Cablevisión Holding Announces Third Quarter and Nine-Month 2018 Results
Buenos Aires, Argentina (FSCwire) - Cablevisión Holding S.A., ("Cablevision Holding," "CVH" or "the Company" - BCBA: CVH; LSE: CVH), announced today its Third Quarter and Nine-Month 2018 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of September 30, 2018 and are stated in Argentine Pesos ("Ps." or "P$"), unless otherwise indicated.
As of January 1, 2018, the Merger between Telecom Argentina S.A. and Cablevisión S.A. (CVH's Subsidiary) has become effective and, consequently, the Company has become the controlling shareholder of Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2).
CVH Highlights 9M18:
- Revenues reached Ps. 99,494 million mainly driven by mobile, Internet and Cable TV services.
- Total Costs reached Ps. 64,482 million mainly driven by Employee benefit expenses and severance payments, Fees for services, maintenance, materials and supplies, Taxes and fees with the regulatory authority and Programming and content costs.
- EBITDA reached Ps. 35,012 million and EBITDA Margin was 35.2%.
- Capex amounted to Ps. 24,046 million in 9M18, equivalent to 24.2% of Consolidated Revenues.
- Consolidated Financial Debt and Net Debt reached Ps. 99,801 million and Ps. 81,936 respectively. Debt Coverage Consolidated ratio as of Sep 2018 was 2.1x for Total Financial Debt and 1.7x in terms of Net Debt.
- Mobile subscribers in Argentina reached 18.5 million, while Cable TV subscribers and Broadband accesses totaled 3.5 million and 4.1 million, respectively.
- Net Income amounted to Ps. (23,836) million. Net Income attributable to the Controlling Company amounted to Ps. (12,560) million, influenced the negative FX impact over dollar denominated debt.
- During the 9M18 the company made three mandatory prepayments under the USD 750 million Loan after receiving dividends from its subsidiaries. As of June 30, 2018, the outstanding principal amount of the Loan is of USD 217,304,813.
The Company's Management has not applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Decree No. 664/03 issued by the Executive Branch, whereby the CNV cannot accept the presentation of restated financial statements, is still in effect.
In Buenos Aires:
Cablevisión Holding S.A
Agustín Medina Manson, Head of Investor Relations
SOURCE: Cablevisión Holding S.A.
Source: Cablevision Holding S.A. (BCBA:CVH, LSE:CVH, OTC Pink:CVHSY)
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