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BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 10, 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 Full Year and Last Quarter 2021 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, 2021, 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 (2021 vs. 2020):
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Total Revenues reached Ps. 425,493 million, a decrease of 6.5% in real terms as of 2021, compared to the same period of 2020, mainly driven by lower revenues from fixed telephony, mobile, cable TV and internet, which was partially offset by higher revenues from equipment sales, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (50.9% interannually as of December 2021).
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Total Costs (Excluding Depreciation and Amortization) reached Ps. 293,011 million, a decrease of 2.4% in constant currency, mainly driven by lower bad debt expenses, taxes and fees with the Regulatory Authority, interconnection and transmission costs, commissions and advertising costs and programming and content costs; partially offset by higher costs of equipment and handset and higher employee benefits expenses and severance payments.
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EBITDA reached Ps. 132,482 million as of 2021, a decrease of 14.5% in real terms compared to 2020, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 31.1% in 2021, compared to 34.0% in 2020.
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Consolidated Net Income amounted Ps. 10,252 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 3,698 million.
FINANCIAL HIGHLIGHTS
| (millions of Ps. in constant Currency as of December 31, 2021) | 2021 | 2020 | % Ch. | 4Q21 | 3Q21 | 4Q20 | QoQ | YoY | |||||||||||||||||
| Total Revenues | 425,493 | 455,234 | (6.5 | %) | 102,596 | 106,082 | 105,343 | (3.3 | %) | (2.6 | %) | ||||||||||||||
| EBITDA (1) | 132,482 | 154,930 | (14.5 | %) | 27,600 | 31,277 | 30,170 | (11.8 | %) | (8.5 | %) | ||||||||||||||
| EBITDA Margin (2) | 31.1 | % | 34.0 | % | (8.5 | %) | 26.9 | % | 29.5 | % | 28.6 | % | (8.8 | %) | (6.1 | %) | |||||||||
| Net income | 10,252 | (8,866 | ) | (215.6 | %) | 8,718 | 3,802 | (7,010 | ) | 129.3 | % | (224.4 | %) | ||||||||||||
| Attributable to: | |||||||||||||||||||||||||
| Equity Shareholders | 3,698 | (4,545 | ) | (181.4 | %) | 3,137 | 1,753 | (3,698 | ) | 78.9 | % | (184.8 | %) | ||||||||||||
| Non-Controlling Interests | 6,554 | (4,321 | ) | (251.7 | %) | 5,581 | 2,049 | (3,312 | ) | 172.4 | % | (268.5 | %) | ||||||||||||
(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.