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Cablevisión Holding Announces its First Half and Second Quarter 2022 Results

Wednesday, August 10, 2022 7:30 PM
Cablevision Holding S.A.
Topic:
Earnings

BUENOS AIRES, ARGENTINA / ACCESSWIRE / August 10, 2022 / Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company" - (BCBA:CVH)(LSE:CVH)(Level 1: CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE:TEO)(BCBA:TECO2), announced today its First Half and Second Quarter 2022 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of June 30, 2022, unless otherwise indicated.

The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").

CVH Highlights (1H22 vs. 1H21):

  • Total Revenues reached Ps. 264,577 million, a decrease of 10.4% in real terms as of 1H22, compared to the same period of 2021, mainly driven by lower revenues from cable TV, fixed telephony and data, mobile, equipment sales and internet, which was partially offset by higher revenues from other services, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (64.0% interannually as of June 2021).
  • Total Costs (Excluding Depreciation and Amortization) reached Ps. 183,943 million, a decrease of 5.7% in constant currency, mainly driven by lower programming and content costs, fees for services, maintenance, materials and supplies, interconnection and transmission costs, cost of equipment and handsets, taxes and fees with the regulatory authority and commissions and advertising costs, partially offset by higher bad debt expenses and others, as well as higher employee benefits expenses and severance payments.
  • EBITDA reached Ps. 80,634 million as of 1H22, a decrease of 19.5% in real terms compared to 1H21, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 30.5% in 1H22, compared to 33.9% in 1H21.
  • Consolidated Net Income amounted Ps. 31,361 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 11,698 million.

FINANCIAL HIGHLIGHTS

(millions of Ps. in constant Currency as of June 30, 2022)

1H22

1H21

% Ch.

2Q22

1Q22

2Q21

QoQ

YoY

Total Revenues
264,577 295,198 (10.4%)126,897 137,680 145,009 (7.8%)(12.5%)
EBITDA (1)
80,634 100,215 (19.5%)32,999 47,635 45,663 (30.7%)(27.7%)
EBITDA Margin (2)
30.5%33.9%(10.2%)26.0%34.6%31.5%(24.8%)(17.4%)
Net income
31,361 (3,088)(1115.6%)3,506 27,855 (19,379)(87.4%)(118.1%)
Attributable to:
Equity Shareholders
11,698 (1,623)(820.6%)911 10,787 (7,743)(91.6%)(111.8%)
Non-Controlling Interests
19,663 (1,464)(1442.8%)2,595 17,067 (11,636)(84.8%)(122.3%)

(1) EBITDA is defined as Total Revenues minus operating cost and expenses (excluding depreciation and amortization). We believe that EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute EBITDA in a different manner; therefore, EBITDA as reported by other companies may not be comparable to EBITDA as we report it.

(2) EBITDA Margin is defined as EBITDA over Total Revenues.

Investor Relations Contacts:

In Buenos Aires:
Cablevisión Holding S.A.
Samantha Olivieri, Head of Investor Relations
Email: [email protected]
Tel: (+54 11) 4309 - 3417
www.cvh.com.ar

In New York:
Fig Corporate Communications
Camilla Ferreira and Marcella Ewerton Dragone
Email:[email protected]
Tel: +1 917 691-4047

CONFERENCE CALL AND WEBCAST INFORMATION

CABLEVISIÓN HOLDING S.A

(BCBA:CVH)(LSE:CVH)
cordially invites you to participate in its Webcast Presentation

to discuss the First Half and Second Quarter 2022Results

Date: Friday, August 12, 2022

Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London

To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy220812WnhJ27Zl.html

The webcast presentation will also be available at: https://www.cablevisionholding.com/Investors

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.

SOURCE: Cablevision Holding S.A.

Topic:
Earnings
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