Cablevisión Holding Announces Its Full Year and Last Quarter 2022 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 10, 2023 / 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 Full Year and Last 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 December 31, 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 (2022 vs. 2021):

• Total Revenues reached Ps. 729,182 million, a decrease of 12.0% in real terms as of 2022, compared to the same period of 2021, in a context in which price increases for our services in 2021 weren´t sufficient to compensate for the lag vis a vis inflation (94.8% interannually as of December 2022).
• Total Costs (Excluding Depreciation and Amortization) reached Ps. 529,386 million, a decrease of 7.2% in constant currency, mainly driven by lower costs on all items, except for employee benefits expenses and severance payments, and bad debt expenses.
• EBITDA reached Ps. 199,796 million as of 2022, a decrease of 22.6% in real terms compared to 2021, mainly driven by lower revenues, partially offset by lower operating costs, which resulted in a lower EBITDA Margin of 27.4% in 2022, compared to 31.1% in 2021.
• Consolidated Net Loss amounted to Ps. 168,757 million. Consolidated net loss attributable to the Controlling Company amounted to Ps. 100,704 million. Given the economic and market conditions, Telecom and the Company assessed the recoverable value of the goodwill assets generated by the merger of Telecom and Cablevisión as of September 30, 2022. Consequently, the net income for the period contains an impairment loss, which amounts to Ps. 204,744million in constant currency as of December 31, 2022. This impairment does not affect assets other than mentioned goodwill and has no impact over Telecom's operations or its cash generation capacity.

FINANCIAL HIGHLIGHTS