In This Article:
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Dividends Collected: ARS45.2 billion or USD39.1 million from Telecom.
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Gross Dividend: ARS246.49 per share or USD0.20602 per GDR.
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Revenue in Constant Pesos: Decreased 7.7% year-over-year to ARS4,137.6 billion.
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EBITDA: ARS1,155.5 billion in constant currency, an 8.1% decrease from 2023.
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EBITDA Margin: 27.9% compared to 28.1% in 2023.
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Net Income: Profit of ARS1,024.7 billion from a net loss of ARS537.5 billion in 2023.
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Fourth Quarter Revenue Increase: 1.3% in real terms.
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Mobile Revenue: 40.9% of total revenues, increased 5.2% in real terms in Q4 2024.
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Broadband Subscribers: Decreased 1.1% to 4 million.
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CapEx as Percentage of Revenue: 21.3% or 15.9% before rights of use for leases.
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Total Financial Debt: ARS2,878 billion, net debt of ARS2,468.2 billion (USD2.4 billion).
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Net Debt-to-Adjusted EBITDA Ratio: 2.1 times as of December 2024.
Release Date: March 05, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Cablevision Holding SA (CVHSY) achieved a fiscal surplus for the first time in over a decade, driven by a significant reduction in public spending.
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The company maintained a healthy cash position with most liquidity in US dollar accounts, providing financial stability.
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EBITDA margin remained stable due to effective cost management and pricing policies, despite challenging macroeconomic conditions.
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Mobile revenues increased by 5.2% in real terms in Q4 2024, driven by higher ARPU and increased mobile internet usage.
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The company successfully applied bonds collected to pay dividends in kind to shareholders, demonstrating effective financial management.
Negative Points
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Revenues for 2024 dropped 7.7% in constant currency, mainly due to lower service revenues.
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Net income was negatively impacted by a change in fiscal authority criteria regarding personal asset tax calculations.
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The GDP of 2024 averaged a decline of around 1.8%, indicating a challenging economic environment.
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ARPU in real terms decreased by 10.4% for mobile services, reflecting competitive pressures and inflationary challenges.
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Cable TV ARPU decreased by 26.3% in 2024, highlighting challenges in the pay TV segment due to changing consumer habits.
Q & A Highlights
Q: Can you provide an overview of the macroeconomic environment and its impact on Cablevision Holding SA? A: Julian Brescia, Senior Analyst of Investor Relations, explained that the government achieved better-than-expected results with a fiscal surplus for the first time in over a decade. This was due to a significant cut in public spending and stabilization measures. Inflation decreased significantly, allowing for lower monetary policy rates. However, GDP declined by 1.8% in 2024, with agriculture and energy sectors performing well, while industry, construction, and retail lagged.