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BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 10, 2020 / 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), announces today its Full Year and fourth quarter 2019 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, 2019, unless otherwise indicated.
The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the annual financial statements.
CVH Highlights (2019 vs. 2018):
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Total Revenues reached Ps. 237,024 million, a decrease of 8.3% in real terms as of December 31, 2019, compared to 2018, mainly due to lower mobile, internet and cable services revenues.
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Total Costs (Excluding Depreciation and Amortization) reached Ps. 160,236 million, a decrease of 7.0% in constant currency, mainly driven by lower cost of taxes and fees with the regulatory authority (in line with a decrease in activity), commissions and advertising and cost of handsets sold.
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EBITDA reached Ps. 76,788 million, a decrease of 11% in real terms compared to 2018, mainly driven by lower revenues. EBITDA Margin was 32.4% in 2019, compared to 33.4% in 2018.
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Consolidated Net Income totaled a loss of Ps. 5,185 million. Consolidated Net Income attributable to the Controlling Company amounted a loss of Ps. 3,025 million.
FINANCIAL HIGHLIGHTS
| (millions of Ps.in constant Currency as of December 31, 2019) | 2019 | 2018 | % Ch. | 4Q19 | 3Q19 | 4Q18 | QoQ | YoY | ||||||||||||||||||||||||
| Total Revenues | 237,024 | 258,518 | (8.3 | %) | 58,609 | 59,330 | 59,771 | (1.2 | %) | (1.9 | %) | |||||||||||||||||||||
| EBITDA (1) | 76,788 | 86,251 | (11.0 | %) | 17,632 | 19,334 | 17,168 | (8.8 | %) | 2.7 | % | |||||||||||||||||||||
| EBITDA Margin (2) | 32.4 | % | 33.4 | % | (2.9 | %) | 30.1 | % | 32.6 | % | 28.7 | % | (2.5 | %) | 1.4 | % | ||||||||||||||||
| Income for the period | (5,185 | ) | 2,883 | (279.8 | %) | 11,695 | (24,836 | ) | 23,472 | 147.1 | % | (50.2 | %) | |||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||
| Equity Shareholders | (3,025 | ) | (2,467 | ) | (22.6 | %) | 5,328 | (11,084 | ) | 10,220 | 148.1 | % | (47.9 | %) | ||||||||||||||||||
| Non-Controlling Interests | (2,160 | ) | 5,350 | (140.4 | %) | 6,366 | (13,753 | ) | 13,252 | 146.3 | % | (52.0 | %) | |||||||||||||||||||
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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.
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EBITDA Margin is defined as EBITDA over Total Revenues.