REG - Grupo Clarin S.A. - 3rd Quarter and 9 Month Results
13/11/2023 07:00
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RNS Number : 1583T Grupo Clarin S.A. 12 November 2023
Grupo Clarín Announces Nine months and Third Quarter 2023 Results
Buenos Aires, Argentina, November 10, 2023 - 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 2023 results.
Figures in this report have been prepared in accordance with International
Financial Reporting Standards ((*)) ("IFRS") as of September 30, 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 (9M23 vs. 9M22):
§ Total Revenues reached Ps. 109,644.1 million, a decrease of 2.3% in real
terms compared to 9M22, 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. 11,844.5 million, a decrease of 29.4%
compared to 16,766.0 for 9M22, mainly driven by lower EBITDA in Broadcasting
and Programming and Others segments.
§ Grupo Clarín's Adjusted EBITDA Margin((2)) was 10.8% in 9M23, compared to
14.9% in 9M22.
§ Net Income for the period resulted in a loss of Ps. 1,513.2 million, an
increase of 35.8% compared to a loss of Ps. 1,114.3 million reported in 9M22.
Loss for the period attributable to Equity Shareholders amounted Ps 1,377.2
million in 9M23 from a loss of Ps. 1,181.9 million in 9M22, an increase of
16.5%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 9M23 9M22 % Ch. 3Q23 2Q23 3Q22 QoQ YoY
Total Revenues 109,644.1 112,266.9 (2.3%) 35,061.7 36,596.7 37,313.2 (4.2%) (6.0%)
Adjusted EBITDA ((1)) 11,844.5 16,766.0 (29.4%) 2,512.7 3,983.2 6,292.2 (36.9%) (60.1%)
Adjusted EBITDA Margin ((2)) 10.8% 14.9% (27.7%) 7.2% 10.9% 16.9% (34.2%) (57.5%)
Profit/(Loss) for the period (1,513.2) (1,114.3) 35.8% (2,810.6) (458.0) (1,647.8) 513.6% 70.6%
Attributable to:
Equity Shareholders (1,377.2) (1,181.9) 16.5% (2,720.0) (426.4) (1,565.5) 537.9% 73.7%
Non-Controlling Interests (136.0) 67.5 (301.4%) (90.6) (31.6) (82.3) 186.4% 10.1%
(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. 109,644.1 million, a decrease of 2.3% in real terms
from Ps. 112,266.9 million in 9M22, in a context of increasing inflation
(which reached 138.3% interannually as of September and 115.0% on average).
Advertising revenues decreased 5.7% in real terms and represented around 44.2%
of the Total Revenues of the Company. Circulation revenues increased 4.5% YoY
and represented 31.4% of the Total. Programming revenues decreased 19.0% YoY
and represented 13.4% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.) 9M23 9M22 YoY 3Q23 2Q23 3Q22 QoQ YoY
Digital and Printed Publications 55,656.9 51,368.9 8.3% 17,178.1 17,116.0 16,207.6 0.4% 6.0%
Broadcasting and Programming 50,165.6 57,336.7 (12.5%) 16,748.9 18,209.5 19,857.7 (8.0%) (15.7%)
Others 7,745.5 8,088.8 (4.2%) 2,247.9 2,475.2 2,339.4 (9.2%) (3.9%)
Subtotal 113,568.1 116,794.3 (2.8%) 36,174.9 37,800.7 38,404.7 (4.3%) (5.8%)
Eliminations (3,924.0) (4,527.4) (13.3%) (1,113.2) (1,203.9) (1,091.5) (7.5%) 2.0%
Total 109,644.1 112,266.9 (2.3%) 35,061.7 36,596.7 37,313.2 (4.2%) (6.0%)
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 67,968.0
million, an increase of 2.3% from Ps. 66,422.8 million reported in 9M22,
mainly due to higher costs in the Digital and Printed Publications segment
related to the increase in schoolbooks sales and severance payments; partially
offset by lower content production cost in Broadcasting and Programming and
lower salaries in real terms, across all segments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
totaled Ps. 29,831.6 million, an increase of 2.6% from Ps. 29,078.1 million in
9M22. This increase was mainly due to higher contingencies, advertising and
promotion costs.
Adjusted EBITDA amounted to Ps. 11,844.5 million, decrease of 29.4% from Ps.
16,766.0 million reported in 9M22. This decrease was driven by a lower EBITDA
in Broadcasting and Programming, mainly as a result of lower advertising and
programming revenues in real terms that couldn't be offset by lower costs.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) 9M23 9M22 YoY 3Q23 2Q23 3Q22 QoQ YoY
Digital and Printed Publications 4,127.2 4,247.9 (2.8%) 314.0 490.4 1,193.1 (36.0%) (73.7%)
Broadcasting and Programming 7,550.2 11,822.3 (36.1%) 2,688.3 3,632.6 5,146.5 (26.0%) (47.8%)
Others 167.1 695.9 (76.0%) (489.6) (139.8) (47.4) 250.1% 932.4%
Total 11,844.5 16,766.0 (29.4%) 2,512.7 3,983.2 6,292.2 (36.9%) (60.1%)
Financial results net totaled Ps. (10,648.0) million compared to Ps.
(11,096.1) million in 9M22. This decrease was mainly due to higher gained
interests, lower net negative Foreign Exchange results and lower negative
results of operations with notes and bonds, partially offset by higher
interest on debts and higher negative inflation adjustment results versus
2022.
Equity in earnings from unconsolidated affiliates in 9M23 totaled Ps. 1,345.6
million, compared to Ps. 566.3 million in 9M22, mainly related to the
suspension of operations in BIMO which had had negative results in 2022,
partially offset by lower positive results in our subsidiary Papel Prensa
higher negative results in TRISA versus a negative result in 2022.
Other Income (expenses), net reached Ps. 450.5 million, compared to Ps.
(115.1) million in 9M22.
Income tax as of 9M23 reached Ps. (33.1) million, from Ps. Ps. (2,698.3)
million in 9M22, mainly as a result of lower taxable income (after considering
taxable Inflation Adjustment).
Income for the period totaled Ps. 1,513.2 million, an increase of 35.8% from a
loss of Ps. 1,114.3 million reported in 9M22. The Equity Shareholders Loss for
the period amounted Ps. 1,377.2 million, an increase of 16.5% YoY from a loss
of 1,181.9 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps.
3,355.5 million in 9M23, an increase of 2.0% from Ps. 3,288.4 million reported
in 9M22. Out of the total CAPEX in 9M23, 74.3% was allocated towards the
Broadcasting and Programming segment and 25.3% to the Digital and Printed
Publications segment.
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2023
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 13,779.5 35,253.2 - (571.9) 48,460.7 44.2%
Circulation 34,437.2 - - - 34,437.2 31.4%
Printing 4,977.3 - - (3.7) 4,973.7 4.5%
Programming - 14,703.4 - - 14,703.4 13.4%
Other Sales 2,462.9 209.0 7,745.5 (3,348.4) 7,069.1 6.4%
Total Sales 55,656.9 50,165.6 7,745.5 (3,924.0) 109,644.1 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2022
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 13,213.7 38,733.3 - (583.0) 51,363.9 45.8%
Circulation 32,947.3 - - - 32,947.3 29.3%
Printing 2,598.9 - - - 2,598.9 2.3%
Programming - 18,149.3 - - 18,149.3 16.2%
Other Sales 2,609.0 454.1 8,088.8 (3,944.4) 7,207.4 6.4%
Total Sales 51,368.9 57,336.7 8,088.8 (4,527.4) 112,266.9 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 12.5% to Ps. 50,165.6 million in 9M23, compared to Ps.
57,336.7 million in 9M22 mainly as a result of lower programming and
advertising revenues, in real terms.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) decreased by 7.8% to
Ps. 31,469.0 million in 9M23, compared to Ps. 34,148.3 million in 9M22. This
is mainly attributable to lower programming, content production and services
and satellites costs, and lower salaries and severance payments in real terms.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 1.9% to Ps. 11,146.5 million in 9M23, compared to Ps. 11,366.1
million in 9M22. The decrease was primarily the result of lower fees for
services, partially offset by higher contingencies.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 6.2% to Ps. 2,100.9
million in 9M23 compared to Ps. 2,240.6 million reported in 9M22.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 8.3% to Ps. 55,656.9 million in 9M23, mainly as a
result of higher circulation and printing revenues from school textbooks and
printing services related to biddings for school textbooks, mainly during
1Q23, and higher Optional Products and Paywall revenues, offset by lower
traditional circulation revenues. In spite of the high interannual inflation,
advertising revenues were higher than the figure registered during 9M22,
driven by political advertising and higher digital advertising.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 13.9% to
Ps. 31,717.6 million in 9M23, compared to Ps. 27,842.8 million in 9M22. The
increase is mainly the result of higher costs related to the increase in
schoolbooks sales and printing and other costs of editorial products and the
effect of inflation adjustment over consumption of goods acquired during
previous months; and severance payments related to the restructuring carried
out in 2Q23; partially offset by lower salaries.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
increased by 2.8% to Ps. 19,812.1 million in 9M23, compared to the Ps.
19,278.2 million reported in 9M22. This was primarily the result of higher
salaries and severance payments, contingencies, and bad debt, partially offset
by lower distribution costs.
Depreciation and Amortization
Depreciation and amortization expenses increased by 12.3% to Ps. 1,714.3
million in 9M23 compared to Ps. 1,526.5 million in 9M22.
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 4.2% to Ps. 7,745.5 , from Ps.
8,088.8 million reported in 9M22. EBITDA resulted in Ps. 167.1 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
9M23 9M22 YoY 3Q23 2Q23 3Q22 QoQ YoY
Circulation ((1)) 54.9 67.3 -18.4% 52.6 55.6 64.5 -1.3% -18.6%
Circulation share % ((2)) 54.3% 56.4% -3.8% 53.6% 54.0% 56.0% 0.6% -4.2%
Total Digital Subs ((3)) 691.8 554.6 24.7% 691.8 657.9 554.6 5.2% 24.7%
( )
((1)) Average number of paper copies, (newsstands, and subscriptions),
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
9M23 9M22 YoY 3Q23 2Q23 3Q22 QoQ YoY
Advertising Share % ((1)) 32.1% 35.0% -8.4% 32.1% 33.5% 35.7% -4.3% -10.1%
Audience Share % ((2))
Prime Time 28.0% 33.7% -16.7% 29.2% 32.0% 34.3% -12.4% -14.9%
Total Time 26.6% 31.3% -15.2% 28.0% 27.8% 32.0% -4.3% -12.5%
( )
((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. Prime Time
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
9M23 9M22 YoY 3Q23 2Q23 3Q22 QoQ YoY
Page Views ((1)) 825.8 896.5 -7.9% 738.0 808.9 974.5 2.1% -24.3%
Mobile page Views 620.1 661.6 -6.3% 524.0 600.7 731.7 3.2% -28.4%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) September 2023 September 2022 % Change
Short Term and Long-Term Debt
Current Financial Debt 6,724.0 3,534.2 90.3%
Financial loans 4,690.5 1,921.3 144.1%
Accrued interest 132.3 387.2 (65.8%)
Acquisition of equipment 8.7 88.3 (90.1%)
Related Parties Accrued Interest - - 0.0%
Related Parties Capital - - 0.0%
Bank overdraft 1,892.5 1,137.3 66.4%
Non-Current Financial Debt 526.9 3,386.5 (84.4%)
Financial loans 526.9 3,365.7 (84.3%)
Acquisition of equipment - 20.8 (100.0%)
Total Financial Debt (A) 7,250.9 6,920.7 4.8%
Total Short Term and Long-Term Debt 7,250.9 6,920.7 4.8%
Cash and Cash Equivalents (B) 16,514.6 15,846.2 4.2%
Net Debt (A) - (B) (9,263.7) (8,925.4) 3.8%
Net Debt/Adjusted Ebitda ((1)) (0.62x) (0.42x) 46.1%
Total Financial Debt((1)) and Net Debt, increased 4.8% to Ps. 7,250.9 million
from Ps. 6,920.7 million and to Ps. (9,263.7) million from Ps. (8,925.4)
million, respectively.
Debt coverage ratio ((1)) as of September 30, 2023 was (0.62x) in the case of
Net Debt and of 0.48x 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 9M23 9M22 YoY 9M23 ex IAS 29 IAS 29 Adjust. 9M23 9M22 ex IAS 29 IAS 29 Adjust. 9M22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 55,656.9 51,368.9 8.3% 39,854.7 15,802.2 55,656.9 17,105.8 34,263.1 51,368.9
Broadcasting and Programming 50,165.6 57,336.7 (12.5%) 35,922.5 14,243.1 50,165.6 19,093.1 38,243.6 57,336.7
Others 7,745.5 8,088.8 (4.2%) 5,546.4 2,199.1 7,745.5 2,693.6 5,395.2 8,088.8
Subtotal 113,568.1 116,794.3 (2.8%) 81,323.7 32,244.5 113,568.1 38,892.4 77,901.9 116,794.3
Eliminations (3,924.0) (4,527.4) (13.3%) (2,809.9) (1,114.1) (3,924.0) (1,507.6) (3,019.8) (4,527.4)
Total 109,644.1 112,266.9 (2.3%) 78,513.8 31,130.4 109,644.1 37,384.8 74,882.1 112,266.9
REVENUES 3Q23 3Q22 YoY 3Q23 ex IAS 29 IAS 29 Adjust. 3Q23 3Q22 ex IAS 29 IAS 29 Adjust. 3Q22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 17,178.1 16,207.6 6.0% 15,683.6 1,494.5 17,178.1 6,484.2 9,723.4 16,207.6
Broadcasting and Programming 16,748.9 19,857.7 (15.7%) 14,931.2 1,817.7 16,748.9 7,771.4 12,086.3 19,857.7
Others 2,247.9 2,339.4 (3.9%) 2,093.0 154.9 2,247.9 956.8 1,382.6 2,339.4
Subtotal 36,174.9 38,404.7 (5.8%) 32,707.8 3,467.1 36,174.9 15,212.4 23,192.3 38,404.7
Eliminations (1,113.2) (1,091.5) 2.0% (1,044.2) (69.0) (1,113.2) (469.7) (621.8) (1,091.5)
Total 35,061.7 37,313.2 (6.0%) 31,663.5 3,398.1 35,061.7 14,742.7 22,570.5 37,313.2
EBITDA 9M23 9M22 YoY 9M23 ex IAS 29 IAS 29 Adjust. 9M23 9M22 ex IAS 29 IAS 29 Adjust. 9M22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 4,127.2 4,247.9 (2.8%) 2,955.4 1,171.8 4,127.2 1,414.5 2,833.3 4,247.9
Broadcasting and Programming 7,550.2 11,822.3 (36.1%) 5,406.5 2,143.7 7,550.2 3,936.8 7,885.5 11,822.3
Others 167.1 695.9 (76.0%) 119.7 47.4 167.1 231.7 464.2 695.9
Total 11,844.5 16,766.0 (29.4%) 8,481.6 3,362.9 11,844.5 5,583.1 11,183.0 16,766.0
EBITDA 3Q23 3Q22 YoY 3Q23 ex IAS 29 IAS 29 Adjust. 3Q23 3Q22 ex IAS 29 IAS 29 Adjust. 3Q22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 314.0 1,193.1 (73.7%) 560.1 (246.1) 314.0 491.8 701.4 1,193.1
Broadcasting and Programming 2,688.3 5,146.5 (47.8%) 2,352.4 335.8 2,688.3 1,920.2 3,226.3 5,146.5
Others (489.6) (47.4) 932.4% (292.8) (196.7) (489.6) 7.2 (54.6) (47.4)
Subtotal 2,512.7 6,292.2 (60.1%) 2,619.7 (107.0) 2,512.7 2,419.1 3,873.1 6,292.2
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) 727.55
GCLA (LSE) Price per GDS (USD) 1.33
Total Shares 106,776,004
Shares per GDS 2
Closing Price November 10, 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 Nine months and Third Quarter 2023 Results
Date: Tuesday, November 14, 2023
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=Zn6aVaSq
The webcast presentation will also be available at https://ir.grupoclarin.com
(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 (mailto:investors@grupoclarin.com) E-mail: alex@jasford.com (mailto:alex@jasford.com) E-mail: fig@fig.ooo (mailto: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, 2023 AND 2022,
AND THE THREE-MONTH PERIODS BEGINNING ON JULY 1 AND ENDING ON SEPTEMBER 30,
2023 AND 2022
(Amounts stated in Argentine Pesos)
September 30, 2023 September 30, 2022
July 1, 2023 through September 30, 2023 July 1, 2022 through September 30, 2022
Revenues 109,644,137,625 112,266,920,105 35,061,670,546 37,313,235,356
Cost of Sales (1) (71,650,168,409) (69,986,667,203) (23,788,518,943) (22,197,269,375)
Subtotal - Gross Profit 37,993,969,216 42,280,252,902 11,273,151,603 15,115,965,981
Selling Expenses (1) (13,541,790,211) (13,647,428,685) (4,316,434,940) (4,678,670,851)
Administrative Expenses (1) (17,080,293,979) (16,403,906,002) (5,920,310,172) (5,658,078,689)
Other Income and Expenses, net 450,460,385 (115,111,811) 214,104,209 148,102,150
Financial Expenses on Debt (5,079,620,829) (2,469,091,898) (2,349,933,659) (1,174,518,007)
Gain (Loss) on Net Monetary Position (7,534,553,078) (6,775,170,536) (3,307,266,573) (3,004,326,420)
Other Financial Results, net 1,966,201,095 (1,851,881,092) 233,944,944 (309,771,994)
Financial Results (10,647,972,812) (11,096,143,526) (5,423,255,288) (4,488,616,421)
Equity in Earnings from Associates 1,345,573,294 566,303,093 335,892,312 (739,661,273)
Income (Loss) before Income Tax (1,480,054,107) 1,583,965,971 (3,836,852,276) (300,959,103)
Income Tax (33,144,651) (2,698,300,690) 1,026,264,389 (1,346,865,865)
Net Income (Loss) for the Period (1,513,198,758) (1,114,334,719) (2,810,587,887) (1,647,824,968)
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Equity in Comprehensive Earnings from Associates 116,263,308 - 104,862,676 -
Variation in Translation Differences of Foreign Operations (11,102,477) (144,397,229) (14,560,206) (44,735,134)
Other Comprehensive Income (Loss) for the Period 105,160,831 (144,397,229) 90,302,470 (44,735,134)
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD (1,408,037,927) (1,258,731,948) (2,720,285,417) (1,692,560,102)
(Loss) Income Attributable to:
Shareholders of the Controlling Company (1,377,153,316) (1,181,880,427) (2,719,972,075) (1,565,536,902)
Non-Controlling Interests (136,045,442) 67,545,708 (90,615,812) (82,288,066)
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company (1,271,992,485) (1,326,277,656) (2,629,669,605) (1,610,272,036)
Non-Controlling Interests (136,045,442) 67,545,708 (90,615,812) (82,288,066)
Basic and Diluted Earnings per Share (Note 10) (12.90) (11.07) (25.47) (14.66)
((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 $ 4,472,642,706 and $ 4,537,109,715
for the nine-month periods ended September 30, 2023 and 2022, respectively.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of September 30(st), 2023 available at
https://ir.grupoclarin.com
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022
(Amounts stated in Argentine Pesos)
September 30, 2023 December 31, 2022
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 36,241,142,098 36,222,036,313
Intangible Assets 3,113,119,202 3,099,466,271
Goodwill 108,784,095 108,784,095
Investment Properties 3,729,948,105 3,784,034,269
Deferred Tax Assets 4,951,308,819 3,907,042,485
Right-of-Use Assets 323,633,797 162,705,342
Investments in Associates 20,481,816,519 19,187,334,497
Other Investments 895,319,914 918,949,450
Inventories 81,503,412 1,564,624,577
Other Assets 244,015,480 244,173,165
Other Receivables 771,526,499 265,726,126
Total Non-Current Assets 70,942,117,940 69,464,876,590
CURRENT ASSETS
Inventories 6,891,025,384 9,044,718,837
Other Assets 1,297,255,987 1,007,883,334
Other Receivables 6,861,176,898 10,510,537,337
Trade Receivables 28,909,037,826 37,167,203,491
Other Investments 13,461,572,775 12,297,546,425
Cash and Banks 3,926,996,320 4,351,485,385
Total Current Assets 61,347,065,190 74,379,374,809
Total Assets 132,289,183,130 143,844,251,399
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company
Shareholders' Contribution 72,735,057,427 72,735,057,427
Other Items (32,246,308) (137,407,139)
Retained Earnings 8,867,759,489 10,244,912,805
Total Attributable to Shareholders of the Controlling Company 81,570,570,608 82,842,563,093
Attributable to Non-Controlling Interests 274,995,796 448,997,489
Total Equity 81,845,566,404 83,291,560,582
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 3,939,486,995 5,678,405,305
Financial Debt 526,851,586 4,212,061,560
Lease Liabilities 41,720,569 27,282,717
Deferred Tax Liabilities 2,987,009,591 2,870,437,216
Taxes Payable 209,116,239 22,141,381
Other Liabilities 1,184,339,574 2,018,833,489
Trade and Other Payables 173,173,267 76,620,102
Total Non-Current Liabilities 9,061,697,821 14,905,781,770
CURRENT LIABILITIES
Financial Debt 6,724,023,379 2,896,300,597
Taxes Payable 1,839,065,378 1,527,507,050
Lease Liabilities 214,365,452 115,611,192
Other Liabilities 5,611,640,755 6,922,214,325
Trade and Other Payables 26,992,823,941 34,185,275,883
Total Current Liabilities 41,381,918,905 45,646,909,047
Total Liabilities 50,443,616,726 60,552,690,817
Total Equity and Liabilities 132,289,183,130 143,844,251,399
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022
(Amounts stated in Argentine Pesos - Note 2.1.1)
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 Other Comprehensive Income Other Reserves Legal Reserve Voluntary Reserves ((1)) Retained Earnings Total Equity
Balances as of January 1(st) 2023 106,776,004 30,446,316,699 42,181,964,724 72,735,057,427 888,874,315 (1,026,281,454) 4,111,744,074 8,920,719,452 (2,787,550,721) 82,842,563,093 448,997,489 83,291,560,582
Reversal of Reserve (Note 9.a) - - - - - - (2,787,550,721) - 2,787,550,721 - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (37,956,251) (37,956,251)
Net Income (Loss) for the Period - - - - - - - - (1,377,153,316) (1,377,153,316) (136,045,442) (1,513,198,758)
Other Comprehensive Income:
Changes in Other Comprehensive Income - - - - 105,160,831 - - - - 105,160,831 - 105,160,831
Balances as of September 30, 2023 106,776,004 30,446,316,699 42,181,964,724 72,735,057,427 994,035,146 (1,026,281,454) 1,324,193,353 8,920,719,452 (1,377,153,316) 81,570,570,608 274,995,796 81,845,566,404
Balances as of January 1, 2022 106,776,004 30,446,316,699 42,181,964,724 72,735,057,427 982,186,544 (1,026,281,454) - 8,920,719,452 4,111,744,061 85,723,426,030 575,601,453 86,299,027,483
Set-up of Reserves - - - - - - 4,111,744,061 - (4,111,744,061) - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (126,667,042) (126,667,042)
Net Income (Loss) for the Period - - - - - - - - (1,181,880,427) (1,181,880,427) 67,545,708 (1,114,334,719)
Other Comprehensive Income:
Changes in Other Comprehensive Income - - - - (144,397,229) - - - - (144,397,229) - (144,397,229)
Balances as of September 30, 2022 106,776,004 30,446,316,699 42,181,964,724 72,735,057,427 837,789,315 (1,026,281,454) 4,111,744,061 8,920,719,452 (1,181,880,427) 84,397,148,374 516,480,119 84,913,628,493
((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, 2023 AND 2022
(Amounts stated in Argentine Pesos)
September 30, 2023 September 30, 2022
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period (1,513,198,758) (1,114,334,719)
Income Tax 33,144,651 2,698,300,690
Accrued Interest, net 490,557,946 442,912,292
Adjustments to reconcile Net Loss for the Period to Cash provided by Operating
Activities:
Depreciation of Property, Plant and Equipment 3,236,811,132 3,418,965,715
Amortization of Intangible Assets and Film Library 842,954,804 767,024,259
Amortization of Right-of-Use Assets 338,790,606 309,586,882
Depreciation of Investment Properties 54,086,164 41,532,859
Net Allowances 2,043,742,085 1,316,446,556
Financial Income, except Interest 1,222,741,633 2,697,017,399
Gain (Loss) on Net Monetary Position 7,534,553,078 6,775,170,536
Equity in Earnings from Associates (1,345,573,294) (566,303,093)
Other Income and Expenses (73,406,880) 81,442,859
Changes in Assets and Liabilities:
Trade Receivables (19,250,203,173) (14,224,031,550)
Other Receivables (2,600,470,228) (4,283,271,994)
Inventories 2,049,040,436 2,889,770,808
Other Assets (324,563,030) (86,160,766)
Trade and Other Payables 15,215,239,309 5,430,420,269
Taxes Payable 498,681,974 1,738,702,504
Other Liabilities 2,006,236,531 2,086,698,527
Provisions (2,040,482,110) (326,781,822)
Payments of Income tax (388,120,568) (2,177,834,447)
Net Cash Flows provided by Operating Activities 8,030,562,308 7,915,273,764
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (3,355,545,045) (3,288,358,277)
Payments for Acquisition of Intangible Assets (870,606,968) (720,084,159)
Acquisition of Government and Corporate Securities 12,178,856 (1,601,190,594)
Collection of Other Investments - 32,431,959
Proceeds from Sale of Property, Plant and Equipment and Intangible Assets 166,953,824 38,785,724
Dividends Collected 186,349,414 410,304,637
Proceeds from Disposal of Unconsolidated Affiliates - 108,531,880
Transactions with Securities, Bonds and Other Placements, Net (1,214,816,764) (1,653,532,687)
Payment of capital contributions (634,156) (799,870,696)
Net Cash Flows used in Investing Activities (5,076,120,839) (7,472,982,213)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained 4,928,316,320 2,842,091,529
(Return) Collection of Counter Guarantee (149,822,261) 1,083,305,462
Payment of Financial Debt (2,842,666,011) (1,193,139,253)
Payment of Interest (1,719,833,734) (507,754,148)
Payments to Non-Controlling Interests, net - (36,783,578)
Payment of Lease Liabilities (258,426,579) (276,726,063)
Net Cash Flows (used in) / provided by Financing Activities (42,432,265) 1,910,993,949
Net Increase in Cash Flow 2,912,009,204 ( ) 2,353,285,500
Cash and Cash Equivalents at the Beginning of the Year 15,734,383,039 ( ) 16,953,181,329
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (2,131,771,817) (3,464,388,568)
CASH EQUIVALENTS
Decrease in Cash Due to Deconsolidation of Subsidiaries ((1)) - 4,082,467
Cash and Cash Equivalents at the End of the Period 16,514,620,426 ( ) 15,846,160,728
(1) Deconsolidation of cash flows, net, from Auto Sports S.A. as of
September 30, 2022.
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