Cablevisión Holding Announces Its Full Year and Last Quarter 2022 Results
Cablevisión Holding S.A. (BCBA:CVH, LSE:CVH, Level 1: CVHSY), the controlling shareholder of Telecom Argentina S.A. (NYSE:TEO), announced its Full Year and Last Quarter 2022 Results on March 10, 2023. Total Revenues declined by 12.0% year-on-year to Ps. 729,182 million amid high inflation of 94.8%. EBITDA fell 22.6% to Ps. 199,796 million, leading to a reduced EBITDA Margin of 27.4%. The company reported a substantial Net Loss of Ps. 168,757 million, largely due to a goodwill impairment loss of Ps. 204,744 million. Despite a lower cost structure, the financial results reflect ongoing economic challenges in Argentina.
- Total Costs decreased by 7.2%, indicating improved cost management.
- Lower operating costs partially offset the decline in revenues.
- Total Revenues fell by 12.0% year-on-year, significantly impacting financial performance.
- EBITDA decreased by 22.6%, leading to a lowered EBITDA Margin of 27.4%.
- Consolidated Net Loss was Ps. 168,757 million, an alarming shift from a profit of Ps. 19,970 million in 2021.
- Impairment loss of Ps. 204,744 million on goodwill assets may signal underlying challenges.
BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 10, 2023 / 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 Full Year and Last Quarter 2022 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 December 31, 2022, 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 (2022 vs. 2021):
- Total Revenues reached Ps. 729,182 million, a decrease of
12.0% in real terms as of 2022, compared to the same period of 2021, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (94.8% interannually as of December 2022). - Total Costs (Excluding Depreciation and Amortization) reached Ps. 529,386 million, a decrease of
7.2% in constant currency, mainly driven by lower costs on all items, except for employee benefits expenses and severance payments, and bad debt expenses. - EBITDA reached Ps. 199,796 million as of 2022, a decrease of
22.6% in real terms compared to 2021, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of27.4% in 2022, compared to31.1% in 2021. - Consolidated Net Loss amounted to Ps. 168,757 million. Consolidated net loss attributable to the Controlling Company amounted to Ps. 100,704 million. Given the economic and market conditions, Telecom and the Company assessed the recoverable value of the goodwill assets generated by the merger of Telecom and Cablevisión as of September 30, 2022. Consequently, the net income for the period contains an impairment loss, which amounts to Ps. 204,744million in constant currency as of December 31, 2022. This impairment does not affect assets other than mentioned goodwill and has no impact over Telecom's operations or its cash generation capacity.
FINANCIAL HIGHLIGHTS
(millions of Ps. in constant Currency as of December 31, 2022) | 2022 | 2021 | % Ch. | 4Q22 | 3Q22 | 4Q21 | QoQ | YoY | |||||||
Total Revenues | 729,182 | 828,831 | ( | 176,777 | 173,874 | 199,850 | ( | ||||||||
EBITDA (1) | 199,796 | 258,066 | ( | 41,756 | 42,677 | 53,764 | ( | ( | |||||||
EBITDA Margin (2) | ( | ( | ( | ||||||||||||
Net income | (168,757) | 19,970 | ( | (13,931) | (199,694) | 16,982 | ( | ( | |||||||
Attributable to: | |||||||||||||||
Equity Shareholders | (100,704) | 7,203 | ( | (5,710) | (111,730) | 6,111 | ( | ( | |||||||
Non-Controlling Interests | (68,053) | 12,767 | ( | (8,220) | (87,964) | 10,871 | ( | ( |
(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 / LSE: CVH)
cordially invites you to participate in its Webcast Presentation
to discuss the Full Year and Last Quarter 2022 Results
Date: Tuesday, March 14, 2023
Time: 1:00pm Buenos Aires Time/12:00pm New York Time/4:00pm London
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=VCwcLgDS
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:
Cablevisión Holding S.A.
Samantha Olivieri, Head of Investor Relations
Email: ir@cvh.com.ar
Tel: (+54 11) 4309 - 3417
www.cvh.com.ar
In New York:
Fig Corporate Communications
Camilla Ferreira and Marcella Ewerton Dragone
Email: fig@fig.ooo
Tel: +1 917 691-4047
SOURCE: Cablevisión Holding S.A.
View source version on accesswire.com:
https://www.accesswire.com/743305/Cablevisin-Holding-Announces-Its-Full-Year-and-Last-Quarter-2022-Results
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