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Cablevisión Holding Announces Third Quarter and Five-Month 2017 Results

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11/11/2017 | 12:01am CEST

BUENOS AIRES, Argentina, Nov. 10, 2017 /PRNewswire/ -- Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company" - BCBA: CVH; Level 1 US: CVHSY), announced today its results for the five month period between its inception on May 1, 2017 to September 30, 2017, including the isolated third quarter 2017 period . Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in Argentine Pesos, unless otherwise indicated.

Its operations include the provision of cable television, Internet access and telephony services, with operations in Argentina and in some neighboring countries, through its subsidiary Cablevisión, which is the largest cable television operator in Latin America in terms of subscribers. This company also provides high-speed Internet access under the Fibertel brand and telephony services through Nextel.

CVH Highlights:

    --  On June 30, 2017, Cablevisión S.A. and Telecom Argentina S.A. (NYSE:
        TEO, BCBA: TECO2), announced a plan to merge their corporate and
        operational structures.
    --  CVH informed that on July 7, 2017, that it had executed with Fintech
        Telecom LLC, the controlling company of Telecom Argentina S.A. a
        shareholder agreement that will govern the exercise of the rights by
        Telecom's shareholders once the merger process between Telecom and
        Cablevisión has concluded and becomes effective.
    --  Fintech and affiliates granted to CVH and option to purchase a direct or
        indirect equity interests equal to 13.51% of the total outstanding
        shares of Telecom Argentina.
    --  On September 25, 2017, CVH received the acceptance by Citibank, N.A.,
        Goldman Sachs Bank USA, Industrial and Commercial Bank of China Limited,
        Dubai (DIFC) Branch, Itaú Unibanco S.A., Nassau Branch of an offer
        submitted to such banks by the Company, to borrow a principal amount of
        USD 750,000,000. The maturity date shall be occur on the earlier of 18
        months after the date of disbursement, or the date on which the loan
        becomes due and payable pursuant to acceleration events provided under
        the loan offer.
    --  The funds from the loan were used, among other things, to prepay the
        Exercise Price under the Option Agreement signed by the Company on
        October 5, 2017.
    --  Net Income for the period totaled Ps. 2,041.0 million in 5M17. Income
        for the period attributable to Equity Shareholders amounted Ps. 1,147.8



    (In millions of
     Ps.)               Cable TV and                IDEN            Other          Eliminations           Consolidated
                       Internet Access

    Revenues                            16,034.8            1,207.4           38.0                  (54.9)                 17,225.3

    Cost of Sales                      (5,850.9)           (638.9)             -                                       (6,489.8)

    SG&A                               (3,840.3)           (577.0)        (56.2)                   38.0                 (4,435.5)

    Intersegment Costs
     and Expenses                         (15.9)             (1.1)             -                   16.9                         -

    EBITDA                               6,327.7              (9.5)        (18.2)                      -                  6,300.0

    EBITDA Margin                            39%              (1%)         (48%)                NA                           37%


    (In millions of Ps.)    Cable TV and             IDEN              Other         Eliminations         Consolidated
                           Internet Access

    Revenues                                 9.841,9             716,4          22,8               (36,4)                 10.544,7

    Cost of Sales                          (3.636,8)           (371,4)            -                   -                (4.008,2)

    SG&A                                   (2.449,0)           (339,8)       (43,7)                22,8                 (2.809,7)

    Intersegment Costs and                    (13,1)            (0,6)            -                13,6                         -

    EBITDA                                   3.743,1               4,6        (20,9)                   -                  3.726,8

    EBITDA Margin                                38%               1%        (92%)        NA                                35%

(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.

A complete version of this report is available at: https://www.cablevisionholding.com/Inversores

CVH cordially invites you to participate in its conference call and webcast presentation on Monday, November 13, 2017 at 11:00am Eastern Time (1:00pm Buenos Aires time) to discuss Third Quarter 2017 Results on Monday, November 13, 2017.

Those interested in connecting via conference call, please dial 1-800-311-9404 toll free from the U.S., 0-800-444-7657 from Argentina, or 1 (334) 323-7224 from elsewhere 5-10 minutes prior to the start time. The Conference ID is 8941.

The webcast presentation will be available at: https://www.webcaster4.com/Webcast/Page/1772/23283

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


View original content:http://www.prnewswire.com/news-releases/cablevision-holding-announces-third-quarter-and--five-month-2017-results-300554115.html


© PRNewswire 2017
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