REG - Grupo Clarin S.A. - 1st Quarter 2022 Results
12/05/2022 07:00
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RNS Number : 2390L Grupo Clarin S.A. 12 May 2022
Grupo Clarín Announces First Quarter 2022 Results
Buenos Aires, Argentina, May 11, 2022 - Grupo Clarín S.A. ("Grupo Clarín" or
the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in
Argentina, announced today its First Quarter 2022 results. Figures in this
report have been prepared in accordance with International Financial Reporting
Standards ((*)) ("IFRS") as of March 31, 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) because Resolution 777/18, issued
by the Comisión Nacional de Valores ("CNV"), establishes that the restatement
will be applied to the financial statements.
Highlights (1Q22 vs. 1Q21):
§ Total Revenues reached Ps. 10,524.5 million, a decrease of 1.5% in real
terms compared to 1Q21, mainly due to higher advertising revenues in the
Broadcasting and Programming segment (partially offset by lower programming
revenues) and lower circulation and printing revenues in the Digital and
Printed Publications segment.
§ Adjusted EBITDA ((1)) reached Ps. 1,428.6 million, a decrease of 29.4%
compared to 2,022.5 for 1Q21, mainly driven by higher advertising revenues in
Broadcasting and Programming and costs reductions in real terms greater than
the decrease in revenues in the Digital and Printed Publications segment.
§ Grupo Clarín's Adjusted EBITDA Margin((2)) was 13.6% in 1Q22, compared to
18.9% in 1Q21.
§ Profit for the period totaled Ps. 56.3 million, a decrease of 94.6%
compared to a profit of Ps. 1,038.6 million reported in 1Q21. Net Income for
the period attributable to Equity Shareholders amounted Ps 53.9 million in
1Q22 from a loss Ps. 1,056.1 million in 1Q21, a decrease of 94.9%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 1Q22 1Q21 % Ch. 4Q21 QoQ
Total Revenues 10,524.5 10,680.5 (1.5%) 12,730.2 (17.3%)
Adjusted EBITDA ((1)) 1,428.6 2,022.5 (29.4%) 1,280.2 11.6%
Adjusted EBITDA Margin ((2)) 13.6% 18.9% (28.3%) 10.1% 35.0%
Profit/(Loss) for the period 56.3 1,038.6 (94.6%) (485.6) (111.6%)
Attributable to:
Equity Shareholders 53.9 1,056.1 (94.9%) (480.7) (111.2%)
Non-Controlling Interests 2.4 (17.6) (113.9%) (4.8) (150.3%)
(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. 10,524.5 million, a decrease of 1.5% from Ps.
10,680.5 million in 1Q21. Advertising revenues decreased 3.3% and represented
around 39.5% of the Total Revenues of the Company. Circulation revenues
increased 15.3% and represented 34.7% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES 1Q22 1Q21 YoY 4Q21 QoQ
(In millions of Ps.)
Digital and Printed Publications 5,299.4 4,953.8 7.0% 5,037.6 5.2%
Broadcasting and Programming 4,893.5 5,396.7 (9.3%) 7,109.1 (31.2%)
Others 898.8 696.6 29.0% 769.6 16.8%
Subtotal 11,091.7 11,047.1 0.4% 12,916.3 (14.1%)
Eliminations (567.2) (366.6) 54.7% (186.1) 204.9%
Total 10,524.5 10,680.5 (1.5%) 12,730.2 (17.3%)
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 6,487.0
million, an increase of 13.6% from Ps. 5,711.3 million reported in 1Q21, due
to higher costs, mainly related to the content on air and the return of
fiction to El Trece screen, and to higher costs in the Digital and Printed
Publications segment related to the increase in circulation revenues.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
reached Ps. 2,608.9 million, a decrease of 11.5% from Ps. 2,946.7 million in
1Q21. This decrease was mainly due to lower distribution costs in Digital and
Printed Publications and lower salaries and severance payments in Broadcasting
and Programming.
Adjusted EBITDA reached Ps. 1,428.6 million, a decrease of 29.4% from Ps.
2,022.5 million reported for 1Q21. This a decrease was driven by higher
content costs and lower programming revenues in Broadcasting and Programming,
partially offset by a higher EBITDA in Digital and Printed Publications as a
result of higher circulation revenues (partially offset by higher costs of
sales).
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA 1Q22 1Q21 YoY 4Q21 QoQ
(In millions of Ps.)
Digital and Printed Publications 658.1 499.9 31.6% 68.3 863.8%
Broadcasting and Programming 563.9 1,388.6 (59.4%) 1,461.1 (61.4%)
Others 206.7 134.1 54.1% (249.1) (183.0%)
Total 1,428.6 2,022.5 (29.4%) 1,280.2 11.6%
Financial results net totaled Ps. (1,004.6) million compared to Ps. (833.9)
million in 1Q21. This increase was mainly due to negative result of operations
with notes and bonds and higher negative inflation adjustment results versus
2021, partially offset by lower negative foreign exchange loss and interests
as a result of the decrease in financial debt.
Equity in earnings from unconsolidated affiliates in 1Q22 totaled Ps. 226.5
million, compared to Ps. 387.4 million in 1Q21, mainly related higher costs
of our subsidiary Tele Red Imagen attributable to sports events rights, as
events normalized; and negative results in BIMO, partially offset by higher
net income in our subsidiary Papel Prensa.
Other Income (expenses), net reached Ps. (14.1) million, compared to Ps. 12.8
million in 1Q21.
Income tax as of 1Q22 reached Ps. (124.9) million, from Ps. Ps. (53.2) million
in 1Q21, mainly as a result of the change of the income tax rate, according to
the Law N° 27,630, released on June 16th, 2021.
Income for the period totaled Ps. 56.3 million, a decrease of 94.6% from a
gain of Ps. 1,038.6 million reported in 1Q21. The Equity Shareholders Net
Income for the period amounted Ps. 53.9 million, a decrease of 94.9% YoY from
a profit of 1,056.1 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps.
246.4 million in 1Q22, a decrease of 12.5% from Ps. 281.7 million reported in
1Q21. Out of the total CAPEX in 1Q22, 91.4% was allocated towards the
Broadcasting and Programming segment, 8.3% to the Digital and Printed
Publications segment and the remaining 0.3% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2022
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 1,123.1 3,100.3 - (65.3) 4,158.1 39.5%
Circulation 3,647.6 - - - 3,647.6 34.7%
Printing 269.6 - - - 269.6 2.6%
Programming - 1,749.7 - - 1,749.7 16.6%
Other Sales 259.1 43.5 898.8 (501.9) 699.5 6.6%
Total Sales 5,299.4 4,893.5 898.8 (567.2) 10,524.5 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2021
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 1,165.8 3,151.2 - (16.5) 4,300.4 40.3%
Circulation 3,164.8 - - - 3,164.8 29.6%
Printing 238.0 - - - 238.0 2.2%
Programming - 2,037.7 - - 2,037.7 19.1%
Other Sales 385.2 207.9 696.6 (350.1) 939.6 8.8%
Total Sales 4,953.8 5,396.7 696.6 (366.6) 10,680.5 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 9.3% to Ps. 4,893.5 million in 1Q22, compared to Ps.
5,396.7 million in 1Q21 mainly due to lower programming revenues in ARTEAR.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 15.0% to Ps. 3,237.2 million in 1Q22, compared to
Ps. 2,815.0 million in 1Q21. This is mainly attributable to higher content
costs with the return of fiction to El Trece screen and a more appealing
programming.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 8.4% to Ps. 1,092.4 million
in 1Q22, compared to Ps. 1,193.2 million in 1Q21. The decrease was primarily
the result of lower salaries and severance payments.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 9.6% to Ps. 217.8 million
in 1Q22 compared to Ps. 240.8 million reported in 1Q21.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 7.0% to Ps. 5,299.4 million in 1Q22, mainly as a
result of circulation revenues from school text books, as school activity
returned to normal after two years under the Covid-19 pandemic; partially
offset by lower other sales and advertising.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 10.3% to Ps. 2,825.7 million in 1Q22, compared to
Ps. 2,562.1 million in 1Q21. The increase is the result of higher costs
related to the increase in circulation revenues.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 4.0% to Ps. 1,815.6 million
in 1Q22, compared to the Ps. 1,891.8 million reported in 1Q21. This was
primarily the result of lower distribution costs, partially offset by higher
marketing and advertising costs and salaries.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 0.3% to Ps. 156.8 million
in 1Q22 compared to Ps. 157.2 million in 1Q21.
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 29.0% to Ps. 898.8 , from Ps. 696.6
million reported in 1Q21. EBITDA resulted in Ps. 206.7 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
1Q22 1Q21 YoY 4Q21 QoQ
Circulation ((1)) 183.2 229.4 -20.1% 197.9 -7.4%
Circulation share % ((2)) 37.8% 40.1% -5.7% 38.9% -2.8%
Total Digital Subs ((3)) 494.3 338.8 45.9% 493.3 0.2%
( )
((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. Source: AGEA and IVC.
((3)) Total Clarin.com subs, in thousand, EOP. Company information.
BROADCASTING AND PROGRAMMING
1Q22 1Q21 YoY 4Q21 QoQ
Advertising Share % ((1)) 33.5% 35.7% -6.3% 36.1% -7.3%
Audience Share % ((2))
Prime Time 31.9% 30.8% 3.7% 33.1% -3.4%
Total Time 29.3% 31.0% -5.6% 30.9% -5.2%
( )
((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
1Q22 1Q21 YoY 4Q21 QoQ
Page Views ((1)) 840.9 858.4 -2.0% 1,170.2 -28.1%
Mobile page Views 629.2 592.7 6.2% 842.9 -25.3%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) March March % Change
2022 2021
Short Term and Long-Term Debt
Current Financial Debt 1,766.0 369.0 378.5%
Financial loans 1,428.2 100.7 1318.6%
Accrued interest 82.7 28.1 194.1%
Acquisition of equipment 41.2 37.4 10.3%
Related Parties Accrued Interest - 16.8 (100.0%)
Related Parties Capital (0.0) 10.5 (100.0%)
Bank overdraft 213.9 175.6 21.8%
Non-Current Financial Debt 83.2 2,357.8 (96.5%)
Financial loans 70.1 2,319.7 (97.0%)
Acquisition of equipment 13.1 38.1 (65.6%)
Total Financial Debt (A) 1,849.2 2,726.8 (32.2%)
Total Short Term and Long-Term Debt 1,849.2 2,726.8 (32.2%)
Cash and Cash Equivalents (B) 4,763.9 5,247.0 (9.2%)
Net Debt (A) - (B) (2,914.6) (2,520.2) 15.7%
Net Debt/Adjusted Ebitda ((1)) (0.44x) (0.32x) 39.1%
Total Financial Debt((1)) and Net Debt, decreased 32.2% to Ps. 1,849.2 million
from Ps. 2,726.8 million and to Ps. (2,914.6) million from Ps. (2,520.2)
million, respectively.
Debt coverage ratio ((1)) as of March 31, 2022 was (0.44x) in the case of Net
Debt and of 0.28x 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 1Q22 1Q21 YoY 1Q22 ex IAS 29 IAS 29 Adjustment 1Q22 1Q21 ex IAS 29 IAS 29 Adjustment 1Q21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 5,299.4 4,953.8 7.0% 5,002.5 297.0 5,299.4 3,061.0 1,892.8 4,953.8
Broadcasting and Programming 4,893.5 5,396.7 (9.3%) 4,619.3 274.2 4,893.5 3,334.7 2,062.0 5,396.7
Others 898.8 696.6 29.0% 848.4 50.4 898.8 430.5 266.2 696.6
Subtotal 11,091.7 11,047.1 0.4% 10,470.2 621.5 11,091.7 6,826.2 4,221.0 11,047.1
Eliminations (567.2) (366.6) 54.7% (535.4) (31.8) (567.2) (226.5) (140.1) (366.6)
Total 10,524.5 10,680.5 (1.5%) 9,934.7 589.7 10,524.5 6,599.6 4,080.9 10,680.5
EBITDA 1Q22 1Q21 YoY 1Q22 ex IAS 29 IAS 29 Adjustment 1Q22 1Q21 ex IAS 29 IAS 29 Adjustment 1Q21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 658.1 499.9 31.6% 621.2 36.9 658.1 308.9 191.0 499.9
Broadcasting and Programming 563.9 1,388.6 (59.4%) 532.3 31.6 563.9 858.0 530.6 1,388.6
Others 206.7 134.1 54.1% 195.1 11.6 206.7 82.9 51.2 134.1
Total 1,428.6 2,022.5 (29.4%) 1,348.6 80.1 1,428.6 1,249.8 772.8 2,022.5
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) 157.00
GCLA (LSE) Price per GDS (USD) 0.98
Total Shares 106,776,004
Shares per GDS 2
Closing Price May 11, 2022
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss its First Quarter 2022 Results
Date: Monday, May 16, 2022
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://services.choruscall.com/links/gcla220516XYXa4JbB.html
The webcast presentation will also be available at https://ir.grupoclarin.com
(https://ir.grupoclarin.com)
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 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.
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)
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, 2022 AND 2021
March 31, 2022 March 31, 2021
Revenues 10,524,472,025 10,680,506,920
Cost of Sales ((1)) (6,839,981,738) (6,120,556,465)
Subtotal - Gross Profit 3,684,490,287 4,559,950,455
Selling Expenses ((1)) (1,310,709,546) (1,413,408,767)
Administrative Expenses ((1)) (1,400,375,416) (1,621,072,124)
Other Income and Expenses, net (14,132,002) 12,842,416
Financial Expenses on Debt (159,622,076) (260,093,759)
Gain (Loss) on Net Monetary Position (498,262,788) (395,700,128)
Other Financial Results, net (346,733,803) (178,091,593)
Financial Results (1,004,618,667) (833,885,480)
Equity in Earnings from Subsidiaries 226,495,179 387,365,766
Income (Loss) before Income Tax 181,149,835 1,091,792,266
Income Tax (124,855,050) (53,240,385)
Net Income (Loss) for the Period 56,294,785 1,038,551,881
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations 23,541,780 (10,168,030)
Other Comprehensive Income (Loss) for the Period 23,541,780 (10,168,030)
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD 79,836,565 1,028,383,851
(Loss) Income Attributable to:
Shareholders of the Parent Company 53,855,960 1,056,149,122
Non-Controlling Interests 2,438,825 (17,597,241)
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent Company 77,397,740 1,046,006,797
Non-Controlling Interests 2,438,825 (17,622,946)
Basic and Diluted Earnings per Share (Note 10) 0.50 9.89
((1) ) Includes amortization of intangible assets and film
library, right-of-use assets and depreciation of property, plant and equipment
in the amount of $ 455,202,330 and $ 497,077,128 for the three-month periods
ended March 31, 2022 and 2021, respectively.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of March 31(st), 2022 available at
https://ir.grupoclarin.com (https://ir.grupoclarin.com)
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2022 AND DECEMBER 31, 2021
March 31, 2022 December 31, 2021
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 11,504,178,212 11,693,020,139
Intangible Assets 914,118,883 944,054,020
Goodwill 31,907,422 31,907,419
Deferred Tax Assets 1,704,603,414 1,643,145,067
Investments in Unconsolidated Affiliates 5,522,952,995 5,222,907,750
Other Investments 3,167,211 3,676,172
Right-of-Use Assets 80,657,119 81,145,054
Inventories 52,035,052 193,915,708
Other Assets 87,893,228 93,242,426
Other Receivables 205,868,067 149,604,575
Total Non-Current Assets 20,107,381,603 20,056,618,330
CURRENT ASSETS
Inventories 2,951,654,319 2,997,276,460
Other Assets 269,385,115 321,368,933
Other Receivables 3,406,963,209 3,109,750,691
Trade Receivables 10,842,241,843 13,081,771,500
Other Investments 2,074,188,961 2,424,892,549
Cash and Banks 2,707,430,656 2,568,183,946
Total Current Assets 22,251,864,103 24,503,244,079
Total Assets 42,359,245,706 44,559,862,409
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company
Shareholders' Contribution 21,333,897,066 21,333,897,066
Other Items 10,608,314 (12,933,466)
Retained Earnings 3,876,403,783 3,822,547,823
Total Attributable to Shareholders of the Parent Company 25,220,909,163 25,143,511,423
Attributable to Non-Controlling Interests 161,319,850 168,829,483
Total Equity 25,382,229,013 25,312,340,906
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 1,791,155,402 1,951,297,636
Financial Debt 83,243,816 100,762,122
Deferred Tax Liabilities 906,424,536 736,225,495
Taxes Payable 29,185,971 8,625,938
Lease Liabilities 4,406,712 17,852,043
Other Liabilities 339,548,961 364,680,418
Trade and Other Payables 19,137,335 32,158,248
Total Non-Current Liabilities 3,173,102,733 3,211,601,900
CURRENT LIABILITIES
Financial Debt 1,765,995,097 1,861,721,399
Taxes Payable 412,453,195 531,666,215
Lease Liabilities 73,931,264 64,164,574
Other Liabilities 1,884,499,609 1,816,977,410
Trade and Other Payables 9,667,034,795 11,761,390,005
Total Current Liabilities 13,803,913,960 16,035,919,603
Total Liabilities 16,977,016,693 19,247,521,503
Total Equity and Liabilities 42,359,245,706 44,559,862,409
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2022 AND 2021
Equity attributable to Shareholders of the Controlling 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 Voluntary Reserves ((1)) Retained Earnings Total Equity of Controlling Company
Balances as of January 1, 2022 106,776,004 8,854,742,111 12,372,378,951 21,333,897,066 288,084,828 (301,018,294) 2,616,533,449 1,206,014,374 25,143,511,423 168,829,483 25,312,340,906
Changes in minority interest in a subsidiary - - - - - - - - - (9,948,458) (9,948,458)
Net Income (Loss) for the Period - - - - - - - 53,855,960 53,855,960 2,438,825 56,294,785
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - 23,541,780 - - - 23,541,780 - 23,541,780
Balances as of March 31, 2022 106,776,004 8,854,742,111 12,372,378,951 21,333,897,066 311,626,608 (301,018,294) 2,616,533,449 1,259,870,334 25,220,909,163 161,319,850 25,382,229,013
Balances as of January 1, 2021 106,776,004 8,854,742,111 12,855,332,682 21,816,850,797 344,005,073 (301,018,294) 2,616,533,449 (482,953,735) 23,993,417,290 168,159,225 24,161,576,515
Net Income (Loss) for the Period - - - - - - - 1,056,149,122 1,056,149,122 (17,597,241) 1,038,551,881
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (10,142,325) - - - (10,142,325) (25,705) (10,168,030)
Balances as of March 31, 2021 106,776,004 8,854,742,111 12,855,332,682 21,816,850,797 333,862,748 (301,018,294) 2,616,533,449 573,195,387 25,039,424,087 150,536,279 25,189,960,366
( )
((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, 2022 AND 2021
March 31, 2022 March 31, 2021
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period 56,294,785 1,038,551,881
Income Tax 124,855,050 53,240,385
Accrued Interest, net (9,727,263) (24,595,044)
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by
Operating Activities:
Depreciation of Property, Plant and Equipment 348,717,015 359,387,077
Amortization of Intangible Assets and Film Library 76,496,548 102,260,342
Amortization of Right-of-Use Assets 29,988,767 35,429,709
Net Allowances 88,617,749 133,475,578
Financial Income, except Interest 357,046,470 229,413,692
Gain (Loss) on Net Monetary Position 498,262,788 395,700,128
Equity in Earnings from Subsidiaries (226,495,179) (387,365,766)
Other Income and Expenses (617,929) (23,283,849)
Changes in Assets and Liabilities:
Trade Receivables 164,853,504 170,995,307
Other Receivables (774,992,665) (644,381,002)
Inventories 2,641,543 60,102,696
Other Assets 59,414,258 92,551,824
Trade and Other Payables (150,480,810) 19,821,016
Taxes Payable 168,048,577 (176,016,375)
Other Liabilities 420,558,044 36,856,710
Provisions (15,113,825) (26,015,728)
Payments of Income tax (291,301,105) (163,179,425)
Net Cash Flows provided by Operating Activities 927,066,322 1,282,949,156
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (246,411,635) (281,654,203)
Payments for Acquisition of Intangible Assets (46,489,916) (65,401,437)
Acquisition of Government and Corporate Securities - (736,251,444)
Collection of Government Securities - 36,726,289
Proceeds from Sale of Property, Plant and Equipment 3,283,106 532,348
Collection of granted loans - 40,577,377
Proceeds from Disposal of Unconsolidated Affiliates 31,833,452 -
Loans Granted - (26,940,758)
Transactions with Notes, Bonds and Other Placements, Net (354,447,047) 464,108,120
Payment of capital contributions (84,440,170) (17,773,844)
Net Cash Flows used in Investing Activities (696,672,210) (586,077,552)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained 66,260,046 208,335,198
Payment of Financial Debt (56,943,748) (212,064,658)
Payment of Interest (24,594,586) (36,659,896)
Payment of Lease Liabilities (28,002,077) (31,359,874)
Net Cash Flows used in Financing Activities (43,280,365) (71,749,230)
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (387,306,783) (253,116,971)
CASH EQUIVALENTS
(Decrease) Increase in cash flow, net (200,193,036) ( ) 372,005,403
Decrease in cash due to deconsolidation ((1)) (8,476,330) (8,196,239)
Cash and Cash Equivalents at the Beginning of the Year 4,972,532,341 ( ) 4,883,179,262
Cash and Cash Equivalents at the End of the Period (Note 2.4) 4,763,862,975 ( ) 5,246,988,426
((1)) Corresponds to the deconsolidation of Auto Sports S.A. and UNIR,
respectively.
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