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BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 11, 2022 / 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 First 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 March 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 (1Q22 vs. 1Q21):
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Total Revenues reached Ps. 117,372 million, a decrease of 8.3% in real terms as of 1Q22, compared to the same period of 2021, mainly driven by lower revenues from cable TV, fixed telephony and data services, and mobile services, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (55.1% interannually as of March 2021).
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Total Costs (Excluding Depreciation and Amortization) reached Ps. 76,763 million, a decrease of 5.8% in constant currency, mainly driven by lower programming and content costs, fees for services, maintenance, materials and Supplies, interconnection and transmission costs and taxes and fees with the Regulatory Authority; partially offset by higher bad debt charges and higher employee benefits expenses and severance payments.
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EBITDA reached Ps. 40,609 million as of 1Q22, a decrease of 12.7% in real terms compared to 1Q21, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 34.6% in 1Q22, compared to 36.3% in 1Q21.
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Consolidated Net Income amounted Ps. 23,746 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 9,196 million.
FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS
| (millions of Ps. in constant Currency as of March 31, 2022) | 1Q22 | 1Q21 | % Ch. | 4Q21 | QoQ |
| Total Revenues | 117,372 | 128,036 | (8.3%) | 119,083 | (1.4%) |
| EBITDA (1) | 40,609 | 46,506 | (12.7%) | 32,036 | 26.8% |
| EBITDA Margin (2) | 34.6% | 36.3% | (4.7%) | 26.9% | 28.6% |
| Net income | 23,746 | 13,890 | 71.0% | 10,119 | 134.7% |
| Attributable to: | |||||
| Equity Shareholders | 9,195 | 5,218 | 76.2% | 3,641 | 152.6% |
| Non-Controlling Interests | 14,551 | 8,672 | 67.8% | 6,478 | 124.6% |
(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.