Cablevisión Holding Announces Nine months and Third Quarter 2020 Results (9M20 and 3Q20)
, 11/12/2020 / 15:16, EST/EDT - EQS Newswire - Cablevision Holding S.A.*BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 11, 2020 /* 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 2020 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, 2020, unless otherwise indicated.
The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the annual financial statements.
*CVH Highlights (9M20 vs. 9M19):*
· Total Revenues reached Ps. 208,220 million, a decrease of 4.6% in real terms as of September 30, 2020, compared to 9M19, mainly driven by lower revenues from internet, cable TV and fixed telephony and data services revenues and from equipment sales, which was partially offset by higher mobile services revenues. It is important to mention that, as it was established in the Agreement with the National Communications Entity (ENACOM), the prices of mobile and fixed telephony, Internet and Pay TV services did not increase from May 1 to August 31, 2020, and also considering the provisions set forth by Decree 690/2020 in August 2020, price increases or any announcement of increase as from July 31^st, 2020 have been suspended until December 31, 2020.
· Total Costs (Excluding Depreciation and Amortization) reached Ps. 133,973 million, a decrease of 8.1% in constant currency, mainly driven by lower costs of equipment and handset, employee benefits expenses and severance payments, programming and content costs, fees for services, maintenance, materials and supplies, taxes and fees with the Regulatory Authority, commissions and advertising costs and other operating expenses, partially offset by higher bad debt expenses and higher interconnection costs.
· EBITDA reached Ps. 74,247 million, an increase of 2.6% in real terms compared to 9M19, mainly driven by lower operating costs. EBITDA Margin was 35.7% in 9M20, compared to 33.2% in 9M19.
· Consolidated Net Income amounted a net loss of Ps. 1,102 million. Consolidated Net Loss attributable to the Controlling Company amounted to Ps. 501 million.
*FINANCIAL HIGHLIGHTS *
*(millions of Ps.in constant Currency as of September 30, 2020)*
*9M20* *9M19* *% Ch.* *3Q20* *2Q20* *3Q19* *QoQ* *YoY*
*Total Revenues*
208,220 218,182 (4.6 %) 67,022 70,000 72,555 (4.3 %) (7.6 %)
*EBITDA ^(1) *
74,247 72,340 2.6 % 22,881 26,462 23,645 (13.5 %) (3.2 %)
*EBITDA Margin ^(2)*
35.7 % 33.2 % 7.5 % 34.1 % 37.8 % 32.6 % (3.7 %) 1.6 %
*Income for the period*
(1,102 ) (20,642 ) (94.7 %) (3,428 ) (821 ) (30,372 ) 317.3 % (88.7 %)
Attributable to:
*Equity Shareholders*
(501 ) (10,215 ) (95.1 %) (1,447 ) (328 ) (13,554 ) 340.7 % (89.3 %)
*Non-Controlling Interests*
(601 ) (10,427 ) (94.2 %) (1,981 ) (492 ) (16,818 ) 302.7 % (88.2 %)
(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.
For a full version of this earnings release with financial statements, go to: https://www.cablevisionholding.com/Investors
*CONFERENCE CALL INFORMATION*
*CABLEVISIÓN HOLDING S.A*
cordially invites you to participate in its conference call and webcast presentation
to discuss Third Quarter 2020 Results
*Date: Wednesday, November 18, 2020
Time: 12:00pm Buenos Aires Time/10:00am New York Time/3:00pm London*
*To access the conference call, please dial:*
Argentina Participants: 0-800-666-0250
U.S. Participants: 1-877-830-2576
All other countries: +1-785-424-1726
Passcode: CVH
The 3Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/cvhsy2011180ih9kytp.html
A replay of the conference call will be available four hours after its conclusion, and will remain available for 7 days. To access the replay, please dial from the within the U.S. 1-844-488-7474, or from anywhere outside the U.S. +1-862-902-0129. The passcode is: 55721014
The webcast presentation will be archived at: https://www.cablevisionholding.com/Investors/Presentations
*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.
*Investor Relations Contacts:*
*In Buenos Aires:*
Cablevisión Holding S.A
Agustín Medina Manson
Valentina López
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 or
kvargas@i-advize.com
Tel: +1 212 406 3695 / 3696
*SOURCE: *Cablevisión Holding S.A via EQS Newswire11/12/2020 EQS Newswire / EQS Group AG