Cablevisión Holding Announces Fourth Quarter and Accumulated 2017 Results
Cablevisión Holding Announces Fourth Quarter and Accumulated 2017 Results
BUENOS AIRES, Argentina, March 8, 2018 /PRNewswire/ -- Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company" - BCBA: CVH; LSE: CVH), announced today its results for the fourth quarter 2017 period as well the accumulated annual figure (for the period of May 1, 2017 to December 31, 2017) since the Company's inception this year. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in Argentine Pesos (Ps.), unless otherwise indicated.
Operations include cable television, Internet access and telephony services, in Argentina and certain neighboring countries, through its subsidiary Cablevisión, which is the largest cable television operator in Latin America in terms of number of subscribers. This Company also provides high-speed Internet access under the Fibertel brand and telephony services through Nextel.
CVH Highlights 2017:
-- Revenues and EBITDA reached Ps. 28,399.7 million and Ps. 10,181.7
million, respectively for 2017. EBITDA margin was 35.9%.
-- Financial result, net totaled Ps. (3,720.3) million in 2017. This was
mainly due to the impact of the peso depreciation on dollar-denominated
debt.
-- Income for the period totaled Ps. 2,227.0 million in 2017. Income for
the period attributable to Equity Shareholders was Ps. 781.8 million.
-- On December 21, 2017, ENACON approved the merger between Cablevisión
S.A. (subsidiary) and Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2),
which was announced on June 30, 2017.
-- On December 27, 2017, CVH exercised the call option granted by Fintech
Advisory Inc. and its subsidiaries, Fintech Telecom LLC and Fintech
Media LLC. Consequently, CVH acquired a 6.08% stake in the shares of
Telecom Argentina S.A. post-merger.
-- On January 1, 2018, the merger became fully; consequently, Cablevisión
S.A. has been dissolved without liquidation and CVH has become the
controlling shareholder of Telecom Argentina S.A.
-- On February 21, 2018, CVH was admitted to the Official List of the UK
Listing Authority and began trading on the London Stock Exchange's Main
Market under the ticker symbol "CVH."
CVH FINANCIAL HIGHLIGHTS
ACCUMULATED 2017
(In millions of Ps.) Cable TV and IDEN Other Eliminations Consolidated
Internet Access Telephony
--------------- ---------
Revenues 26,607.5 1,809.1 60.8 (77.7) 28,399.7
Cost of Sales (9,916.0) (1,058.8) - (10,974.7)
SG&A (6,353.2) (860.6) (90.3) 60.8 (7,243.3)
Intersegment Costs and
Expenses (15.9) (1.1) - 16.9 -
EBITDA 10,322.4 (111.3) (29.5) - 10,181.7
EBITDA Margin 38.8% (6%) (48%) NA 35.9%
FOURTH QUARTER
2017
(In millions of
Ps.) Cable TV and IDEN Other Eliminations Consolidated
Internet Access
Telephony
---------
Revenues 10,572.7 601.7 22.8 (22.8) 11,174.4
Cost of Sales (4,065.1) (419.9) - - (4,485.0)
SG&A (2,512.9) (283.6) (34.1) 22.8 (2,807.8)
Intersegment
Costs and
Expenses - - - - -
EBITDA 3,994.7 (101.8) (11.3) - 3,881.7
EBITDA Margin 37.8% (17%) (49%) NA 34.7%
((1) We define Adjusted EBITDA as Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies on the basis of operating performance, leverage and liquidity. Nonetheless, Adjusted 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 Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.)
((2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Revenues.)
Investor Relations Contacts:
----------------------------
In Buenos Aires: In New York:
Cablevisión Holding S.A. i-advize Corporate Communications, Inc
Agustín Medina Manson, Head of Investor Relations Camilla Ferreira / Kenia Vargas
Patricio Gentile, Sr. Analyst of Investor Relations Email: cferreira@i-advize.com
Email: ir@cablevisionholding.com kvargas@i-advize.com
Tel: (+54 11) 4309-3417 Tel: +1-212-406-3695 / 3696
https://www.cablevisionholding.com
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SOURCE CVH
