In This Article:
BUENOS AIRES, ARGENTINA / ACCESSWIRE / August 12, 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 Half and Second 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 June 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 (1H24 vs. 1H23):
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Total Revenues reached Ps. 1,666,979 million, a decrease of 13.3% in real terms as of 1H24, compared to the same period of 2023, in a context in which price increases for our services in 2023 and the first half of 2024 weren't sufficient to compensate for the lag vis a vis inflation (271.5% interannually as of June 2024).
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Total Costs (Excluding Depreciation and Amortization) reached Ps. 1,172,951 million, a decrease of 14.9% in constant currency, driven by lower costs on all items.
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EBITDA reached Ps. 494,028 million as of 1H24, a decrease of 9.1% in real terms compared to 1H23, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in an EBITDA Margin of 29.6% in 1H24, compared to 28.3% in 1H23.
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Consolidated Net Income amounted to Ps. 856,045 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 329,661 million.
FINANCIAL HIGHLIGHTS
| (millions of Ps. in constant Currency as of June 30, 2024) | 1H24 | 1H23 | % Ch. | 2Q24 | 1Q24 | 2Q23 | QoQ | YoY | ||||||||||||||||||||||||
| Total Revenues | 1,666,979 | 1,921,749 | (13.3 | %) | 856,084 | 810,895 | 933,838 | 5.6 | % | (8.3 | %) | |||||||||||||||||||||
| EBITDA (1) | 494,028 | 543,503 | (9.1 | %) | 248,930 | 245,098 | 245,206 | 1.6 | % | 1.5 | % | |||||||||||||||||||||
| EBITDA Margin (2) | 29.6 | % | 28.3 | % | 4.8 | % | 29.1 | % | 30.2 | % | 26.3 | % | (3.8 | %) | 10.7 | % | ||||||||||||||||
| Net income | 856,045 | 150,484 | 468.9 | % | 57,087 | 798,958 | 20,891 | (92.9 | %) | 173.3 | % | |||||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||
| Equity Shareholders | 329,661 | 56,023 | 488.4 | % | 19,568 | 310,095 | 7,527 | (93.7 | %) | 160.0 | % | |||||||||||||||||||||
| Non-Controlling Interests | 526,384 | 94,461 | 457.2 | % | 37,519 | 488,862 | 13,364 | (92.3 | %) | 180.8 | % | |||||||||||||||||||||
(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.