Cablevisión Holding Announces Its Nine Months and Third Quarter 2024 Results
Rhea-AI Summary
Cablevisión Holding (CVH) reported its Nine Months and Third Quarter 2024 results. Total Revenues decreased 10.4% to Ps. 2,852,341 million in 9M24 compared to 9M23, as price increases couldn't offset inflation of 209.0%. EBITDA declined 10.4% to Ps. 820,541 million, maintaining a margin of 28.8%. Total Costs decreased 10.4% to Ps. 2,031,800 million. Consolidated Net Income reached Ps. 947,315 million, with Ps. 362,225 million attributable to the Controlling Company.
Positive
- Maintained stable EBITDA margin at 28.8%
- Achieved cost reduction of 10.4% across all items
- Net income increased to Ps. 947,315 million, up 255.7% YoY
Negative
- Revenue declined 10.4% YoY to Ps. 2,852,341 million
- EBITDA decreased 10.4% to Ps. 820,541 million
- Q3 net income turned negative at Ps. -12,577 million
- Price increases insufficient to offset 209% inflation
News Market Reaction
On the day this news was published, CVHSY declined 1.40%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 7, 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 Nine Months and Third 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 September 30, 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 (9M24 vs. 9M23):
Total Revenues reached Ps. 2,852,341 million, a decrease of
10.4% in real terms as of 9M24, compared to the same period of 2023, in a context in which price increases for our services - net of discounts offered to retain customers- during 2023 and 2024 weren´t sufficient to compensate for the lag vis a vis inflation (209.0% interannually as of September 2024).Total Costs (Excluding Depreciation and Amortization) reached Ps. 2,031,800 million, a decrease of
10.4% in constant currency, driven by lower costs on all items.EBITDA reached Ps. 820,541 million as of 9M24, a decrease of
10.4% in real terms compared to 9M23, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in an EBITDA Margin of28.8% in 9M24, compared to28.8% in 9M23.Consolidated Net Income amounted to Ps. 947,315 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 362,225 million.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of September 30, 2024) |
|
| 9M24 |
|
| 9M23 |
|
| % Ch. |
|
| 3Q24 |
|
| 2Q24 |
|
| 3Q23 |
| QoQ |
| YoY |
| |||
Total Revenues |
|
| 2,852,341 |
|
| 3,185,094 |
|
|
| (10.4 | %) |
| 983,141 |
|
| 959,936 |
|
| 1,030,218 |
|
| 2.4 | % |
| (4.6 | %) |
EBITDA (1) |
|
| 820,541 |
|
| 916,213 |
|
|
| (10.4 | %) |
| 266,583 |
|
| 279,128 |
|
| 306,773 |
|
| (4.5 | %) |
| (13.1 | %) |
EBITDA Margin (2) |
|
| 28.8 | % |
| 28.8 | % |
|
| 0.0 | % |
| 27.1 | % |
| 29.1 | % |
| 29.8 | % |
| (6.7 | %) |
| (8.9 | %) |
Net income |
|
| 947,315 |
|
| 266,347 |
|
|
| 255.7 | % |
| (12,577 | ) |
| 64,013 |
|
| 97,607 |
|
| (119.6 | %) |
| (112.9 | %) |
Attributable to: |
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Equity Shareholders |
|
| 362,225 |
|
| 98,022 |
|
|
| 269.5 | % |
| (7,427 | ) |
| 21,939 |
|
| 35,202 |
|
| (133.9 | %) |
| (121.1 | %) |
Non-Controlling Interests |
|
| 585,090 |
|
| 168,325 |
|
|
| 247.6 | % |
| (5,150 | ) |
| 42,073 |
|
| 62,405 |
|
| (112.2 | %) |
| (108.3 | %) |
(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 .
CONFERENCE CALL AND WEBCAST INFORMATION
CABLEVISIÓN HOLDING S.A
(BCBA: CVH / OTC: CVHSY)
cordially invites you to participate in its Webcast Presentation
to discuss the Nine Months and Third Quarter 2024 Results
Date: Monday, November 11, 2024
Time: 12:00pm Buenos Aires /10:00am New York /3:00pm London
To access the live stream and slide presentation, visit: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ncQvgOac
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/Marcella Ewerton |
SOURCE: Cablevision Holding S.A.
View the original press release on accesswire.com
FAQ
What was Cablevisión Holding's (CVHSY) revenue for 9M24?
What was CVHSY's EBITDA margin in the third quarter of 2024?
How did inflation impact CVHSY's performance in 9M24?
