RNS Number : 2780G
Grupo Clarin S.A.
14 November 2022
 

 

Grupo Clarín Announces Nine months and Third Quarter 2022 Results

 

Buenos Aires, Argentina, November 11, 2022 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its Nine months and Third Quarter 2022 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of September 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 (9M22 vs. 9M21):

§ Total Revenues reached Ps. 47,115.1 million, a decrease of 2.8% in real terms compared to 9M21, mainly due to lower revenues in the Broadcasting and Programming segment, partially offset by higher revenues in Digital and Printed Publications.

§ Adjusted EBITDA(1) reached Ps. 7,036.2 million, a decrease of 17.5% compared to 8,531.1 for 9M21, mainly driven by lower EBITDA in Broadcasting and Programming, partially offset by a higher EBITDA in the Digital and Printed Publications and Others segments.

§ Grupo Clarín's Adjusted EBITDA Margin(2) was 14.9% in 9M22, compared to 17.6% in 9M21.

§ Net Income for the period resulted in  a loss of  Ps. 467.7 million, a decrease of -119.0% compared to a profit of Ps. 2,462.9 million reported in 9M21. Loss for the period attributable to Equity Shareholders amounted Ps 496.0 million in 9M22 from a profit of Ps. 2,413.4 million in 9M21, a decrease of -120.6%.

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

(In millions of Ps.)

9M22

9M21

% Ch.

3Q22

2Q22

3Q21

QoQ

YoY

Total Revenues

 47,115.1

 48,462.9

 (2.8%)

 15,659.2

 16,397.3

 17,420.8

(4.5%)

(10.1%)

Adjusted EBITDA (1)

 7,036.2

 8,531.1  

 (17.5%)

 2,640.7

 2,351.5

 3,318.8

12.3%

(20.4%)

Adjusted EBITDA Margin (2)

14.9%

17.6%

 (15.2%)

16.9%

14.3%

19.1%

17.6%

(11.5%)

Profit/(Loss) for the period

 (467.7)

 2,462.9

(119.0%)

 (691.5)

 143.3

 605.7

(582.4%)

(214.2%)

Attributable to:









Equity Shareholders

 (496.0)

 2,413.4

(120.6%)

 (657.0)

 84.0

 584.4

(882.6%)

(212.4%)

Non-Controlling Interests

 28.3

 49.5

(42.7%)

 (34.5)

 59.4

 21.2

(158.1%)

(262.5%)

 

(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. 47,115.1 million, a decrease of 2.8% in real terms from Ps. 48,462.9 million in , in a context of increasing inflation (which reached 83.0% interannually). Advertising revenues decreased 3.7% in real terms and represented around 45.8% of the Total Revenues of the Company. Circulation revenues increased 7.0% YoY and represented 29.3% of the Total. Programming revenues decreased 10.0% YoY and represented 16.2% of the Total.

 

Following is a breakdown of Total Revenues by business segment:

 

REVENUES

(In millions of Ps.)

9M22

9M21

YoY

3Q22

2Q22

3Q21

QoQ

YoY

Digital and Printed Publications

 21,558.0

 21,073.3

2.3%

 6,801.8

 7,173.7

 7,294.1

(5.2%)

(6.7%)

Broadcasting and Programming

 24,062.5

 26,201.7

(8.2%)

 8,333.7

 8,727.2

 9,896.1

(4.5%)

(15.8%)

Others

 3,394.6

 3,273.5

3.7%

 981.8

 1,126.8

 1,206.5

(12.9%)

(18.6%)

Subtotal

 49,015.1

 50,548.5

(3.0%)

 16,117.3

 17,027.7

 18,396.7

(5.3%)

(12.4%)

Eliminations

 (1,900.0)

 (2,085.7)

(8.9%)

 (458.1)

 (630.3)

 (975.9)

(27.3%)

(53.1%)

Total

 47,115.1

 48,462.9

(2.8%)

 15,659.2

 16,397.3

 17,420.8

(4.5%)

(10.1%)

 

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 27,875.7 million, an increase of 4.7% from Ps. 26,629.7 million reported in 9M21, 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 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. 12,203.2 million, a decrease of 8.3% from Ps. 13,302.0 million in 9M21. This decrease was mainly due to lower distribution costs, contingencies and salaries and severance payments.

 

Adjusted EBITDA amounted to Ps. 7,036.2 million, a decrease of 17.5% from Ps. 8,531.1 million reported in 9M21. This a decrease was driven by lower EBITDA in Broadcasting and Programming, mainly as a result of lower programming revenues; partially offset by a higher EBITDA in Digital and Printed Publications as a result of higher circulation revenues.

 

Following is a breakdown of adjusted EBITDA by business segment:

 

ADJUSTED EBITDA

(In millions of Ps.)

9M22

9M21

YoY

3Q22

2Q22

3Q21

QoQ

YoY

Digital and Printed Publications

 1,782.7

 1,578.3

12.9%

 500.7

 340.4

 751.7

47.1%

(33.4%)

Broadcasting and Programming

 4,961.4

 6,793.4

(27.0%)

 2,159.8

 1,994.8

 2,505.0

8.3%

(13.8%)

Others

 292.0

 159.4

83.3%

 (19.9)

 16.2

 62.1

(222.6%)

(132.0%)

Total

 7,036.2

 8,531.1

(17.5%)

 2,640.7

 2,351.5

 3,318.8

12.3%

(20.4%)



 

Financial results net totaled Ps. (4,656.7) million compared to Ps. (3,364.2) million in 9M21. This increase was mainly due to higher negative inflation adjustment results versus 2021.

 

Equity in earnings from unconsolidated affiliates in 9M22 totaled Ps. 237.7 million, compared to Ps. 778.5  million in 9M21, mainly related to negative results in BIMO -whose operation has been suspended-, partially offset by higher net income in our subsidiary Papel Prensa.

 

Other Income (expenses), net reached Ps. (48.3) million, compared to Ps. 116.1 million in 9M21.

 

Income tax as of 9M22 reached Ps. (1,132.4) million, from Ps. Ps. (1,459.0) million in 9M21, mainly as a result of lower taxable income (after considering taxable Inflation Adjustment).

 

Income for the period totaled Ps. 467.7 million, a decrease of -119.0% from a gain of Ps. 2,462.9 million reported in 9M21. The Equity Shareholders Loss for the period amounted Ps. 496.0 million, a decrease of -120.6% YoY from a profit of  2,413.4 million.

 

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 1,380.0 million in 9M22, an increase of 15.0% from Ps. 1,199.6 million reported in 9M21. Out of the total CAPEX in 9M22, 87.5% was allocated towards the Broadcasting and Programming segment, 9.1% to the Digital and Printed Publications segment and the remaining 3.4% to other activities.  

 

SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2022

 

(In millions of Ps.)

Digital & Printed Publications

Broadcasting & Programming

Others

Eliminations

Total

%

Advertising

 5,545.4

 16,255.2

 -  

 (244.7)

 21,555.9

45.8%

Circulation

 13,827.0

 -  

 -  

 -  

 13,827.0

29.3%

Printing

 1,090.7

 -  

 -  

 -  

 1,090.7

2.3%

Programming

 -  

 7,616.7

 -  

 -  

 7,616.7

16.2%

Other Sales

 

 1,094.9

 190.6

 3,394.6

 (1,655.3)

 3,024.7

6.4%

Total Sales

 21,558.0

 24,062.5

 3,394.6

 (1,900.0)

 47,115.1

100.0%

 

 

SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2021

 

(In millions of Ps.)

Digital & Printed Publications

Broadcasting & Programming

Others

Eliminations

Total

%

Advertising

 5,601.1

 16,955.2

 -  

 (164.8)

 22,391.5

46.2%

Circulation

 12,922.6

 -  

 -  

 -  

 12,922.6

26.7%

Printing

 1,126.1

 -  

 -  

 -  

 1,126.1

2.3%

Programming

 -  

 8,464.0

 -  

 -  

 8,464.0

17.5%

Other Sales

 

 1,423.4

 782.5

 3,273.5

 (1,920.9)

 3,558.6

7.3%

Total Sales

 21,073.3

 26,201.7

 3,273.5

 (2,085.7)

 48,462.9

100.0%

 

 

 

 

RESULTS BY BUSINESS SEGMENT

 

BROADCASTING AND PROGRAMMING

 

Revenues

Revenues decreased by 8.2% to Ps. 24,062.5 million in 9M22, compared to Ps. 26,201.7 million in 9M21 mainly as a result of lower programming revenues related to Pay-TV operators being unable to raise prices in line with inflation, which as a consequence lowers revenues for content producers such as ARTEAR; lower advertising revenues; and 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; 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 1.6% to Ps. 14,331.0 million in 9M22, compared to Ps. 14,103.2 million in 9M21. 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 offset 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 following the easing of lockdowns from 4Q20.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) decreased by 10.1% to Ps. 4,770.0 million in 9M22, compared to Ps. 5,305.1 million in 9M21. The decrease was primarily the result of lower salaries and severance payments and lower contingencies; 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 12.9% to Ps. 940.3 million in 9M22 compared to Ps.  1,079.4 million reported in 9M21.

 

DIGITAL AND PRINTED PUBLICATIONS

 

Revenues

Total revenues increased by 2.3% to Ps. 21,558.0 million in 9M22, 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, partially offset by lower traditional circulation revenues.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 4.0% to Ps. 11,684.8 million in 9M22, compared to Ps. 11,231.3 million in 9M21. 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; partially offset by lower salaries.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) decreased by 2.1% to Ps. 8,090.5 million in 9M22, compared to the Ps.  8,263.7 million reported in 9M21. This was primarily the result of lower distribution costs and bad debt, partially offset by higher advertising and promotion costs and higher salaries and severance payments.

 

 

 

Depreciation and Amortization

Depreciation and amortization expenses decreased by 4.1% to Ps. 640.6 million in 9M22 compared to Ps. 668.0 million in 9M21.

 

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 3.7% to Ps. 3,394.6 , from Ps. 3,273.5 million reported in 9M21. EBITDA resulted in Ps. 292.0 million.

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

DIGITAL AND PRINTED PUBLICATIONS

 

9M22

9M21

YoY

3Q22

2Q22

3Q21

QoQ

YoY

Circulation (1)

 175.6

 217.2

-19.2%

 167.7

 176.0

 206.8

-0.3%

-18.9%

Circulation share % (2)

56.4%

58.1%

-2.8%

56.0%

56.3%

57.3%

0.3%

-2.2%

Total Digital Subs (3)

 554.6

 414.4

33.8%

 554.6

 521.4

 414.4

6.4%

33.8%

 

(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

 

 

9M22

9M21

YoY

3Q22

2Q22

3Q21

QoQ

YoY

Advertising Share % (1)

35.0%

36.3%

-3.4%

35.7%

35.1%

35.9%

-0.3%

-0.6%

Audience Share % (2)









Prime Time

33.8%

28.3%

19.2%

34.5%

34.8%

27.7%

-2.9%

24.6%

Total Time

31.5%

29.6%

6.4%

32.3%

32.8%

29.0%

-3.9%

11.6%

 

(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

 

9M22

9M21

YoY

3Q22

2Q22

3Q21

QoQ

YoY

Page Views (1)

974.5

 890.6

9.4%

 896.5

 857.5

 933.0

13.6%

-3.9%

Mobile page Views

731.7

 587.2

24.6%

 661.6

 626.6

 606.1

16.8%

9.2%

 

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

 



 

DEBT AND LIQUIDITY

(In millions of Ps.)

September 2022

September 2021

% Change

Short Term and Long-Term Debt 

 

 

 

Current Financial Debt

 1,483.2

 3,370.6

(56.0%)

Financial loans

 806.3

 2,906.4

(72.3%)

Accrued interest

 162.5

 75.2

116.2%

Acquisition of equipment

 37.1

 47.2

(21.4%)

Related Parties Accrued Interest

 

 -  

 21.2

(100.0%)

Related Parties Capital

 -  

 12.4

(100.0%)

Bank overdraft

 477.3

 308.2

54.9%

Non-Current Financial Debt

 1,421.2

 611.0

132.6%

Financial loans

 1,412.5

 588.8

139.9%

Acquisition of equipment

 8.7

 22.2

(60.6%)

Total Financial Debt (A)

 2,904.4

 3,981.6

(27.1%)

Total Short Term and Long-Term Debt

 2,904.4

 3,981.6

(27.1%)


 



Cash and Cash Equivalents (B)

 6,650.2

 7,399.3

(10.1%)

Net Debt (A) - (B)

 (3,745.7)

 (3,417.7)

9.6%

Net Debt/Adjusted Ebitda (1)

 (0.42x)

 (0.27x)

58.9%

 

Total Financial Debt(1) and Net Debt, decreased 27.1% to Ps. 2,904.4 million from Ps. 3,981.6 million and to Ps. (3,745.7) million from Ps. (3,417.7) million, respectively.

                                                                                                                                                                                 

Debt coverage ratio (1) as of September 30, 2022 was (0.42x) in the case of Net Debt and of 0.33x 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.)

9M22

9M21

YoY

9M22 ex IAS 29

IAS 29 Adjustment

9M22
as reported

9M21 ex IAS 29

IAS 29 Adjustment

9M21
as reported

Digital and Printed Publications

 21,558.0

 21,073.3

2.3%

 17,105.8

 4,452.2

 21,558.0

 10,157.4

 10,915.9

 21,073.3

Broadcasting and Programming

 24,062.5

 26,201.7

(8.2%)

 19,093.1

 4,969.4

 24,062.5

 12,629.3

 13,572.4

 26,201.7

Others

 3,394.6

 3,273.5

3.7%

 2,693.6

 701.1

 3,394.6

 1,577.8

 1,695.7

 3,273.5

Subtotal

 49,015.1

 50,548.5

(3.0%)

 38,892.4

 10,122.7

 49,015.1

 24,364.5

 26,184.0

 50,548.5

Eliminations

 (1,900.0)

 (2,085.7)

(8.9%)

 (1,507.6)

 (392.4)

 (1,900.0)

 (1,005.3)

 (1,080.4)

 (2,085.7)

Total

 47,115.1

 48,462.9

(2.8%)

 37,384.8

 9,730.3

 47,115.1

 23,359.2

 25,103.6

 48,462.9

 



 

REVENUES

(In millions of Ps.)

3Q22

3Q21

YoY

3Q22 ex IAS 29

IAS 29 Adjustment

3Q22
as reported

3Q21 ex IAS 29

IAS 29 Adjustment

3Q21
as reported

Digital and Printed Publications

 6,801.8

 7,294.1

(6.7%)

 6,484.2

 317.6

 6,801.8

 3,844.0

 3,450.1

 7,294.1

Broadcasting and Programming

 8,333.7

 9,896.1

(15.8%)

 7,771.4

 562.3

 8,333.7

 5,158.4

 4,737.7

 9,896.1

Others

 981.8

 1,206.5

(18.6%)

 956.8

 25.0

 981.8

 630.8

 575.7

 1,206.5

Subtotal

 16,117.3

 18,396.7

(12.4%)

 15,212.4

 904.9

 16,117.3

 9,633.2

 8,763.5

 18,396.7

Eliminations

 (458.1)

 (975.9)

(53.1%)

 (469.7)

 11.6

 (458.1)

 (496.8)

 (479.1)

 (975.9)

Total

 15,659.2

 17,420.8

(10.1%)

 14,742.7

 916.5

 15,659.2

 9,136.3

 8,284.5

 17,420.8

 

EBITDA

(In millions of Ps.)

9M22

9M21

YoY

9M22 ex IAS 29

IAS 29 Adjustment

9M22
as reported

9M21 ex IAS 29

IAS 29 Adjustment

9M21
as reported

Digital and Printed Publications

 1,782.7

 1,578.3

12.9%

 1,414.5

 368.2

 1,782.7

 760.8

 817.6

 1,578.3

Broadcasting and Programming

 4,961.4

 6,793.4

(27.0%)

 3,936.8

 1,024.6

 4,961.4

 3,274.5

 3,519.0

 6,793.4

Others

 292.0

 159.4

83.3%

 231.7

 60.3

 292.0

 76.8

 82.5

 159.4

Total

 7,036.2

 8,531.1

(17.5%)

 5,583.1

 7,036.2

 4,112.0

 8,531.1

 

EBITDA

(In millions of Ps.)

3Q22

3Q21

YoY

3Q22 ex IAS 29

IAS 29 Adjustment

3Q22
as reported

3Q21 ex IAS 29

IAS 29 Adjustment

3Q21
as reported

Digital and Printed Publications

 500.7

 751.7

(33.4%)

 491.8

 9.0

 500.7

 382.0

 369.7

 751.7

Broadcasting and Programming

 2,159.8

 2,505.0

(13.8%)

 1,920.2

 239.6

 2,159.8

 1,309.6

 1,195.4

 2,505.0

Others

 (19.9)

 62.1

(132.0%)

 7.2

 (27.1)

 (19.9)

 32.3

 29.9

 62.1

Subtotal

 2,640.7

 3,318.8

(20.4%)

 2,419.1

 2,640.7

 1,723.8

 1,594.9

 3,318.8

 

 

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)

 

163.00

GCLA (LSE) Price per GDS (USD)

 1.00

Total Shares

106,776,004

Shares per GDS

2

Closing Price

November 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 Nine months and Third Quarter 2022 Results

 

 

                Date: Tuesday, November 15, 2022        

Time: 1:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time

 

 

 

To access the live stream and slide presentation, visit:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=MYmQ4022

 

 

 

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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021,

AND THE THREE-MONTH PERIODS BEGINNING ON JULY 1

AND ENDING ON SEPTEMBER 30, 2022 AND 2021

 

 


September 30, 2022


September 30, 2021

 

July 1, 2022 through September 30, 2022

 

July 1, 2021 through September

30, 2021









 
















Revenues

47,115,061,331


48,462,851,169


15,659,246,469


17,420,823,421









Cost of Sales (1)

(29,371,306,477)


(28,333,601,282)


(9,315,528,626)


(10,103,936,961)









Subtotal - Gross Profit

17,743,754,854

 

20,129,249,887

 

6,343,717,843

 

7,316,886,460









Selling Expenses (1)

(5,727,416,757)


(6,079,124,169)


(1,963,497,920)


(2,124,475,495)

Administrative Expenses (1)

(6,884,227,666)


(7,658,486,045)


(2,374,526,033)


(2,587,678,120)









Other Income and Expenses, net

(48,308,977)


116,095,154


62,154,033


(20,205,263)









Financial Expenses on Debt

(1,036,203,862)


(723,001,151)


(492,910,003)


(168,253,185)

Gain (Loss) on Net Monetary Position

(2,843,335,998)


(1,587,146,939)


(1,260,825,748)


(442,845,100)

Other Financial Results, net

(777,178,987)


(1,054,085,753)


(130,002,021)


(409,119,139)

Financial Results

(4,656,718,847)


(3,364,233,843)


(1,883,737,772)


(1,020,217,424)









Equity in Earnings from Associates

237,660,434


778,455,454


(310,413,666)


63,707,409









Income (Loss) before Income Tax

664,743,041

 

3,921,956,438

 

(126,303,515)

 

1,628,017,567


 

 

 

 

 

 

 

Income Tax

(1,132,395,922)


(1,459,030,639)


(565,239,233)


(1,022,350,320)









Net Income (Loss) for the Period

(467,652,881)

 

2,462,925,799

 

(691,542,748)

 

605,667,247




 




 









Other Comprehensive Income
















Items which can be reclassified to Net Income (Loss)








Variation in Translation Differences of Foreign Operations

(60,599,189)


(61,722,580)


(18,773,995)


(33,291,806)

Other Comprehensive Income (Loss) for the Period

(60,599,189)


(61,722,580)


(18,773,995)


(33,291,806)









TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD

(528,252,070)

 

2,401,203,219

 

(710,316,743)

 

572,375,441









(Loss) Income Attributable to:
















Shareholders of the Controlling Company

(495,999,790)


2,413,420,036


(657,008,913)


584,418,021









Non-Controlling Interests

28,346,909


49,505,763


(34,533,835)


21,249,226









Total Comprehensive Income (Loss) Attributable to:
















Shareholders of the Controlling Company

(556,598,979)


2,351,861,650


(675,782,908)


551,184,546









Non-Controlling Interests

28,346,909


49,341,569


(34,533,835)


21,190,895









Basic and Diluted Earnings per Share (Note 11)

(4.65)


22.60


(6.15)


5.47












-





 (1) Includes amortization of intangible assets and film library, right-of-use assets, depreciation of property, plant and equipment, and investment properties in the amount of $ 1,904,088,954 and $ 2,139,491,449 for the nine-month periods ended September 30, 2022 and 2021, respectively.

 

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

 

 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

 

 

 

September 30, 2022


December 31, 2021

ASSETS

 

 

 

NON-CURRENT ASSETS

 

 

 

Property, Plant and Equipment

14,689,740,798


16,730,473,820

Intangible Assets

1,331,570,427


1,350,760,614

Investment Properties

1,827,026,817


-

Goodwill

45,653,410


45,653,410

Deferred Tax Assets

1,844,186,569


2,351,026,099

Investments in Unconsolidated Affiliates

7,975,417,212


7,472,981,346

Other Investments

375,597,966


5,259,898

Right-of-Use Assets

103,226,332


116,103,042

Inventories

25,891,786


277,456,264

Other Assets

102,494,701


133,412,065

Other Receivables

156,372,113


214,055,513

Total Non-Current Assets

28,477,178,131


28,697,182,071

 




CURRENT ASSETS




Inventories

2,619,023,248


4,288,528,947

Other Assets

513,978,439


459,817,434

Other Receivables

4,222,707,018


4,449,458,045

Trade Receivables

14,894,838,373


18,717,511,217

Other Investments

3,329,520,188


3,469,557,123

Cash and Banks

3,648,805,386


3,674,579,686

Total Current Assets

29,228,872,652


35,059,452,452

 



 

Total Assets

57,706,050,783


63,756,634,523





EQUITY (as per the corresponding statement)




Attributable to Shareholders of the Controlling Company




Shareholders' Contribution

30,524,723,475


30,524,723,475

Other Items

(79,104,501)


(18,505,312)

Retained Earnings

4,973,334,520


5,469,334,310

Total Attributable to Shareholders of the Controlling Company

35,418,953,494


35,975,552,473

 




Attributable to Non-Controlling Interests

216,751,225


241,562,677

Total Equity

35,635,704,719


36,217,115,150





LIABILITIES




NON-CURRENT LIABILITIES




Provisions and Other Charges

2,253,538,085


2,791,933,447

Financial Debt

1,421,229,217


144,171,312

Deferred Tax Liabilities

1,497,503,095


1,053,397,773

Taxes Payable

121,516,668


12,342,067

Lease Liabilities

17,774,780


25,542,856

Other Liabilities

826,890,083


521,787,879

Trade and Other Payables

32,207,730


46,012,298

Total Non-Current Liabilities

6,170,659,658


4,595,187,632

 



 

CURRENT LIABILITIES




Financial Debt

1,483,186,174


2,663,766,996

Taxes Payable

610,398,179


760,712,597

Lease Liabilities

78,519,362


91,807,225

Other Liabilities

2,333,461,928


2,599,746,910

Trade and Other Payables

11,394,120,763


16,828,298,013

Total Current Liabilities

15,899,686,406


22,944,331,741

 




Total Liabilities

22,070,346,064


27,539,519,373

 

 



Total Equity and Liabilities

57,706,050,783

63,756,634,523


 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

 


Equity attributable to Shareholders of the Controlling Company






Shareholders' Contribution


Other Items


Retained Earnings


Total Equity of Controlling Company


Equity Attributable to Non-Controlling Interests




Capital Stock

Inflation Adjustment on Capital Stock

Additional Paid-in Capital

Subtotal


Translation of Foreign Operations

Other Reserves(1)


Legal Reserve

Voluntary Reserves

Retained Earnings



Total Equity



















Balances as of January 1st 2022

106,776,004

12,715,441,219

17,702,506,252

30,524,723,475


412,194,253

(430,699,565)


-

3,743,758,571

1,725,575,739


35,975,552,473


241,562,677


36,217,115,150

Set-up of Reserves (Note 10.a)









1,725,575,739

-

(1,725,575,739)


-


-


-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-


-


(53,158,361)


(53,158,361)

Net Income (Loss) for the Period

-

-

-

-


-

-


-

-

(495,999,790)


(495,999,790)


28,346,909


(467,652,881)

Other Comprehensive Income:


















Variation in Translation Differences of Foreign Operations

-

-

-

-


(60,599,189)

-


-

-

-


(60,599,189)


-


(60,599,189)

Balances as of September 30, 2022

106,776,004

12,715,441,219

17,702,506,252

30,524,723,475


351,595,064

(430,699,565)


1,725,575,739

3,743,758,571

(495,999,790)


35,418,953,494


216,751,225


35,635,704,719

Balances as of January 1, 2021

                           106,776,004

                              12,715,441,219

                             18,393,520,608

                                31,215,737,831


                         492,205,418

                       (430,699,565)


-

 3,743,758,571

                               (691,014,356)


34,329,987,899


                        240,603,663


                              34,570,591,562

Reversal of Additional Paid-in Capital (Note 10.a)

                                                -

                                                      -

                                  (691,014,356)

                                  (691,014,356)


                                               -

                                               -


-

-

                                 691,014,356


                                                        -


                                               -


                                                        -

Dividends and Other Movements of Non-Controlling Interest

                                                -

                                                      -

                                                        -

                                                        -


                                               -

                                               -


-

-

                                                     -


                                                        -


                            (77,340,009)


                                     (77,340,009)

Net Income (Loss) for the Period

-                                               

                                                      -

                                                        -

                                                        -


                                               -

                                               -


-


                           2,413,420,036


                               2,413,420,036


                            49,505,763


                               2,462,925,799

Other Comprehensive Income:     


















Variation in Translation Differences of Foreign Operations

                                                -

                                                      -

                                                        -

                                                        -


                          (61,558,386)

                                               -


-

-.

-


                                    (61,558,386)


                                 (164,194)


                                    (61,722,580)

Balances as of September 30, 2021

                      106,776,004

 

                              12,715,441,219

 

                              17,702,506,252

 

                             30,524,723,475

 


430,647,032

(430,699,565)


-

3,743,758,571

2,413,420,036


                              36,681,849,549

 


                           212,605,223

 


                              36,894,454,772

                           

 

(1) Corresponds to Judicial Reserve for Future Dividends Distribution.

 


GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

 


September 30, 2022


September 30, 2021

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES




Net Income (Loss) for the Period

(467,652,881)


2,462,925,799

Income Tax

1,132,395,922


1,459,030,639

Accrued Interest, net

185,877,013


15,092,378

Adjustments to reconcile net (loss) income for the period to cash provided by operating activities:




Depreciation of Property, Plant and Equipment

1,434,837,432


1,563,872,981

Amortization of Intangible Assets and Film Library

321,897,091


438,598,347

Amortization of Right-of-Use Assets

129,924,335


137,020,121

Depreciation of Investment Properties                 

17,430,096


-

Net Allowances

552,473,161


917,596,150

Financial Income, except Interest

1,131,857,363


1,003,748,126

Gain (Loss) on Net Monetary Position

2,843,335,998


1,587,146,939

Equity in Earnings from Associates

(237,660,434)


(778,455,454)

Other Income and Expenses

34,179,127


(50,308,730)

Changes in Assets and Liabilities:




Trade Receivables

(5,969,399,697)


(6,087,098,587)

Other Receivables

(1,797,560,871)


(1,143,593,973)

Inventories

1,212,750,192


(1,535,545,447)

Other Assets

(36,159,091)


130,720,650

Trade and Other Payables

2,278,984,618


3,413,141,439

Taxes Payable

729,681,326


80,525,869

Other Liabilities

875,724,826


1,987,906,319

Provisions

(137,140,536)


(269,591,701)

Payments of Income tax

(913,971,840)


(2,652,795,583)





Net Cash Flows provided by Operating Activities

3,321,803,150

 

  2,679,936,282





CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES


 


Payments for Acquisition of Property, Plant and Equipment

(1,380,025,405)


(1,199,617,010)

Payments for Acquisition of Intangible Assets

(302,197,738)


(480,502,263)

Certificates of Deposit       

(671,971,699)


(722,757,531)

Collection from Settlement of Government and Corporate Securities                  

13,610,721


1,746,308,321

Proceeds from Sale of Property, Plant and Equipment

16,277,206


104,650,846

Dividends Collected

172,192,558


287,161,269

Collection of granted loans

-


66,449,925

Collection of Loans - interest

-


(38,547,068)

Proceeds from Disposal of Unconsolidated Affiliates

45,547,577


102,401,906

Transactions with Securities, Bonds and Other Placements, Net

(693,938,107)


(926,134,557)

Payment of capital contributions

(335,681,756)


(292,896,566)





Net Cash Flows used in Investing Activities

(3,136,186,643)

 

(1,353,482,728)





CASH FLOWS PROVIDED BY FINANCING ACTIVITIES


 


Loans Obtained

1,192,740,627


942,774,700

Collection of Counter Guarantee (Note 9.a)

454,630,832   


-

Payment of Financial Debt

(500,724,782)


(393,743,268)

Payment of Interest

(213,089,197)


(119,274,182)

Payment of Lease Liabilities

(116,133,634)


(121,800,016)

Payments to Non-Controlling Interests, net

(15,436,965)


(25,443,119)





Net Cash Flows provided by Financing Activities

801,986,881


282,514,115





FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS

(1,453,900,042)


(1,177,943,231)





(Decrease) Increase in cash flow, net

(466,296,654)

 

431,024,438

Increase (Decrease) of cash from consolidation and deconsolidation of subsidiaries (1)

        1,713,289


(18,607,772)

Cash and Cash Equivalents at the Beginning of the Year

   7,114,742,057

 

6,986,894,905

Cash and Cash Equivalents at the End of the Period (Note 2.4)

6,650,158,692

 

7,399,311,571

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
QRTEAXFLFAFAFEA