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Grupo Clarin S.A. (GCLA)

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Friday 11 August, 2017

Grupo Clarin S.A.

Appendix to 1H17 and 2Q17 Results

RNS Number : 8077N
Grupo Clarin S.A.
11 August 2017
 

APPENDIX

 

 

Cablevisión Holding announces its

 Results for the Two Months Period ended June 30th, 2017

 

 

Buenos Aires, Argentina, August 11th, 2017 - Cablevisión Holding S.A. ("CVH"), announced today its first two months results for 2017. Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of June 30th, 2017 and are stated in Argentine Pesos, unless otherwise indicated.

 

On September 28, 2016, Grupo Clarín's Shareholders approved a split-up of Grupo Clarín's equity interest in Cablevisión S.A ("Cablevisión"), the subsidiary that operates Grupo Clarín's cable television, internet and telephony segment, into a new Argentine corporation under the name of Cablevisión Holding S.A. ("CVH"). After the split-up is complete, CVH will own directly and indirectly, 60% equity interest in Cablevision.

 

The Effective Date of the Spin-off was May 1, 2017. As from this date, Cablevisión Holding S.A. began activities on its own, and the accounting effects of the Spin-off became effective. For further information about CVH, please see the appendix of this report.

 

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

 

CVH Highlights:

 

§ On June 30, 2017, Cablevisión 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, 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 of the shareholders of Telecom once the merger process between Telecom and Cablevisión has concluded and become 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 capital of Telecom Argentina

 

For more information, see Financial Statement at www.cablevisionholding.com or www.grupoclarin.com/ir 

 


CVH FINANCIAL HIGHLIGHTS







(In millions of Ps.)

Cable TV and Internet Access

IDEN

Telephony

Other

Eliminations

Consolidated

Revenues

6.192,9

491,0

15,2

(18,5)

6.680,6

Cost of Sales

(2.214,1)

(267,4)

-


(2.481,6)

SG&A

(1.391,3)

(237,2)

(12,5)

15,2

(1.625,8)

Intersegment Costs and Expenses

(2,8)

(0,5)

-

3,3

-

EBITDA

2.584,6

(14,1)

2,7

-

2.573,2

EBITDA Margin

 

42%

(3%)

18%

NA

39%

 

(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 Net Sales.

 

 

Investor Relations Contacts

Cablevisión Holding S.A.


In Buenos Aires:

Tel: +54 11 4309 3417



Email: [email protected]ónholding.com


Agustín Medina Manson

Patricio Gentile






 

The results reported for CVH cover the two months ended June, 2017. In order to provide a comprehensive basis of comparison for 2Q 17 and 1H 17, the results of Cablevisión for this period are presented below.

Cablevisión Results for the First Half (1H17) and Second Quarter of 2017 (2Q17)

 

 

Highlights (1H17 vs. 1H16):

 

 

FINANCIAL HIGHLIGHTS






 

(In millions of Ps.)

1H17

1H16

% Ch

2Q17

1Q17

2Q16

QoQ

YoY

Revenues

19,233

14,243

35.0%

9,800

9,433

7,174

3.9%

36.6%

Adjusted EBITDA (1)

7,515

5,339

40.7%

3,734

3,781

2,561

(1.2%)

45.8%

Adjusted EBITDA Margin (2)

39.1%

37.5%

1.6 b.p.

38.1%

40.1%

35.7%

(2.0 b.p.)

2.4 b.p.

Income for the period

3,172

2,089

51.8%

1,280

1,892

887

(32.3%)

44.4%

 

(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.

 

OPERATING RESULTS

 

REVENUES

 

Revenues reached Ps. 19,233 million, an increase of 35.0% from Ps. 14,243 million in 1H16. It is mainly attributable to an increase in the number of broadband subscriber, speeds upgrades to our current customer base and the up selling of value added services with price adjustment according to inflation.  Total Consolidated Cable TV basic subscribers reached 3,510,368 as of June 2017, compared to 3,522,074 reported for the same period in 2016. Internet subscribers reached 2,254,778 in June 2017, compared to 2,101,425 as of June 2016.

 



 

Following is a breakdown of Revenues by business segment:

 

(In millions of Ps.)

1H17

1H16

YoY

2Q17

1Q17

2Q16

QoQ

YoY

Cable TV

11,516

8,802

30.8%

5,843

5,674

4,396

3.0%

32.9%

Internet Access

5,763

3,339

72.6%

3,025

2,738

1,723

10.5%

75.6%

IDEN Telephony

1,237

1,537

(19.5%)

603

633

774

(4.7%)

(22.0%)

Others

717

565

26.9%

330

388

282

(15.0%)

17.0%

Total

19,233

14,243

35.0%

9,800

9,433

7,174

3.9%

36.6%

 

 

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 6,996 million, an increase of 28.5% from Ps. 5,444 million reported for 1H16. This was mainly due to higher programming costs higher payroll and social security charges and other personnel expenses. 

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 4,722 million, an increase of 36.5% from Ps. 3,459 million in 1H16. This increase was mainly due to higher costs due to inflation and driven by higher fees for services, taxes, duties, contributions and salaries.

 

Adjusted EBITDA reached Ps. 7,515 million, an increase of 40.7% from Ps. 5,339 million reported for 1H16, driven by higher sales in Cable TV and Internet access segment.

 

Following is a breakdown of adjusted EBITDA by business segment:

 

(In millions of Ps.)

1H17

1H16

YoY

2Q17

1Q17

2Q16

QoQ

Trim.

YoY

Anual

Cable TV and Internet access

7,435

5,076

46.5%

3,723

3,712

2,438

0.3%

52.7%

IDEN Telephony and others

80

264

(69.8%)

11

69

124

(84.4%)

(91.3%)

Total

7,515

5,339

40.7%

3,734

3,781

2,561

(1.2%)

45.8%

 

 

Depreciation and Amortization Expenses increased by 66.9% to Ps. 1,834 million for 1H17 from Ps. 1,099 million reported for 1H16.

 

Financial results net totaled Ps. (894) million compared to Ps. (1,352) million for 1H16. This was mainly attributable to higher peso depreciation during the first semester of 2016, which was approximately 15.3% compared to 4.7% for the 1H17.

 

Equity in earnings from unconsolidated affiliates in the first semester of 2017 totaled Ps. 78 million, compared to Ps. 69 million for the same period of 2016.

 

Other Income (expenses), net reached Ps. 12 million for 1H17, compared to Ps. 2 million in 1H16.

 

Income tax as of June 2017 reached Ps. (1,705) million, from Ps. (984) million in June 2016.

 

Income for the period totaled Ps. 3,172 million, an increase of 51.8% from Ps. 2,089 million reported for 1H16. This was mainly a consequence of higher EBITDA in the Cable TV, Internet access and Telephony. And better financial results.

 

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 5,554 million in 1H17, an increase of 53.4% from Ps. 3,620 million reported for 1H16. Out of the total CAPEX in the 1H17, 99.7% was allocated to the Cable TV and Internet access segment, and the remaining 0.3% to the IDEN Telephony segment. Capex in the Cable TV and Internet access segment is mainly comprised by subscriber growth, network upgrades and digitalization.

 

It is worth to mention that during the first quarter of 2017 the ENACOM (regulatory authority for the telecommunication industry in Argentina) approved the project of refarming of the radio electric spectrum acquired by Cablevisión and its subsidiary Nextel Argentina in June 2016, with Economic Compensation, to provide Advanced Mobile Communications Services. In April 28, 2017, this compensation was paid by Nextel Argentina to ENACOM for an amount of Ps. 478 million.

 

Debt profile (1): Net debt coverage ratio for the period ended June 30th, 2017 was 0.64x and the Net Debt at the end of this period totaled Ps. 8,348 million.

 

(1)        Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (calculated in Ps. for the last twelve months). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.

 

 

SALES BREAKDOWN BY SOURCE OF REVENUES - JUNE 2017

 

(In millions of Ps.)

Cable TV &

Internet access

IDEN

Telephony

Eliminations

Total

%

Advertising

50

-

-

50

0.3%

Video Subscriptions

11,516

-

-

11,516

59.9%

Internet Subscriptions

5,763

-

-

5,763

30.0%

IDEN Telecommunication

-

1,237

-

1,237

6.4%

Other Sales

 

389

250

29

668

3.5%

Total Sales

17,718

1,486

29

19,233

100.0%

.

 

 

SALES BREAKDOWN BY SOURCE OF REVENUES - JUNE 2016

 

(In millions of Ps.)

Cable TV &

Internet access

IDEN Telephony

Eliminations

Total

%

Advertising

 49

 -  

 -  

 49

0.3%

Video Subscriptions

 8,802

 -  

 -  

 8,802

61.8%

Internet Subscriptions

 3,339

 -  

 -  

 3,339

23.4%

IDEN Telecommunication

 -  

 1,537

 -  

 1,537

10.8%

Other Sales

 

 459

 123

(67)

 516

3.6%

Total Sales

 12,649

 1,660

(67)

 14,243

100.0%

 


 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

 

CABLE TV AND INTERNET ACCESS


1H17

1H16

% Ch

2Q17

 1Q17

2Q16

QoQ

YoY

Active Customer Relationship (2)

 3.91

 3.90

 0.4%

 3.91

 3.90

 3.90

 0.3%

 0.4%

Cable Television Subscribers (1)

90%

90%

 (0.6 b.p.)

90%

90%

 90%

 (0.3 b.p.)

 (0.6 b.p.)

Broadband Customers (1)

58%

54%

 3.7 b.p.

58%

57%

 54%

 1.0 b.p.

 3.7 b.p.

ARPU (excluding Nextel)

 735

522

 40.7%

 755

 715

 527

 5.5%

 43.3%

Churn Ratio:









Cable Television (1)

14.9%

14.0%

0.9 b.p.

14.9%

15.3%

14.0%

 (0.4 b.p.)

 0.9 b.p.

Broadband (1)

17.0%

16.3%

0.8 b.p.

17.0%

17.5%

16.3%

 (0.5 b.p.)

 0.8 b.p.

 

(1) Subscribers as a percentage of total active customer relationships.

(2) Figures in millions.

 

MOBILE


1H17

1H16

YoY

2Q17

1Q17

2Q16

QoQ

YoY

Mobile Postpaid Subs(1)

614

853

(28.0%)

614

674

853

(9.0%)

(28.0%)

Postpaid ARPU

278

231

20% 

284

272

239

7.5%

19%

 

(1)      Figures in thousands

DEBT AND LIQUIDITY

(In millions of Ps.)

June 2017

June 2016

% Change

March 2017

% Change

Short Term and Long Term Debt 






Current Financial Debt

 918

 1,934

 (52.5%)

 1,187

 (22.7%)

Financial loans

 76

 50

 51.9%

 264

 (71.3%)

Negotiable obligations

 -  

 1,208

 (100.0%)

 -  

 NA

Accrued interest

 38

 32

 20.1%

 160

 (76.2%)

Acquisition of equipment

 804

 644

 24.8%

 754

 6.6%

Related Parties Capital

 -  

 0

 (100.0%)

 8

 (100.0%)

Non-Current Financial Debt

 9,121

 8,331

 9.5%

 8,320

 9.6%

Financial loans

 156

 -  

 NA

 -  

 NA

Negotiable obligations

 8,315

 7,520

 10.6%

 7,695

 8.1%

Acquisition of equipment

 651

 811

 (19.8%)

 625

 4.1%

Total Financial Debt (A)

 10,039

 10,265

 (2.2%)

 9,507

 5.6%

Measurement at fair Value

 (49)

 (48)

 3.6%

 (46)

 6.8%

Total Short Term and Long Term Debt

 9,990

 10,217

 (2.2%)

 9,461

 5.6%







Cash and Cash Equivalents (B)

 1,691

 4,119

 (59.0%)

 3,007

 (43.8%)

Net Debt (A) - (B)

 8,299

 6,098

 36.1%

 6,454

 28.6%

Net Debt/Adjusted Ebitda (1)

0.64x

0.68x

(0.04x)

0.54x

0.09x

% USD Debt

100.0%

99.5%

 0.5%

99.5%

 0.5%

% Ar. Ps Debt

0.0%

0.5%

 (0.5%)

0.5%

 (0.5%)

                       

 

 

 

 

Total Financial Debt(1) and Net Debt, decreased from Ps. 10,265 million to Ps. 10,039 million and an increase from Ps. 6,098 million to Ps. 8,299 million respectively compared to first semester 2016. This represents a decrease of 2.2% in the Total Debt and an increase of 36.1% in the Net Debt. This increase in Net Debt was mainly due to use of cash for the refarming Economic Compensation paid in April 2017, and the use of proceeds from the bond issued in June 2016 in accordance with the "Use of Proceeds" stated in the Offering Memorandum.  

 

Debt coverage ratio (1) as of June 30th, 2017 was 0.64x in the case of Net Debt and of 0.77x in terms of Total Financial Debt.

 

(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (calculated in Ps. for the last twelve months). Total Financial debt is defined as financial loans and debt for acquisitions, excluding accrued interest.

 

ABOUT THE COMPANY

 

CVH  was funded as corporate spinoff from Grupo Clarín S.A. and it is the first Argentine holding company that engages in the development of infrastructure and the provision of convergent telecommunications services, focusing on the country and the region. The companies, products and brands that depend on Cablevisión Holding are already big names in the telecommunications and content distribution industries. They specialize in the provision of cable TV, broadband and mobile communications services.

 

 

 

 

Disclaimer

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of CVH. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. CVH does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in CVH's projections or forward-looking statements, including, among others, general economic conditions, CVH's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to CVH and its operations.

 



 

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE TWO-MONTH PERIOD BEGINNING MAY 1, 2017

AND ENDED JUNE 30, 2017

 (In Argentine Pesos)

 



Two-month period ended June 30, 2017










Continuing Operations






Revenues


6,680,603,327










Cost of Sales (1)


(3,015,147,348)










Gross income


3,665,455,979










Selling Expenses (1)


(949,418,009)










Administrative Expenses (1)


(733,925,327)










Other Income and Expenses, net


1,628,131










Financial Costs


(780,200,042)










Other Financial Results, net


(14,502,878)










Financial Results


(794,702,920)










Equity in Earnings from Associates


25,485,720










Income before Income Tax and Tax on Assets


1,214,523,574










Income Tax and Tax on Assets


(455,910,014)
















Net income for the period


758,613,560










Other Comprehensive Income


















Items which can be reclassified to net income






Variation in Translation Differences of Foreign Operations


62,362,233




Total Comprehensive Income for the Period


820,975,793










Net Income attributable to:












Shareholders of the Controlling Company


430,690,710










Non-Controlling Interests


327,922,850










Total Comprehensive Income Attributable to:












Shareholders of the Controlling Company


463,766,171










Non-Controlling Interests


357,209,622










Basic and Diluted Net Income (Loss) per Share


2.38





(1) Includes Amortization of Intangible Assets and Depreciation of Property, Plant and Equipment for Ps. 591,124,521.

 

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of June 30th, available at www.cablevisionholding.com

  



 

CABLEVISIÓN HOLDING S.A.

CONSOLIDATED BALANCE SHEET

As of June 30, 2017

(In Argentine Pesos)

 



June 30, 2017



ASSETS





NON-CURRENT ASSETS





Property, Plant and Equipment


19,102,182,133



Intangible Assets


2,359,713,919



Goodwill


3,502,221,441



Investments in Associates


249,663,246



Investments


494,967,693



Deferred Tax Assets


101,578,735



Other Receivables


289,236,823



Total Non-Current Assets


26,099,563,990








CURRENT ASSETS





Inventories


175,238,301



Other Receivables


1,049,489,876



Trade Receivables


2,235,179,085



Investments


1,106,924,754



Cash and Banks


731,144,104



Total Current Assets


5,297,976,120








Total Assets


31,397,540,110








EQUITY (as per the corresponding statement)





Attributable to Shareholders of the Parent Company





Shareholders' Contributions


1,263,686,300



Other Items


779,342,738



Accumulated Income


5,031,700,559



Total Attributable to Shareholders of the Parent Company


7,074,729,597








Attributable to Non-Controlling Interests


4,982,399,453








Total Shareholders' Equity


12,057,129,050








LIABILITIES





NON-CURRENT LIABILITIES





Bank and Financial Debt


9,048,861,387



Deferred Tax Liabilities


347,043,275



Provisions and Other Charges


1,010,831,232



Taxes Payable


4,002,298



Other Liabilities


115,488,825



Total Non-Current Liabilities


10,526,227,017








CURRENT LIABILITIES





Bank and Financial Debt


977,407,745



Taxes Payable


1,934,648,258



Other Liabilities


1,006,305,298



Trade Payables and Other


4,895,822,742



Total Current Liabilities


8,814,184,043








Total Liabilities


19,340,411,060








Total Equity and Liabilities


31,397,540,110



 


CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE TWO-MONTH PERIOD BEGINNING MAY 1, 2017 AND ENDED JUNE 30, 2017

(In Argentine Pesos)

 


Equity attributable to Shareholders of the Parent Company


Equity Attributable to Non-Controlling Interests




Shareholders' Contributions


Other Items


Accumulated Income

Total Equity of Controlling Interests





Capital Stock

Inflation Adjustment on Capital Stock

Additional Paid-in Capital

Subtotal


Translation of Foreign Operations

Other Reserves


Legal Reserve

Optional reserves (1)

Retained Earnings



Total Equity

Balances as of May 1, 2017

180,642,580

194,762,882

888,280,838

1,263,686,300


749,470,539

(3,203,262)


75,081,092

3,691,570,698

834,358,059

6,610,963,426


4,625,189,831


11,236,153,257

Net Income for the period

-

-

-

-


-

-


-

-

430,690,710

430,690,710


327,922,850


758,613,560

Other Comprehensive Income:

















Variation in Translation Differences of Foreign Operations

-

-

-

-


33,075,461

-


-

-

-

33,075,461


29,286,772


62,362,233

Balances as of June 30, 2017

180,642,580

194,762,882

888,280,838

1,263,686,300


782,546,000

(3,203,262)


75,081,092

3,691,570,698

1,265,048,769

7,074,729,597


4,982,399,453


12,057,129,050


















 

(1)  Broken down as follows: (i) Optional reserve for future dividends of Ps. 1,813,178,108; (ii) Optional reserve to ensure the liquidity of the Company and its subsidiaries of Ps. 659,951,291, (iii) Optional reserve for illiquidity of results of Ps. 436,412,739, and (iv) Optional reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of Ps. 782,028,560.

 


CABLEVISIÓN HOLDING S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE TWO-MONTH PERIOD BEGINNING MAY 1, 2017 AND ENDED JUNE 30, 2017

 (In Argentine Pesos)


Two-month period ended June 30, 2017



CASH PROVIDED BY OPERATING ACTIVITIES




Net income for the period

758,613,560



Income Tax and Tax on Assets

455,910,014



Adjustments to reconcile net income for the period to cash provided by operating activities




Equity in Earnings from Associates

(25,485,720)



Depreciation of Property, Plant and Equipment

586,231,160



Amortization of Intangible Assets

4,893,361



Obsolescence of Materials

2,774,028



Provisions

118,835,060



Income from Sale of Property, Plant and Equipment

(2,453,675)



Accrued Interest, net

112,509,540



Other Financial Results

631,432,042



Other Income and Expenses, net

437,909



Net Decrease of Property, Plant and Equipment

62,795,385



Net Decrease of Intangible Assets

699



Changes in Assets and Liabilities




Trade Receivables

(122,712,767)



Other Receivables

193,142,870



Inventories

28,013,181



Trade Payables and Other

773,356,640



Taxes Payable

(11,052,943)



Other Payables and Provisions

(18,086,181)



Change in Currency Translation of Foreign Operations

(14,099,243)



Collections of Interest

37,379,777



Income Tax Paid

(1,136,054,491)



Net Cash Provided by Operating Activities

2,436,380,206







CASH USED IN INVESTMENT ACTIVITIES




Changes in Securities and Bonds, Net

121,626,453



Dividends collected

2,076,814



Proceeds from Sale of Property, Plant and Equipment

2,453,675



Increase in Property, Plant and Equipment

(2,605,890,845)



CASH (USED IN) INVESTMENT ACTIVITIES

(2,479,733,903)







CASH USED IN FINANCING ACTIVITIES




Collection of Financial Instruments

17,825,000



Increase in Loans

126,863,581



Payment of Interest

(302,067,119)



Repayment of Loan Principal and Issuing Expenses of new loan

(143,012,041)



CASH (USED IN) FINANCING ACTIVITIES

(300,390,579)







Net decrease in cash flow

(343,744,276)

 


Cash as of May 1, 2017

2,002,522,766

 


Effect of the variation of the exchange rate on cash and cash equivalents

32,144,039

 


Cash at the end of the period (See Note 2.23)

1,690,922,529

 






 

 

 

 


This information is provided by RNS
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