Grupo Clarín Announces First Quarter 2022 Results
Buenos Aires, Argentina, May 11, 2022 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its First Quarter 2022 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of March 31, 2022 and are stated in Argentine Pesos ("Ps"), 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 Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the financial statements.
Highlights (1Q22 vs. 1Q21):
§ Total Revenues reached Ps. 10,524.5 million, a decrease of 1.5% in real terms compared to 1Q21, mainly due to higher advertising revenues in the Broadcasting and Programming segment (partially offset by lower programming revenues) and lower circulation and printing revenues in the Digital and Printed Publications segment.
§ Adjusted EBITDA (1) reached Ps. 1,428.6 million, a decrease of 29.4% compared to 2,022.5 for 1Q21, mainly driven by higher advertising revenues in Broadcasting and Programming and costs reductions in real terms greater than the decrease in revenues in the Digital and Printed Publications segment.
§ Grupo Clarín's Adjusted EBITDA Margin(2) was 13.6% in 1Q22, compared to 18.9% in 1Q21.
§ Profit for the period totaled Ps. 56.3 million, a decrease of 94.6% compared to a profit of Ps. 1,038.6 million reported in 1Q21. Net Income for the period attributable to Equity Shareholders amounted Ps 53.9 million in 1Q22 from a loss Ps. 1,056.1 million in 1Q21, a decrease of 94.9%.
FINANCIAL HIGHLIGHTS
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| (In millions of Ps.) | 1Q22 | 1Q21 | % Ch. | 4Q21 | QoQ |
| Total Revenues | 10,524.5 | 10,680.5 | (1.5%) | 12,730.2 | (17.3%) |
| Adjusted EBITDA (1) | 1,428.6 | 2,022.5 | (29.4%) | 1,280.2 | 11.6% |
| Adjusted EBITDA Margin (2) | 13.6% | 18.9% | (28.3%) | 10.1% | 35.0% |
| Profit/(Loss) for the period | 56.3 | 1,038.6 | (94.6%) | (485.6) | (111.6%) |
| Attributable to: | | | | | |
| Equity Shareholders | 53.9 | 1,056.1 | (94.9%) | (480.7) | (111.2%) |
| Non-Controlling Interests | 2.4 | (17.6) | (113.9%) | (4.8) | (150.3%) |
(1) We define Adjusted EBITDA as Total 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 based on 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 Total Revenues.
OPERATING RESULTS
Total Revenues reached Ps. 10,524.5 million, a decrease of 1.5% from Ps. 10,680.5 million in 1Q21. Advertising revenues decreased 3.3% and represented around 39.5% of the Total Revenues of the Company. Circulation revenues increased 15.3% and represented 34.7% of the Total.
Following is a breakdown of Total Revenues by business segment:
| REVENUES (In millions of Ps.) | 1Q22 | 1Q21 | YoY | 4Q21 | QoQ |
| Digital and Printed Publications | 5,299.4 | 4,953.8 | 7.0% | 5,037.6 | 5.2% |
| Broadcasting and Programming | 4,893.5 | 5,396.7 | (9.3%) | 7,109.1 | (31.2%) |
| Others | 898.8 | 696.6 | 29.0% | 769.6 | 16.8% |
| Subtotal | 11,091.7 | 11,047.1 | 0.4% | 12,916.3 | (14.1%) |
| Eliminations | (567.2) | (366.6) | 54.7% | (186.1) | 204.9% |
| Total | 10,524.5 | 10,680.5 | (1.5%) | 12,730.2 | (17.3%) |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 6,487.0 million, an increase of 13.6% from Ps. 5,711.3 million reported in 1Q21, due to higher costs, mainly related to the content on air and the return of fiction to El Trece screen, and to higher costs in the Digital and Printed Publications segment related to the increase in circulation revenues.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 2,608.9 million, a decrease of 11.5% from Ps. 2,946.7 million in 1Q21. This decrease was mainly due to lower distribution costs in Digital and Printed Publications and lower salaries and severance payments in Broadcasting and Programming.
Adjusted EBITDA reached Ps. 1,428.6 million, a decrease of 29.4% from Ps. 2,022.5 million reported for 1Q21. This a decrease was driven by higher content costs and lower programming revenues in Broadcasting and Programming, partially offset by a higher EBITDA in Digital and Printed Publications as a result of higher circulation revenues (partially offset by higher costs of sales).
Following is a breakdown of adjusted EBITDA by business segment:
| ADJUSTED EBITDA (In millions of Ps.) | 1Q22 | 1Q21 | YoY | 4Q21 | QoQ |
| Digital and Printed Publications | 658.1 | 499.9 | 31.6% | 68.3 | 863.8% |
| Broadcasting and Programming | 563.9 | 1,388.6 | (59.4%) | 1,461.1 | (61.4%) |
| Others | 206.7 | 134.1 | 54.1% | (249.1) | (183.0%) |
| Total | 1,428.6 | 2,022.5 | (29.4%) | 1,280.2 | 11.6% |
Financial results net totaled Ps. (1,004.6) million compared to Ps. (833.9) million in 1Q21. This increase was mainly due to negative result of operations with notes and bonds and higher negative inflation adjustment results versus 2021, partially offset by lower negative foreign exchange loss and interests as a result of the decrease in financial debt.
Equity in earnings from unconsolidated affiliates in 1Q22 totaled Ps. 226.5 million, compared to Ps. 387.4 million in 1Q21, mainly related higher costs of our subsidiary Tele Red Imagen attributable to sports events rights, as events normalized; and negative results in BIMO, partially offset by higher net income in our subsidiary Papel Prensa.
Other Income (expenses), net reached Ps. (14.1) million, compared to Ps. 12.8 million in 1Q21.
Income tax as of 1Q22 reached Ps. (124.9) million, from Ps. Ps. (53.2) million in 1Q21, mainly as a result of the change of the income tax rate, according to the Law N° 27,630, released on June 16th, 2021.
Income for the period totaled Ps. 56.3 million, a decrease of 94.6% from a gain of Ps. 1,038.6 million reported in 1Q21. The Equity Shareholders Net Income for the period amounted Ps. 53.9 million, a decrease of 94.9% YoY from a profit of 1,056.1 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 246.4 million in 1Q22, a decrease of 12.5% from Ps. 281.7 million reported in 1Q21. Out of the total CAPEX in 1Q22, 91.4% was allocated towards the Broadcasting and Programming segment, 8.3% to the Digital and Printed Publications segment and the remaining 0.3% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2022
| (In millions of Ps.) | Digital & Printed Publications | Broadcasting & Programming | Others | Eliminations | Total | % |
| Advertising | 1,123.1 | 3,100.3 | - | (65.3) | 4,158.1 | 39.5% |
| Circulation | 3,647.6 | - | - | - | 3,647.6 | 34.7% |
| Printing | 269.6 | - | - | - | 269.6 | 2.6% |
| Programming | - | 1,749.7 | - | - | 1,749.7 | 16.6% |
| Other Sales
| 259.1 | 43.5 | 898.8 | (501.9) | 699.5 | 6.6% |
| Total Sales | 5,299.4 | 4,893.5 | 898.8 | (567.2) | 10,524.5 | 100.0% |
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2021
| (In millions of Ps.) | Digital & Printed Publications | Broadcasting & Programming | Others | Eliminations | Total | % |
| Advertising | 1,165.8 | 3,151.2 | - | (16.5) | 4,300.4 | 40.3% |
| Circulation | 3,164.8 | - | - | - | 3,164.8 | 29.6% |
| Printing | 238.0 | - | - | - | 238.0 | 2.2% |
| Programming | - | 2,037.7 | - | - | 2,037.7 | 19.1% |
| Other Sales
| 385.2 | 207.9 | 696.6 | (350.1) | 939.6 | 8.8% |
| Total Sales | 4,953.8 | 5,396.7 | 696.6 | (366.6) | 10,680.5 | 100.0% |
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 9.3% to Ps. 4,893.5 million in 1Q22, compared to Ps. 5,396.7 million in 1Q21 mainly due to lower programming revenues in ARTEAR.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 15.0% to Ps. 3,237.2 million in 1Q22, compared to Ps. 2,815.0 million in 1Q21. This is mainly attributable to higher content costs with the return of fiction to El Trece screen and a more appealing programming.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 8.4% to Ps. 1,092.4 million in 1Q22, compared to Ps. 1,193.2 million in 1Q21. The decrease was primarily the result of lower salaries and severance payments.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 9.6% to Ps. 217.8 million in 1Q22 compared to Ps. 240.8 million reported in 1Q21.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 7.0% to Ps. 5,299.4 million in 1Q22, mainly as a result of circulation revenues from school text books, as school activity returned to normal after two years under the Covid-19 pandemic; partially offset by lower other sales and advertising.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 10.3% to Ps. 2,825.7 million in 1Q22, compared to Ps. 2,562.1 million in 1Q21. The increase is the result of higher costs related to the increase in circulation revenues.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 4.0% to Ps. 1,815.6 million in 1Q22, compared to the Ps. 1,891.8 million reported in 1Q21. This was primarily the result of lower distribution costs, partially offset by higher marketing and advertising costs and salaries.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 0.3% to Ps. 156.8 million in 1Q22 compared to Ps. 157.2 million in 1Q21.
OTHERS
Total revenues in this segment were driven by administrative and corporate services rendered by the Company and its subsidiary GC Gestión Compartida S.A. to third parties, as well as to other subsidiaries of the Company (which are eliminated in the consolidation). Cost of sales (excluding depreciation and amortization) was mainly the result of salaries and professional consulting fees.
In this period, total revenues increased 29.0% to Ps. 898.8 , from Ps. 696.6 million reported in 1Q21. EBITDA resulted in Ps. 206.7 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
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| 1Q22 | 1Q21 | YoY | 4Q21 | QoQ |
| Circulation (1) | 183.2 | 229.4 | -20.1% | 197.9 | -7.4% |
| Circulation share % (2) | 37.8% | 40.1% | -5.7% | 38.9% | -2.8% |
| Total Digital Subs (3) | 494.3 | 338.8 | 45.9% | 493.3 | 0.2% |
(1) Average number of copies according to IVC (including Diario Clarín and Olé) in thousands
(2) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: AGEA and IVC.
(3) Total Clarin.com subs, in thousand, EOP. Company information.
BROADCASTING AND PROGRAMMING
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| 1Q22 | 1Q21 | YoY | 4Q21 | QoQ |
| Advertising Share % (1) | 33.5% | 35.7% | -6.3% | 36.1% | -7.3% |
| Audience Share % (2) | | | | | |
| Prime Time | 31.9% | 30.8% | 3.7% | 33.1% | -3.4% |
| Total Time | 29.3% | 31.0% | -5.6% | 30.9% | -5.2% |
(1) Company estimates, over ad spend in Ps. In broadcast TV for AMBA region.
(2) Share of broadcast TV audience according to IBOPE for AMBA. PrimeTime is defined as Monday through Friday from 8pm to 12am. Total Time is defined as Monday through Sunday from 12 pm to 12 am.
DIGITAL KPIs
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| 1Q22 | 1Q21 | YoY | 4Q21 | QoQ |
| Page Views (1) | 840.9 | 858.4 | -2.0% | 1,170.2 | -28.1% |
| Mobile page Views | 629.2 | 592.7 | 6.2% | 842.9 | -25.3% |
(1) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
| (In millions of Ps.) | March 2022 | March 2021 | % Change |
| Short Term and Long-Term Debt |
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| Current Financial Debt | 1,766.0 | 369.0 | 378.5% |
| Financial loans | 1,428.2 | 100.7 | 1318.6% |
| Accrued interest | 82.7 | 28.1 | 194.1% |
| Acquisition of equipment | 41.2 | 37.4 | 10.3% |
| Related Parties Accrued Interest
| - | 16.8 | (100.0%) |
| Related Parties Capital | (0.0) | 10.5 | (100.0%) |
| Bank overdraft | 213.9 | 175.6 | 21.8% |
| Non-Current Financial Debt | 83.2 | 2,357.8 | (96.5%) |
| Financial loans | 70.1 | 2,319.7 | (97.0%) |
| Acquisition of equipment | 13.1 | 38.1 | (65.6%) |
| Total Financial Debt (A) | 1,849.2 | 2,726.8 | (32.2%) |
| Total Short Term and Long-Term Debt | 1,849.2 | 2,726.8 | (32.2%) |
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| Cash and Cash Equivalents (B) | 4,763.9 | 5,247.0 | (9.2%) |
| Net Debt (A) - (B) | (2,914.6) | (2,520.2) | 15.7% |
| Net Debt/Adjusted Ebitda (1) | (0.44x) | (0.32x) | 39.1% |
Total Financial Debt(1) and Net Debt, decreased 32.2% to Ps. 1,849.2 million from Ps. 2,726.8 million and to Ps. (2,914.6) million from Ps. (2,520.2) million, respectively.
Debt coverage ratio (1) as of March 31, 2022 was (0.44x) in the case of Net Debt and of 0.28x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Last Twelve Months Adjusted EBITDA. Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.
REVENUES AND EBITDA - IAS 29 Adjustment
| REVENUES (In millions of Ps.) | 1Q22 | 1Q21 | YoY | 1Q22 ex IAS 29 | IAS 29 Adjustment | 1Q22 | 1Q21 ex IAS 29 | IAS 29 Adjustment | 1Q21 |
| Digital and Printed Publications | 5,299.4 | 4,953.8 | 7.0% | 5,002.5 | 297.0 | 5,299.4 | 3,061.0 | 1,892.8 | 4,953.8 |
| Broadcasting and Programming | 4,893.5 | 5,396.7 | (9.3%) | 4,619.3 | 274.2 | 4,893.5 | 3,334.7 | 2,062.0 | 5,396.7 |
| Others | 898.8 | 696.6 | 29.0% | 848.4 | 50.4 | 898.8 | 430.5 | 266.2 | 696.6 |
| Subtotal | 11,091.7 | 11,047.1 | 0.4% | 10,470.2 | 621.5 | 11,091.7 | 6,826.2 | 4,221.0 | 11,047.1 |
| Eliminations | (567.2) | (366.6) | 54.7% | (535.4) | (31.8) | (567.2) | (226.5) | (140.1) | (366.6) |
| Total | 10,524.5 | 10,680.5 | (1.5%) | 9,934.7 | 589.7 | 10,524.5 | 6,599.6 | 4,080.9 | 10,680.5 |
| EBITDA (In millions of Ps.) | 1Q22 | 1Q21 | YoY | 1Q22 ex IAS 29 | IAS 29 Adjustment | 1Q22 | 1Q21 ex IAS 29 | IAS 29 Adjustment | 1Q21 |
| Digital and Printed Publications | 658.1 | 499.9 | 31.6% | 621.2 | 36.9 | 658.1 | 308.9 | 191.0 | 499.9 |
| Broadcasting and Programming | 563.9 | 1,388.6 | (59.4%) | 532.3 | 31.6 | 563.9 | 858.0 | 530.6 | 1,388.6 |
| Others | 206.7 | 134.1 | 54.1% | 195.1 | 11.6 | 206.7 | 82.9 | 51.2 | 134.1 |
| Total | 1,428.6 | 2,022.5 | (29.4%) | 1,348.6 | 80.1 | 1,428.6 | 1,249.8 | 772.8 | 2,022.5 |
STOCK AND MARKET INFORMATION
Grupo Clarín trades its stock in the Buenos Aires Stock Exchange (BCBA) and in the London Stock Exchange (LSE), in the form of shares and GDS's, respectively.
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| GCLA (BCBA) Price per Share (ARS)
| 157.00 |
| GCLA (LSE) Price per GDS (USD) | 0.98 |
| Total Shares | 106,776,004 |
| Shares per GDS | 2 |
| Closing Price | May 11, 2022 |
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss its First Quarter 2022 Results
Date: Monday, May 16, 2022
Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time
To access the live stream and slide presentation, visit:
https://services.choruscall.com/links/gcla220516XYXa4JbB.html
The webcast presentation will also be available at https://ir.grupoclarin.com
ABOUT THE COMPANY
Grupo Clarín is the largest media company in Argentina and a leading company in Digital and Printed Publications and broadcasting and programming markets. Its flagship newspaper -Diario Clarín- is one of the highest circulation newspapers in Latin America. Grupo Clarín is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age.
| Investor Relations Contacts | | |
| In Buenos Aires: | In London: | In New York: |
| | | |
| Samantha Olivieri | Alex Money | Camilla Ferreira and Marcella Ewerton Dragone |
| | | |
| Grupo Clarín S.A. | Jasford IR | Fig Corporate Communications |
| Tel: +54 11 4309 7104 | Tel: +44 20 3289 5300 | Tel: +1 917 691-4047 |
| Email: investors@grupoclarin.com | E-mail: alex@jasford.com | E-mail: fig@fig.ooo
|
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 Grupo Clarín. 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. Grupo Clarín 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 Grupo Clarín's projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2022 AND 2021
| | March 31, 2022 | | March 31, 2021 |
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| Revenues | 10,524,472,025 | | 10,680,506,920 | |
| | | | | |
| Cost of Sales (1) | (6,839,981,738) | | (6,120,556,465) | |
| | | | | |
| Subtotal - Gross Profit | 3,684,490,287 | | 4,559,950,455 | |
| | | | | |
| Selling Expenses (1) | (1,310,709,546) | | (1,413,408,767) | |
| Administrative Expenses (1) | (1,400,375,416) | | (1,621,072,124) | |
| | | | | |
| Other Income and Expenses, net | (14,132,002) | | 12,842,416 | |
| | | | | |
| Financial Expenses on Debt | (159,622,076) | | (260,093,759) | |
| Gain (Loss) on Net Monetary Position | (498,262,788) | | (395,700,128) | |
| Other Financial Results, net | (346,733,803) | | (178,091,593) | |
| Financial Results | (1,004,618,667) | | (833,885,480) | |
| | | | | |
| Equity in Earnings from Subsidiaries | 226,495,179 | | 387,365,766 | |
| | | | | |
| Income (Loss) before Income Tax | 181,149,835 | | 1,091,792,266 | |
| | | | | |
| Income Tax | (124,855,050) | | (53,240,385) | |
| | | | | |
| Net Income (Loss) for the Period | 56,294,785 | | 1,038,551,881 | |
| | | | | |
| | | | | |
| Other Comprehensive Income | | | | |
| | | | | |
| Items which can be reclassified to Net Income (Loss) | | | | |
| Variation in Translation Differences of Foreign Operations | 23,541,780 | | (10,168,030) | |
| Other Comprehensive Income (Loss) for the Period | 23,541,780 | | (10,168,030) | |
| | | | | |
| TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD | 79,836,565 | | 1,028,383,851 | |
| | | | | |
| (Loss) Income Attributable to: | | | | |
| | | | | |
| Shareholders of the Parent Company | 53,855,960 | | 1,056,149,122 | |
| | | | | |
| Non-Controlling Interests | 2,438,825 | | (17,597,241) | |
| | | | | |
| Total Comprehensive Income (Loss) Attributable to: | | | | |
| | | | | |
| Shareholders of the Parent Company | 77,397,740 | | 1,046,006,797 | |
| | | | | |
| Non-Controlling Interests | 2,438,825 | | (17,622,946) | |
| | | | | |
| Basic and Diluted Earnings per Share (Note 10) | 0.50 | | 9.89 | |
| | | | | |
| | | | | |
(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 455,202,330 and $ 497,077,128 for the three-month periods ended March 31, 2022 and 2021, respectively.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of March 31st, 2022 available at https://ir.grupoclarin.com
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2022 AND DECEMBER 31, 2021
|
| March 31, 2022 | | December 31, 2021 |
| ASSETS | |
|
|
| NON-CURRENT ASSETS |
|
|
|
| Property, Plant and Equipment | 11,504,178,212 | | 11,693,020,139 |
| Intangible Assets | 914,118,883 | | 944,054,020 |
| Goodwill | 31,907,422 | | 31,907,419 |
| Deferred Tax Assets | 1,704,603,414 | | 1,643,145,067 |
| Investments in Unconsolidated Affiliates | 5,522,952,995 | | 5,222,907,750 |
| Other Investments | 3,167,211 | | 3,676,172 |
| Right-of-Use Assets | 80,657,119 | | 81,145,054 |
| Inventories | 52,035,052 | | 193,915,708 |
| Other Assets | 87,893,228 | | 93,242,426 |
| Other Receivables | 205,868,067 | | 149,604,575 |
| Total Non-Current Assets | 20,107,381,603 | | 20,056,618,330 |
|
| | | |
| CURRENT ASSETS | | | |
| Inventories | 2,951,654,319 | | 2,997,276,460 |
| Other Assets | 269,385,115 | | 321,368,933 |
| Other Receivables | 3,406,963,209 | | 3,109,750,691 |
| Trade Receivables | 10,842,241,843 | | 13,081,771,500 |
| Other Investments | 2,074,188,961 | | 2,424,892,549 |
| Cash and Banks | 2,707,430,656 | | 2,568,183,946 |
| Total Current Assets | 22,251,864,103 | | 24,503,244,079 |
|
| | | |
| Total Assets | 42,359,245,706 | | 44,559,862,409 |
| | | |
|
| EQUITY (as per the corresponding statement) | | | |
| Attributable to Shareholders of the Controlling Company | | | |
| Shareholders' Contribution | 21,333,897,066 | | 21,333,897,066 |
| Other Items | 10,608,314 | | (12,933,466) |
| Retained Earnings | 3,876,403,783 | | 3,822,547,823 |
| Total Attributable to Shareholders of the Parent Company | 25,220,909,163 | | 25,143,511,423 |
|
| | | |
| Attributable to Non-Controlling Interests | 161,319,850 | | 168,829,483 |
| Total Equity | 25,382,229,013 | | 25,312,340,906 |
| | | |
|
| LIABILITIES | | | |
| NON-CURRENT LIABILITIES | | | |
| Provisions and Other Charges | 1,791,155,402 | | 1,951,297,636 |
| Financial Debt | 83,243,816 | | 100,762,122 |
| Deferred Tax Liabilities | 906,424,536 | | 736,225,495 |
| Taxes Payable | 29,185,971 | | 8,625,938 |
| Lease Liabilities | 4,406,712 | | 17,852,043 |
| Other Liabilities | 339,548,961 | | 364,680,418 |
| Trade and Other Payables | 19,137,335 | | 32,158,248 |
| Total Non-Current Liabilities | 3,173,102,733 | | 3,211,601,900 |
|
| | | |
| CURRENT LIABILITIES | | | |
| Financial Debt | 1,765,995,097 | | 1,861,721,399 |
| Taxes Payable | 412,453,195 | | 531,666,215 |
| Lease Liabilities | 73,931,264 | | 64,164,574 |
| Other Liabilities | 1,884,499,609 | | 1,816,977,410 |
| Trade and Other Payables | 9,667,034,795 | | 11,761,390,005 |
| Total Current Liabilities | 13,803,913,960 | | 16,035,919,603 |
|
| | | |
| Total Liabilities | 16,977,016,693 | | 19,247,521,503 |
|
|
| | |
| Total Equity and Liabilities | 42,359,245,706 | | 44,559,862,409 |
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2022 AND 2021
| | Equity attributable to Shareholders of the Controlling Company | | Equity Attributable to Non-Controlling Interests | | Total Equity | ||||||||||
| | Shareholders' Contribution | | Other Items | | Retained Earnings | | | | |||||||
| | Capital Stock | Inflation Adjustment on Capital Stock | Additional Paid-in Capital | Subtotal | | Translation of Foreign Operations | Other Reserves | | Voluntary Reserves (1) | Retained Earnings | Total Equity of Controlling Company | | | ||
| Balances as of January 1, 2022 | 106,776,004 | 8,854,742,111 | 12,372,378,951 | 21,333,897,066 | | 288,084,828 | (301,018,294) | | 2,616,533,449 | 1,206,014,374 | 25,143,511,423 | | 168,829,483 | | 25,312,340,906 |
| Changes in minority interest in a subsidiary | - | - | - | - | | - | - | | - | - | - | | (9,948,458) | | (9,948,458) |
| Net Income (Loss) for the Period | - | - | - | - | | - | - | | - | 53,855,960 | 53,855,960 | | 2,438,825 | | 56,294,785 |
| Other Comprehensive Income: | | | | | | | | | | | | | | | |
| Variation in Translation Differences of Foreign Operations | - | - | - | - | | 23,541,780 | - | | - | - | 23,541,780 | | - | | 23,541,780 |
| Balances as of March 31, 2022 | 106,776,004 | 8,854,742,111 | 12,372,378,951 | 21,333,897,066 | | 311,626,608 | (301,018,294) | | 2,616,533,449 | 1,259,870,334 | 25,220,909,163 | | 161,319,850 | | 25,382,229,013 |
| | | | | | | | | | | | | | | | |
| Balances as of January 1, 2021 | 106,776,004 | 8,854,742,111 | 12,855,332,682 | 21,816,850,797 | | 344,005,073 | (301,018,294) | | 2,616,533,449 | (482,953,735) | 23,993,417,290 | | 168,159,225 | | 24,161,576,515 |
| Net Income (Loss) for the Period | - | - | - | - | | - | - | | - | 1,056,149,122 | 1,056,149,122 | | (17,597,241) | | 1,038,551,881 |
| Other Comprehensive Income: | | | | | | | | | | | | | | | |
| Variation in Translation Differences of Foreign Operations | - | - | - | - | | (10,142,325) | - | | - | - | (10,142,325) | | (25,705) | | (10,168,030) |
| Balances as of March 31, 2021 | 106,776,004 | 8,854,742,111 | 12,855,332,682 | 21,816,850,797 | | 333,862,748 | (301,018,294) | | 2,616,533,449 | 573,195,387 | 25,039,424,087 | | 150,536,279 | | 25,189,960,366 |
(1) Corresponds to Judicial Reserve for Future Dividends Distribution
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2022 AND 2021
| | March 31, 2022 | | March 31, 2021 |
| CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | | | |
| Net Income (Loss) for the Period | 56,294,785 | | 1,038,551,881 |
| Income Tax | 124,855,050 | | 53,240,385 |
| Accrued Interest, net | (9,727,263) | | (24,595,044) |
| Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities: | | | |
| Depreciation of Property, Plant and Equipment | 348,717,015 | | 359,387,077 |
| Amortization of Intangible Assets and Film Library | 76,496,548 | | 102,260,342 |
| Amortization of Right-of-Use Assets | 29,988,767 | | 35,429,709 |
| Net Allowances | 88,617,749 | | 133,475,578 |
| Financial Income, except Interest | 357,046,470 | | 229,413,692 |
| Gain (Loss) on Net Monetary Position | 498,262,788 | | 395,700,128 |
| Equity in Earnings from Subsidiaries | (226,495,179) | | (387,365,766) |
| Other Income and Expenses | (617,929) | | (23,283,849) |
| Changes in Assets and Liabilities: | | | |
| Trade Receivables | 164,853,504 | | 170,995,307 |
| Other Receivables | (774,992,665) | | (644,381,002) |
| Inventories | 2,641,543 | | 60,102,696 |
| Other Assets | 59,414,258 | | 92,551,824 |
| Trade and Other Payables | (150,480,810) | | 19,821,016 |
| Taxes Payable | 168,048,577 | | (176,016,375) |
| Other Liabilities | 420,558,044 | | 36,856,710 |
| Provisions | (15,113,825) | | (26,015,728) |
| Payments of Income tax | (291,301,105) | | (163,179,425) |
| | | | |
| Net Cash Flows provided by Operating Activities | 927,066,322 | | 1,282,949,156 |
| | | | |
| CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES | |
| |
| Payments for Acquisition of Property, Plant and Equipment | (246,411,635) | | (281,654,203) |
| Payments for Acquisition of Intangible Assets | (46,489,916) | | (65,401,437) |
| Acquisition of Government and Corporate Securities | - | | (736,251,444) |
| Collection of Government Securities | - | | 36,726,289 |
| Proceeds from Sale of Property, Plant and Equipment | 3,283,106 | | 532,348 |
| Collection of granted loans | - | | 40,577,377 |
| Proceeds from Disposal of Unconsolidated Affiliates | 31,833,452 | | - |
| Loans Granted | - | | (26,940,758) |
| Transactions with Notes, Bonds and Other Placements, Net | (354,447,047) | | 464,108,120 |
| Payment of capital contributions | (84,440,170) | | (17,773,844) |
| | | | |
| Net Cash Flows used in Investing Activities | (696,672,210) | | (586,077,552) |
| | | | |
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | |
| |
| Loans Obtained | 66,260,046 | | 208,335,198 |
| Payment of Financial Debt | (56,943,748) | | (212,064,658) |
| Payment of Interest | (24,594,586) | | (36,659,896) |
| Payment of Lease Liabilities | (28,002,077) | | (31,359,874) |
| | | | |
| Net Cash Flows used in Financing Activities | (43,280,365) | | (71,749,230) |
| | | | |
| FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS | (387,306,783) | | (253,116,971) |
| | | | |
| (Decrease) Increase in cash flow, net | (200,193,036) |
| 372,005,403 |
| Decrease in cash due to deconsolidation (1) | (8,476,330) | | (8,196,239) |
| Cash and Cash Equivalents at the Beginning of the Year | 4,972,532,341 |
| 4,883,179,262 |
| Cash and Cash Equivalents at the End of the Period (Note 2.4) | 4,763,862,975 |
| 5,246,988,426 |
(1) Corresponds to the deconsolidation of Auto Sports S.A. and UNIR, respectively.
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