10 Nov 2021 07:50
Cablevisión Holding announces its Nine months and Third Quarter 2021 Results
Buenos Aires, Argentina, November 9th, 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 Nine months and Third 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 September 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 (9M21 vs. 9M20):
§ Total Revenues reached Ps. 292,983 million, a decrease of 7.7% in real terms as of 9M21, 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 (52.5% interannually as of September 2021), as a result of the price freeze from May to December 2020.
§ Total Costs (Excluding Depreciation and Amortization) reached Ps. 197,818 million, a decrease of 3.2% 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 employee benefits expenses and severance payments and higher costs of equipment and handset.
§ EBITDA reached Ps. 95,165 million as of 9M21, a decrease of 15.9% in real terms compared to 9M20, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 32.5% in 9M21, compared to 35.7% in 9M20.
§ Consolidated Net Income amounted Ps. 1,392 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 509 million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of September 30, 2021) | 9M21 | 9M20 | % Ch. | 3Q21 | 2Q21 | 3Q20 | QoQ | YoY |
Total Revenues | 292,983 | 317,476 | (7.7%) | 96,254 | 96,639 | 102,190 | (0.4%) | (5.8%) |
EBITDA (1) | 95,165 | 113,205 | (15.9%) | 28,379 | 30,431 | 34,885 | (6.7%) | (18.6%) |
EBITDA Margin (2) | 32.5% | 35.7% | (8.9%) | 29.5% | 31.5% | 34.1% | (6.4%) | (13.6%) |
Net income | 1,392 | (1,681) | (182.8%) | 3,450 | (12,916) | (5,229) | (126.7%) | (166.0%) |
Attributable to: |
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Equity Shareholders | 509 | (764) | (166.6%) | 1,590 | (5,161) | (2,207) | (130.8%) | (172.0%) |
Non-Controlling Interests | 883 | (917) | (196.3%) | 1,859 | (7,755) | (3,022) | (124.0%) | (161.5%) |
(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. 292,983 million in 9M21, a decrease of 7.7% in real terms compared to Ps. 317,476 million in 9M20, mainly driven by lower revenues from mobile, fixed telephony and data services, internet 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 September 30, 2021) | 9M21 | 9M20 | YoY | 9M21% of Total | 9M20 % of Total |
Mobile Services | 110,898 | 121,529 | (8.7%) | 37.9% | 38.3% |
Internet Services | 62,077 | 67,168 | (7.6%) | 21.2% | 21.2% |
Cable TV Services | 57,433 | 62,140 | (7.6%) | 19.6% | 19.6% |
Fixed Telephony and Data Services | 41,082 | 48,722 | (15.7%) | 14.0% | 15.3% |
Other revenues from services | 683 | 877 | (22.1%) | 0.2% | 0.3% |
Revenues from Services | 272,173 | 300,436 | (9.4%) | 92.9% | 94.6% |
Revenues from Equipment Sales | 20,810 | 17,040 | 22.1% | 7.1% | 5.4% |
Total Revenues | 292,983 | 317,476 | (7.7%) | 100.0% | 100.0% |
Mobile Services Revenues decreased by 8.7% in real terms to Ps. 110,898 as of 9M21, mainly due to the restatement effect as of September 30, 2021.
In Argentina, Personal mobile subscribers reached approximately 19.5 million (+266 thousand compared to 2Q21) and around 42% of them are postpaid. Mobile internet revenues reached 73% of Personal Argentina service revenues. Mobile ARPU decreased 7.1% in real terms during the 9M21 compared to 9M20 (Ps. 568.0 in 9M21 vs Ps. 611.7 in 9M20). Mobile churn was 1.1% as of 9M21, compared to 2.2% in 9M20.
During the first nine months of 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 13.9 million clients with 4G devices. During 9M21, the 4G technology traffic represented 92% of the total traffic.
As of September 30, 2021, Núcleo customer base decreased 1.3% to 2.2 million subscribers, of which 18% are postpaid. Revenues from Núcleo services were Ps 12,351 million in 9M21, a decrease of 21.6% compared to 9M20, mainly due to a lower client base and the decrease in the ARPU.
Internet Services Revenues dropped 7.6% in real terms to Ps. 62,077 in 9M21 mainly due to a 13,6% lower Broadband ARPU of Ps. 1,580.5 as of September 30, 2021. Of the 4.2 million broadband customers reached in 9M21 (+14 thousand compared to 2Q21), around 68% subscribed to services with speeds of 50Mb or higher. Monthly churn increased to 1.5% in 9M21 from 1.2% in 9M20.
Cable TV Services Revenues amounted to Ps. 57,433 million in 9M21, a decrease of 7.6% compared to 9M20, mainly due to the restatement effect as of September 30, 2021. Cable TV ARPU reached Ps. 1,749.2 in 9M21, a decrease of 10.7% compared to 9M20. Additionally, Cable TV churn increased to 1.1% in 9M21 from 0.9% in 9M20.
It is worth mentioning that during the 9M21 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 3Q21, 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. 41,082 million in 9M21, a decrease of 15.7% compared to 9M20, mainly due the restatement effect as of September 30, 2021. Additionally, ARBU in fixed telephony reached Ps. 708.2 in 9M21, decreasing 14.4% when compared to 9M20.
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.
It is important to highlight, that 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. 20,810 million in 9M21, a rise of 22.1% in real terms compared to 9M20, 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. 197,818 million in 9M21, a decrease of Ps. 6,452 million in real terms, or 3.2% compared to 9M20.
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 higher employee benefits expenses and severance payments and 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. 95,165 million in 9M21, a decrease of 15.9% in real terms from Ps. 113,205 million reported for 9M20, 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. 94,210 million in 9M21, an increase of 12.2% in real terms compared to 9M20. The increase was mainly due to the impact of the amortization of assets incorporated after September 30, 2020.
Equity in earnings from unconsolidated affiliates totaled Ps. 210 million in 9M21, compared to Ps. 567 million in 9M20.
Financial Results net totaled Ps. 31,191 million as of 9M21, compared to Ps. (19,650) million in 9M20, mainly as a result of positive FX and inflation adjustments results and lower debt interest costs.
Income tax as of September 30, 2021 reached Ps. (30,964) million, from Ps. (11,866) million in September 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 Income for the period totaled Ps. 1,392 million in 9M21, compared to a net loss of Ps. (1,681) million reported for the same period of 2020. The Equity Shareholders net income for the period amounted to Ps. 509 million.
(millions of Ps. in constant Currency as of September 30, 2021) | 9M21 | 9M20 | % Ch. | 3Q21 | 2Q21 | 3Q20 | QoQ | YoY |
Consolidated Revenues | 292,983 | 317,476 | (7.7%) | 96,254 | 96,639 | 102,190 | (0.4%) | (5.8%) |
Employee benefit expenses and severance payments | (60,383) | (58,993) | 2.4% | (21,888) | (19,897) | (18,888) | 10.0% | 15.9% |
Interconnection and Transmission Costs | (10,678) | (11,702) | (8.8%) | (3,415) | (3,391) | (4,149) | 0.7% | (17.7%) |
Fees for Services, Maintenance, Materials and Supplies | (33,605) | (33,475) | 0.4% | (11,092) | (11,164) | (10,812) | (0.6%) | 2.6% |
Taxes and Fees with the Regulatory Authority | (22,604) | (24,048) | (6.0%) | (7,371) | (7,449) | (7,759) | (1.0%) | (5.0%) |
Commissions and Advertising | (16,530) | (17,536) | (5.7%) | (5,547) | (5,670) | (6,027) | (2.2%) | (8.0%) |
Cost of Equipment and Handsets | (14,752) | (11,033) | 33.7% | (4,675) | (5,334) | (3,813) | (12.3%) | 22.6% |
Programming and Content Costs | (20,031) | (20,805) | (3.7%) | (6,318) | (6,337) | (6,047) | (0.3%) | 4.5% |
Bad Debt Expenses | (5,362) | (12,019) | (55.4%) | (1,960) | (2,145) | (3,223) | (8.6%) | (39.2%) |
Other Operating Income and Expense | (13,873) | (14,660) | (5.4%) | (5,609) | (4,822) | (6,587) | 16.3% | (14.8%) |
EBITDA1 | 95,165 | 113,205 | (15.9%) | 28,379 | 30,431 | 34,885 | (6.7%) | (18.6%) |
EBITDA Margin2 | 32.5% | 35.7% | (8.9%) | 29.5% | 31.5% | 34.1% | (6.4%) | (13.6%) |
Net Income | 1,392 | (1,681) | (182.8%) | 3,450 | (12,916) | (5,229) | (126.7%) | (166.0%) |
Attributable to: |
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Controlling Company | 509 | (764) | (166.6%) | 1,590 | (5,161) | (2,207) | (130.8%) | (172.1%) |
Non-controlling interest | 883 | (917) | (196.3%) | 1,859 | (7,755) | (3,022) | (124.0%) | (161.5%) |
KEY OPERATING INDICATORS
| 9M21 | 9M20 | YoY |
Mobile services |
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Subs(1) | 21,722.5 | 20,883 | 4.0% |
Personal (Argentina) (1) | 19,522.0 | 18,654 | 4.7% |
Núcleo (Paraguay) (1) | 2,200.5 | 2,229 | -1.3% |
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Postpaid |
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Personal (Argentina) | 42% | 41% | 0.5% |
Núcleo (Paraguay) | 18% | 17% | 8.9% |
ARPU Personal(2) | 568.0 | 611.7 | -7.1% |
Churn(4) | 1.1% | 2.2% | -51.8% |
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Internet services |
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Subs(1) | 4,248.3 | 4,173.5 | 1.8% |
Speed >20Mb (% Total Subs) | 68% | 58% | 17.1% |
ARPU(2) | 1,580.5 | 1,829 | -13.6% |
Churn(4)
| 1.5% | 1.2% | 23.2% |
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Pay TV services |
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Subs(1) | 3,560.8 | 3,568.0 | -0.2% |
ARPU(2) | 1,749.2 | 1,959.7 | -10.7% |
Churn(4)
| 1.1% | 0.9% | 25.9% |
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Fixed Telephony |
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Subs(1) | 2,524.2 | 2,937.9 | -14.1% |
ARBU(3) | 708.2 | 827.5 | -14.4% |
(1) Figures in thousands
(2) ARPU = Average Revenue per user (restated by inflation as of September 30, 2021)
(3) ARBU = Average Billing per user (restated by inflation as of September 30, 2021)
(4) Monthly Average Churn
CAPITAL EXPENDITURE (CAPEX)
During the 9M21, our subsidiary, Telecom Argentina, invested Ps. 66,519 million, an increase of 7.2% compared to 9M20. 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 22.7% of consolidated revenues in 9M21.
DEBT AND LIQUIDITY
| September 2021 | September 2020 | % Change |
Short Term and Long-Term Debt |
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Current Financial Debt | 66,696 | 56,510 | 18.0% |
Bank overdraft | 13,733 | 5,876 | 133.7% |
Financial loans | 32,726 | 10,424 | 213.9% |
Negotiable obligations | 1,800 | 17,222 | (89.5%) |
NDF | 185 | 1,099 | (83.2%) |
Acquisition of equipment | 3,436 | 3,214 | 6.9% |
Accrued interest | 14,816 | 18,675 | (20.7%) |
Non-Current Financial Debt | 182,011 | 205,569 | (11.5%) |
Negotiable obligations | 91,395 | 66,654 | 37.1% |
Financial loans | 62,172 | 98,817 | (37.1%) |
NDF | - | 24 | (100.0%) |
Acquisition of equipment | 4,318 | 6,201 | (30.4%) |
Accrued interest | 24,126 | 33,873 | (28.8%) |
Total Financial Debt (A) | 248,707 | 262,080 | (5.1%) |
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Cash and Cash Equivalents (B) | 27,209 | 61,059 | (55.4%) |
Net Debt (A) - (B) | 221,498 | 201,021 | 10.2% |
Net Debt/Adjusted Ebitda (1) | 1.8x | 1.4x | 31.4% |
% USD Debt | 74.3% | 88.1% | (15.7%) |
% PYG Debt | 2.9% | 3.0% | (4.2%) |
% ARS Debt | 21.3% | 8.9% | 139.6% |
% CNY Debt | 1.6% | 0.0% | N/A |
Total Financial Debt (1) decreased from Ps. 262,080 million in September 2020 to Ps. 248,707 million in September 2021, and Net Debt increased from Ps 201,021 to Ps. 221,498 .
Debt coverage ratio (1) as of September 30, 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.
During 3Q21 our subsidiary Telecom paid dividends in kind for a total market value of 35 billion pesos or approximately 200 million dollars, of which CVH, through its direct and indirect interest in Telecom, received 144.7 million 2030 Global Bonds and 72.9 million 2035 Global Bonds, with a market value at the time of the payment of approximately 13.7 billion pesos or 78.2 million dollars. 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 September 8th in the local market for a gross market value of AR$ 82.84 per Share.
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.
| November 9, 2021
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CVH (BCBA) Price per Share (ARS)
| 589.50 |
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 Nine months and Third Quarter 2021Results
Date: Friday, November 12, 2021
Time: 12:00pm Buenos Aires Time/10:00am New York Time/3:00pm London
The 9M21 and 3Q21 results will be presented via webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy211112WVzodpnE.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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020, AND FOR THE THREE-MONTH PERIODS BEGINNING JULY 1 AND ENDED SEPTEMBER 30, 2021 AND 2020
(in millions of Argentine pesos)
| September 30, 2021 |
| September 30, 2020 |
| July 1, 2021through September 30, 2021 |
| July 1, 2020through September 30, 2020 |
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Revenues | 292,983 |
| 317,476 |
| 96,254 |
| 102,190 |
Employee benefit expenses and severance payments | (60,383) |
| (58,993) |
| (21,888) |
| (18,888) |
Interconnection and Transmission Costs | (10,678) |
| (11,702) |
| (3,415) |
| (4,149) |
Fees for Services, Maintenance, Materials and Supplies | (33,605) |
| (33,475) |
| (11,092) |
| (10,812) |
Taxes and Fees with the Regulatory Authority | (22,604) |
| (24,048) |
| (7,371) |
| (7,759) |
Commissions and Advertising | (16,530) |
| (17,536) |
| (5,547) |
| (6,027) |
Cost of Equipment and Handsets | (14,752) |
| (11,033) |
| (4,675) |
| (3,813) |
Programming and Content Costs | (20,031) |
| (20,805) |
| (6,318) |
| (6,047) |
Bad Debt Expenses | (5,362) |
| (12,019) |
| (1,960) |
| (3,223) |
Other Operating Income and Expense | (13,873) |
| (14,660) |
| (5,609) |
| (6,587) |
Operating Income before Depreciation and Amortization | 95,165 |
| 113,205 |
| 28,379 |
| 34,885 |
Depreciation, Amortization and Impairment of PP&E, Intangible Assets and Rights of Use. | (94,210) |
| (83,937) |
| (33,064) |
| (29,189) |
Operating Income / (Loss) | 955 |
| 29,268 |
| (4,685) |
| 5,696 |
Equity in Earnings from Associates | 210 |
| 567 |
| 84 |
| 213 |
Financial Expenses on Debts | 21,219 |
| (31,514) |
| 7,947 |
| (10,578) |
Other Financial Results, net | 9,972 |
| 11,864 |
| 3,000 |
| 5,902 |
Income (Loss) before Income Tax Expense | 32,356 |
| 10,185 |
| 6,346 |
| 1,233 |
Income Tax | (30,964) |
| (11,866) |
| (2,896) |
| (6,462) |
Net Income (Loss) for the Period | 1,392 |
| (1,681) |
| 3,450 |
| (5,229) |
|
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|
|
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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) | (4,132) |
| (1,162) |
| (1,678) |
| 199 |
Effect of NDF classified as hedges | 229 |
| (459) |
| 74 |
| 71 |
Tax Effect of NDF classified as hedges | (74) |
| 112 |
| (20) |
| (33) |
Other Comprehensive Income, net of Taxes | (3,977) |
| (1,509) |
| (1,624) |
| 237 |
|
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|
|
|
|
|
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Total Comprehensive Income (Loss) for the Period | (2,585) |
| (3,190) |
| 1,826 |
| (4,992) |
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Net Income (Loss) attributable to: |
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Shareholders of the Parent Company | 509 |
| (764) |
| 1,590 |
| (2,207) |
Non-Controlling Interest | 883 |
| (917) |
| 1,860 |
| (3,022) |
|
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Total Comprehensive Income (Loss) Attributable to: |
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Shareholders of the Parent Company | (678) |
| (1,190) |
| 1,112 |
| (2,075) |
Non-Controlling Interest | (1,907) |
| (2,000) |
| 714 |
| (2,917) |
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Basic and Diluted Earnings per Share attributable to the Shareholders of the Parent Company (in pesos) | 2.82 |
| (4.23) |
| 8.81 |
| (12.23) |
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
(in millions of Argentine pesos)
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ASSETS | September 30, 2021 |
| December 31, 2020 |
CURRENT ASSETS |
|
|
|
Cash and Cash Equivalents | 18,087 |
| 26,663 |
Investments | 9,122 |
| 21,686 |
Trade Receivables | 19,941 |
| 25,962 |
Other Receivables | 6,278 |
| 7,613 |
Inventories | 3,349 |
| 5,098 |
Total Current Assets | 56,777 |
| 87,022 |
NON-CURRENT ASSETS |
|
|
|
Trade Receivables | 84 |
| 81 |
Other Receivables | 3,585 |
| 2,923 |
Deferred Income Tax Assets | 601 |
| 637 |
Investments | 2,779 |
| 2,947 |
Goodwill | 326,405 |
| 326,769 |
Property, Plant and Equipment ("PP&E") | 409,492 |
| 439,156 |
Intangible Assets | 133,338 |
| 142,053 |
Right-of-Use Assets | 29,168 |
| 24,341 |
Total Non-Current Assets | 905,452 |
| 938,907 |
Total Assets | 962,229 |
| 1,025,929 |
LIABILITIES |
|
|
|
CURRENT LIABILITIES |
|
|
|
Accounts Payable | 43,978 |
| 53,909 |
Financial Debt | 66,696 |
| 56,978 |
Salaries and Social Security Payables | 16,577 |
| 19,651 |
Taxes Payable | 13,470 |
| 5,121 |
Dividends Payable | 1,226 |
| 12,726 |
Lease Liabilities | 5,226 |
| 4,569 |
Other Liabilities | 2,858 |
| 2,869 |
Provisions | 1,907 |
| 2,214 |
Total Current Liabilities | 151,938 |
| 158,037 |
NON-CURRENT LIABILITIES |
|
|
|
Accounts Payable | 1,313 |
| 3,353 |
Financial Debt | 182,011 |
| 217,213 |
Salaries and Social Security Payables | 1,399 |
| 1,151 |
Deferred Income Tax Liabilities | 127,494 |
| 109,120 |
Taxes Payable | - |
| 7 |
Lease Liabilities | 12,162 |
| 9,540 |
Other Liabilities | 1,559 |
| 1,584 |
Provisions | 9,034 |
| 10,220 |
Total Non-Current Liabilities | 334,972 |
| 352,188 |
Total Liabilities | 486,910 |
| 510,225 |
EQUITY (as per the corresponding statement) |
|
|
|
Attributable to Shareholders of the Parent Company | 198,725 |
| 214,343 |
Attributable to Non-Controlling Interests | 276,594 |
| 301,361 |
TOTAL EQUITY | 475,319 |
| 515,704 |
TOTAL LIABILITIES AND EQUITY | 962,229 |
| 1,025,929 |
|
|
|
|
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 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 (1) | Retained Earnings |
|
| |||
Balances as of January 1st 2020 | 181 | 11,671 | 27,870 | 39,722 |
| (3,283) | 147,745 |
| 2,371 | 191,713 | (145,106) | 233,162 |
| 328,913 |
| 562,075 |
Reversal of Reserves | - | - | - | - |
| - | - |
| - | (5,614) | 5,614 | - |
| - |
| - |
Distribution of Dividends | - | - | - | - |
| - | - |
| - | (1,365) |
| (1,365) |
| - |
| (1,365) |
Adjustment to the value of the Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual | - | - | - | - |
| - | 12 |
| - | - | - | 12 |
| 18 |
| 30 |
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - |
| - | - |
| - | - | - | - |
| (493) |
| (493) |
Net Income (Loss) for the Period | - | - | - | - |
| - | - |
| - | - | (764) | (764) |
| (917) |
| (1,681) |
Other Comprehensive Income | - | - | - | - |
| (426) | - |
| - | - | - | (426) |
| (1,083) |
| (1,509) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2020 | 181 | 11,671 | 27,870 | 39,722 |
| (3,709) | 147,757 |
| 2,371 | 184,734 | (140,256) | 230,619 |
| 326,438 |
| 557,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of January 1st 2021 | 181 | 11,671 | 27,870 | 39,722 |
| (4,077) | 147,762 |
| 2,371 | 172,178 | (143,613) | 214,343 |
| 301,361 |
| 515,704 |
Reversal of Reserves (Note 26) | - | - | - | - |
| - | - |
| - | (4,125) | 4,125 | - |
| - |
| - |
Dividend Distribution (Note 26) | - | - | - | - |
| - | - |
| - | (14,953) | - | (14,953) |
| - |
| (14,953) |
Adjustment to the value of the Irrevocable Call and Put Option on the Shares of AVC Continente Audiovisual | - | - | - | - |
| - | 13 |
| - | - | - | 13 |
| 20 |
| 33 |
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - |
| - | - |
| - | - | - | - |
| (22,880) |
| (22,880) |
Net Income (Loss) for the Period | - | - | - | - |
| - | - |
| - | - | 509 | 509 |
| 883 |
| 1,392 |
Other Comprehensive Income | - | - | - | - |
| (1,187) | - |
| - | - | - | (1,187) |
| (2,790) |
| (3,977) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of September 30, 2021 | 181 | 11,671 | 27,870 | 39,722 |
| (5,264) | 147,775 |
| 2,371 | 153,100 | (138,979) | 198,725 |
| 276,594 |
| 475,319 |
(1) Voluntary Reserve for Illiquid Results.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020
(in millions of Argentine pesos)
|
|
| |
| September 30, 2021 |
| September 30, 2020 |
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES |
|
|
|
Net Income (Loss) for the Period | 1,392 |
| (1,681) |
Adjustments to Reconcile Net Income to net Cash Flows Provided by Operating Activities |
|
|
|
Allowances Deducted from Assets and Provisions for Lawsuits and Other Contingencies | 7,215 |
| 11,972 |
Depreciation of PP&E | 75,706 |
| 66,642 |
Amortization of Intangible Assets | 10,535 |
| 10,975 |
Amortization of Rights of Use | 6,862 |
| 5,893 |
Equity in Earnings from Associates | (210) |
| (567) |
Net Book Value of Fixed Assets and Consumption of Materials | 1,542 |
| 598 |
Financial Results and Other | (33,519) |
| 25,528 |
Income Tax Expense | 30,964 |
| 11,866 |
Income Tax Paid | (1,528) |
| (1,735) |
Net Decrease in Assets | (13,014) |
| (7,993) |
Net Increase (Decrease) in Liabilities | 4,385 |
| (12,351) |
Net Cash Flows provided by Operating Activities | 90,330 |
| 109,147 |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES |
|
|
|
PP&E Acquisitions | (48,892) |
| (49,930) |
Intangible Assets Acquisition | (1,791) |
| (2,191) |
Transactions with Notes, Bonds and Other Placements, Net | 43 |
| 107 |
Collection of Dividends | 211 |
| 70 |
Income from Sale of PP&E and Intangible Assets | 80 |
| - |
Net Acquisition of Subsidiaries not considered as Cash and Cash Equivalents | (34,223) |
| (19,905) |
Net Cash Flows used in Investing Activities | (84,572) |
| (71,849) |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES |
|
|
|
Proceeds from Financial Debt | 43,317 |
| 61,182 |
Payment of Financial Debt | (30,653) |
| (87,738) |
Payment of Interest and Related Expenses | (20,072) |
| (23,985) |
Payment of Lease Liabilities | (4,162) |
| (4,507) |
Payment of Dividends | (360) |
| (1,345) |
Payment of Cash Dividends to Non-Controlled Interests | - |
| (241) |
Net Cash Flows used in Financing Activities | (11,930) |
| (56,634) |
|
|
|
|
NET DECREASE IN CASH FLOWS | (6,172) |
| (19,336) |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR: | 26,663 |
| 50,460 |
EFFECTS OF EXCHANGE RATE DIFFERENCES AND GAIN (LOSS) ON NET MONETARY POSITION ON CASH AND CASH EQUIVALENTS | (2,404) |
| 2,342 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 18,087 |
| 33,466 |
|
|
|
|