Grupo Clarín Announces First Quarter 2023 Results
Buenos Aires, Argentina, May 12, 2023 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its First Quarter 2023 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of March 31, 2023 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 (1Q23 vs. 1Q22):
§ Total Revenues reached Ps. 22,761.9 million, an increase of 5.9% in real terms compared to 1Q22, 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. 3,205.0 million, an increase of 9.8% compared to 2,918.6 for 1Q22, mainly driven by a higher EBITDA in the Digital and Printed Publications and Others segments, partially offset by lower EBITDA in Broadcasting and Programming.
§ Grupo Clarín's Adjusted EBITDA Margin(2) was 14.1% in 1Q23, compared to 13.6% in 1Q22.
§ Profit for the period resulted in Ps. 1,051.9 million, an increase of 814.6% compared to a profit of Ps. 115.0 million reported in 1Q22. Net Income for the period attributable to Equity Shareholders amounted Ps 1,060.2 million in 1Q23 from a profit of Ps. 110.0 million in 1Q22, an increase of 863.6%.
FINANCIAL HIGHLIGHTS
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| (In millions of Ps.) | 1Q23 | 1Q22 | % Ch. | 4Q22 | QoQ |
| Total Revenues | 22,761.9 | 21,501.1 | 5.9% | 22,310.0 | 2.0% |
| Adjusted EBITDA (1) | 3,205.0 | 2,918.6 | 9.8% | 1,897.8 | 68.9% |
| Adjusted EBITDA Margin (2) | 14.1% | 13.6% | 3.7% | 8.5% | 65.5% |
| Profit/(Loss) for the period | 1,051.9 | 115.0 | 814.6% | (1,002.6) | (204.9%) |
| Attributable to: | | | | | |
| Equity Shareholders | 1,060.2 | 110.0 | 863.6% | (962.2) | (210.2%) |
| Non-Controlling Interests | (8.3) | 5.0 | (265.9%) | (40.4) | (79.6%) |
(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. 22,761.9 million, an increase of 5.9% in real terms from Ps. 21,501.1 million in 1Q22, in a context of increasing inflation (which reached 104.3% interannually as of March and 102.0% on average). Advertising revenues decreased 6.5% in real terms and represented around 34.9% of the Total Revenues of the Company. Circulation revenues increased 19.9% YoY and represented 39.3% of the Total. Programming revenues decreased 6.2% YoY and represented 14.7% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
| (In millions of Ps.) | 1Q23 | 1Q22 | YoY | 4Q22 | QoQ |
| Digital and Printed Publications | 12,801.1 | 10,826.5 | 18.2% | 9,647.2 | 32.7% |
| Broadcasting and Programming | 9,112.5 | 9,997.2 | (8.8%) | 12,225.2 | (25.5%) |
| Others | 1,811.1 | 1,836.2 | (1.4%) | 1,537.5 | 17.8% |
| Subtotal | 23,724.7 | 22,660.0 | 4.7% | 23,409.8 | 1.3% |
| Eliminations | (962.8) | (1,158.8) | (16.9%) | (1,099.9) | (12.5%) |
| Total | 22,761.9 | 21,501.1 | 5.9% | 22,310.0 | 2.0% |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 13,757.5 million, an increase of 3.8% from Ps. 13,252.7 million reported in 1Q22, mainly due to higher costs in the Digital and Printed Publications segment related to the increase in schoolbooks sales, partially offset by lower salaries and severance payments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) totaled Ps. 5,799.4 million, an increase of 8.8% from Ps. 5,329.9 million in 1Q22. This increase was mainly due to higher contingencies, distribution costs and advertising and promotion costs partially offset by lower salaries and severance payments.
Adjusted EBITDA amounted to Ps. 3,205.0 million, increase of 9.8% from Ps. 2,918.6 million reported in 1Q22. This increase was driven by a higher EBITDA in Digital and Printed Publications as a result of higher circulation and printing revenues, partially offset by lower EBITDA in Broadcasting and Programming, mainly as a result of lower advertising and programming revenues in real terms.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
| (In millions of Ps.) | 1Q23 | 1Q22 | YoY | 4Q22 | QoQ |
| Digital and Printed Publications | 1,991.1 | 1,344.4 | 48.1% | 124.7 | 1496.6% |
| Broadcasting and Programming | 736.6 | 1,152.0 | (36.1%) | 2,242.8 | (67.2%) |
| Others | 477.3 | 422.2 | 13.0% | (469.7) | (201.6%) |
| Total | 3,205.0 | 2,918.6 | 9.8% | 1,897.8 | 68.9% |
Financial results net totaled Ps. (1,290.7) million compared to Ps. (2,052.4) million in 1Q22. This decrease was mainly due to lower negative results of operations with notes and bonds, higher gained interests and positive net FX results versus a negative figure in 2022, partially offset by higher interest on debts and higher negative inflation adjustment results versus 2022.
Equity in earnings from unconsolidated affiliates in 1Q23 totaled Ps. 743.4 million, compared to Ps. 462.7 million in 1Q22, mainly related to positive results in TRISA versus a negative result in 2022, the suspension of operations in BIMO which had had negative results in 2022 and higher net income in our subsidiary Papel Prensa.
Other Income (expenses), net reached Ps. 60.5 million, compared to Ps. (28.9) million in 1Q22.
Income tax as of 1Q23 reached Ps. (767.9) million, from Ps. Ps. (255.1) million in 1Q22, mainly as a result of higher taxable income (after considering taxable Inflation Adjustment).
Income for the period totaled Ps. 1,051.9 million, an increase of 814.6% from a gain of Ps. 115.0 million reported in 1Q22. The Equity Shareholders Net Income for the period amounted Ps. 1,060.2 million, an increase of 863.6% YoY from a profit of 110.0 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 705.3 million in 1Q23, an increase of 40.1% from Ps. 503.4 million reported in 1Q22, mainly explained by the acquisition of a new server in the Digital and Printed Publications segment. Out of the total CAPEX in 1Q23, 64.6% was allocated towards the Broadcasting and Programming segment and 35.4% to the Digital and Printed Publications segment.
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2023
| (In millions of Ps.) | Digital & Printed Publications | Broadcasting & Programming | Others | Eliminations | Total | % |
| Advertising | 2,291.7 | 5,746.6 | - | (97.7) | 7,940.6 | 34.9% |
| Circulation | 8,936.6 | - | - | - | 8,936.6 | 39.3% |
| Printing | 1,061.3 | - | - | (2.8) | 1,058.5 | 4.7% |
| Programming | - | 3,353.0 | - | - | 3,353.0 | 14.7% |
| Other Sales
| 511.5 | 12.9 | 1,811.1 | (862.3) | 1,473.2 | 6.5% |
| Total Sales | 12,801.1 | 9,112.5 | 1,811.1 | (962.8) | 22,761.9 | 100.0% |
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2022
| (In millions of Ps.) | Digital & Printed Publications | Broadcasting & Programming | Others | Eliminations | Total | % |
| Advertising | 2,294.6 | 6,333.7 | - | (133.4) | 8,494.9 | 39.5% |
| Circulation | 7,451.9 | - | - | - | 7,451.9 | 34.7% |
| Printing | 550.8 | - | - | - | 550.8 | 2.6% |
| Programming | - | 3,574.6 | - | - | 3,574.6 | 16.6% |
| Other Sales
| 529.3 | 88.9 | 1,836.2 | (1,025.4) | 1,429.0 | 6.6% |
| Total Sales | 10,826.5 | 9,997.2 | 1,836.2 | (1,158.8) | 21,501.1 | 100.0% |
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 8.8% to Ps. 9,112.5 million in 1Q23, compared to Ps. 9,997.2 million in 1Q22 mainly as a result of lower advertising and programming revenues, in real terms.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) decreased by 5.6% to Ps. 6,241.2 million in 1Q23, compared to Ps. 6,613.4 million in 1Q22. This is mainly attributable to lower salaries and severance payments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization) decreased by 4.4% to Ps. 2,134.7 million in 1Q23, compared to Ps. 2,231.8 million in 1Q22. The decrease was primarily the result of lower fees for services and lower salaries and severance payments partially offset by higher contingencies.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 7.9% to Ps. 409.7 million in 1Q23 compared to Ps. 444.9 million reported in 1Q22.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 18.2% to Ps. 12,801.1 million in 1Q23, mainly as a result of higher circulation and printing revenues from school textbooks and printing services related to biddings for school textbooks and higher Paywall revenues, partially offset by lower traditional circulation revenues. In spite of the high interannual inflation, advertising revenues remained stable in similar levels registered during 1Q22, driven by higher digital advertising.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 15.8% to Ps. 6,687.7 million in 1Q23, compared to Ps. 5,772.9 million in 1Q22. The increase is the result of higher costs related to the increase in schoolbooks sales; partially offset by lower salaries.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization) increased by 11.1% to Ps. 4,122.3 million in 1Q23, compared to the Ps. 3,709.3 million reported in 1Q22. This was primarily the result of higher distribution costs, salaries and severance payments, advertising and promotion costs contingencies.
Depreciation and Amortization
Depreciation and amortization expenses increased by 12.4% to Ps. 359.9 million in 1Q23 compared to Ps. 320.2 million in 1Q22.
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 decreased 1.4% to Ps. 1,811.1 , from Ps. 1,836.2 million reported in 1Q22. EBITDA resulted in Ps. 477.3 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
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| 1Q23 | 1Q22 | YoY | 4Q22 | QoQ |
| Circulation (1) | 152.0 | 183.2 | -17.0% | 164.2 | -7.4% |
| Circulation share % (2) | 55.3% | 57.1% | -3.1% | 55.4% | -0.1% |
| Total Digital Subs (3) | 597.9 | 494.3 | 21.0% | 549.3 | 8.9% |
(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
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| 1Q23 | 1Q22 | YoY | 4Q22 | QoQ |
| Advertising Share % (1) | 29.7% | 33.5% | -11.3% | 35.2% | -15.6% |
| Audience Share % (2) | | | | | |
| Prime Time | 23.1% | 31.9% | -27.7% | 26.7% | -13.5% |
| Total Time | 23.8% | 29.3% | -18.6% | 25.0% | -4.9% |
(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
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| 1Q23 | 1Q22 | YoY | 4Q22 | QoQ |
| Page Views (1) | 930.6 | 840.9 | 10.7% | 1,020.4 | -8.8% |
| Mobile page Views | 735.5 | 629.2 | 16.9% | 723.7 | 1.6% |
(1) In millions. Average. Source DAX and Company Estimates.
REVENUES AND EBITDA - IAS 29 Adjustment
| REVENUES (In millions of Ps.) | 1Q23 | 1Q22 | YoY | 1Q23 ex IAS 29 | IAS 29 Adjustment | 1Q23 | 1Q22 ex IAS 29 | IAS 29 Adjustment | 1Q22 |
| Digital and Printed Publications | 12,801.1 | 10,826.5 | 18.2% | 11,946.5 | 854.6 | 12,801.1 | 5,002.5 | 5,824.1 | 10,826.5 |
| Broadcasting and Programming | 9,112.5 | 9,997.2 | (8.8%) | 8,504.1 | 608.4 | 9,112.5 | 4,619.3 | 5,377.9 | 9,997.2 |
| Others | 1,811.1 | 1,836.2 | (1.4%) | 1,690.2 | 120.9 | 1,811.1 | 848.4 | 987.8 | 1,836.2 |
| Subtotal | 23,724.7 | 22,660.0 | 4.7% | 22,140.8 | 1,583.9 | 23,724.7 | 10,470.2 | 12,189.8 | 22,660.0 |
| Eliminations | (962.8) | (1,158.8) | (16.9%) | (898.6) | (64.3) | (962.8) | (535.4) | (623.4) | (1,158.8) |
| Total | 22,761.9 | 21,501.1 | 5.9% | 21,242.2 | 1,519.7 | 22,761.9 | 9,934.7 | 11,566.4 | 21,501.1 |
| EBITDA (In millions of Ps.) | 1Q23 | 1Q22 | YoY | 1Q23 ex IAS 29 | IAS 29 Adjustment | 1Q23 | 1Q22 ex IAS 29 | IAS 29 Adjustment | 1Q22 |
| Digital and Printed Publications | 1,991.1 | 1,344.4 | 48.1% | 1,858.2 | 132.9 | 1,991.1 | 621.2 | 723.2 | 1,344.4 |
| Broadcasting and Programming | 736.6 | 1,152.0 | (36.1%) | 687.4 | 49.2 | 736.6 | 532.3 | 619.7 | 1,152.0 |
| Others | 477.3 | 422.2 | 13.0% | 445.4 | 31.9 | 477.3 | 195.1 | 227.1 | 422.2 |
| Total | 3,205.0 | 2,918.6 | 9.8% | 2,991.0 | 214.0 | 3,205.0 | 1,348.6 | 1,570.0 | 2,918.6 |
DEBT AND LIQUIDITY
| (In millions of Ps.) | March 2023 | March 2022 | % Change |
| Short Term and Long-Term Debt |
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|
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| Current Financial Debt | 1,525.7 | 3,607.9 | (57.7%) |
| Financial loans | 578.3 | 2,917.7 | (80.2%) |
| Accrued interest | 61.9 | 169.1 | (63.4%) |
| Acquisition of equipment | 19.5 | 84.1 | (76.8%) |
| Related Parties Accrued Interest
| - | - | 0.0% |
| Related Parties Capital | - | (0.0) | (100.0%) |
| Bank overdraft | 866.0 | 437.0 | 98.2% |
| Non-Current Financial Debt | 2,386.0 | 170.1 | 1303.0% |
| Financial loans | 2,385.1 | 143.3 | 1564.4% |
| Acquisition of equipment | 0.9 | 26.8 | (96.7%) |
| Total Financial Debt (A) | 3,911.7 | 3,777.9 | 3.5% |
| Total Short Term and Long-Term Debt | 3,911.7 | 3,777.9 | 3.5% |
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| Cash and Cash Equivalents (B) | 10,940.4 | 9,732.4 | 12.4% |
| Net Debt (A) - (B) | (7,028.7) | (5,954.5) | 18.0% |
| Net Debt/Adjusted Ebitda (1) | (0.58x) | (0.44x) | 32.6% |
Total Financial Debt(1) and Net Debt, increased 3.5% to Ps. 3,911.7 million from Ps. 3,777.9 million and to Ps. (7,028.7) million from Ps. (5,954.5) million, respectively.
Debt coverage ratio (1) as of March 31, 2023 was (0.58x) in the case of Net Debt and of 0.32x 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.
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)
| 274.00 |
| GCLA (LSE) Price per GDS (USD) | 1.08 |
| Total Shares | 106,776,004 |
| Shares per GDS | 2 |
| Closing Price | May 12, 2023 |
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 2023 Results
Date: Tuesday, May 16, 2023
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://event.choruscall.com/mediaframe/webcast.html?webcastid=ZWb06Fr7
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 THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022,
AND THE THREE-MONTH PERIODS BEGINNING JANUARY 1 AND ENDING ON
MARCH 31, 2023 AND 2022
(Amounts stated in Argentine Pesos)
| | March 31, 2023 | | March 31, 2022 |
| | | | |
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| | | | |
| Sales Revenues | 22,761,882,557 | | 21,501,129,986 |
| | | | |
| Cost of Sales (1) | (14,499,610,636) | | (13,973,844,588) |
| | | | |
| Subtotal - Gross Profit | 8,262,271,921 |
| 7,527,285,398 |
| | | | |
| Selling Expenses (1) | (2,855,688,302) | | (2,677,733,976) |
| Administrative Expenses (1) | (3,099,900,458) | | (2,860,918,227) |
| | | | |
| Other Income and Expenses, net | 60,457,510 | | (28,871,188) |
| | | | |
| Financial Expenses on Debt | (718,897,326) | | (326,102,345) |
| Gain (Loss) on Net Monetary Position | (1,146,839,997) | | (1,017,933,531) |
| Other Financial Results, net | 574,996,328 | | (708,365,090) |
| Financial Results | (1,290,740,995) | | (2,052,400,966) |
| | | | |
| Equity in Earnings from Subsidiaries | 743,411,601 | | 462,721,766 |
| | | | |
| Income (Loss) before Income Tax | 1,819,811,277 |
| 370,082,807 |
| |
|
|
|
| Income Tax | (767,917,951) | | (255,074,521) |
| | | | |
| Net Income (Loss) for the Period | 1,051,893,326 |
| 115,008,286 |
| | | |
|
| | | | |
| Other Comprehensive Income | | | |
| | | | |
| Items which can be reclassified to Net Income (Loss) | | | |
| Variation in Translation Differences of Foreign Operations | (8,896,753) | | 48,095,037 |
| Other Comprehensive Income (Loss) for the Period | (8,896,753) | | 48,095,037 |
| | | | |
| TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD | 1,042,996,573 |
| 163,103,323 |
| | | | |
| (Loss) Income Attributable to: | | | |
| | | | |
| Shareholders of the Controlling Company | 1,060,157,977 | | 110,025,852 |
| | | | |
| Non-Controlling Interests | (8,264,651) | | 4,982,434 |
| | | | |
| Total Comprehensive Income (Loss) Attributable to: | | | |
| | | | |
| Shareholders of the Controlling Company | 1,051,261,224 | | 158,120,889 |
| | | | |
| Non-Controlling Interests | (8,264,651) | | 4,982,434 |
| | | | |
| Basic and Diluted Earnings per Share | 9.93 | | 1.03 |
| | | | |
| | | | |
(1) Includes amortization of intangible assets and film library, right-of-use assets, depreciation of property, plant and equipment and investment property in the amount of $ 898,327,113 and $ 929,962,515 for the three-month periods ended March 31, 2023 and 2022, respectively.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of March 31st, 2023 available at https://ir.grupoclarin.com
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2023 AND DECEMBER 31, 2022
(Amounts stated in Argentine Pesos)
|
| March 31, 2023 | | December 31, 2022 |
| ASSETS |
|
|
|
| NON-CURRENT ASSETS |
|
|
|
| Property, Plant and Equipment | 21,754,161,958 | | 21,705,022,359 |
| Intangible Assets | 1,828,787,526 | | 1,857,266,781 |
| Goodwill | 65,185,776 | | 65,185,776 |
| Investment Properties | 2,256,671,435 | | 2,267,474,633 |
| Deferred Tax Assets | 2,705,283,949 | | 2,341,183,797 |
| Right-of-Use Assets | 296,105,611 | | 97,496,536 |
| Investments in Subsidiaries | 12,194,980,848 | | 11,497,463,054 |
| Other Investments | 533,908,433 | | 550,654,254 |
| Inventories | 1,063,191,036 | | 937,556,661 |
| Other Assets | 146,280,626 | | 146,313,792 |
| Other Receivables | 134,414,775 | | 159,228,804 |
| Total Non-Current Assets | 42,978,971,973 | | 41,624,846,447 |
|
| | | |
| CURRENT ASSETS | | | |
| Inventories | 3,764,447,723 | | 5,419,789,845 |
| Other Assets | 993,680,889 | | 603,945,348 |
| Other Receivables | 6,182,832,974 | | 6,298,139,782 |
| Trade Receivables | 19,022,233,340 | | 22,271,386,838 |
| Other Investments | 8,066,464,159 | | 7,368,954,020 |
| Cash and Banks | 3,403,351,035 | | 2,607,503,531 |
| Total Current Assets | 41,433,010,120 | | 44,569,719,364 |
|
|
| |
|
| Total Assets | 84,411,982,093 | | 86,194,565,811 |
| | | | |
| EQUITY (as per the corresponding statement) | | | |
| Attributable to Shareholders of the Controlling Company | | | |
| Shareholders' Contribution | 43,584,409,062 | | 43,584,409,062 |
| Other Items | (91,234,062) | | (82,337,309) |
| Retained Earnings | 7,199,129,833 | | 6,138,971,856 |
| Total Attributable to Shareholders of the Controlling Company | 50,692,304,833 | | 49,641,043,609 |
|
| | | |
| Attributable to Non-Controlling Interests | 260,784,291 | | 269,048,942 |
| Total Equity | 50,953,089,124 | | 49,910,092,551 |
| | | | |
| LIABILITIES | | | |
| NON-CURRENT LIABILITIES | | | |
| Provisions and Other Charges | 3,085,349,170 | | 3,402,622,454 |
| Financial Debt | 2,385,995,269 | | 2,523,957,779 |
| Lease Liabilities | 84,816,674 | | 16,348,390 |
| Deferred Tax Liabilities | 2,243,471,880 | | 1,720,027,649 |
| Taxes Payable | 93,280,607 | | 13,267,591 |
| Other Liabilities | 1,171,713,981 | | 1,209,728,399 |
| Trade and Other Payables | 177,316,068 | | 45,912,411 |
| Total Non-Current Liabilities | 9,241,943,649 | | 8,931,864,673 |
|
| | |
|
| CURRENT LIABILITIES | | | |
| Financial Debt | 1,525,727,427 | | 1,735,525,542 |
| Taxes Payable | 1,250,221,366 | | 915,315,055 |
| Lease Liabilities | 187,454,929 | | 69,276,698 |
| Other Liabilities | 3,071,089,070 | | 4,147,939,541 |
| Trade and Other Payables | 18,182,456,528 | | 20,484,551,751 |
| Total Current Liabilities | 24,216,949,320 | | 27,352,608,587 |
|
| | | |
| Total Liabilities | 33,458,892,969 | | 36,284,473,260 |
|
|
| | |
| Total Equity and Liabilities | 84,411,982,093 | | 86,194,565,811 |
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Amounts stated in Argentine Pesos)
| | 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 2023 | 106,776,004 | 18,201,293,551 | 25,276,339,507 | 43,584,409,062 | 532,632,587 | (614,969,896) | 2,463,845,386 | 5,345,486,750 | (1,670,360,280) | | 49,641,043,609 | | 269,048,942 | | 49,910,092,551 |
| Net Income (Loss) for the Period | - | - | - | - | - | - | - | - | 1,060,157,977 | | 1,060,157,977 | | (8,264,651) | | 1,051,893,326 |
| Other Comprehensive Income: | | | | | | | | | | | | | | | |
| Variation in Translation Differences of Foreign Operations | - | - | - | - | (8,896,753) | - | - | - | - | | (8,896,753) | | - | | (8,896,753) |
| Balances as of March 31, 2023 | 106,776,004 | 18,201,293,551 | 25,276,339,507 | 43,584,409,062 | 523,735,834 | (614,969,896) | 2,463,845,386 | 5,345,486,750 | (610,202,303) |
| 50,692,304,833 |
| 260,784,291 |
| 50,953,089,124 |
| Balances as of January 1, 2022 | 106,776,004 | 18,201,293,551 | 25,276,339,507 | 43,584,409,062 | 588,547,275 | (614,969,896) | - | 5,345,486,750 | 2,463,845,384 | | 51,367,318,575 | | 344,912,757 | | 51,712,231,332 |
| Changes in minority interest in a subsidiary | - | - | - | - | - | - | - | - | - | | - | | (20,324,353) | | (20,324,353) |
| Net Income (Loss) for the Period | - | - | - | - | - | - | - | - | 110,025,852 | | 110,025,852 | | 4,982,434 | | 115,008,286 |
| Other Comprehensive Income: | | | | | | | | | | | | | | | |
| Variation in Translation Differences of Foreign Operations | - | - | - | - | 48,095,037 | - | - | - | - | | 48,095,037 | | - | | 48,095,037 |
| Balances as of March 31, 2022 | 106,776,004 | 18,201,293,551 | 25,276,339,507 | 43,584,409,062 | 636,642,312 | (614,969,896) | - | 5,345,486,750 | 2,573,871,236 |
| 51,525,439,464 |
| 329,570,838 | | 51,855,010,302 |
(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, 2023 AND 2022
(Amounts stated in Argentine Pesos)
| | March 31, 2023 | | March 31, 2022 |
| CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | | | |
| Net Income (Loss) for the Period | 1,051,893,326 | | 115,008,286 |
| Income Tax | 767,917,951 | | 255,074,521 |
| Accrued Interest, net | (34,987,566) | | (19,872,460) |
| Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities: | | | |
| Depreciation of Property, Plant and Equipment | 644,862,501 | | 712,416,723 |
| Amortization of Intangible Assets and Film Library | 175,731,600 | | 156,279,785 |
| Amortization of Right-of-Use Assets | 66,929,814 | | 61,266,007 |
| Depreciation of Investment Properties | 10,803,198 | | - |
| Net Allowances | 356,099,815 | | 181,042,974 |
| Financial Income, except Interest | 211,356,820 | | 729,433,509 |
| Gain (Loss) on Net Monetary Position | 1,146,839,997 | | 1,017,933,531 |
| Equity in Earnings from Subsidiaries | (743,411,601) | | (462,721,766) |
| Other Income and Expenses | 3,721,139 | | (1,262,407) |
| Changes in Assets and Liabilities: | | | |
| Trade Receivables | (1,254,946,937) | | 336,789,970 |
| Other Receivables | (810,803,297) | | (1,578,062,763) |
| Inventories | 1,239,728,380 | | 5,396,580 |
| Other Assets | (386,792,243) | | 116,160,989 |
| Trade and Other Payables | 1,739,826,347 | | (307,427,057) |
| Taxes Payable | (39,132,934) | | 343,317,393 |
| Other Liabilities | (411,220,859) | | 859,185,444 |
| Provisions | (340,078,090) | | (30,877,018) |
| Payments of Income tax | (139,505,072) | | (595,118,017) |
| | | | |
| Net Cash Flows provided by Operating Activities | 3,254,832,289 |
| 1,893,964,224 |
| | | | |
| CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES | |
| |
| Payments for Acquisition of Property, Plant and Equipment | (705,319,263) | | (503,410,393) |
| Payments for Acquisition of Intangible Assets | (155,513,902) | | (94,977,280) |
| Collection of Other Investments | 344,819 | | - |
| Proceeds from Sale of Property, Plant and Equipment and Intangible Assets | 7,492,604 | | 6,707,271 |
| Proceeds from Disposal of Unconsolidated Affiliates | - | | 65,034,634 |
| Transactions with Securities, Bonds and Other Placements, Net | (2,223,200) | | (724,122,979) |
| Payment of capital contributions | (380,000) | | (172,508,328) |
| | | | |
| Net Cash Flows used in Investing Activities | (855,598,942) |
| (1,423,277,075) |
| | | | |
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | |
| |
| Loans Obtained | 460,052,953 | | 135,366,967 |
| Return of Counter Guarantee | (31,692,800) | | - |
| Payment of Financial Debt | (549,940,146) | | (116,334,095) |
| Payment of Interest | (196,450,747) | | (50,245,883) |
| Payment of Lease Liabilities | (58,207,033) | | (57,207,269) |
| | | | |
| Net Cash Flows used in Financing Activities | (376,237,773) | | (88,420,280) |
| | | | |
| Net Increase in Cash Flow | 2,022,995,574 |
| 382,266,869 |
| | | | |
| Cash and Cash Equivalents at the Beginning of the Year | 9,428,380,357 |
| 10,158,710,477 |
| FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS | (510,979,784) | | (791,254,273) |
| Decrease in Cash Due to Deconsolidation of Subsidiaries (1) | - | | (17,316,847) |
| Cash and Cash Equivalents at the End of the Period | 10,940,396,147 |
| 9,732,406,226 |
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