | (9.3%) |
EBITDA1 | 199,796 | 258,066 | (22.6%) | 41,756 | 42,677 | 53,764 | (2.2%) | (22.3%) |
EBITDA Margin2 | 27.4% | 31.1% | (12.0%) | 23.6% | 24.5% | 26.9% | (3.8%) | (12.2%) |
Net Income | (168,757) | 19,970 | (945.0%) | (13,931) | (199,694) | 16,982 | (93.0%) | (182.0%) |
Attributable to: |
|
|
|
|
|
|
|
|
Controlling Company | (100,704) | 7,203 | (1498.0%) | (5,710) | (111,730) | 6,111 | (94.9%) | (193.4%) |
Non-controlling interest | (68,053) | 12,767 | (633.0%) | (8,220) | (87,964) | 10,871 | (90.7%) | (175.6%) |
KEY OPERATING INDICATORS
| |||
Mobile services |
| ||
Subs(1) | 22,464.5 | 22,348 | 0.5% |
Personal (Argentina) (1) | 20,244.0 | 20,130 | 0.6% |
Núcleo (Paraguay) (1) | 2,220.5 | 2,218 | 0.1% |
Postpaid | |||
Personal (Argentina) | 43% | 41% | 5.2% |
Núcleo (Paraguay) | 21% | 18% | 14.6% |
ARPU Personal(2) | 1,102.6 | 1,201.9 | -8.3% |
Churn(3) | 2.3% | 1.5% | 53.3% |
| |||
Internet services | |||
Subs(1) | 4,115.8 | 4,247.5 | -3.1% |
Speed >50Mb (% Total Subs) | 84% | 70% | 19.6% |
ARPU(2) | 3,052.4 | 3,364 | -9.3% |
Churn(3)
| 1.6% | 1.5% | 9.8% |
| |||
Pay TV services | |||
Subs(1) | 3,479.0 | 3,562.5 | -2.3% |
ARPU(2) | 3,006.9 | 3,668.4 | -18.0% |
Churn(3)
| 1.3% | 1.1% | 15.1% |
Fixed Telephony | |||
Subs(1) | 1,910.0 | 2,417.2 | -21.0% |
ARPU(2) | 1,445.0 | 1,513.9 | -4.6% |
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of December 31, 2022)
(3) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 2022, our subsidiary, Telecom Argentina, invested Ps. 147,266 million, a decrease of 27.1% compared to 2021. The investments were focused on projects related to:
· Extension of the transmission networks to unify the different access technologies, changing the copper fixed networks into fiber or hybrid fiber-coaxial networks,
· The deployment of networks with FTTH (Fiber to the home) technologies, substantially improving the possibility to offer high speed services,
· Deployment of 4G coverage and capacity to support growth and a higher quality of the Mobile Internet service,
· The expansion of the 5G network in some of the country's main cities.
In relative terms, investments reached 20.2% of consolidated revenues in 2022.
DEBT AND LIQUIDITY
Short Term and Long-Term Debt |
|
|
|
Current Financial Debt | 134,361 | 126,361 | 6.3% |
Bank overdraft | 7,610 | 23,734 | (67.9%) |
Financial loans | 40,072 | 63,458 | (36.9%) |
Negotiable obligations | 47,404 | - | N/A |
NDF | 19 | 360 | (94.7%) |
Acquisition of equipment | 5,269 | 7,003 | (24.8%) |
Accrued interest | 33,987 | 31,806 | 6.9% |
Non-Current Financial Debt | 334,828 | 393,583 | (14.9%) |
Negotiable obligations | 181,071 | 216,929 | (16.5%) |
Financial loans | 102,588 | 112,482 | (8.8%) |
Acquisition of equipment | 4,455 | 7,630 | (41.6%) |
Accrued interest | 46,714 | 56,542 | (17.4%) |
Total Financial Debt (A) | 469,189 | 519,944 | (9.8%) |
|
|
|
|
Cash and Cash Equivalents and Short-Term Investments (B) | 50,154 | 63,516 | (21.0%) |
Net Debt (A) - (B) | 419,035 | 456,427 | (8.2%) |
Net Debt/Adjusted Ebitda (1) | 2.1x | 1.8x | 18.6% |
% USD Debt | 63.8% | 68.2% | (6.4%) |
% PYG Debt | 2.6% | 2.8% | (7.7%) |
% ARS Debt | 28.2% | 26.1% | 8.1% |
% CNY Debt | 5.3% | 2.9% | 84.7% |
Total Financial Debt (1) decreased from Ps. 519,944 million in December 2021 to Ps. 469,189 million in December 2022, and Net Debt decreased from Ps 456,427 to Ps. 419,035 .
Debt coverage ratio (1) as of December 31, 2022 was 2.1x in the case of Net Debt and of 2.3x 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, 2023
| |
CVH (BCBA) Price per Share (ARS)
| 993.50 |
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 the Full Year and Last Quarter 2022 Results
Date: Tuesday, March 14, 2023
Time: 1:00pm Buenos Aires Time/12:00pm New York Time/4:00pm London
To access the live stream and slide presentation, visit: https://event.choruscall.com/mediaframe/webcast.html?webcastid=VCwcLgDS
The webcast presentation will also be available at: https://www.cablevisionholding.com/Investors
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.
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
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, 2022 AND 2021
(in millions of Argentine pesos)
| December 31, 2022 |
| December 31, 2021 |
|
|
|
|
Revenues | 729,182 |
| 828,831 |
Employee benefit expenses and severance payments | (182,764) | (178,992) | |
Interconnection and Transmission Costs | (22,455) | (29,729) | |
Fees for Services, Maintenance, Materials and Supplies | (88,940) | (96,719) | |
Taxes and Fees with the Regulatory Authority | (55,993) | (63,783) | |
Commissions and Advertising | (44,166) | (47,514) | |
Cost of Equipment and Handsets | (34,540) | (40,830) | |
Programming and Content Costs | (45,741) | (56,391) | |
Bad Debt Expenses | (18,342) | (15,550) | |
Other Operating Costs | (36,445) | (41,257) | |
Operating Income before Depreciation, Amortization, and Impairment | 199,796 |
| 258,066 |
Depreciation, amortization, and impairment Fixed Assets | (456,124) | (264,033) | |
Operating Loss | (256,328) |
| (5,967) |
Equity in Earnings from Associates | 819 | 769 | |
Financial Expenses on Debts | 29,744 | 55,906 | |
Other Financial Results, net | 30,517 | 34,171 | |
(Loss) / Income before Income Tax Expense | (195,248) |
| 84,879 |
Income Tax | 26,491 | (64,909) | |
Net (Loss) / Income | (168,757) |
| 19,970 |
|
|
|
|
Other Comprehensive Income |
|
|
|
To be subsequently reclassified to profit or loss | |||
Currency Translation Adjustments (no effect on Income Tax) | (6,740) | (12,447) | |
Effect of NDF classified as hedges | 607 | 666 | |
Tax Effect of NDF classified as hedges and other | (278) | (249) | |
Not to be subsequently reclassified to profit or loss | |||
Actuarial Results | 28 | (68) | |
Tax Effect | (10) | 23 | |
Other Comprehensive Income, net of Taxes | (6,393) |
| (12,075) |
|
|
|
|
Total Comprehensive Income/ (Loss) | (175,150) |
| 7,895 |
|
|
|
|
|
|
|
|
Net Income (Loss) attributable to: |
|
|
|
Shareholders of the Controlling Company | (100,704) | 7,203 | |
Non-Controlling Interest | (68,053) | 12,767 | |
| |||
Total Comprehensive Income (Loss) Attributable to: |
|
| |
Shareholders of the Controlling Company | (102,652) | 3,629 | |
Non-Controlling Interest | (72,498) | 4,266 | |
|
| ||
Basic and Diluted Earnings per Share attributable to the Shareholders of the Controlling Company (in Argentine Pesos) | (557.48) |
| 39.87 |
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS OF DECEMBER 31, 2022 AND 2021(in millions of Argentine pesos)
|
|
|
|
ASSETS | December 31, 2022 |
| December 31, 2021 |
CURRENT ASSETS | |||
Cash and Cash Equivalents | 41,781 | 40,710 | |
Investments | 8,373 | 22,806 | |
Trade Receivables | 37,616 | 43,934 | |
Other Receivables | 19,693 | 17,445 | |
Inventories | 6,448 | 6,068 | |
Assets Available for Sale | 954 | - | |
Total Current Assets | 114,865 |
| 130,963 |
NON-CURRENT ASSETS | |||
Trade Receivables | 118 | 141 | |
Other Receivables | 2,518 | 5,159 | |
Deferred Income Tax Assets | 2,620 | 1,434 | |
Investments | 6,444 | 6,284 | |
Goodwill | 494,757 | 699,300 | |
Property, Plant and Equipment ("PP&E") | 792,203 | 878,248 | |
Intangible Assets | 253,931 | 279,826 | |
Right-of-Use Assets | 62,932 | 65,090 | |
Total Non-Current Assets | 1,615,523 |
| 1,935,482 |
Total Assets | 1,730,388 |
| 2,066,445 |
LIABILITIES | |||
CURRENT LIABILITIES | |||
Accounts Payable | 89,305 | 95,934 | |
Financial Debt | 134,361 | 126,361 | |
Salaries and Social Security Payables | 37,676 | 43,409 | |
Income Tax Liabilities | 314 | 27,129 | |
Taxes Payable | 9,932 | 7,720 | |
Dividends Payable | - | 1,796 | |
Lease Liabilities | 9,202 | 11,941 | |
Other Liabilities | 4,960 | 5,951 | |
Provisions | 2,634 | 4,180 | |
Total Current Liabilities | 288,384 |
| 324,421 |
NON-CURRENT LIABILITIES | |||
Accounts Payable | 319 | 2,135 | |
Financial Debt | 334,828 | 393,583 | |
Salaries and Social Security Payables | 2,747 | 3,012 | |
Deferred Income Tax Liabilities | 256,213 | 263,423 | |
Taxes Payable | 44 | - | |
Lease Liabilities | 19,695 | 24,906 | |
Other Liabilities | 2,610 | 2,435 | |
Provisions | 11,654 | 18,650 | |
Total Non-Current Liabilities | 628,110 |
| 708,144 |
Total Liabilities | 916,494 |
| 1,032,565 |
EQUITY (as per the corresponding statement) |
|
|
|
Attributable to Shareholders of the Controlling Company | 313,088 | 431,734 | |
Attributable to Non-Controlling Interests | 500,806 | 602,146 | |
TOTAL EQUITY | 813,894 |
| 1,033,880 |
TOTAL LIABILITIES AND EQUITY | 1,730,388 |
| 2,066,445 |
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2022 AND 2021
(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 Reserves1 | Retained Earnings | ||||||||
Balances as of January 01, 2021 | 181 | 25,263 | 59,832 | 85,276 | (8,751) | 317,126 | 5,088 | 369,636 | (308,312) | 460,063 | 646,820 | 1,106,883 | ||||
Reversal of Reserves | - | - | - | - | - | - | - | (8,857) | 8,857 | - | - | - | ||||
Dividend Distribution | - | - | - | - | - | - | - | (32,100) | - | (32,100) | - | (32,100) | ||||
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - | - | - | - | - | - | - | (49,117) | (49,117) | ||||
Adjustment to the value of the Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual | - | - | - | - | - | 142 | - | - | - | 142 | 177 | 319 | ||||
Net Income (Loss) for the Year | - | - | - | - | - | - | - | - | 7,203 | 7,203 | 12,767 | 19,970 | ||||
Other Comprehensive Income | - | - | - | - | (3,574) | - | - | - | - | (3,574) | (8,501) | (12,075) | ||||
Balances as of December 31, 2021 | 181 | 25,263 | 59,832 | 85,276 | (12,325) | 317,268 | 5,088 | 328,679 | (292,252) | 431,734 | 602,146 | 1,033,880 | ||||
Set-up of Reserves | - | - | - | - | - | - | - | 7,203 | (7,203) | - | - | - | ||||
Dividend Distribution | - | - | - | - | - | - | - | (15,994) | - | (15,994) | - | (15,994) | ||||
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - | - | - | - | - | - | - | (28,842) | (28,842) | ||||
Net Income (Loss) for the Year | - | - | - | - | - | - | - | - | (100,704) | (100,704) | (68,053) | (168,757) | ||||
Other Comprehensive Income | - | - | - | - | (1,948) | - | - | - | - | (1,948) | (4,445) | (6,393) | ||||
Balances as of December 31, 2022 | 181 | 25,263 | 59,832 | 85,276 | (14,273) | 317,268 | 5,088 | 319,888 | (400,159) | 313,088 | 500,806 | 813,894 | ||||
1 Voluntary Reserve for Illiquid Results.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2022 AND 2021
(in millions of Argentine pesos)
|
| ||
December 31, 2022 |
| December 31, 2021 | |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES | |||
Net (Loss) / Income | (168,757) | 19,970 | |
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating Activities | |||
Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies | 19,128 | 18,412 | |
Depreciation of PP&E | 198,770 | 211,103 | |
Amortization of Intangible Assets | 28,626 | 30,305 | |
Amortization of Rights of Use | 21,749 | 20,122 | |
Impairment of Goodwill | 204,808 | - | |
Equity in Earnings from Associates | (819) | (769) | |
Net Book Value of Fixed Assets and Consumption of Materials | 4,834 | 5,310 | |
Financial Results and Other | (47,121) | (94,453) | |
Income Tax Expense | (26,491) | 64,909 | |
Income Tax Paid | (10,128) | (4,422) | |
Net (Increase) Decrease in Assets | (51,671) | (35,956) | |
Net Decrease in Liabilities | 40,712 | 18,377 | |
Net Cash Flows provided by Operating Activities | 213,640 |
| 252,908 |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | |||
PP&E Acquisitions | (117,255) | (143,341) | |
Intangible Assets Acquisition | (5,220) | (4,948) | |
Acquisition of Equity Interests | (407) | - | |
Collection of Dividends | 615 | 456 | |
Income from Sale of PP&E and Intangible Assets | 358 | 306 | |
Investments not considered as cash and cash equivalents | (43,780) | (76,558) | |
Net Cash Flows used in Investing Activities | (165,689) |
| (224,085) |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | |||
Proceeds from Financial Debt | 85,215 | 125,088 | |
Payment of Financial Debt | (68,313) | (97,973) | |
Payment of Interest and Related Expenses | (46,212) | (52,238) | |
Payment of Lease Liabilities | (15,260) | (12,849) | |
Reversal of Reserve Account | - | (115) | |
Payment of Cash Dividends to Non-Controlling Interests | (1,229) | (1,449) | |
Net Cash Flows used in Financing Activities | (45,799) |
| (39,536) |
|
|
|
|
NET INCREASE / (DECREASE) IN CASH FLOW | 2,152 |
| (10,713) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: | 40,710 |
| 57,240 |
EFFECTS OF EXCHANGE RATE CHANGES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS | (1,081) |
| (5,817) |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 41,781 |
| 40,710 |