BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 13, 2019 / Cablevision Holding S.A., ('Cablevision Holding', 'CVH' or 'the Company' - BCBA: CVH; LSE: CVH), controlling shareholder of Telecom Argentina S.A. (NYSE: TEO, BCBA: TECO2), announced today its First Quarter 2019 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 March 31, 2019, unless otherwise indicated.

The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Resolution 777/18, issued by the Comision Nacional de Valores ('CNV'), establishes that the restatement will be applied to the annual financial statements.

CVH Highlights (1Q19 vs. 1Q18):

• Total Revenues reached Ps. 44,328 million, a decrease of 9% in real terms as of March 31, 2019, compared to 1Q18, mainly driven by lower mobile services revenues.
• Total Costs (Excluding Depreciation and Amortization) reached Ps. 29,913 million, a decrease of (1.3%) in constant currency, mainly driven by lower cost of equipment and handsets and lower taxes and fees with the regulatory authority; partially offset by higher Employee benefit expenses and severance payments, Fees for services, maintenance, materials and supplies, and bad debt expenses.
• EBITDA reached Ps. 14,415million, a decrease of 21.7% in real terms compared to 1Q18, mainly driven by lower revenues. EBITDA Margin was 32.5% in 1Q19, compared to 37.8% in 1Q18.
• Consolidated Net Income amounted to Ps. 697 million. Consolidated Net Income attributable to the Controlling Company amounted to Ps. (174) million, influenced the negative FX impact over dollar denominated debt.

FINANCIAL HIGHLIGHTS

(1) EBITDA is defined as Total 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 media companies based on 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 Total Revenues.

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

Investor Relations Contacts:

In Buenos Aires:
Cablevision Holding S.A
Agustin Medina Manson, Head of Investor Relations
Valentina Lopez, Sr. Analyst
Email: ir@cvh.com.ar
Tel: (+54 11) 4309 - 3417
www.cvh.com.ar

In New York:
i-advize Corporate Communications, Inc
Camilla Ferreira / Kenia Vargas
Email: cferreira@i-advize.com / kvargas@i-advize.com
Tel: +1 212 406 3692