[ACCESSWIRE]
BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 11, 2019 / Cablevisión Holding S.A., (''Cablevision Holding'') (''CVH'' or ''the Company'') (BYMA: CVH; LSE: CVH), announced today its Fourth Quarter and Full Year 2018 Results. Figures have been prepared in accordance with International Financial Reporting Standards1 (''IFRS'') and are stated in constant Argentine Pesos (''Ps.'' or ''P$'') as of December 31, 2018, unless otherwise indicated.
The Merger between Telecom Argentina S.A. and Cablevisión S.A. (CVH's Subsidiary) became fully effective on January 1, 2018; consequently, the Company is the controlling shareholder of Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2).
CVH Highlights 2018:
CVH FINANCIAL HIGHLIGHTS
Millions of Ps. | 2018 | IAS 29 Adjustment | 2018 as reported |
Consolidated Revenues | 137,160 | 30,886 | 168,046 |
Employee benefit expenses and severance payments | (24,668) | (5,405) | (30,073) |
Fees for services, maintenance, materials and supplies | (13,248) | (3,176) | (16,424) |
Taxes and fees with the regulatory authority | (11,146) | (2,489) | (13,635) |
Programming and content costs | (9,945) | (2,211) | (12,156) |
Commissions and advertising | (9,223) | (1,987) | (11,210) |
Other operating income and expenses | (22,821) | (5,661) | (28,482) |
EBITDA1 | 46,110 | 9,956 | 56,066 |
EBITDA Margin2 | 33.6% | 32.2% | 33.4% |
Net Income | (18,742) | 20,616 | 1,874 |
Attributable to: |
|
| |
Controlling Company | (12,335) | 10,731 | (1,604) |
Non-controlling interest | (6,407) | 9,885 | 3,478 |
(1) EBITDA is defined as 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 companies on the basis of 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 Revenues.
CVH Standalone DEBT AND LIQUIDITY
(In millions of Ps.) | Dec 2018 | Sep 2018 | % change |
Short Term and Long Term Debt |
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|
|
Current Financial Debt | 8,181 | 8,922 | -8% |
Financial loans | 8,192 | 8,964 | -9% |
Accrued interest | 8 | 9 | -11% |
Measurement at fair Value | (19) | (51) | -63% |
Non-Current Financial Debt | 0 | 0 |
|
Total Short Term and Long Term Debt (A) | 8,181 | 8,922 | -8% |
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|
|
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Cash and Equivalents (B) (1) | 864 | 1,514 | -43% |
Net Debt (A)-(B) | 7,317 | 7,408 | -1% |
(1) Includes Ps. 299 millions and Ps. 314 millions of Reserve Account as of Dec 18 and Sep 18 respectively.
Total Financial Debt and Net Debt, reached Ps. 8,181 million and Ps. 7,317 million respectively.
SUBSIDIARIES INFORMATION
CVH initiated activities on May 1, 2017. As a result, there are no comparable figures for full year 2017. Nevertheless, the Company provided to the investor community the results of Telecom Argentina S.A., where CVH owns a 39.1% interest and consolidates 100% of the operations as of December 31, 2018.
For a full version of this earnings release with financial statements, go to: https://www.cablevisionholding.com/Investors
Investor Relations Contacts:
In Buenos Aires:
Cablevisión Holding S.A
Agustín Medina Manson, Head of Investor Relations
Valentina Lopez, Sr. Analyst
Email: ir@cvh.com.ar
Tel: (+54 11) 4309 - 3417
www.cvh.com.ar
In New York:
i-advize Corporate Communications, Inc
Camilla Ferreira / Kenia Vargas
Email: cferreira@i-advize.com / kvargas@i-advize.com
Tel: +1 212 406 3695 / 3696
SOURCE: Cablevision Holding S.A.