In This Article:
BUENOS AIRES, AR / ACCESS Newswire / February 27, 2025 / 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 Full Year and Last 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 December 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 (2024 vs. 2023):
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Total Revenues reached Ps. 4,137,596 million, a decrease of 7.7% in real terms as of 2024, compared to the same period of 2023, in a context in which price increases for some of our services - net of discounts offered to retain customers- during 2023 and 2024 weren´t sufficient to compensate for the lag vis a vis inflation (117.8% interannually as of December 2024).
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Total Revenues for 4Q24 reached Ps. 1,056,272 million, the first quarter with a positive interannual performance above inflation.
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Total Costs (Excluding Depreciation and Amortization) reached Ps. 2,982,051 million, a decrease of 7.6% in constant currency, driven by lower costs on all items.
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EBITDA reached Ps. 1,155,545 million as of 2024, a decrease of 8.1% in real terms compared to 2023, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in an EBITDA Margin of 27.9% in 2024, compared to 28.1% in 2023. EBITDA margin for 2024, excluding the effect of severance payments was 31.1% versus 29.4% for the previous year.
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Consolidated Net Income amounted to Ps. 1,024,708 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 387,106 million.
FINANCIAL HIGHLIGHTS
| (millions of Ps. in constant Currency as of December 31, 2024) | 2024 | 2023 | % Ch. | 4Q24 | 3Q24 | 4Q23 | QoQ | YoY | ||||||||||||||||||||||||
| Total Revenues | 4,137,596 | 4,483,972 | (7.7 | %) | 1,056,272 | 1,062,066 | 1,043,183 | (0.5 | %) | 1.3 | % | |||||||||||||||||||||
| EBITDA (1) | 1,155,545 | 1,258,016 | (8.1 | %) | 269,132 | 287,983 | 268,254 | (6.5 | %) | 0.3 | % | |||||||||||||||||||||
| EBITDA Margin (2) | 27.9 | % | 28.1 | % | (0.5 | %) | 25.5 | % | 27.1 | % | 25.7 | % | (6.0 | %) | (0.9 | %) | ||||||||||||||||
| Net income | 1,024,708 | (537,504 | ) | (290.6 | %) | 1,344 | (13,587 | ) | (825,232 | ) | (109.9 | %) | (100.2 | %) | ||||||||||||||||||
| Attributable to: | ||||||||||||||||||||||||||||||||
| Equity Shareholders | 387,106 | (216,729 | ) | (278.6 | %) | (4,198 | ) | (8,023 | ) | (322,620 | ) | (47.7 | %) | (98.7 | %) | |||||||||||||||||
| Non-Controlling Interests | 637,602 | (320,775 | ) | (298.8 | %) | 5,542 | (5,563 | ) | (502,613 | ) | (199.6 | %) | (101.1 | %) | ||||||||||||||||||
(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.