In This Article:
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):
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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).
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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.
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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 of 30.2% in 1Q24, similar to the level of the same period of the previous year.
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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.