Cablevision Holding announces its First Quarter 2021 Results

Rhea-AI Summary

Cablevisión Holding S.A. (CVHSY) reported its 1Q21 results, indicating a 7.8% decrease in total revenues to Ps. 82,547 million compared to 1Q20. This decline stemmed from lower revenues across mobile, internet, and cable services, despite a rise in equipment sales. Total costs fell by 9.7% to Ps. 52,564 million. EBITDA decreased 4.3% to Ps. 29,983 million, yielding an EBITDA margin of 36.3%. Net income amounted to Ps. 8,955 million, reflecting a 126.3% increase in losses attributable to the controlling company.

Positive

• EBITDA margin improved to 36.3%, up from 35.0% in 1Q20.
• Total costs decreased by 9.7%, indicating improved cost management.

Negative

• Total revenues fell by 7.8% year-over-year, primarily due to lower service revenues.
• Consolidated net income increased losses by 126.3%, compared to the previous year.

BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 11, 2021 / Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company'' - (BCBA:CVH)(LSE: CVH)(OTC PINK:CVHSY), controlling shareholder of Telecom Argentina S.A. (TEO)(TECO2), announced today its first 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 March 31, 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 (1Q21 vs. 1Q20):

• Total Revenues reached Ps. 82,547 million, a decrease of 7.8% in real terms as of 1Q21, compared to the same period of 2020, mainly driven by lower revenues from mobile, internet, cable TV, fixed telephony, and other revenues from services, which was partially offset by higher revenues from equipment sales, in a context of an increasing inflation, where price increases of mobile and fixed Telephony, Internet and Pay TV services were suspended between May 1 to August 31, 2020, as agreed by industry players & the National Communications Entity (ENACOM), and from July 31, 2020 to December 31, 2020 through the Decree 690/2020.
• Total Costs (Excluding Depreciation and Amortization) reached Ps. 52,564 million, a decrease of 9.7% in constant currency, mainly driven by lower bad debt expenses, employee benefits expenses and severance payments, other operating expenses, commissions and advertising costs, programming and content costs, fees for services, maintenance, materials and supplies, taxes and fees with the Regulatory Authority, partially offset by higher costs of equipment and handset as well as higher interconnection costs.
• EBITDA reached Ps. 29,983 million as of 1Q21, a decrease of 4.3% in real terms compared to 1Q20, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a higher EBITDA Margin of 36.3% in 1Q21, compared to 35.0% in 1Q20.
• Consolidated Net Income amounted Ps. 8,955 million. Consolidated Net Income attributable to the Controlling Company amounted to Ps. 3,364 million.

FINANCIAL HIGHLIGHTS

(millions of Ps.in constant Currency as of March 31, 2021)			1Q21				1Q20			% Ch.					4Q20			QoQ
Total Revenues			82,547				89,529				(7.8	%)			78,831				4.7	%
EBITDA (1)			29,983				31,317				(4.3	%)			22,574				32.8	%
EBITDA Margin (2)			36.3	%			35.0	%			3.8	%			28.6	%			26.8	%
Loss for the period			8,955				3,957				126.3	%			(5,249	)			(270.6	%)
Attributable to:
Equity Shareholders			3,364				1,605				109.6	%			(2,771	)			(221.4	%)
Non-Controlling Interests			5,591				2,352				137.7	%			(2,478	)			(325.6	%)

(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

LIVE WEBCAST INFORMATION

CABLEVISIÓN HOLDING S.A

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

to discuss First Quarter 2021 Results

Date: Tuesday, May 18, 2021

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

To access the live stream and slide Webcast presentation, visit:

https://services.choruscall.com/links/cvhsy210518tW9c2pKp.html

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

ABOUT THE COMPANY

CVH was founded as a 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 already well known in the telecommunications and content distribution industries.

CONTACT:

In Buenos Aires:
Cablevisión Holding S.A
Samantha Olivieri, Head of Investor Relations
Valentina López, Sr. Investor Relations Analyst
Tel: (+54 11) 4309 7104
Email: ir@cvh.com.ar
www.cvh.com.ar

In New York:
Fig Corporate Communications
Camilla Ferreira/Marcella Ewerton
Tel: +1 917 691 4047
Email: fig@fig.ooo

SOURCE: Cablevision Holding S.A.

View source version on accesswire.com:
https://www.accesswire.com/646712/Cablevision-Holding-announces-its-First-Quarter-2021-Results

FAQ

What were the total revenues for Cablevision Holding in 1Q21?

Total revenues reached Ps. 82,547 million, a 7.8% decrease from 1Q20.

How did EBITDA change for CVHSY in the first quarter of 2021?

EBITDA decreased by 4.3% to Ps. 29,983 million.

What was the net income for Cablevision Holding in 1Q21?

Consolidated net income was Ps. 8,955 million, reflecting a 126.3% increase in losses.

How did the EBITDA margin change for Cablevision Holding in 1Q21?

The EBITDA margin improved to 36.3%, up from 35.0% in 1Q20.

What were the main factors affecting revenues for CVHSY in 1Q21?

Revenues were impacted by lower earnings from mobile, internet, and cable TV services.