Investor PresentationApril, 2018
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Forward Looking Statements
The information contained herein has been prepared by Cablevisión Holding S.A. (“CVH”) solely for use at this presentation. The
information herein is only a summary and does not purport to be complete. This presentation is strictly confidential and may not be
disclosed to any other person.
This presentation has been prepared solely for informational purposes and is not an offer to sell securities of CVH and we are not
soliciting offers to buy or sell securities of CVH in any jurisdiction. You are not authorized to rely on any statements included in this
presentation to purchase or sell securities of the company. Cablevision takes no responsibility in this regard. No representation or
warranty, either express or implied, is made as to the accuracy, reliability or completeness of the information presented herein. This
material should not be regarded by recipients as a substitute for their exercise of their own judgment.
Certain information included in this presentation may contain projections or other forward-looking statements regarding future
events or the future financial performance of Cablevision Holding SA. within the meaning of section 27A of the Securities Act of
1933 and section 21E of the Securities Exchange Act of 1934. 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 or they are not guarantees of
future performance. CVH does not undertake or intend to 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, rapid technological and
market change, and other factors specifically related to CVH and its operations.
This material does not constitute, in whole or in part, and offer. Neither this presentation nor anything contained herein shall form
the basis of any contract or commitment whatsoever.
While figures for 2011, 2012, 2013, 2014, 2015 and 2016 have been prepared in accordance with International Financial Reporting
Standards (“IFRS”), previous years figures were prepared in accordance with Argentine GAAP.2
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Company History
Business Overview
Transaction Summary
Q & A
Appendix
4
Company History
CVH (BCBA: CVH / LSE: CVH) was created as a new independent company by the split up of the Pay TV, Broadband andMobile businesses of Grupo Clarín (BCBA / LSE: GCLA). Substantially all of its assets consist of its ownership interest inits subsidiary Telecom Argentina (after the merger with Cablevisión), which provides a wide range of cable television,data transmission, internet and mobile services.
Cablevisión was the #1 Pay TV company in Argentina (3.5mm subs with 38% Market Share) and #1 broadband providerin Argentina (2.3mm subs with 32% Market Share).
CVH started trading on the Buenos Aires Stock Exchange and on the London Stock Exchange on August 30, 2017 and onFebruary 21, 2018 respectively.
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2016 2018
Technology Convergence & Regional Expansion
Split-up CV AssetsPure Telecommunication Player
First Fully Convergent Telco in Argentina
2007
60.00% 39.08%60.00%
Other Media Companies
100.00%
On January 1st, 2018 Telecom and Cablevisión merged to create the first fully convergent player in Argentina*.
* For more information see Transaction Summary on pages 15 -16
Telecom Argentina is now a fully convergent leading player in the regional market with 31,1 MM customers inArgentina, out of which 19.7 MM are mobile, 4.1 MM are internet, 3.5 MM are Pay-tv and 3.8 MM are fixed line subs.
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Company History
Business Overview
Transaction Summary
Q & A
Appendix
$60,641
$1,225 Market Size
(2018)1
Pay-TV and
Broadband
Key
Metrics
(2016)
Argentina
Fixed
Broadband
and Pay-TV
Subscribers
Evolution
(mm)
$9,811
3.0%
$305
$16,442 $7,286
16.712.7
79.6
80.2
28.7
33.2
27.2
54.4
21.554.159.669.1 26.9 39.0
$15,128
3.6% 2.7% 2.5%2.1% 4.2% 2.7%
2.43.1 3.5
4.04.6
5.26.2
6.6 7.0 7.2
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
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Source: The Economist Intelligence Unit, Kagan (Jan-2018), and GS ResearchNote: GDP size and GDP per Capita in nominal terms and PPP weighted. GDP growth reflects real GDP growth. CAGR figures are from 2007 to 2016.1 Information obtained from GS Research. 2 Considers only occupied households.
Growth Industry Opportunity in Broadband, Premium and Digital TV and Mobile (4G)
Argentina Brazil Mexico Colombia Chile Peru
GDP Size (US$bn)
GDP per Capita (US$)
GDP Growth (Y/Y)
Pay-TV Penetration (%)
Broadband Penetration (%)
Mobile (4G) Penetration (%)
# of Households2 (mm)
6
Broadband Subscribers Pay-TV Subscribers
Argentina Pay-Tv, Broadband and Mobile (4G) Market
US
6.26.7 7.1 7.3
7.8 8.2 8.6 8.9 9.0 9.2
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$2,243 $325 $235 $20,315
$10,708 $6,524
$668
122.38.45.713.932.9
15.8 30.4 89.8
21.645.438.342.4
13.3 69.9
Cablevisión FootprintIn
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High quality, high capacity network, covering a very attractive customer base
¹ All Internet subscribers are included for internet, as of December 2017.2 as of December 2017.(*) Taking into account only Cable TV and Internet subs.
Source: Company Information7
Services
Argentina & Uruguay
7.9MM homes-passed (80% 2-way)2
51,104 km2
44.5% CATV o/HHPP2
37.2% Internet o/HHPP 2W2
3,918,136 Unique Subs(*)
3,502,586 CATV2
2,334,888 Internet2
2,169,597 Digital2
716,618 Total Mobile Subs (58% postpaid)
Coverage & Network
Subs
Penetration
Cable and Digital TV
Broadband
Exhibit 1: Geographic Footprint & Subs1
Thousands Subscribers
CATV: 142.6Internet: -
International
CATV: 510.4Internet: 272.6
Litoral
CATV: 480.1Internet: 301.8
Centro
CATV: 861.7Internet: 521.9
Buenos Aires
CATV: 1,507.7Internet: 1,238.7
AMBA
Mobile Telephony
FinancialsFY17 Sales: US$ 2,471FY17 Ebitda: US$ 915 4Q17 ARPU: US$ 51
ARPU: Revenues (excl Nextel) / Average Unique Customers / Average FX Rate
FX 2017: $16.57
80%
20%
82%
18%
73%
27%
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HighGrowth
Potential
% Broadband Subscribers
Exhibit 2: Pay-TV Market Share Exhibit 3: Broadband Market Share
% Households
Exhibit 4: Cablemodem Growth Potential
*Competition Areas, Argentina only.Source: Company Information, as of December 2017
1.6MM 1 Way
7.9MM Homes Passed*
Cablevisión is leader in Pay-TV and Fixed broadbandWe believe we have the best product to capture the growth of the broadband market
Expand Coverage of 2-Way TechnologyDocsis 3.0 technology
Ultra Broadband Value added services
2 Increase Broadband Penetration
Bandwith Upgrade Cross-selling Broadband to Pay Tv Subs
1
Source: Dataxis, Nextvlatam, Company Information; Pay-TV refers to Cable TV, as of December 2017. Source: Dataxis, Nextvlatam, Company Information, as of December 2017.
% Pay-TV Subscribers
3.9MM Unique Clients
6.3 MM2 Way
0.7MM1 Way
3.1MM2 Way 2.3MM
CM Subs
0.9MM Only Pay TV
3.1MM Clients 2 Way
Cablevisión SA
Directv
Others
Cablevisión SAOthers
Telecom
Telefónica
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Exhibit 5: Strong Growth Across Cablevisión Products
Source: Company Information, as of September 2017* Revenues (excl Nextel) / Average Unique Customers / Average FX Rate
Unique subscribers (‘000)
3,716 3,645 3,761 3,792 3,874 3,912
Exhibit 6: Revenue Breakdown FY16
Exhibit 8: Revenue Breakdown FY17
Pay-TV
Broadband
Premium, digital & others
Mobile
51
414540383938
4Q124Q11 4Q174Q16
+5%
4Q154Q144Q13
Exhibit 7: Total ARPU *
US$
Pay-TV
Broadband
Premium, digital & others
Mobile
3,918
Offering Attractive Cross-Selling Opportunities
Note FX 2007: $3.11; FX 2008: $3.16; FX 2009: $3.73; FX 2010: $3.91; FX 2011: $4.13; FX 2012: $4.55; FX 2013: $5.48; FX 2014: $8.12; FX 2015: $9.27; FX 2016: $14.79; FX 2017: $16.57.
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Key figures
1 Figures for 2011, 2012 , 2013, 2014, 2015, 2016 and 2017 have been prepared in accordance with IFRS
Source: Company Information.
10
Exhibit 9: CATV Subscribers
Thousands
Exhibit 10: Broadband Subscribers
Thousands
Exhibit 11: Revenues1
US$ MM
Exhibit 12: EBITDA1
US$ MM
+1%
2017
3,503
2016
3,528
20152009
3,022
20142008
3,493
2010
3,191
20132011
3,4913,3583,193
2012
3,405
2007
3,5333,490
977923726
+7%
2,018
1,119
20132010
1,8281,489
2011 20142009 20122008
1,6991,343
2007 2015
+12%
2,335
2016 2017
2,180
840
2008
1,081
2007 201520122011
1,671
2013
1,779
2,471
20142010
1,249
2009
2,171
1,7521,476
1,131
+11%
20172016
2,068 915
739787
578520529475468407378
286
2012 201420132011201020082007 2015 20172009
+12%
2016
EBITDA Margin (%)
34.1
35.036.0
32.2
37.5 31.7
29.2
36.233.0
35.8
37.0
Consistent Subs and Financial Growth
Note FX 2007: $3.11; FX 2008: $3.16; FX 2009: $3.73; FX 2010: $3.91; FX 2011: $4.13; FX 2012: $4.55; FX 2013: $5.48; FX 2014: $8.12; FX 2015: $9.27; FX 2016: $14.79; FX 2017: $16.57.
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11
Our subsidiary Cablevisión SA (“CV”) has invested more than US$3,700 MM in Capex since 2007 mainly to generate growth and to improve margins
Exhibit 13: Network Capacity
Exhibit 15: 9M17 CAPEX Breakdown
Exhibit 14: CAPEX
2W79%
DVB*5%
750MHz >16%
* Digital Technology for Lower Income Neighborhoods
Source: Company Information, Argentina Only as September 2017 Source: Company Information
US$ MM
CV CAPEX
Installations49%
Source: Company InformationSource: Company Information
450
292324284341
224153
237164
0
200
400
600
800
0
5
10
15
20
25
30
2014
17%
2013
18%
2012
17%
2011
23%
2010
18%
2009
14%
2008
22%
2007
20%
2017
29%
705
2016
589
28%
2015
21%
Exhibit 16: EBITDA - CAPEX
US$ MM
209
150
337
286
196235
158
244254
141122
2016 201720152014201320112010200920082007 2012
Capex/Sales
Capital Expenditure (CAPEX)
Maintenance20%
Networks, New Technologies & others31%
Note FX 2007: $3.11; FX 2008: $3.16; FX 2009: $3.73; FX 2010: $3.91; FX 2011: $4.13; FX 2012: $4.55; FX 2013: $5.48; FX 2014: $8.12; FX 2015: $9.27; FX 2016: $14.79; FX 2017: $16.57.
12
CVH & CVSA Financial DebtAs of December 31, 2017
Exhibit 17: CVH and Cablevisión Debt Profile
Source: Company Information
1 We define Adjusted EBITDA as net sales minus costs of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization)
2 Includes Ps. 377.5 Millions of Reserve Account
3 Does not include Interests and Related Parties.
602750
148
583
501
2021
196
501
625
9
Total
1
1,333
2022
1
2020
9
2019
24
2018
48
US$ MM
Cablevisión
CVH
Exhibit 18: CVH Consolidated Key Financial Ratios
8M17
Total Financial Debt3 24,847
Cash And Equivalents2 5,257
Total Net Debt 19,591
Net Debt / Adj EBITDA1 1.3x
1,333 MM at 18.65 ARS/ USD
During the 1Q18 CVH made three mandatory prepayments under the USD750,000,000 Loan with Citibank, Goldman Sachs, ICBC and Itaú:
• On January 2018: USD148,304,356• On February 2018: USD251,804,569• On March 2018: USD132,586,260
As of March 31, 2018, the outstanding principal amount of the Loan is of USD 217,304,812.89.
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AgendaIn
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Company History
Business Overview
Transaction Summary
Q & A
Appendix
CVH shall have the right to appoint the majority of the members of the Board of Directors, Executive
Committee, Audit Committee and Supervisory Committee.
Scheme of special majorities for the approval of certain matters by the Board of Directors and/or the
Shareholders.
The Agreement provides rights of first refusal, tag along and drag along.
14
Call Option
On July 7, 2017, the company signed a Call Option for the acquisition of a direct or indirect participation
equal to 13.51% of Telecom pre merger, approximately 6% of the surviving entity. Call Option was exercised
on December 27, 2017. The price was USD 634,275,282.
On September 25, 2017, CVH received a loan by Citibank, N.A., Goldman Sachs Bank USA, Industrial and
Commercial Bank of China Limited, Dubai (DIFC) Branch and Itaú Unibanco S.A., Nassau Branch of a principal
amount of USD 750,000,000. The maturity date is 18 months after the date of disbursement. The company
made three mandatory prepayments after receiving dividends from its subsidiaries.
The funds from the loan were used, among other things, to prepay the Exercise Price under the Option
Agreement signed by the Company. The CVH payment was made on October 5, 2017 and the call option
was exercised on December 27, 2017.
Shareholders’
Agreement
Transaction OverviewLatest Events – CVH & Cablevisión SA
Merger
Agreement
Shareholders of Cablevisión and Telecom Argentina (“TEO”) approved on August 31, the “Pre-Merger
Commitment” whereby Cablevisión will merge into Telecom Argentina subject to certain regulatory
approvals. On December 21, 2017 ENACOM approved the Transaction.
Exchange ratio: 9,871.07005 new shares of Telecom Argentina issued in exchange for each common share of
Cablevisión with a nominal value of Ps. 10,000 per share.
On January 1st, 2018, Telecom Argentina issued 1,184,528,406 new common, book entry shares with a
nominal value of Ps. 1 and one vote per share, to the shareholders of Cablevisión.
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Merger Summary and Capital Ownership IIn
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Cablevisión S.A., in an all stock transaction, was absorbed by Telecom Argentina
Cablevisión S.A. shareholders received1,184.5mm new shares of Telecom Argentina
All resulting company share classes have equal economic and voting rights
Cablevisión shareholders received 55% of the combined company shares
Reference equity values of US$6.1bn for CV and US$5.0bn for TEO
Transaction Summary
Post-Merger1,2
FintechMedia
60.0% 40.0%
FintechTelecom3
FintechMedia 6 Float 4 5
33.0% 29.2%15.8%22.0%
Simplified ownership structures
Pre-Merger structure1
FintechTelecom3 FloatANSeS
20.4% 19.0%
Former NortelPref. Stock
Class B
25.4%35.2%
Class B shares – Total Float
1Pre-transaction ownership structure of TEO after the reorganization of Telecom Argentina, Telecom Personal, Nortel Inversora and Sofora Telecomunicaciones2After the reorganization of Telecom Argentina and illustrates the ownership structure of the combined company3Only includes Fintech Telecom ownership through Sofora Telecomunicaciones4 Float includes former Nortel Preferred Class B shares and shares held by the ANSeS
5 The Float includes 8.3% own by Fintech Telecom
6 Through a Corporate reorganization, Fintech Telecom absorbed Fintech Media
16
The CEO and other Key Employees (other than the CFO and the Internal Auditor) to be designated by the Board of the Company shall be a person proposed by CVH
The CFO and the Internal Auditor of the Company to be designated by the Board of the Company shall be a person proposed by Fintech Advisory
Dividend Policy: Distribution of cash dividends in each calendar year in an amount equal to the greater of (i) 50% of the Company’s Excess Cash for the prior fiscal year and (ii) US$300 million
Indebtedness Policy: Maintain a Gross Debt to EBITDA ratio of no less than 1.5 and no greater than 3.0. Target: 2 times
Shareholder Agreement
1 Through a Corporate reorganization, Fintech Telecom absorbed Fintech Media
Post-call option and current Capital Structure
Float
39.1%
31.7%
29.2%
Fintech Telecom 1
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Telecom Argentina Float Structure
Total Float 29,16%
ANSES
Fintech Telecom
Free Float
11,42%
8,30%
9,43%
Merger Summary and Capital Ownership II
17
2.5
6.4
Telecom Cablevision Pro-forma
1.2 0.92.1
Telecom Cablevision Pro-forma
EBITDA margin
+ +
30% 33%37%3.9
Fixed BB19%
Fixed Voice8%
Data & Others
4%
Mobile38%
Pay TV23%
Devices8%
Total revenues:US$6.4 Bn
3.8mmsubscribers
19.7mmsubscribers
3.5mmsubscribers
4.1mmsubscribers
Merger Key Figures (FY 2017) I
Revenues EBITDA
Exhibit 22: FY17 Combined revenues breakdown Exhibit 23: Combined clients by segment in Arg.
US$ BN US$ BN
Values in U$S calculated at a rate of P$16.57 = U$S1.00, using as a reference the U.S. dollar ask rate published by the Banco de la Nación Argentina for wire transfers (divisas) and calculated using the average of such FX rate of the full year 2017
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Merger Key Figures (FY 2017) II
29.0% 31.0%
25.0% Telecom
Other
Cablevisión
Claro
Directv
Telefonica
Telecentro
Telecom market share by RGU & Competitive Landscape
7%
CV+TEO36%
Historical CAPEX evolution per Company
885770 672
705589450292324
24%21%
2016
24%
20172015
24%
1,0901,103
2013 2014
18%1,359
1,5401,377
1,2091,395
Capex/Revenues
Capex TEO
Capex CV
Continue with 4G coverage deployment + Fiber optic
US$5.0bn in CAPEX plan between 2018 and 2020
Integration of operations and IT systems
Mobile Infrastructure Deployment
CAPEX Strategy
Note: Telecommunications market share by RGU (Revenue Generating Unit): it’s the total sum of subscribers that generates revenue to a company
19
Combined Figures
Revenues LTM
EBITDA LTM
3,933
1,168
2,471
914
Net Debt 175 346
Net Debt / EBITDA LTM
EBITDA - Capex
521
2,082
6,404
0.03x 0.43x
209
0.28x
705
TEO(1) CVSA(2) Combined(3)
Capex LTM
496
705 1,377
In US$mm – Period ended December 31, 2017
Ratios(4)
672
Gross Debt / EBITDA LTM 0.63x 0.72x 0.67x
Gross Debt 656 585 1,241
(1) Please refer to Telecom Argentina SA Financial Statements (http://www.telecom.com.ar/inversores/financiera.htm) and CNV filings available at http://www.cnv.gov.arhttps://www.sec.gov/Archives/edgar/data/932470/000090342317000496/tm6k_0810.htm(2) Please refer to Cablevision SA Financial Statements (https://institucional.cablevisionfibertel.com.ar) and CNV filings available at http://www.cnv.gov.ar. Gross and net debt include accrued Interest.(3) Combined figures are the result of the sum of each of the indicated figures for each of TEO and Cablevisión as appear in each of their respective financial statements as of December 31, 2017 and forthe annual period ended December 31, 2017.(4) Gross Debt / EBITDA and Net Debt / EBITDA ratios calculated taking into consideration figures in Argentine Pesos in the full year 2017.Values in U$S calculated at a rate of P$16.57 = U$S1.00, using as a reference the U.S. dollar ask rate published by the Banco de la Nación Argentina for wire transfers (divisas) and calculated using theaverage of such FX rate of the full year 2017, except for Net Debt which has been converted at a rate of P$18.65 = U$S1.00, which was the exchange rate quoted by Banco Nación for wire transfers(divisas) on December 31, 2017.
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Merger Key Figures (FY 2017) III
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Merger Key Figures (FY 2017) IV
Telecom Argentina SA Debt Summary Post Merger
126
625
134181
126
1,149
55
2018
1,000 1,000
149
Total
1,160
202220212019 2020
2,21555
Bridge Loan (3)
ARS
USD
Debt as of December´ 17 Interest rate USD ARS Total
CV 5 years Bond 2021 6.5% 500 500
CV Banks (import Financing) 5.49% 10 10
CV Other (Vendors) Avg 6.5% 72 72
TECO ON May 2018 ARS Badlar + 2.9% 39 39
TECO ON Dec 2018 ARS Badlar + 4.0% 8 8
TECO ON 2018 USD 4.85% 78 78
Teco IFC Avg 6.2% 400 400
Teco IIC Avg 6.2% 100 100
Teco Others 8 8
Bridge Loan 3 Libor 3M + Mg 1,000 1,000
Total 2,160 55 2,215
1 Total debt does not include interest expenses and fair value adjustments2 Debt in ARS converted at the Exchange rate of P$18.649 = US$1.00 – Dec 31, 2017.3 On February 2, 2018, Telecom informed that the Company has taken due notice of the acceptance of the loan solicitation for an amount up to US$ 1,000,000,000, as requested in a timely manner in one or more disbursements, and with a 12-month tenor. The proceeds from the loan will be used by the Company for the integration of working capital, investments in physical assets or other general corporate purposes.
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Business Overview
Transaction Summary
Q & A
Appendix
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Business Overview
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Q & A
Appendix
CVH Ownership Structure
23Source: Company Information
Cablevisión Holding2 S.A.
% Economic Rights% Voting Rights
Class A Shares Class B Shares
44.55%
21.65%
26.44%
64.25%
Class C Shares
6.52%
3.17%
22.49%
10.93%
Class B Shares
39.08%
39.08%
PrincipalShareholders1
FloatGS
Unidos
PrincipalShareholders
Shareholder Structure3
Number of Shares
Total 180,642,580
Free Float 40,626,708
• International (45%)
• Local (55%)
Controlling Shareholders 140,015,872
1 Controlling Shareholders: The 1999 Ernestina Laura Herrera de Noble New York Trust, HHM Media New York Trust, The LRP New York Trust, GC Dominio S.A and José Antonio Aranda2 CVH shareholders acquired approximately 12.5% of the free float3 As of March 8, 2018
100.00%
100.00%
22,5%
Free Float
77,5%
ControllingShareholders1
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CVH Income StatementEIGHT MONTHs (8M) AND FOURTH QUARTER (4Q) 2017
Revenues & EBITDA1 8M17
AR$ MM
Source: Company Information
Income for the period 8M17
AR$ MM
2,2278M17 782 1,445
Equity Shareholders Non-Controlling Interests
1 We define Adjusted EBITDA as net sales minus costs of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization)
EBTIDA Margin (%)
EBITDA
10,182
Selling & Adm.
Expenses
Cost of Sales
10,975
28,400
7,243
Net Sales
35.9
Revenues & EBITDA1 4Q17
Income for the period 4Q17
EBTIDA Margin (%)AR$ MM
Net Sales EBITDA
4,485
Selling & Adm.
Expenses
Cost of Sales
3,882
2,808
11,174
AR$ MM
1864Q17 552-366
34.7
Equity Shareholders Non-Controlling Interests
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Cablevisión SA Income StatementFY17 & FY16 yoy figures
Revenues
% yoy, AR$ MM
Adjusted EBITDA1
% yoy, AR$ MM
1 We define Adjusted EBITDA as net sales minus costs of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization)
IDEN Telephony
Pay TV and Internet Access
37,455
30,571
3,497
40,952+34%
4,123
26,448
FY17FY16
Income for the period FY17 vs. FY16
AR$ MM
+44%FY17 5,895
FY16 4,107
37.0
EBTIDA Margin (%)
435
15,155
FY17
-18
10,930
+39%
FY16
15,173
10,495
35.8
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Cablevisión SA Income Statement4Q17 & 4Q16, yoy figures
4Q16
AR$ MM
4Q17
AR$ MM
Source: Company Information
Revenues
2,753
3,273
8,334
Cost of Sales
2,308
EBITDASelling & Adm.
Expenses
3,893
2,797
EBITDARevenues Cost of Sales
Selling & Adm.
Expenses
4,485
11,17434%
37%
21%
41%
33.034.8
EBTIDA Margin (%)
Income for the period 4Q17 vs. 4Q16
AR$ MM
863+55%
4Q17 1,339
4Q16
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1Excludes 15,221,373 treasury shares; 2Determined only with the objective of adjusting the exchange ratioSource: Company filings
Telecom Argentina S.A. shares1 969,159,605
Telecom Argentina S.A. resulting ownership in combined entity 45%
New total shares outstanding 2,153,688,011
Shares to be given to Cablevisión S.A. shareholders 1,184,528,406
Total shares outstanding of Cablevisión S.A. 120,000
Agreed exchange ratio: Telecom Argentina S.A. shares for each Cablevisión S.A. share 9,871.07005
Reference Equity values2
Reference Equity Value of Telecom Argentina S.A. (US$mm) 5,000.0
Reference Equity Value per share for Telecom Argentina S.A. in US$ 5.15911
Reference Equity Value of Cablevisión S.A. (US$mm) 6,111.11
Reference Equity Value per share for Cablevisión S.A. in US$ 50,925.93
Calculation of Exchange RatioIn
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