Cablevisión Holding Announces its First Half and Second Quarter 2022 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / August 10, 2022 / Cablevisión Holding S.A., ("Cablevision Holding", "CVH" or "the Company" - (BCBA:CVH)(LSE:CVH)(Level 1: CVHSY), controlling shareholder of Telecom Argentina S.A. (NYSE:TEO)(BCBA:TECO2), announced today its First Half and Second Quarter 2022 Results. Figures have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in constant Argentine Pesos ("Ps." or "P$") as of June 30, 2022, unless otherwise indicated.

The Company's Management has applied IAS 29 (inflation adjustment) in the preparation of these financial statements, following the provisions of Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV").

CVH Highlights (1H22 vs. 1H21):

• Total Revenues reached Ps. 264,577 million, a decrease of 10.4% in real terms as of 1H22, compared to the same period of 2021, mainly driven by lower revenues from cable TV, fixed telephony and data, mobile, equipment sales and internet, which was partially offset by higher revenues from other services, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (64.0% interannually as of June 2021).
• Total Costs (Excluding Depreciation and Amortization) reached Ps. 183,943 million, a decrease of 5.7% in constant currency, mainly driven by lower programming and content costs, fees for services, maintenance, materials and supplies, interconnection and transmission costs, cost of equipment and handsets, taxes and fees with the regulatory authority and commissions and advertising costs, partially offset by higher bad debt expenses and others, as well as higher employee benefits expenses and severance payments.
• EBITDA reached Ps. 80,634 million as of 1H22, a decrease of 19.5% in real terms compared to 1H21, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 30.5% in 1H22, compared to 33.9% in 1H21.
• Consolidated Net Income amounted Ps. 31,361 million. Consolidated net income attributable to the Controlling Company amounted to Ps. 11,698 million.

FINANCIAL HIGHLIGHTS