REG - Grupo Clarin S.A. - First Half and Second Quarter 2020 Results
RNS Number : 3347YGrupo Clarin S.A.08 September 2020
Grupo Clarín Announces First Half and Second Quarter 2020 Results
Buenos Aires, Argentina, September 8, 2020 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first half and second quarter 2020 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of June 30, 2020 and are stated in Argentine Pesos ("Ps"), unless otherwise indicated.
(*) The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the financial statements.
Highlights (1H20 vs.1H19):
§ Total Revenues reached Ps. 10,232.9 million, a decrease of 28.6% compared to 1H19, mainly due to lower advertising revenues in all segments and lower circulation in the Printing and Publishing segment.
§ Adjusted EBITDA (1) reached Ps. 484.8 million, a decrease of 55.1% compared to 1H19, mainly driven by lower results in the Broadcasting and Programming segment.
§ Grupo Clarín's Adjusted EBITDA Margin (2) was 4.7% in June 2020, compared to 7.5% in 1H19.
§ Loss for the period totaled Ps. 377.6 million, compared to Ps. 329.8 million loss reported in 1H19. Loss for the period attributable to Equity Shareholders amounted Ps 230.1 million in 1H20.
FINANCIAL HIGHLIGHTS
(In millions of Ps.)
1H20
1H19
% Ch.
2Q20
1Q20
2Q19
QoQ
YoY
Total Revenues
10,232.9
14,338.0
(28.6%)
4,841.9
5,391.0
7,914.9
(10.2%)
(38.8%)
Adjusted EBITDA (1)
484.8
1,078.7
(55.1%)
622.0
(137.2)
701.3
553.4%
(11.3%)
Adjusted EBITDA Margin (2)
4.7%
7.5%
(37.0%)
12.8%
(2.5%)
8.9%
604.8%
45.0%
Income for the period
(377.6)
(329.8)
14.5%
283.9
(661.5)
117.2
(142.9%)
142.3%
Attributable to:
Equity Shareholders
(230.1)
(248.4)
(7.4%)
327.6
(557.7)
97.2
(158.7%)
237.0%
Non-Controlling Interests
(147.5)
(81.3)
81.4%
(43.8)
(103.7)
19.9
(57.8%)
319.4%
(1) We define Adjusted EBITDA as Total Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.
(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Total Revenues.
OPERATING RESULTS
Total Revenues reached Ps. 10,232.9 million, a decrease of 28.6% from Ps. 14,338.0 million in 1H19. Advertising revenues decreased 44.5% and represented around 35.6% of the Total Revenues of the Company. Circulation revenues decreased 25.4% and represented 29.6% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.)
1H20
1H19
YoY
2Q20
1Q20
2Q19
QoQ
YoY
Printing and Publishing
5,199.8
7,088.6
(26.6%)
2,474.8
2,725.0
3,775.5
(9.2%)
(34.5%)
Broadcasting and Programming
4,666.4
6,341.2
(26.4%)
2,258.4
2,408.0
3,779.9
(6.2%)
(40.3%)
Others
983.7
1,724.2
(42.9%)
400.5
583.3
676.6
(31.3%)
(40.8%)
Subtotal
10,849.9
15,153.9
(28.4%)
5,133.7
5,716.2
8,232.0
(10.2%)
(37.6%)
Eliminations
(617.0)
(816.0)
(24.4%)
(291.8)
(325.2)
(317.1)
(10.3%)
(8.0%)
Total
10,232.9
14,338.0
(28.6%)
4,841.9
5,391.0
7,914.9
(10.2%)
(38.8%)
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 6,544.4 million, a decrease of 26.8% from Ps. 8,939.3 million reported in 1H19 due to lower costs across all business segments, mainly in Printing and Publishing segment due to lower salaries and printing costs.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 3,203.7 million, a decrease of 25.8% from Ps. 4,319.9 million in 1H19. This drop was mainly due to lower salaries and fees for services across all business segments.
Adjusted EBITDA reached Ps. 484.8 million, a decrease of 55.1% from Ps. 1,078.7 million reported for 1H19. This decrease was driven by lower advertising revenues across all business segments, partially offset by lower cost and expenses.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.)
1H20
1H19
YoY
2Q20
1Q20
2Q19
QoQ
YoY
Printing and Publishing
(40.1)
(175.7)
(77.2%)
53.3
(93.4)
(246.9)
(157.0%)
(121.6%)
Broadcasting and Programming
513.7
1,261.0
(59.3%)
555.6
(42.0)
900.1
(1,424.3%)
(38.3%)
Others
11.2
(6.5)
(272.4%)
13.1
(1.8)
48.1
813.0%
72.8%
Total
484.8
1,078.7
(55.1%)
622.0
(137.2)
701.3
(553.4%)
(11.3%)
Financial results net totaled Ps. (300.7) million compared to Ps. (669.8) million in 1H19. This decrease was mainly due to lower interest payments due to lower levels of debt.
Equity in earnings from unconsolidated affiliates in 1H20 totaled Ps. 416.7 million, compared to Ps. 143.0 million in 1H19.
Other Income (expenses), net reached Ps. (221.4) million, compared to Ps. (29.7) million in 1H19.
Income tax as of 1H20 reached Ps. (165.3) million, from Ps. (178.5) million in 1H19.
Loss for the period totaled Ps. 377.6 million, from Ps. 329.8 million loss reported in 1H19. This was mainly due to lower EBITDA in the Broadcasting and Programming segment. The Equity Shareholders Loss for the period amounted Ps. 230.1million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 250.3 million in 1H20, a decrease of 42.1% from Ps. 432.5 million reported in 1H19. Out of the total CAPEX in 1H20, 58.5% was allocated towards the Broadcasting and Programming segment, 37.9% to the Printing and Publishing segment and the remaining 3.6% to other activities.
Debt profile (1): Debt coverage ratio for the period ended June 30, 2020 was 0.64x and the Net Debt at the end of this period totaled Ps. (755.9) million.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (Last Quarter Annualized). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.
SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2020
(In millions of Ps.)
Printing & Publishing
Broadcasting
& Programming
Others
Eliminations
Total
%
Advertising
1,145.9
2,510.4
44.9
(62.9)
3,638.2
35.6%
Circulation
3,030.4
-
-
-
-
3,030.4
29.6%
Printing
445.3
-
-
-
(18.0)
427.4
4.2%
Programming
-
2,122.7
-
-
2,122.7
20.7%
Other Sales
578.2
33.3
922.8
(536.1)
998.2
9.8%
Total Sales
5,199.8
4,666.4
983.7
(617.0)
10,232.9
100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2019
(In millions of Ps.)
Printing & Publishing
Broadcasting & Programming
Others
Eliminations
Total
%
Advertising
2,214.6
4,398.1
76.3
(137.0)
6,552.0
45.7%
Circulation
4,030.3
-
30.9
-
4,061.2
28.3%
Printing
335.3
-
18.2
(69.7)
283.8
2.0%
Programming
-
1,554.7
-
-
1,554.7
10.8%
Other Sales
508.5
388.4
1,302.7
(609.2)
1,590.4
11.1%
Total Sales
7,088.6 508.5
6,341.2 388.4
1,724.2 1,302.7
(816.0)
14,338.0 1,590.4
100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 26.4% to Ps. 4,666.4 million in 1H20, compared to Ps. 6,341.2 million in 1H19 due to the lower advertising revenues, that was partially offset by higher programming revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 19.0% to Ps. 3,130.0 million in 1H20, compared to Ps. 3,863.7 million in 1H19. This is mainly attributable to lower salaries and fees for services.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 15.9% to Ps. 1,022.7 million in 1H20, compared to Ps. 1,216.6 million in 1H19. The decrease was primarily the result of lower salaries and fees for services.
Depreciation and Amortization
Depreciation and amortization expenses increased by 8.5% to Ps. 277.5 million in 1H20 compared to Ps. 255.8 million reported in 1H19.
PRINTING AND PUBLISHING
Revenues
Total revenues decreased by 26.6% to Ps. 5,199.8 million in 1H20, mainly as a result of lower circulation and advertising revenues in real terms (inflation was 42.8% from June 2019 to June 2020 while circulation increased by 11% in current pesos and advertising revenues in current pesos decreased by approximately 24%).
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 30.2% to Ps. 2,996.0 million in 1H20, compared to Ps. 4,291.2 million in 1H19. The decrease was mainly the result of lower salaries, printing costs and lower severance payments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 24.5% to Ps. 2,243.9 million in 1H20, compared to the Ps. 2,973.1 million reported in 1H19. This was primarily the result of lower salaries and advertising expenses.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 30.0% to Ps. 196.0 million in 1H20 compared to Ps. 279.9 million in 1H19.
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). Additionally, this segment includes the production of digital content and the organization of trade fairs and exhibitions. Cost of sales (excluding depreciation and amortization) was mainly the result of salaries and professional consulting fees.
In this period, total revenues decreased 42.9% to Ps. 983.7, from Ps. 1,724.2 million reported in 1H19, due to lower revenues from Gestión Compartida and Grupo Clarin. EBITDA resulted in Ps. 11.2 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
PRINTING AND PUBLISHING
1H20
1H19
YoY
2Q20
1Q20
2Q19
QoQ
YoY
Circulation (1)
231.2
231.1
0.0%
220.2
241.9
234.1
(9.0%)
(5.9%)
Circulation share % (2)
44.3%
39.9%
11.0%
46.7%
42.0%
40.6%
11.4%
15.2%
Advertising share %(3)
51.5%
54.6%
(5.7%)
51.5%
51.5%
53.3%
NA
(3.4%)
(1) Average number of copies according to IVC (including Diario Clarín and Olé)
(2) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: AGEA and IVC.
(3) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: Monitor de Medios Publicitarios S.A.
BROADCASTING AND PROGRAMMING
1H20
1H19
YoY
2Q20
1Q20
2Q19
QoQ
YoY
Advertising Share % (1)
36.0%
38.1%
(5.6%)
36.0%
36.1%
39.5%
(0.3%)
(8.9%)
Audience Share % (2)
Prime Time
29.9%
36.4%
(17.8%)
28.1%
31.8%
38.2%
(11.7%)
(26.6%)
Total Time
29.8%
32.6%
(8.8%)
29.4%
30.1%
33.0%
(2.2%)
(10.8%)
(1) Company estimate, 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.
OTHERS
1H20
1H19
YoY
Page Views (1)
1,145.3
1,085.8
5.5%
Mobile page Views
827.8
752.6
10%
(1)In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.)
June
2020
June
2019
% Change
Short Term and Long Term Debt
Current Financial Debt
391.2
1,940.5
(79.8%)
Financial loans
70.3
1,170.6
(94.0%)
Accrued interest
10.0
22.3
(55.3%)
Acquisition of equipment
12.3
8.3
48.8%
Related Parties Capital
6.8
9.7
(30.0%)
Related Parties Interest
9.0
9.4
4.6%
Bank overdraft
282.8
720.2
(60.7%)
Non-Current Financial Debt
1,191.3
22.3
5,242.7%
Financial loans
1,176.8
19.0
6,077.8%
Acquisition of equipment
14.5
3.2
345.9%
Total Financial Debt (A)
1,582.5
1,962.8
(19.4%)
Total Short Term and Long Term Debt
1,582.5
1,962.8
(19.4%)
Cash and Cash Equivalents (B)
2,338.4
2,043.8
14.4%
Net Debt (A) - (B)
(755.9)
(81.0)
833.3%
Net Debt/Adjusted Ebitda (1)
(0.3x)
(0.0x)
952.4%
Total Financial Debt(1) and Net Debt, decreased from Ps. 1,962.8 million to Ps. 1,582.5 million and decreased from Ps. (81.0) million to Ps. (755.9) million respectively.
Debt coverage ratio (1) as of June 30, 2020 was (0.30x) in the case of Net Debt and of 0.64x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (Last Quarter Annualized). 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.)
1H20
1H19
YoY
1H20 ex
IAS 29
IAS 29 Adjustment
1H20 as reported
1H19 ex
IAS 29
IAS 29 Adjustment
1H19 as reported
Printing and Publishing
5,199.8
7,088.6
(26.6%)
4,947.4
252.4
5,199.8
3,493.3
3,595.3
7,088.6
Broadcasting and Programming
4,666.4
6,341.2
(26.4%)
4,439.8
226.5
4,666.4
2,923.4
3,417.8
6,341.2
Others
983.7
1,724.2
(42.9%)
936.0
47.8
983.7
1,053.1
671.0
1,724.2
Subtotal
10,849.9
15,153.9
(28.4%)
10,323.2
526.8
10,849.9
7,469.8
7,684.1
15,153.9
Eliminations
(617.0)
(816.0)
(24.4%)
(587.1)
(30.0)
(617.0)
(389.4)
(816.0)
(426.5)
Total
10,232.9
14,338.0
(28.6%)
9,736.1
496.8
10,232.9
7,080.4
7,257.6
14,338.0
(In millions of Ps.)
2Q20
2Q19
YoY
2Q20 ex IAS 29
IAS 29 Adjustment
2Q20 as reported
2Q19 ex IAS 29
IAS 29 Adjustment
2Q19 as reported
Printing and Publishing
2,474.82
3,775.49
(34.4%)
2,433.61
41.2
2,474.82
2,556.78
1,218.71
3,775.49
Broadcasting and Programming
2,258.40
3,779.87
(40.2%)
2,218.51
39.9
2,258.40
2,533.99
1,245.88
3,779.87
Others
400.49
676.64
(40.8%)
397.95
2.5
400.49
473.69
202.95
676.64
Subtotal
5,133.72
8,232.00
(37.6%)
5,050.06
83.65
5,133.72
5,564.46
2,667.54
8,232.00
Eliminations
(291.8)
(317.1)
(8.0%)
(287.0)
(4.7)
(291.8)
(222.3)
(94.9)
(317.1)
Total
4,841.95
7,914.87
(38.8%)
4,763.04
78.91
4,841.95
5,342.18
2,572.69
7,914.87
EBITDA
(In millions of Ps.)
1H20
1H19
YoY
1H20 ex IAS 29
IAS 29 Adjustment
1H20 as reported
1H19 ex IAS 29
IAS 29 Adjustment
1H19 as reported
Printing and Publishing
(40.1)
(175.7)
(77.2%)
(38.2)
(1.9)
(40.1)
34.9
(210.6)
(175.7)
Broadcasting and Programming
513.7
1,261.0
(59.3%)
488.7
24.9
513.7
589.2
671.7
1,261.0
Others
11.2
(6.5)
272.4%
10.7
0.5
11.2
19.0
(25.6)
(6.5)
Total
484.81
1,078.74
(55.1%)
461.27
23.54
484.81
643.21
435.53
1,078.74
(In millons of Ps.)
2Q20
2Q19
YoY
2Q20 ex
IAS 29
IAS 29 Adjustment
2Q20 as reported
2Q19 ex IAS 29
IAS 29 Adjustment
2Q19 as reported
Printing and Publishing
53.3
(246.9)
(121.6%)
48.0
5.3
53.3
(157.4)
(89.5)
(246.9)
Broadcasting and Programming
555.6
900.1
(38.3%)
527.4
28.2
555.6
594.9
305.2
900.1
Others
13.1
48.1
(72.8%)
12.4
0.7
13.1
29.3
18.8
48.1
Total
622.0
701.3
(11.3%)
587.8
34.2
622.0
466.8
234.5
701.3
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)
31.75
GCLA (LSE) Price per GDS (USD)
1.71
Total Shares
106,776,004
Total GDSs
53,388,002
Closing Price
September 7, 2020
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its conference call and webcast presentation
to discuss Second Quarter 2020 Results
Date: Wednesday, September 9, 2020
Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time
To access the conference call, please dial:
Argentina Participants: 0-800-666-0250U.S. Participants: 1-877-830-2576
All other countries: +1-785-424-1726
Passcode: CLARIN
The 2Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla200909L6DLNNO3.html
NOTE: Grupo Clarín will release its Second Quarter 2020 Earnings on Tuesday, September 8, 2020
before the markets opens.
There will be a replay available, for 7 days, starting four hours after the conclusion of the conference call. To access the replay, please dial 1-844-488-7474 toll free from the U.S., or +1-862-902-0129 from anywhere outside the U.S. The replay passcode is: 67412548
The webcast presentation will be archived at http://www.grupoclarin.com/ir/
Investor Relations Contacts
In Buenos Aires:
In London:
In New York:
Agustín Medina Manson
Alex Money
Melanie Carpenter
Grupo Clarín S.A.
Jasford IR
I-advize Corporate Communications
Tel: +54 11 4309 7215
Tel: +44 20 3289 5300
Tel: +1 212 406 3692
Email: investors@grupoclarin.com
E-mail: alex@jasford.com
E-mail: clarin@i-advize.com
ABOUT THE COMPANY
Grupo Clarín is the largest media company in Argentina and a leading company in printing and publishing and broadcasting and programming markets. Its flagship newspaper -Diario Clarín- is one of the highest circulation newspapers in Latin America. Grupo Clarín is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age.
Disclaimer
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. Grupo Clarín does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Grupo Clarín's projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019,
AND THE THREE-MONTH PERIODS BEGINNING ON APRIL 1
AND ENDED ON JUNE 30, 2020 AND 2019
In Argentine Pesos (Ps.)
June 30, 2020
June 30, 2019
April 1, 2020 through June 30, 2020
April 1, 2019 through June 30, 2019
Revenues
10,232,931,476
14,337,980,891
4,841,948,052
7,914,873,281
Cost of Sales (1)
(7,034,195,220)
(9,494,269,835)
(2,960,174,722)
(5,146,212,848)
Subtotal - Gross Profit
3,198,736,256
4,843,711,056
1,881,773,330
2,768,660,433
Selling Expenses (1)
(1,689,900,104)
(2,373,243,937)
(769,042,490)
(1,251,396,368)
Administrative Expenses (1)
(1,615,731,066)
(2,065,164,133)
(775,070,207)
(1,116,259,674)
Other Income and Expenses, net
(221,395,687)
(29,745,229)
8,735,977
(56,603,878)
Financial Expenses on Debt
(397,425,603)
(505,260,990)
(170,450,164)
(144,320,174)
Gain (Loss) on Net Monetary Position
7,469,487
(170,530,849)
18,227,475
(34,161,344)
Other Financial Results, net
89,221,444
6,031,129
(15,086,259)
(49,841,359)
Financial Results
(300,734,672)
(669,760,710)
(167,308,948)
(228,322,877)
Equity in Earnings from Associates
416,744,305
142,973,270
258,482,335
(14,744,626)
Income (Loss) before Income Tax
(212,280,968)
(151,229,683)
437,569,997
101,333,010
Income Tax
(165,315,063)
(178,532,977)
(153,692,361)
15,836,630
Net Income (Loss) for the Period
(377,596,031)
(329,762,660)
283,877,636
117,169,640
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations
(8,113,396)
12,680,119
4,616,977
16,214,550
Other Comprehensive Income (Loss) for the Period
(8,113,396)
12,680,119
4,616,977
16,214,550
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD
(385,709,427)
(317,082,541)
288,494,613
133,384,190
(Loss) Income Attributable to:
Shareholders of the Parent Company
(230,098,643)
(248,448,596)
327,637,547
97,226,019
Non-Controlling Interests
(147,497,388)
(81,314,064)
(43,759,911)
19,943,621
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent Company
(238,212,039)
(249,081,060)
332,254,524
95,326,091
Non-Controlling Interests
(147,497,388)
(68,001,481)
(43,759,911)
38,058,099
Basic and Diluted Net Income (Loss) per Share
(2.15)
(2.33)
3.07
0.91
(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 591,700,050 and $ 673,433,704 for the six-month periods ended June 30, 2020 and 2019, respectively.
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of June 30th, available at http://www.grupoclarin.com/ir.
GRUPO CLARÍN S.A.
CONSOLIDATED BALANCE SHEET
AS OF JUNE 30, 2020 AND DECEMBER 31, 2019
In Argentine Pesos (Ps.)
June 30, 2020
December 31, 2019
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment
6,185,382,174
6,328,714,203
Intangible Assets
429,588,111
481,591,178
Goodwill
804,440,475
1,057,810,986
Deferred Tax Assets
692,506,375
560,325,040
Investments in Unconsolidated Affiliates
2,206,738,498
1,888,785,498
Right-of-Use Assets
78,672,262
106,914,046
Inventories
57,961,819
20,421,504
Other Assets
37,905,963
38,904,707
Other Receivables
128,549,139
298,718,937
Trade Receivables
54,740,104
47,437,045
Total Non-Current Assets
10,676,484,920
10,829,623,144
CURRENT ASSETS
Inventories
1,104,714,508
1,490,618,661
Other Assets
102,295,595
135,296,258
Other Receivables
1,945,724,657
1,739,973,811
Trade Receivables
5,787,190,976
6,589,924,509
Other Investments
792,499,653
802,716,084
Cash and Banks
1,545,922,588
1,710,387,946
Total Current Assets
11,278,347,977
12,468,917,269
Total Assets
21,954,832,897
23,298,540,413
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
Shareholders' Contribution
10,390,334,704
12,102,551,721
Other Items
18,241,274
26,354,670
Retained Earnings
1,016,032,550
(466,085,824)
Total Attributable to Shareholders of the Parent Company
11,424,608,528
11,662,820,567
Attributable to Non-Controlling Interests
87,110,335
234,607,723
Total Equity
11,511,718,863
11,897,428,290
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges
844,501,182
905,565,315
Financial Debt
1,191,334,996
1,021,384,045
Deferred Tax Liabilities
346,364,562
320,421,168
Taxes Payable
21,925,559
32,873,156
Lease Liabilities
17,493,025
30,178,693
Other Liabilities
214,845,004
207,970,519
Trade and Other Payables
51,316,743
76,852,585
Total Non-Current Liabilities
2,687,781,071
2,595,245,481
CURRENT LIABILITIES
Financial Debt
391,209,679
1,104,315,322
Taxes Payable
330,355,926
598,346,250
Lease Liabilities
65,717,159
76,458,379
Other Liabilities
845,547,893
925,478,774
Trade and Other Payables
6,122,502,306
6,101,267,917
Total Current Liabilities
7,755,332,963
8,805,866,642
Total Liabilities
10,443,114,034
11,401,112,123
Total Equity and Liabilities
21,954,832,897
23,298,540,413
The notes are an integral part of these consolidated financial statements.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019
In Argentine Pesos (Ps.)
Equity attributable to Shareholders of the Parent Company
Equity Attributable to Non-Controlling Interests
Total Equity
Shareholders' Contribution
Other Items
Retained Earnings
Capital Stock
Inflation Adjustment on Capital Stock
Additional Paid-in Capital
Subtotal
Translation of Foreign Operations
Other Reserves
Legal Reserve
Voluntary Reserves
Retained Earnings
Total Equity of Controlling Interests
106,776,004
4,161,171,443
7,834,604,274
12,102,551,721
161,082,897
(134,728,227)
-
1,246,131,193
(1,712,217,017)
11,662,820,567
234,607,723
11,897,428,290
Reversal of Additional Paid-in Capital
(Note 9.a)
(1,712,217,017)
(1,712,217,017)
-
-
-
-
1,712,217,017
-
-
-
Net Income (Loss) for the Period
-
-
-
-
-
-
-
-
(230,098,643)
(230,098,643)
(147,497,388)
(377,596,031)
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations
-
-
-
-
(8,113,396)
-
-
-
-
(8,113,396)
-
(8,113,396)
Balances as of June 30, 2020
(1) 106,776,004
4,161,171,443
6,122,387,257
10,390,334,704
152,969,501
(134,728,227)
-
(2) 1,246,131,193
(230,098,643)
11,424,608,528
87,110,335
11,511,718,863
Balances as of January 1, 2019
106,776,004
4,161,171,443
10,036,476,279
14,304,423,726
160,284,958
(134,728,227)
142,890,925
10,469,241,867
(11,567,873,604)
13,374,239,645
213,056,847
13,587,296,492
Reversal of Reserves and Additional Paid-in capital
-
-
(2,201,872,005)
(2,201,872,005)
-
-
(142,890,925)
(9,223,110,674)
11,567,873,604
-
-
-
Dividends and Other Movements of Non-Controlling Interest
-
-
-
-
-
-
-
-
-
-
(11,892,306)
(11,892,306)
Net Income (Loss) for the Period
-
-
-
-
-
-
-
-
(248,448,596)
(248,448,596)
(81,314,064)
(329,762,660)
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations
-
-
-
-
(632,464)
-
-
-
-
(632,464)
13,312,583
12,680,119
Balances as of June 30, 2019
(1) 106,776,004
4,161,171,443
7,834,604,274
12,102,551,721
159,652,494
(134,728,227)
-
1,246,131,193
(248,448,596)
13,125,158,585
133,163,060
13,258,321,645
(1) Includes 1,485 treasury shares. See Note 12 to the separate financial statements.
(2) Corresponds to Judicial Reserve for Future Dividends Distribution
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019
In Argentine Pesos (Ps.)
June 30, 2020
June 30, 2019
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period
(377,596,031)
(329,762,660)
Income Tax
165,315,063
178,532,977
Accrued Interest, net
148,385,206
260,357,573
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities:
Depreciation of Property, Plant and Equipment
391,672,201
404,637,222
Amortization of Intangible Assets and Film Library
152,703,355
199,223,711
Amortization of Right-of-Use Assets
47,324,494
69,572,771
Net Allowances
186,287,777
233,097,993
Financial Income, except Interest
6,669,792
(21,339,205)
Gain (Loss) on Net Monetary Position
(7,469,487)
170,530,849
Equity in Earnings from Associates
(416,744,305)
(142,973,270)
Impairment of Goodwill
253,370,511
92,860,292
Other Income and Expenses
(15,773,532)
-
Changes in Assets and Liabilities:
Trade Receivables
(205,818,794)
(931,904,343)
Other Receivables
(275,319,755)
(644,765,618)
Inventories
267,189,849
(275,561,532)
Other Assets
33,547,018
(99,883,212)
Trade and Other Payables
942,628,067
1,205,221,733
Taxes Payable
(233,535,615)
(192,681,164)
Other Liabilities
62,882,503
580,483,843
Provisions
(63,589,874)
(30,875,044)
Payments of Income tax
(267,542,921)
(130,479,328)
Net Cash Flows provided by Operating Activities
794,585,522
594,293,588
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment
(250,306,449)
(431,823,328)
Payments for Acquisition of Intangible Assets
(96,528,667)
(51,546,493)
Capital Contributions in Associates
-
(183,299)
Proceeds from Sale of Property, Plant and Equipment
9,586,545
-
Proceeds from Sale of Intangible Assets
-
24,622,512
Collection of granted loans
19,086,198
-
Proceeds from Sale of Other Assets
1,475,245
-
Dividends Collected
1,500,000
5,107,511
Transactions with Notes, Bonds and Other Placements, Net
84,891,348
70,316,407
Net Cash Flows used in Investing Activities
(230,295,780)
(383,506,690)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained
638,398,739
1,268,904,650
Payment of Financial Debt
(1,129,392,417)
(1,031,415,764)
Payment of Interest
(178,021,292)
(347,147,868)
Payment of Lease Liabilities
(40,050,018)
(80,795,031)
Payments to Non-Controlling Interests, net
-
(11,892,306)
Net Cash Flows used in Financing Activities
(709,064,988)
(202,346,319)
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS
(29,830,821)
(129,247,700)
Net Decrease in Cash Flow
(174,606,067)
(120,807,121)
Cash and Cash Equivalents at the Beginning of the Year
2,513,028,308
2,164,581,912
Cash and Cash Equivalents at the End of the Period (Note 2.4)
2,338,422,241
2,043,774,791
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
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