11 Aug 2017 13:01
APPENDIX
Cablevisión Holding announces its
Results for the Two Months Period ended June 30th, 2017
Buenos Aires, Argentina, August 11th, 2017 - Cablevisión Holding S.A. ("CVH"), announced today its first two months results for 2017. Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of June 30th, 2017 and are stated in Argentine Pesos, unless otherwise indicated.
On September 28, 2016, Grupo Clarín's Shareholders approved a split-up of Grupo Clarín's equity interest in Cablevisión S.A ("Cablevisión"), the subsidiary that operates Grupo Clarín's cable television, internet and telephony segment, into a new Argentine corporation under the name of Cablevisión Holding S.A. ("CVH"). After the split-up is complete, CVH will own directly and indirectly, 60% equity interest in Cablevision.
The Effective Date of the Spin-off was May 1, 2017. As from this date, Cablevisión Holding S.A. began activities on its own, and the accounting effects of the Spin-off became effective. For further information about CVH, please see the appendix of this report.
Its operations include the provision of cable television and Internet access and telephony services, with operations in Argentina and in some neighboring countries, through its subsidiary Cablevisión. That company is the largest cable television operator in Latin America in terms of subscribers. This company also provides high-speed Internet access under the brand Fibertel and telephony services through Nextel.
CVH Highlights:
§ On June 30, 2017, Cablevisión and Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2), announced a plan to merge their corporate and operational structures.
§ CVH informed that on July 7, 2017, it had executed with Fintech Telecom LLC, the controlling company of Telecom Argentina S.A. a shareholder agreement that will govern the exercise of the rights of the shareholders of Telecom once the merger process between Telecom and Cablevisión has concluded and become effective
§ Fintech and affiliates granted to CVH and option to purchase a direct or indirect equity interests equal to 13.51% of the total outstanding capital of Telecom Argentina
For more information, see Financial Statement at www.cablevisionholding.com or www.grupoclarin.com/ir
CVH FINANCIAL HIGHLIGHTS
(In millions of Ps.) | Cable TV and Internet Access | IDEN Telephony | Other | Eliminations | Consolidated |
Revenues | 6.192,9 | 491,0 | 15,2 | (18,5) | 6.680,6 |
Cost of Sales | (2.214,1) | (267,4) | - | (2.481,6) | |
SG&A | (1.391,3) | (237,2) | (12,5) | 15,2 | (1.625,8) |
Intersegment Costs and Expenses | (2,8) | (0,5) | - | 3,3 | - |
EBITDA | 2.584,6 | (14,1) | 2,7 | - | 2.573,2 |
EBITDA Margin
| 42% | (3%) | 18% | NA | 39% |
(1) We define Adjusted EBITDA as Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies on the basis of operating performance, leverage and liquidity. Nonetheless, Adjusted 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 Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.
(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Net Sales.
Investor Relations Contacts | Cablevisión Holding S.A. | |
In Buenos Aires: | Tel: +54 11 4309 3417 | |
Email: IR@cablevisiónholding.com | ||
Agustín Medina Manson Patricio Gentile | ||
The results reported for CVH cover the two months ended June, 2017. In order to provide a comprehensive basis of comparison for 2Q 17 and 1H 17, the results of Cablevisión for this period are presented below.
Cablevisión Results for the First Half (1H17) and Second Quarter of 2017 (2Q17)
Highlights (1H17 vs. 1H16):
§ Revenues totaled Ps. 19,233 million, an increase of 35.0% compared to 1H16, mainly due to subscriber growth in internet access segment, and the increased in ARPU in Cable TV and Internet access segments.
§ Adjusted EBITDA (1) reached Ps. 7,515 million, an increase of 40.7% from 1H16, mainly driven by increased sales in Cable TV and broadband.
§ Cablevisión's Adjusted EBITDA Margin (2) for 1H17 was 39.1%, compared to 37.5% in 1H16.
§ Income for the period totaled Ps. 3,172 million, an increase of 51.8% from Ps. 2,089 million reported in 1H16.
FINANCIAL HIGHLIGHTS
| ||||||||
(In millions of Ps.) | 1H17 | 1H16 | % Ch | 2Q17 | 1Q17 | 2Q16 | QoQ | YoY |
Revenues | 19,233 | 14,243 | 35.0% | 9,800 | 9,433 | 7,174 | 3.9% | 36.6% |
Adjusted EBITDA (1) | 7,515 | 5,339 | 40.7% | 3,734 | 3,781 | 2,561 | (1.2%) | 45.8% |
Adjusted EBITDA Margin (2) | 39.1% | 37.5% | 1.6 b.p. | 38.1% | 40.1% | 35.7% | (2.0 b.p.) | 2.4 b.p. |
Income for the period | 3,172 | 2,089 | 51.8% | 1,280 | 1,892 | 887 | (32.3%) | 44.4% |
(1) We define Adjusted EBITDA as Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies on the basis of operating performance, leverage and liquidity. Nonetheless, Adjusted 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 Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.
(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Revenues.
OPERATING RESULTS
REVENUES
Revenues reached Ps. 19,233 million, an increase of 35.0% from Ps. 14,243 million in 1H16. It is mainly attributable to an increase in the number of broadband subscriber, speeds upgrades to our current customer base and the up selling of value added services with price adjustment according to inflation. Total Consolidated Cable TV basic subscribers reached 3,510,368 as of June 2017, compared to 3,522,074 reported for the same period in 2016. Internet subscribers reached 2,254,778 in June 2017, compared to 2,101,425 as of June 2016.
Following is a breakdown of Revenues by business segment:
(In millions of Ps.) | 1H17 | 1H16 | YoY | 2Q17 | 1Q17 | 2Q16 | QoQ | YoY |
Cable TV | 11,516 | 8,802 | 30.8% | 5,843 | 5,674 | 4,396 | 3.0% | 32.9% |
Internet Access | 5,763 | 3,339 | 72.6% | 3,025 | 2,738 | 1,723 | 10.5% | 75.6% |
IDEN Telephony | 1,237 | 1,537 | (19.5%) | 603 | 633 | 774 | (4.7%) | (22.0%) |
Others | 717 | 565 | 26.9% | 330 | 388 | 282 | (15.0%) | 17.0% |
Total | 19,233 | 14,243 | 35.0% | 9,800 | 9,433 | 7,174 | 3.9% | 36.6% |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 6,996 million, an increase of 28.5% from Ps. 5,444 million reported for 1H16. This was mainly due to higher programming costs higher payroll and social security charges and other personnel expenses.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 4,722 million, an increase of 36.5% from Ps. 3,459 million in 1H16. This increase was mainly due to higher costs due to inflation and driven by higher fees for services, taxes, duties, contributions and salaries.
Adjusted EBITDA reached Ps. 7,515 million, an increase of 40.7% from Ps. 5,339 million reported for 1H16, driven by higher sales in Cable TV and Internet access segment.
Following is a breakdown of adjusted EBITDA by business segment:
(In millions of Ps.) | 1H17 | 1H16 | YoY | 2Q17 | 1Q17 | 2Q16 | QoQ Trim. | YoY Anual |
Cable TV and Internet access | 7,435 | 5,076 | 46.5% | 3,723 | 3,712 | 2,438 | 0.3% | 52.7% |
IDEN Telephony and others | 80 | 264 | (69.8%) | 11 | 69 | 124 | (84.4%) | (91.3%) |
Total | 7,515 | 5,339 | 40.7% | 3,734 | 3,781 | 2,561 | (1.2%) | 45.8% |
Depreciation and Amortization Expenses increased by 66.9% to Ps. 1,834 million for 1H17 from Ps. 1,099 million reported for 1H16.
Financial results net totaled Ps. (894) million compared to Ps. (1,352) million for 1H16. This was mainly attributable to higher peso depreciation during the first semester of 2016, which was approximately 15.3% compared to 4.7% for the 1H17.
Equity in earnings from unconsolidated affiliates in the first semester of 2017 totaled Ps. 78 million, compared to Ps. 69 million for the same period of 2016.
Other Income (expenses), net reached Ps. 12 million for 1H17, compared to Ps. 2 million in 1H16.
Income tax as of June 2017 reached Ps. (1,705) million, from Ps. (984) million in June 2016.
Income for the period totaled Ps. 3,172 million, an increase of 51.8% from Ps. 2,089 million reported for 1H16. This was mainly a consequence of higher EBITDA in the Cable TV, Internet access and Telephony. And better financial results.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 5,554 million in 1H17, an increase of 53.4% from Ps. 3,620 million reported for 1H16. Out of the total CAPEX in the 1H17, 99.7% was allocated to the Cable TV and Internet access segment, and the remaining 0.3% to the IDEN Telephony segment. Capex in the Cable TV and Internet access segment is mainly comprised by subscriber growth, network upgrades and digitalization.
It is worth to mention that during the first quarter of 2017 the ENACOM (regulatory authority for the telecommunication industry in Argentina) approved the project of refarming of the radio electric spectrum acquired by Cablevisión and its subsidiary Nextel Argentina in June 2016, with Economic Compensation, to provide Advanced Mobile Communications Services. In April 28, 2017, this compensation was paid by Nextel Argentina to ENACOM for an amount of Ps. 478 million.
Debt profile (1): Net debt coverage ratio for the period ended June 30th, 2017 was 0.64x and the Net Debt at the end of this period totaled Ps. 8,348 million.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (calculated in Ps. for the last twelve months). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.
SALES BREAKDOWN BY SOURCE OF REVENUES - JUNE 2017
(In millions of Ps.) | Cable TV & Internet access | IDEN Telephony | Eliminations | Total | % |
Advertising | 50 | - | - | 50 | 0.3% |
Video Subscriptions | 11,516 | - | - | 11,516 | 59.9% |
Internet Subscriptions | 5,763 | - | - | 5,763 | 30.0% |
IDEN Telecommunication | - | 1,237 | - | 1,237 | 6.4% |
Other Sales
| 389 | 250 | 29 | 668 | 3.5% |
Total Sales | 17,718 | 1,486 | 29 | 19,233 | 100.0% |
.
SALES BREAKDOWN BY SOURCE OF REVENUES - JUNE 2016
(In millions of Ps.) | Cable TV & Internet access | IDEN Telephony | Eliminations | Total | % |
Advertising | 49 | - | - | 49 | 0.3% |
Video Subscriptions | 8,802 | - | - | 8,802 | 61.8% |
Internet Subscriptions | 3,339 | - | - | 3,339 | 23.4% |
IDEN Telecommunication | - | 1,537 | - | 1,537 | 10.8% |
Other Sales
| 459 | 123 | (67) | 516 | 3.6% |
Total Sales | 12,649 | 1,660 | (67) | 14,243 | 100.0% |
OPERATING STATISTICS BY BUSINESS SEGMENT
CABLE TV AND INTERNET ACCESS
1H17 | 1H16 | % Ch | 2Q17 | 1Q17 | 2Q16 | QoQ | YoY | |
Active Customer Relationship (2) | 3.91 | 3.90 | 0.4% | 3.91 | 3.90 | 3.90 | 0.3% | 0.4% |
Cable Television Subscribers (1) | 90% | 90% | (0.6 b.p.) | 90% | 90% | 90% | (0.3 b.p.) | (0.6 b.p.) |
Broadband Customers (1) | 58% | 54% | 3.7 b.p. | 58% | 57% | 54% | 1.0 b.p. | 3.7 b.p. |
ARPU (excluding Nextel) | 735 | 522 | 40.7% | 755 | 715 | 527 | 5.5% | 43.3% |
Churn Ratio: | ||||||||
Cable Television (1) | 14.9% | 14.0% | 0.9 b.p. | 14.9% | 15.3% | 14.0% | (0.4 b.p.) | 0.9 b.p. |
Broadband (1) | 17.0% | 16.3% | 0.8 b.p. | 17.0% | 17.5% | 16.3% | (0.5 b.p.) | 0.8 b.p. |
(1) Subscribers as a percentage of total active customer relationships.
(2) Figures in millions.
MOBILE
1H17 | 1H16 | YoY | 2Q17 | 1Q17 | 2Q16 | QoQ | YoY | |
Mobile Postpaid Subs(1) | 614 | 853 | (28.0%) | 614 | 674 | 853 | (9.0%) | (28.0%) |
Postpaid ARPU | 278 | 231 | 20% | 284 | 272 | 239 | 7.5% | 19% |
(1) Figures in thousands
DEBT AND LIQUIDITY
(In millions of Ps.) | June 2017 | June 2016 | % Change | March 2017 | % Change |
Short Term and Long Term Debt | |||||
Current Financial Debt | 918 | 1,934 | (52.5%) | 1,187 | (22.7%) |
Financial loans | 76 | 50 | 51.9% | 264 | (71.3%) |
Negotiable obligations | - | 1,208 | (100.0%) | - | NA |
Accrued interest | 38 | 32 | 20.1% | 160 | (76.2%) |
Acquisition of equipment | 804 | 644 | 24.8% | 754 | 6.6% |
Related Parties Capital | - | 0 | (100.0%) | 8 | (100.0%) |
Non-Current Financial Debt | 9,121 | 8,331 | 9.5% | 8,320 | 9.6% |
Financial loans | 156 | - | NA | - | NA |
Negotiable obligations | 8,315 | 7,520 | 10.6% | 7,695 | 8.1% |
Acquisition of equipment | 651 | 811 | (19.8%) | 625 | 4.1% |
Total Financial Debt (A) | 10,039 | 10,265 | (2.2%) | 9,507 | 5.6% |
Measurement at fair Value | (49) | (48) | 3.6% | (46) | 6.8% |
Total Short Term and Long Term Debt | 9,990 | 10,217 | (2.2%) | 9,461 | 5.6% |
Cash and Cash Equivalents (B) | 1,691 | 4,119 | (59.0%) | 3,007 | (43.8%) |
Net Debt (A) - (B) | 8,299 | 6,098 | 36.1% | 6,454 | 28.6% |
Net Debt/Adjusted Ebitda (1) | 0.64x | 0.68x | (0.04x) | 0.54x | 0.09x |
% USD Debt | 100.0% | 99.5% | 0.5% | 99.5% | 0.5% |
% Ar. Ps Debt | 0.0% | 0.5% | (0.5%) | 0.5% | (0.5%) |
Total Financial Debt(1) and Net Debt, decreased from Ps. 10,265 million to Ps. 10,039 million and an increase from Ps. 6,098 million to Ps. 8,299 million respectively compared to first semester 2016. This represents a decrease of 2.2% in the Total Debt and an increase of 36.1% in the Net Debt. This increase in Net Debt was mainly due to use of cash for the refarming Economic Compensation paid in April 2017, and the use of proceeds from the bond issued in June 2016 in accordance with the "Use of Proceeds" stated in the Offering Memorandum.
Debt coverage ratio (1) as of June 30th, 2017 was 0.64x in the case of Net Debt and of 0.77x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (calculated in Ps. for the last twelve months). Total Financial debt is defined as financial loans and debt for acquisitions, excluding accrued interest.
ABOUT THE COMPANY
CVH was funded as corporate spinoff 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 the country and the region. The companies, products and brands that depend on Cablevisión Holding are already big names in the telecommunications and content distribution industries. They specialize in the provision of cable TV, broadband and mobile communications services.
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 TWO-MONTH PERIOD BEGINNING MAY 1, 2017
AND ENDED JUNE 30, 2017
(In Argentine Pesos)
Two-month period ended June 30, 2017 | |||||
Continuing Operations | |||||
Revenues | 6,680,603,327 | ||||
Cost of Sales (1) | (3,015,147,348) | ||||
Gross income | 3,665,455,979 | ||||
Selling Expenses (1) | (949,418,009) | ||||
Administrative Expenses (1) | (733,925,327) | ||||
Other Income and Expenses, net | 1,628,131 | ||||
Financial Costs | (780,200,042) | ||||
Other Financial Results, net | (14,502,878) | ||||
Financial Results | (794,702,920) | ||||
Equity in Earnings from Associates | 25,485,720 | ||||
Income before Income Tax and Tax on Assets | 1,214,523,574 | ||||
Income Tax and Tax on Assets | (455,910,014) | ||||
Net income for the period | 758,613,560 | ||||
Other Comprehensive Income | |||||
Items which can be reclassified to net income | |||||
Variation in Translation Differences of Foreign Operations | 62,362,233 | ||||
Total Comprehensive Income for the Period | 820,975,793 | ||||
Net Income attributable to: | |||||
Shareholders of the Controlling Company | 430,690,710 | ||||
Non-Controlling Interests | 327,922,850 | ||||
Total Comprehensive Income Attributable to: | |||||
Shareholders of the Controlling Company | 463,766,171 | ||||
Non-Controlling Interests | 357,209,622 | ||||
Basic and Diluted Net Income (Loss) per Share | 2.38 |
(1) Includes Amortization of Intangible Assets and Depreciation of Property, Plant and Equipment for Ps. 591,124,521.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of June 30th, available at www.cablevisionholding.com
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED BALANCE SHEET
As of June 30, 2017
(In Argentine Pesos)
June 30, 2017 | ||||
ASSETS | ||||
NON-CURRENT ASSETS | ||||
Property, Plant and Equipment | 19,102,182,133 | |||
Intangible Assets | 2,359,713,919 | |||
Goodwill | 3,502,221,441 | |||
Investments in Associates | 249,663,246 | |||
Investments | 494,967,693 | |||
Deferred Tax Assets | 101,578,735 | |||
Other Receivables | 289,236,823 | |||
Total Non-Current Assets | 26,099,563,990 | |||
CURRENT ASSETS | ||||
Inventories | 175,238,301 | |||
Other Receivables | 1,049,489,876 | |||
Trade Receivables | 2,235,179,085 | |||
Investments | 1,106,924,754 | |||
Cash and Banks | 731,144,104 | |||
Total Current Assets | 5,297,976,120 | |||
Total Assets | 31,397,540,110 | |||
EQUITY (as per the corresponding statement) | ||||
Attributable to Shareholders of the Parent Company | ||||
Shareholders' Contributions | 1,263,686,300 | |||
Other Items | 779,342,738 | |||
Accumulated Income | 5,031,700,559 | |||
Total Attributable to Shareholders of the Parent Company | 7,074,729,597 | |||
Attributable to Non-Controlling Interests | 4,982,399,453 | |||
Total Shareholders' Equity | 12,057,129,050 | |||
LIABILITIES | ||||
NON-CURRENT LIABILITIES | ||||
Bank and Financial Debt | 9,048,861,387 | |||
Deferred Tax Liabilities | 347,043,275 | |||
Provisions and Other Charges | 1,010,831,232 | |||
Taxes Payable | 4,002,298 | |||
Other Liabilities | 115,488,825 | |||
Total Non-Current Liabilities | 10,526,227,017 | |||
CURRENT LIABILITIES | ||||
Bank and Financial Debt | 977,407,745 | |||
Taxes Payable | 1,934,648,258 | |||
Other Liabilities | 1,006,305,298 | |||
Trade Payables and Other | 4,895,822,742 | |||
Total Current Liabilities | 8,814,184,043 | |||
Total Liabilities | 19,340,411,060 | |||
Total Equity and Liabilities | 31,397,540,110 |
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE TWO-MONTH PERIOD BEGINNING MAY 1, 2017 AND ENDED JUNE 30, 2017
(In Argentine Pesos)
Equity attributable to Shareholders of the Parent Company | Equity Attributable to Non-Controlling Interests | |||||||||||||||
Shareholders' Contributions | Other Items | Accumulated Income | Total Equity of Controlling Interests | |||||||||||||
Capital Stock | Inflation Adjustment on Capital Stock | Additional Paid-in Capital | Subtotal | Translation of Foreign Operations | Other Reserves | Legal Reserve | Optional reserves (1) | Retained Earnings | Total Equity | |||||||
Balances as of May 1, 2017 | 180,642,580 | 194,762,882 | 888,280,838 | 1,263,686,300 | 749,470,539 | (3,203,262) | 75,081,092 | 3,691,570,698 | 834,358,059 | 6,610,963,426 | 4,625,189,831 | 11,236,153,257 | ||||
Net Income for the period | - | - | - | - | - | - | - | - | 430,690,710 | 430,690,710 | 327,922,850 | 758,613,560 | ||||
Other Comprehensive Income: | ||||||||||||||||
Variation in Translation Differences of Foreign Operations | - | - | - | - | 33,075,461 | - | - | - | - | 33,075,461 | 29,286,772 | 62,362,233 | ||||
Balances as of June 30, 2017 | 180,642,580 | 194,762,882 | 888,280,838 | 1,263,686,300 | 782,546,000 | (3,203,262) | 75,081,092 | 3,691,570,698 | 1,265,048,769 | 7,074,729,597 | 4,982,399,453 | 12,057,129,050 | ||||
(1) Broken down as follows: (i) Optional reserve for future dividends of Ps. 1,813,178,108; (ii) Optional reserve to ensure the liquidity of the Company and its subsidiaries of Ps. 659,951,291, (iii) Optional reserve for illiquidity of results of Ps. 436,412,739, and (iv) Optional reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of Ps. 782,028,560.
CABLEVISIÓN HOLDING S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE TWO-MONTH PERIOD BEGINNING MAY 1, 2017 AND ENDED JUNE 30, 2017
(In Argentine Pesos)
Two-month period ended June 30, 2017 | |||
CASH PROVIDED BY OPERATING ACTIVITIES | |||
Net income for the period | 758,613,560 | ||
Income Tax and Tax on Assets | 455,910,014 | ||
Adjustments to reconcile net income for the period to cash provided by operating activities | |||
Equity in Earnings from Associates | (25,485,720) | ||
Depreciation of Property, Plant and Equipment | 586,231,160 | ||
Amortization of Intangible Assets | 4,893,361 | ||
Obsolescence of Materials | 2,774,028 | ||
Provisions | 118,835,060 | ||
Income from Sale of Property, Plant and Equipment | (2,453,675) | ||
Accrued Interest, net | 112,509,540 | ||
Other Financial Results | 631,432,042 | ||
Other Income and Expenses, net | 437,909 | ||
Net Decrease of Property, Plant and Equipment | 62,795,385 | ||
Net Decrease of Intangible Assets | 699 | ||
Changes in Assets and Liabilities | |||
Trade Receivables | (122,712,767) | ||
Other Receivables | 193,142,870 | ||
Inventories | 28,013,181 | ||
Trade Payables and Other | 773,356,640 | ||
Taxes Payable | (11,052,943) | ||
Other Payables and Provisions | (18,086,181) | ||
Change in Currency Translation of Foreign Operations | (14,099,243) | ||
Collections of Interest | 37,379,777 | ||
Income Tax Paid | (1,136,054,491) | ||
Net Cash Provided by Operating Activities | 2,436,380,206 | ||
CASH USED IN INVESTMENT ACTIVITIES | |||
Changes in Securities and Bonds, Net | 121,626,453 | ||
Dividends collected | 2,076,814 | ||
Proceeds from Sale of Property, Plant and Equipment | 2,453,675 | ||
Increase in Property, Plant and Equipment | (2,605,890,845) | ||
CASH (USED IN) INVESTMENT ACTIVITIES | (2,479,733,903) | ||
CASH USED IN FINANCING ACTIVITIES | |||
Collection of Financial Instruments | 17,825,000 | ||
Increase in Loans | 126,863,581 | ||
Payment of Interest | (302,067,119) | ||
Repayment of Loan Principal and Issuing Expenses of new loan | (143,012,041) | ||
CASH (USED IN) FINANCING ACTIVITIES | (300,390,579) | ||
Net decrease in cash flow | (343,744,276) |
| |
Cash as of May 1, 2017 | 2,002,522,766 |
| |
Effect of the variation of the exchange rate on cash and cash equivalents | 32,144,039 |
| |
Cash at the end of the period (See Note 2.23) | 1,690,922,529 |
| |