Cablevisión Holding Announces its First Quarter 2024 Results
Cablevisión Holding announced its First Quarter 2024 Results, with total revenues decreasing by 17.9% compared to the same period in 2023 due to inflation. EBITDA decreased by 17.8% with a 30.2% margin. Consolidated Net Income reached Ps. 673,848 million, with a decrease in real terms.
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BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 10, 2024 / Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company" - BCBA:CVH; Level 1:CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE:TEO),(BCBA:TECO2), announced today its First Quarter 2024 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, 2024, 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 (1Q24 vs. 1Q23):
- Total Revenues reached Ps. 683,916 million, a decrease of
17.9% in real terms as of 1Q24, compared to the same period of 2023, in a context in which price increases for our services in 2023 and the first quarter of 2024 weren´t sufficient to compensate for the lag vis a vis inflation (287.9% interannually as of March 2024). - Total Costs (Excluding Depreciation and Amortization) reached Ps. 477,198 million, a decrease of
18.0% in constant currency, mainly driven by lower costs on all items, except for fees for services, maintenance, materials and supplies and interconnection and transmission costs which remained at levels similar to those of 1Q23. - EBITDA reached Ps. 206,718 million as of 1Q24, a decrease of
17.8% in real terms compared to 1Q23, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a EBITDA Margin of30.2% in 1Q24, similar to the level of the same period of the previous year. - Consolidated Net Income amounted to Ps. 673,848 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 261,537 million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of March 31, 2024) | 1Q24 | 1Q23 | % Ch. | 4Q23 | QoQ | |||||||||||||||
Total Revenues | 683,916 | 833,213 | (17.9 | %) | 726,335 | (5.8 | %) | |||||||||||||
EBITDA (1) | 206,718 | 251,587 | (17.8 | %) | 186,777 | 10.7 | % | |||||||||||||
EBITDA Margin (2) | 30.2 | % | 30.2 | % | 0.1 | % | 25.7 | % | 17.5 | % | ||||||||||
Net income | 673,848 | 109,302 | 516.5 | % | (574,583 | ) | (217.3 | %) | ||||||||||||
Attributable to: | ||||||||||||||||||||
Equity Shareholders | 261,537 | 40,901 | 539.4 | % | (224,630 | ) | (216.4 | %) | ||||||||||||
Non-Controlling Interests | 412,311 | 68,401 | 502.8 | % | (349,953 | ) | (217.8 | %) | ||||||||||||
(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.
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA:CVH) / (OTC PINK:CVHSY)
cordially invites you to participate in its Webcast Presentation
to discuss the First Quarter 2024 Results
Date: Tuesday, May 14, 2024
Time: 12:00pm Buenos Aires Time/11:00am New York Time/4:00pm London
To access the live stream and slide presentation, visit: https://event.choruscall.com/mediaframe/webcast.html?webcastid=RtjMIe51
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.
| Investor Relations Contacts: | |
| In Buenos Aires: | In New York: |
| Cablevisión Holding S.A. | Fig Corporate Communications |
| Samantha Olivieri, Head of Investor Relations | Camilla Ferreira and Marcella Ewerton Dragone |
| Email: ir@cvh.com.ar | Email: fig@fig.ooo |
| Tel: (+54 11) 4309 - 3417 | Tel: +1 917 691-4047 |
SOURCE: Cablevision Holding S.A.
View the original press release on accesswire.com
FAQ
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