Cablevision Holding S.A.: Cablevisión Holding Announces Fourth Quarter and Full Year 2018 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 11, 2019 / Cablevisión Holding S.A., ('Cablevision Holding') ('CVH' or 'the Company') (BYMA: CVH; LSE: CVH), announced today its Fourth Quarter and Full Year 2018 Results. Figures have been prepared in accordance with International Financial Reporting Standards¹ ('IFRS') and are stated in constant Argentine Pesos ('Ps.' or 'P$') as of December 31, 2018, unless otherwise indicated.

The Merger between Telecom Argentina S.A. and Cablevisión S.A. (CVH's Subsidiary) became fully effective on January 1, 2018; consequently, the Company is the controlling shareholder of Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2).

CVH Highlights 2018:

• Revenues reached Ps. 168,046 million, mainly driven by mobile, Internet and Cable TV services.
• Total Costs reached Ps. 111,980 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. 56,066 million; EBITDA Margin was 33.4%.
• CAPEX amounted to Ps. 42,480 million in 2018, equivalent to 25.3% of Consolidated Revenues.
• Consolidated Financial Debt and Net Debt reached Ps. 84,493 million and Ps. 78,367, respectively. Debt Coverage Consolidated ratio as of December 2018 was 1.6x for Total Financial Debt and 1.4x in terms of Net Debt.
• Mobile subscribers in Argentina reached 18.5 million, while Cable TV subscribers and Broadband accessed a total of 3.5 million and 4.1 million subscribers, respectively.
• Consolidated Net Income amounted to Ps. 1,874 million. Consolidated Net Income attributable to the Controlling Company amounted to Ps. (1,604) million, impacted by the negative FX impact over dollar-denominated debt. However, considering CVH's individual financial statements, these include the results generated from the merger between TEO and Cablevision; therefore net income amounted to Ps. 47,019 million pesos for the period.
• During 2018, the Company executed three mandatory prepayments under the USD 750 million Loan after receiving dividends from its subsidiaries. As of today, the outstanding principal amount of the loan is of USD 217,304,813.

¹The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Resolution 777/18, issued by the Comisión Nacional de Valores ('CNV'), establishes that the restatement will be applied to the annual financial statements, for intermediate and special periods ended as of December 31, 2018 inclusive.

CVH FINANCIAL HIGHLIGHTS

Millions of Ps.	2018 ex IAS 29	IAS 29 Adjustment	2018 as reported
Consolidated Revenues	137,160	30,886	168,046
Employee benefit expenses and severance payments	(24,668)	(5,405)	(30,073)
Fees for services, maintenance, materials and supplies	(13,248)	(3,176)	(16,424)
Taxes and fees with the regulatory authority	(11,146)	(2,489)	(13,635)
Programming and content costs	(9,945)	(2,211)	(12,156)
Commissions and advertising	(9,223)	(1,987)	(11,210)
Other operating income and expenses	(22,821)	(5,661)	(28,482)
EBITDA1	46,110	9,956	56,066
EBITDA Margin2	33.6%	32.2%	33.4%
Net Income	(18,742)	20,616	1,874
Attributable to:
Controlling Company	(12,335)	10,731	(1,604)
Non-controlling interest	(6,407)	9,885	3,478

(1) EBITDA is defined as 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 companies on the basis of 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. (2) EBITDA Margin is defined as EBITDA over Revenues.

CVH Standalone DEBT AND LIQUIDITY

(In millions of Ps.)	Dec 2018	Sep 2018	% change
Short Term and Long Term Debt
Current Financial Debt	8,181	8,922	-8%
Financial loans	8,192	8,964	-9%
Accrued interest	8	9	-11%
Measurement at fair Value	(19)	(51)	-63%
Non-Current Financial Debt	0	0
Total Short Term and Long Term Debt (A)	8,181	8,922	-8%
Cash and Equivalents (B) (1)	864	1,514	-43%
Net Debt (A)-(B)	7,317	7,408	-1%

⁽¹⁾ Includes Ps. 299 millions and Ps. 314 millions of Reserve Account as of Dec 18 and Sep 18 respectively.

Total Financial Debt and Net Debt, reached Ps. 8,181 million and Ps. 7,317 million respectively.

SUBSIDIARIES INFORMATION

CVH initiated activities on May 1, 2017. As a result, there are no comparable figures for full year 2017. Nevertheless, the Company provided to the investor community the results of Telecom Argentina S.A., where CVH owns a 39.1% interest and consolidates 100% of the operations as of December 31, 2018.

For a full version of this earnings release with financial statements, go to: https://www.cablevisionholding.com/Investors

Investor Relations Contacts:

In Buenos Aires:

Cablevisión Holding S.A
Agustín Medina Manson, Head of Investor Relations
Valentina Lopez, Sr. Analyst
Email: [e-mail]
Tel: [phone] - 3417
www.cvh.com.ar

In New York:

i-advize Corporate Communications, Inc
Camilla Ferreira / Kenia Vargas
Email: [e-mail] / [e-mail]
Tel: [phone] / 3696

SOURCE: Cablevision Holding S.A.

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