Grupo Clarín Announces First Half and Second Quarter 2022 Results

 

Buenos Aires, Argentina, August 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 Half and Second Quarter 2022 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards ^(*) ("IFRS") as of June 30, 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) as per Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), that establishes that the restatement must be applied to the financial statements.

 

Highlights (1H22 vs. 1H21):

§ Total Revenues reached Ps. 25,788.4 million, an increase of 1.3% in real terms compared to 1H21, mainly due to higher revenues in Digital and Printed Publications, partially offset by lower revenues in the Broadcasting and Programming segment.

§ Adjusted EBITDA ⁽¹⁾ reached Ps. 3,603.6 million, a decrease of 15.7% compared to 4,273.3 for 1H21, mainly driven by lower EBITDA in Broadcasting and Programming, partially compensated by a higher EBITDA in the Digital and Printed Publications and Others segments.

§ Grupo Clarín's Adjusted EBITDA Margin⁽²⁾ was 14.0% in 1H22, compared to 16.8% in 1H21.

§ Profit for the period totaled Ps. 183.6 million, a decrease of 87.9% compared to a profit of Ps. 1,522.6 million reported in 1H21. Net Income for the period attributable to Equity Shareholders amounted Ps 132.0 million in 1H22 from a loss Ps. 1,499.5 million in 1H21, a decrease of 91.2%.

 

FINANCIAL HIGHLIGHTS

(In millions of Ps.)	1H22	1H21	% Ch.	2Q22	1Q22	2Q21	QoQ	YoY
Total Revenues	25,788.4	25,449.2	1.3%	13,443.0	12,345.4	12,920.7	8.9%	4.0%
Adjusted EBITDA (1)	3,603.6	4,273.3	(15.7%)	1,927.8	1,675.8	1,900.8	15.0%	1.4%
Adjusted EBITDA Margin (2)	14.0%	16.8%	(16.8%)	14.3%	13.6%	14.7%	5.6%	(2.5%)
Profit/(Loss) for the period	183.6	1,522.6	(87.9%)	117.5	66.0	304.4	78.0%	(61.4%)
Attributable to:
Equity Shareholders	132.0	1,499.5	(91.2%)	68.8	63.2	260.6	8.9%	(73.6%)
Non-Controlling Interests	51.6	23.2	122.5%	48.7	2.9	43.8	1602.0%	11.1%

 

(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. 25,788.4 million, an increase of 1.3% from Ps. 25,449.2 million in 1H21. Advertising revenues decreased 0.9% in real terms and represented around 43.4% of the Total Revenues of the Company. Circulation revenues increased 10.2% YoY and represented 30.9% of the Total.

 

Following is a breakdown of Total Revenues by business segment:

 

REVENUES

(In millions of Ps.)	1H22	1H21	YoY	2Q22	1Q22	2Q21	QoQ	YoY
Digital and Printed Publications	12,097.5	11,296.7	7.1%	5,881.2	6,216.3	5,485.8	(5.4%)	7.2%
Broadcasting and Programming	12,894.9	13,367.8	(3.5%)	7,154.8	5,740.1	7,037.4	24.6%	1.7%
Others	1,978.1	1,694.6	16.7%	923.8	1,054.3	877.4	(12.4%)	5.3%
Subtotal	26,970.6	26,359.0	2.3%	13,959.8	13,010.8	13,400.6	7.3%	4.2%
Eliminations	(1,182.2)	(909.9)	29.9%	(516.8)	(665.4)	(479.8)	(22.3%)	7.7%
Total	25,788.4	25,449.2	1.3%	13,443.0	12,345.4	12,920.7	8.9%	4.0%

 

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 15,639.0 million, an increase of 11.6% from Ps. 14,012.6 million reported in 1H21, due to higher costs, mainly related to the content on air in El Trece's screen and the return of fiction productions for third parties, 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) totaled Ps. 6,545.9 million, a decrease of 8.6% from Ps. 7,163.4 million in 1H21. This decrease was mainly due to lower costs related to salaries and severance payments in Broadcasting and Programming, lower distribution and bad debt costs in Digital and Printed Publications and higher eliminations of services rendered by GC Gestión Compartida.

 

Adjusted EBITDA amounted to Ps. 3,603.6 million, a decrease of 15.7% from Ps. 4,273.3 million reported in 1H21. This a decrease was driven by higher content costs 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.)	1H22	1H21	YoY	2Q22	1Q22	2Q21	QoQ	YoY
Digital and Printed Publications	1,051.0	677.7	55.1%	279.1	771.9	91.4	(63.8%)	205.4%
Broadcasting and Programming	2,296.8	3,515.8	(34.7%)	1,635.4	661.4	1,887.0	147.3%	(13.3%)
Others	255.7	79.7	220.8%	13.3	242.4	(77.6)	(94.5%)	(117.2%)
Total	3,603.6	4,273.3	(15.7%)	1,927.8	1,675.8	1,900.8	15.0%	1.4%

 

 

Financial results net totaled Ps. (2,273.4) million compared to Ps. (1,921.7) million in 1H21. This increase was mainly due to higher negative inflation adjustment results versus 2021.

 

Equity in earnings from unconsolidated affiliates in 1H22 totaled Ps. 449.3 million, compared to Ps. 586.0  million in 1H21, mainly related higher costs of our subsidiary Tele Red Imagen attributable to sports events rights, as events normalized; and higher negative results in BIMO, partially offset by higher net income in our subsidiary Papel Prensa.

 

Other Income (expenses), net reached Ps. (90.6) million, compared to Ps. 111.7 million in 1H21, mainly for positive results of fixed assets sales in 2021; a higher charge of personal assets tax - substitute responsible and other non-recoverable taxes; and lower income from real estate rental.

 

Income tax as of 1H22 reached Ps. (465.0) million, from Ps. Ps. (358.0) million in 1H21, 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. 183.6 million, a decrease of 87.9% from a gain of Ps. 1,522.6 million reported in 1H21. The Equity Shareholders Net Income for the period amounted Ps. 132.0 million, a decrease of 91.2% YoY from a profit of  1,499.5 million.

 

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 679.9 million in 1H22, a decrease of 9.7% from Ps. 753.3 million reported in 1H21. Out of the total CAPEX in 1H22, 89.2% was allocated towards the Broadcasting and Programming segment, 8.2% to the Digital and Printed Publications segment and the remaining 2.5% to other activities.  

 

SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2022

 

(In millions of Ps.)	Digital & Printed Publications	Broadcasting & Programming	Others	Eliminations	Total	%
Advertising	2,921.6	8,416.5	-	(133.7)	11,204.4	43.4%
Circulation	7,968.2	-	-	-	7,968.2	30.9%
Printing	609.2	-	-	-	609.2	2.4%
Programming	-	4,378.4	-	-	4,378.4	17.0%
Other Sales	598.6	100.0	1,978.1	(1,048.4)	1,628.2	6.3%
Total Sales	12,097.5	12,894.9	1,978.1	(1,182.2)	25,788.4	100.0%

 

 

SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2021

 

(In millions of Ps.)	Digital & Printed Publications	Broadcasting & Programming	Others	Eliminations	Total	%
Advertising	2,816.8	8,569.6	-	(75.0)	11,311.4	44.4%
Circulation	7,227.9	-	-	-	7,227.9	28.4%
Printing	522.3	-	-	-	522.3	2.1%
Programming	-	4,414.0	-	-	4,414.0	17.3%
Other Sales	729.6	384.3	1,694.6	(834.9)	1,973.6	7.8%
Total Sales	11,296.7	13,367.8	1,694.6	(909.9)	25,449.2	100.0%

 

 

 

 

RESULTS BY BUSINESS SEGMENT

 

BROADCASTING AND PROGRAMMING

 

Revenues

Revenues decreased by 3.5% to Ps. 12,894.9 million in 1H22, compared to Ps. 13,367.8 million in 1H21 mainly as a result of the un-consolidation of the car races operations from 2Q22 after the sale of the subsidiary Auto Sports S.A. and lower revenues in the same subsidiary in 1Q22 vis a vis 1Q21 due to rescheduling of care races during 1Q21 as a consequence of the easing of lockdowns from 4Q20; lower advertising revenues and lower programming revenues partially offset by revenues from fiction production sold to third parties.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 12.8% to Ps. 7,923.3 million in 1H22, compared to Ps. 7,025.2 million in 1H21. This is mainly attributable to higher content costs generated by the return of fiction to El Trece's screen and a more attractive programming schedule, and the return of fiction productions for third parties, partly compensated by lower costs as a consequence the un-consolidation of the subsidiary Auto Sports S.A. from 2Q22 and lower costs in the same subsidiary in 1Q22 vis a vis 1Q21 due to rescheduling of care races during 1Q21 as a consequence of the easing of lockdowns from 4Q20.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) decreased by 5.4% to Ps. 2,674.8 million in 1H22, compared to Ps. 2,826.8 million in 1H21. The increase was primarily the result of lower salaries and severance payments partly offset by higher fees for services related to IT implementations provided by GC Gestión Compartida S.A. which are eliminated in the consolidation.

 

Depreciation and Amortization

Depreciation and amortization expenses decreased by 12.3% to Ps. 507.7 million in 1H22 compared to Ps.  579.1 million reported in 1H21.

 

DIGITAL AND PRINTED PUBLICATIONS

 

Revenues

Total revenues increased by 7.1% to Ps. 12,097.5 million in 1H22, mainly as a result of higher circulation revenues from school textbooks, as school activity returned to normal after two years under the Covid-19 pandemic in 1Q22; higher book circulation revenues with the return of the International Book Fair and normalization of commercial activity; and higher Paywall revenues, compensated by lower traditional circulation revenues.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 10.0% to Ps. 6,674.3 million in 1H22, compared to Ps. 6,070.0 million in 1H21. The increase is the result of higher costs related to the increase in circulation revenues - and higher international prices of newsprint compensated by lower consumption.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) decreased by 3.9% to Ps. 4,372.2 million in 1H22, compared to the Ps.  4,548.9 million reported in 1H21. This was primarily the result of lower distribution costs and bad debt, partially offset by higher salaries and severance payments.

 

Depreciation and Amortization

Depreciation and amortization expenses decreased by 4.8% to Ps. 348.4 million in 1H22 compared to Ps. 366.0 million in 1H21.

 

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 16.7% to Ps. 1,978.1 , from Ps. 1,694.6 million reported in 1H21. EBITDA resulted in Ps. 255.7 million.

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

DIGITAL AND PRINTED PUBLICATIONS

	1H22	1H21	YoY	2Q22	1Q22	2Q21	QoQ	YoY
Circulation (1)	179.6	222.6	-19.3%	176.0	183.2	215.8	-1.9%	-18.4%
Circulation share % (2)	56.7%	58.5%	-3.1%	56.3%	57.1%	58.8%	-0.7%	-4.4%
Total Digital Subs (3)	521.4	348.3	49.7%	521.4	494.3	348.3	5.5%	49.7%

 

⁽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/Clarín+La Nación. Source: IVC.

⁽³⁾ Total Clarin.com subs, in thousand, EOP. Company information.

 

BROADCASTING AND PROGRAMMING

 

	1H22	1H21	YoY	2Q22	1Q22	2Q21	QoQ	YoY
Advertising Share % (1)	35.1%	36.6%	-3.9%	34.5%	33.5%	37.1%	5.0%	-7.1%
Audience Share % (2)
Prime Time	34.7%	28.7%	21.1%	33.4%	31.9%	27.0%	8.7%	23.7%
Total Time	32.8%	30.0%	9.4%	31.1%	29.3%	29.1%	12.0%	6.9%

 

⁽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

	1H22	1H21	YoY	2Q22	1Q22	2Q21	QoQ	YoY
Page Views (1)	874.2	869.4	0.5%	857.5	840.9	880.4	4.0%	-2.6%
Mobile page Views	624.0	577.8	8.0%	626.6	629.2	562.9	-0.8%	11.3%

 

⁽¹⁾ In millions. Average. Source DAX and Company Estimates.

 

 

DEBT AND LIQUIDITY

(In millions of Ps.)	June 2022	June 2021	% Change
Short Term and Long-Term Debt
Current Financial Debt	2,342.8	597.7	292.0%
Financial loans	1,543.6	139.1	1009.9%
Accrued interest	110.6	43.2	156.3%
Acquisition of equipment	37.8	39.6	(4.4%)
Related Parties Accrued Interest	-	19.0	(100.0%)
Related Parties Capital	-	10.6	(100.0%)
Bank overdraft	650.7	346.3	87.9%
Non-Current Financial Debt	89.4	2,582.2	(96.5%)
Financial loans	79.1	2,551.6	(96.9%)
Acquisition of equipment	10.2	30.6	(66.5%)
Total Financial Debt (A)	2,432.1	3,179.9	(23.5%)
Total Short Term and Long-Term Debt	2,432.1	3,179.9	(23.5%)
Cash and Cash Equivalents (B)	5,356.9	5,723.9	(6.4%)
Net Debt (A) - (B)	(2,924.8)	(2,543.9)	15.0%
Net Debt/Adjusted Ebitda (1)	(0.37x)	(0.26x)	43.2%

 

Total Financial Debt⁽¹⁾ and Net Debt, decreased 23.5% to Ps. 2,432.1 million from Ps. 3,179.9 million and to Ps. (2,924.8) million from Ps. (2,543.9) million, respectively.

 

Debt coverage ratio ⁽¹⁾ as of June 30, 2022 was (0.37x) in the case of Net Debt and of 0.31x 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.)	1H22	1H21	YoY	1H22 ex IAS 29	IAS 29 Adjustment	1H22 as reported	1H21 ex IAS 29	IAS 29 Adjustment	1H21 as reported
Digital and Printed Publications	12,097.5	11,296.7	7.1%	10,621.5	1,476.0	12,097.5	6,313.4	4,983.3	11,296.7
Broadcasting and Programming	12,894.9	13,367.8	(3.5%)	11,321.7	1,573.3	12,894.9	7,470.9	5,896.9	13,367.8
Others	1,978.1	1,694.6	16.7%	1,736.8	241.3	1,978.1	947.1	747.5	1,694.6
Subtotal	26,970.6	26,359.0	2.3%	23,680.0	3,290.6	26,970.6	14,731.4	11,627.7	26,359.0
Eliminations	(1,182.2)	(909.9)	29.9%	(1,037.9)	(144.2)	(1,182.2)	(508.5)	(401.4)	(909.9)
Total	25,788.4	25,449.2	1.3%	22,642.1	3,146.4	25,788.4	14,222.9	11,226.3	25,449.2

 

 

REVENUES (In millions of Ps.)	2Q22	2Q21	YoY	2Q22 ex IAS 29	IAS 29 Adjustment	2Q22 as reported	2Q21 ex IAS 29	IAS 29 Adjustment	2Q21 as reported
Digital and Printed Publications	5,881.2	5,485.8	7.2%	5,619.1	262.1	5,881.2	3,252.4	2,233.4	5,485.8
Broadcasting and Programming	7,154.8	7,037.4	1.7%	6,702.4	452.4	7,154.8	4,136.2	2,901.1	7,037.4
Others	923.8	877.4	5.3%	888.3	35.5	923.8	516.6	360.8	877.4
Subtotal	13,959.8	13,400.6	4.2%	13,209.8	750.0	13,959.8	7,905.2	5,495.4	13,400.6
Eliminations	(516.8)	(479.8)	7.7%	(502.5)	(14.3)	(516.8)	(282.0)	(197.9)	(479.8)
Total	13,443.0	12,920.7	4.0%	12,707.3	735.7	13,443.0	7,623.2	5,297.5	12,920.7

 

EBITDA (In millions of Ps.)	1H22	1H21	YoY	1H22 ex IAS 29	IAS 29 Adjustment	1H22 as reported	1H21 ex IAS 29	IAS 29 Adjustment	1H21 as reported
Digital and Printed Publications	1,051.0	677.7	55.1%	922.8	128.2	1,051.0	378.8	299.0	677.7
Broadcasting and Programming	2,296.8	3,515.8	(34.7%)	2,016.6	280.2	2,296.8	1,964.9	1,550.9	3,515.8
Others	255.7	79.7	220.8%	224.5	31.2	255.7	44.6	35.2	79.7
Total	3,603.6	4,273.3	(15.7%)	3,163.9	439.7	3,603.6	2,388.2	1,885.0	4,273.3

 

EBITDA (In millions of Ps.)	2Q22	2Q21	YoY	2Q22 ex IAS 29	IAS 29 Adjustment	2Q22 as reported	2Q21 ex IAS 29	IAS 29 Adjustment	2Q21 as reported
Digital and Printed Publications	279.1	91.4	205.4%	301.6	(22.5)	279.1	69.9	21.5	91.4
Broadcasting and Programming	1,635.4	1,887.0	(13.3%)	1,484.3	151.1	1,635.4	1,106.9	780.1	1,887.0
Others	13.3	(77.6)	(117.2%)	29.4	(16.1)	13.3	(38.3)	(39.3)	(77.6)
Subtotal	1,927.8	1,900.8	1.4%	1,815.4	112.4	1,927.8	1,138.5	762.3	1,900.8

 

 

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.

 

GCLA (BCBA) Price per Share (ARS)	214.50
GCLA (LSE) Price per GDS (USD)	0.98
Total Shares	106,776,004
Shares per GDS	2
Closing Price	August 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 Half and Second Quarter 2022 Results

 

 

                                                     Date: Tuesday, August 16, 2022                                                    

Time: 12:00pm Buenos Aires Time/4:00pm London Time/10:00am New York Time

 

 

 

To access the live stream and slide presentation, visit:

https://services.choruscall.com/links/gcla220816tcUAI9Ys.html

 

 

 

The webcast presentation will also be available at https://ir.grupoclarin.com

 

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

 

 

 

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 and has the largest base of paid digital subscribers 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.

 

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 SIX-MONTH PERIODS ENDED JUNE 30, 2022 AND 2021,

AND THE THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDED ON JUNE 30, 2022 AND 2021

 

 

	June 30, 2022		June 30, 2021		April 1, 2022 through June 30, 2022		April 1, 2021 through June 30, 2021
Revenues	25,788,421,033		25,449,185,939		13,443,006,616		12,920,739,495
Cost of Sales (1)	(16,442,328,569)		(14,945,225,894)		(8,418,894,333)		(7,765,691,772)
Subtotal - Gross Profit	9,346,092,464		10,503,960,045		5,024,112,283		5,155,047,723
Selling Expenses (1)	(3,085,773,620)		(3,242,139,665)		(1,548,285,327)		(1,584,183,148)
Administrative Expenses (1)	(3,697,188,738)		(4,157,200,516)		(2,054,520,601)		(2,255,650,764)
Other Income and Expenses, net	(90,560,889)		111,743,170		(73,983,771)		96,678,760
Financial Expenses on Debt	(445,408,611)		(454,799,031)		(258,168,750)		(149,703,893)
Gain (Loss) on Net Monetary Position	(1,297,389,395)		(938,132,989)		(712,917,263)		(473,968,890)
Other Financial Results, net	(530,575,099)		(528,762,986)		(123,849,471)		(319,858,015)
Financial Results	(2,273,373,105)		(1,921,695,006)		(1,094,935,484)		(943,530,798)
Equity in Earnings from Subsidiaries	449,327,595		585,971,899		183,644,258		131,584,172
Income (Loss) before Income Tax	648,523,707		1,880,639,927		436,031,358		599,945,945
Income Tax	(464,972,075)		(358,003,630)		(318,514,625)		(295,551,600)
Net Income (Loss) for the Period	183,551,632		1,522,636,297		117,516,733		304,394,345
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations	(34,289,549)		(23,308,402)		(61,904,524)		(11,381,103)
Other Comprehensive Income (Loss) for the Period	(34,289,549)		(23,308,402)		(61,904,524)		(11,381,103)
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD	149,262,083		1,499,327,895		55,612,209		293,013,242
(Loss) Income Attributable to:
Shareholders of the Parent Company	132,000,111		1,499,470,742		68,826,002		260,586,875
Non-Controlling Interests	51,551,521		23,165,555		48,690,731		43,807,470
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent Company	97,710,562		1,476,249,129		6,921,478		249,262,412
Non-Controlling Interests	51,551,521		23,078,766		48,690,731		43,750,830
Basic and Diluted Earnings per Share (Note 10)	1.24		14.04		0.64		2.44

⁽¹⁾ Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 1,040,467,374 and $ 1,168,641,115 for the six-month periods ended June 30, 2022 and 2021, respectively.

 

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of June 30^st, 2022 available at https://ir.grupoclarin.com

 

 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021

 

 

	June 30, 2022		December 31, 2021
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment	13,488,020,026		13,716,144,530
Intangible Assets	1,071,048,111		1,107,394,088
Goodwill	37,428,023		37,428,035
Deferred Tax Assets	1,811,940,831		1,927,441,752
Investments in Unconsolidated Affiliates	6,621,569,601		6,126,574,376
Other Investments	-		4,312,222
Right-of-Use Assets	77,658,650		95,184,758
Inventories	162,197,726		227,466,972
Other Assets	102,178,255		109,375,215
Other Receivables	225,702,176		175,489,134
Total Non-Current Assets	23,597,743,399		23,526,811,082
CURRENT ASSETS
Inventories	2,266,402,982		3,515,864,732
Other Assets	335,526,739		376,972,132
Other Receivables	3,677,625,314		3,647,799,237
Trade Receivables	12,703,687,435		15,345,177,420
Other Investments	2,295,835,905		2,844,447,053
Cash and Banks	3,452,274,533		3,012,530,703
Total Current Assets	24,731,352,908		28,742,791,277
Total Assets	48,329,096,307		52,269,602,359
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
Shareholders' Contribution	25,025,084,362		25,025,084,362
Other Items	(49,460,753)		(15,171,204)
Retained Earnings	4,615,924,520		4,483,924,409
Total Attributable to Shareholders of the Parent Company	29,591,548,129		29,493,837,567
Attributable to Non-Controlling Interests	206,651,837		198,040,332
Total Equity	29,798,199,966		29,691,877,899
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges	2,017,168,810		2,288,910,828
Financial Debt	89,366,362		118,195,968
Deferred Tax Liabilities	1,108,724,091		863,607,107
Taxes Payable	61,481,265		10,118,396
Lease Liabilities	8,919,650		20,940,800
Other Liabilities	704,714,036		427,777,363
Trade and Other Payables	14,971,473		37,722,263
Total Non-Current Liabilities	4,005,345,687		3,767,272,725
CURRENT LIABILITIES
Financial Debt	2,342,766,879		2,183,836,125
Taxes Payable	544,953,963		623,655,016
Lease Liabilities	63,571,779		75,266,318
Other Liabilities	2,145,800,140		2,131,350,537
Trade and Other Payables	9,428,457,893		13,796,343,739
Total Current Liabilities	14,525,550,654		18,810,451,735
Total Liabilities	18,530,896,341		22,577,724,460
Total Equity and Liabilities	48,329,096,307		52,269,602,359