REG - Grupo Clarin S.A. - 1st Quarter Results
RNS Number : 3762PGrupo Clarin S.A.09 June 2020
Grupo Clarín Announces First Quarter 2020 Results
Buenos Aires, Argentina, June 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 quarter 2020 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of March 31, 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 (1Q20 vs.1Q19):
§ Total Revenues reached Ps. 5,116.0 million, a decrease of 16.1% compared to 1Q19, mainly due to lower advertising revenues in all segments and lower circulation in the Printing and Publishing segment.
§ Adjusted EBITDA (1) was negative in Ps. 130.2 million, mainly driven by negative results across all business segment.
§ Loss for the period totaled Ps. 627.7 million, compared to Ps. 424.1 million reported in 1Q19. Loss for the period attributable to Equity Shareholders amounted Ps 529.3 million in 1Q20.
FINANCIAL HIGHLIGHTS
(In millions of Ps.)
1Q20
1Q19
% Ch.
4Q19
QoQ
Total Revenues
5,116.0
6,095.5
(16.1%)
6,551.1
(21.9%)
Adjusted EBITDA (1)
(130.2)
358.2
(136.3%)
(18.6)
598.5%
Adjusted EBITDA Margin (2)
(2.5%)
5.9%
(143.3%)
(0.3%)
794.4%
Loss for the period
(627.7)
(424.1)
(48.0%)
(709.2)
(11.5%)
Attributable to:
Equity Shareholders
(529.3)
(328.0)
(61.3%)
(861.6)
(38.6%)
Non-Controlling Interests
(98.4)
(96.1)
(2.4%)
152.4
(164.6%)
(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. 5,116.0 million, a decrease of 16.1% from Ps. 6,095.5 million in 1Q19. Advertising revenues decreased 24.1% compared to 1Q19 and represented around 34.9% of the Total Revenues of the Company. Circulation revenues decreased 19.0% and represented 31.3% of the Total.
Following there is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.)
1Q20
1Q19
YoY
4Q19
QoQ
Printing and Publishing
2,586.0
3,144.1
(17.8%)
6,551.1
(60.5%)
Broadcasting and Programming
2,285.2
2,430.7
(6.0%)
3,130.2
(27.0%)
Others
553.5
994.1
(44.3%)
558.0
(0.8%)
Subtotal
5,424.7
6,568.9
(17.4%)
10,239.3
(47.0%)
Eliminations
(308.7)
(473.4)
(34.8%)
(270.5)
14.1%
Total
5,116.0
6,095.5
(16.1%)
9,968.8
(48.7%)
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 3,624.5 million, a decrease of 5.7% from Ps. 3,843.8 million reported in 1Q19 due to lower costs in Printing and Publishing segment and in the Others segment, partially offset by higher costs in the Broadcasting and Programming segment.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 1,621.7 million, a decrease of 14.4% from Ps. 1,893.6 million in 1Q19. This drop was mainly due to lower salaries and fees for services across all business segments.
Adjusted EBITDA was negative in Ps. 130.2 million, driven by negative results in the Printing and Publishing segment and in the Broadcasting and Programming mainly due to a lower advertising and circulation revenues.
Following there is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.)
1Q20
1Q19
YoY
4Q19
QoQ
Printing and Publishing
(88.6)
67.5
(231.2%)
(137.1)
35.3%
Broadcasting and Programming
(39.8)
342.5
(111.6%)
345.5
(111.5%)
Others
(1.7)
(51.8)
(96.6%)
(227.1)
99.2%
Total
(130.2)
358.2
(136.3%)
(18.6)
(598.5%)
Negative Financial results totaled Ps. 126.6 million compared to Ps. 418.9 million in 1Q19. This decrease was mainly due to lower impact of the peso depreciation on dollar denominated debt and lower interest payments.
Equity in earnings from unconsolidated affiliates in 1Q20 totaled Ps. 150.2 million, compared to Ps. 149.7 million in 1Q19.
Other Net Income (expenses), reached Ps. (218.4) million, compared to Ps. 25.5 million in 1Q19.
Income tax as of 1Q20 reached Ps. (11.0) million, from Ps. (184.5) million in 1Q19.
Loss for the period totaled Ps. 627.7 million, from a loss of Ps. 424.1million reported in 1Q19. This was mainly due to negative EBITDA across all business segments. The Equity Shareholders Loss for the period amounted Ps. 529.3 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 159.7 million in 1Q20, a decrease of 39.6% from Ps. 264.5 million reported in 1Q19. Out of the total CAPEX in 1Q20, 49.9% was allocated towards the Broadcasting and Programming segment, 44.5% to the Printing and Publishing segment and the remaining 5.6% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2020
(In millions of Ps.)
Printing & Publishing
Broadcasting
& Programming
Others
Eliminations
Total
%
Advertising
614.8
1,177.8
46.1
(52.2)
1,786.4
34.9%
Circulation
1,600.3
-
-
-
-
1,600.3
31.3%
Printing
112.1
-
-
-
(7.0)
105.2
2.1%
Programming
-
1,094.9
-
-
1,094.9
21.4%
Other Sales
258.8
12.5
507.4
(249.5)
529.2
10.3%
Total Sales
2,586.0
2,285.2
553.5
(308.7)
5,116.0
100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2019
(In millions of Ps.)
Printing & Publishing
Broadcasting & Programming
Others
Eliminations
Total
%
Advertising
923.4
1,506.7
63.5
(140.0)
2,353.5
38.6%
Circulation
1,976.5
-
-
-
1,976.5
32.4%
Printing
68.3
-
(2.0)
66.3
1.1%
Programming
-
765.8
-
-
765.8
12.6%
Other Sales
176.0
158.2
930.6
(331.4)
933.4
15.3%
Total Sales
3,144.1
2,430.7
994.1
(473.4)
6,095.5
100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 6.0% to Ps. 2,285.2 million in 1Q20, compared to Ps. 2,430.7 million in 1Q19. This was due to lower advertising revenues in constant pesos as of March 2020 in Channel 13 and Radio Mitre.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 17.1% to Ps. 1,806.9 million in 1Q20, compared to Ps. 1,542.9 million in 1Q19. The increase was mainly caused by higher programming costs, partially offset by lower salaries and fees for services due to a higher effect of restatement for 1Q19 versus 1Q20.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 5.0% to Ps. 518.1 million in 1Q20, compared to Ps. 545.3 million in 1Q19. The decline was primarily the result of the greater effect of the restatement of the salaries, marketing expenses and fees for services of 1Q19 versus 1Q20, in order to be expressed in homogeneous currency as of March 31, 2020.
Depreciation and Amortization
Depreciation and amortization expenses increased by 0.5% to Ps. 125.2 million in 1Q20 compared to Ps. 124.6 million reported in 1Q19.
PRINTING AND PUBLISHING
Revenues
Total revenues decreased by 17.8% to Ps. 2,586.0 million in 1Q20, mainly as a result of lower circulation and advertising revenues in real terms (inflation was 48.3% from March 2019 to March 2020 while circulation and advertising revenues in current pesos increased by approximately 0.2% and 21.8%, respectively).
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 13.2% to Ps. 1,529.2 million in 1Q20, compared to Ps. 1,761.6 million in 1Q19. The decrease was mainly the result of lower salaries and printing costs caused by the greater effect of the restatement for 1Q19.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 12.9% to Ps. 1,145.4 million in 1Q20, compared to the Ps. 1,315.0 million reported in 1Q19. This was primarily the result of lower salaries, marketing expenses and fees for services, due to the IAS 29 (inflation) adjustment effect in 1Q19.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 32.3% to Ps. 107.7 million in 1Q20 compared to Ps. 159.2 million in 1Q19.
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 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 44.3% to Ps. 553.5, from Ps. 994.1 million reported in 1Q19, due to lower revenues from Gestión Compartida. EBITDA resulted negative in Ps. 1.7 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
PRINTING AND PUBLISHING
1Q20
1Q19
YoY
4Q19
QoQ
Circulation (1)
243.3
228.2
6.6%
234.0
4.0%
Circulation share % (2)
42.0%
39.3%
6.7%
53.3%
(21.3%)
Advertising share %(3)
51.5%
56.2%
(8.4%)
51.3%
0.4%
(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
1Q20
1Q19
YoY
4Q19
QoQ
Advertising Share % (1)
36.1%
35.7%
(0.9%)
39.7%
(9.2%)
Audience Share % (2)
Prime Time
31.8%
34.2%
(6.9%)
42.2%
(24.7%)
Total Time
30.1%
32.2%
(6.5%)
33.8%
(11.1%)
(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.
DIGITAL METRICS
1Q20
1Q19
YoY
Page Views (1)
1,170.2
1,113.5
5.1%
Mobile page Views
842.9
779.2
8.2%
(1)In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.)
March 2020
March
2019
% Change
December 2019
% Change
Short Term and Long-Term Debt
Current Financial Debt
1,083.7
1,910.8
(43.3%)
1,048.0
3.4%
Financial loans
540.3
1,136.6
(52.5%)
685.2
(21.1%)
Accrued interest
23.9
28.8
(16.9%)
20.2
18.1%
Acquisition of equipment
12.9
8.8
47.1%
7.3
75.8%
Sellers Financing Capital
-
-
NA
-
NA
Related Parties Capital
6.8
13.8
(50.8%)
-
NA
Related Parties Accrued Interest
8.4
8.9
(5.8%)
15.7
(46.5%)
Bank overdraft
491.4
713.9
(31.2%)
319.5
53.8%
Non-Current Financial Debt
1,091.8
248.2
339.8%
969.3
12.6%
Financial loans
1,077.2
243.0
343.3%
968.7
11.2%
Acquisition of equipment
14.6
5.3
177.3%
0.6
2,485.2%
Related Parties Capital
0.0
-
NA
-
NA
Total Financial Debt (A)
2,175.6
2,159.0
0.8%
2,017.3
7.8%
Total Short Term and Long-Term Debt
2,175.6
2,159.0
0.8%
2,017.3
7.8%
Cash and Cash Equivalents (B)
2,323.6
2,210.6
5.1%
2,384.9
(2.6%)
Net Debt (A) - (B)
(148.0)
(51.5)
187.3%
(367.6)
(59.7%)
REVENUES AND EBITDA - IAS 29 Adjustment
REVENUES
(In millions of Ps.)
1Q20
1Q19
YoY
1Q20 ex IAS 29
IAS 29 Adjust.
1Q20
as reported
1Q19 ex IAS 29
IAS 29
Adjust.
1Q19 as reported
Printing and Publishing
2,586.0
3,144.1
(17.8%)
2,513.8
72.2
2,586.0
2,031.6
1,112.5
3,144.1
Broadcasting and Programming
2,285.2
2,430.7
(6.0%)
2,221.3
63.8
2,285.2
1,570.6
860.0
2,430.7
Digital Content and Others
553.5
994.1
(44.3%)
538.0
15.5
553.5
642.4
351.7
994.1
Subtotal
5,424.7
6,568.9
(17.4%)
5,273.1
151.5
5,424.7
4,244.6
2,324.2
6,568.9
Eliminations
(308.7)
(473.4)
(34.8%)
(300.0)
(8.6)
(308.7)
(305.9)
(167.5)
(473.4)
Total
5,116.0
6,095.5
(16.1%)
4,973.1
142.9
5,116.0
3,938.7
2,156.8
6,095.5
EBITDA
(In millions of Ps.)
1Q20
1Q19
YoY
1Q20 ex IAS 29
IAS 29 Adjust.
1Q20
as reported
1Q19 ex IAS 29
IAS 29
Adjust.
1Q19 as reported
Printing and Publishing
(88.6)
67.5
(231.2%)
(86.1)
(2.5)
(88.6)
43.6
23.9
67.5
Broadcasting and Programming
(39.8)
342.5
(111.6%)
(38.7)
(1.1)
(39.8)
221.3
121.2
342.5
Digital Content and Others
(1.7)
(51.8)
97%
(1.7)
(0.0)
(1.7)
(33.5)
(18.3)
(51.8)
Total
(130.2)
358.2
(136.3%)
(126.5)
(3.6)
(130.2)
231.4
126.7
358.2
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)
35.0
GCLA (LSE) Price per GDS (USD)
1.71
Total Shares
106,776,004
Total GDSs
53,388,002
Closing Price
June 8, 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 First Quarter 2020 Results
Date: Wednesday, June 10, 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 1Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla200610V3KpXSoa.html
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: 61827203
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 THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
In Argentine Pesos (Ps.)
March 31, 2020
March 31, 2019
Revenues
5,116,015,874
6,095,496,481
Cost of Sales (1)
(3,866,224,750)
(4,126,283,984)
Subtotal - Gross Profit
1,249,791,124
1,969,212,497
Selling Expenses (1)
(873,889,196)
(1,064,627,643)
Administrative Expenses (1)
(797,782,883)
(900,505,511)
Other Income and Expenses, net
(218,393,780)
25,488,721
Financial Expenses on Debt
(215,398,538)
(342,530,999)
Gain (Loss) on Net Monetary Position
(10,209,276)
(129,413,968)
Other Financial Results, net
98,987,480
53,022,707
Financial Results
(126,620,334)
(418,922,260)
Equity in Earnings from Associates
150,189,805
149,673,482
Income (Loss) before Income Tax and Tax on Assets
(616,705,264)
(239,680,714)
Income Tax and Tax on Assets
(11,029,885)
(184,455,768)
Net Income (Loss) for the Period
(627,735,149)
(424,136,482)
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations
(12,081,059)
(3,354,157)
Other Comprehensive Income (Loss) for the Period
(12,081,059)
(3,354,157)
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD
(639,816,208)
(427,490,639)
(Loss) Income Attributable to:
Shareholders of the Parent Company
(529,288,810)
(328,043,453)
Non-Controlling Interests
(98,446,339)
(96,093,029)
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent Company
(541,369,869)
(326,840,636)
Non-Controlling Interests
(98,446,339)
(100,650,003)
Basic and Diluted Net Income (Loss) per Share
(4.96)
(3.07)
(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 291,705,099 and $ 354,081,318 for the three-month periods ended March 31, 2020 and 2019, respectively.
The 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 March 31st, 2020 available at http://www.grupoclarin.com/ir/.
GRUPO CLARÍN S.A.
CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2020, AND DECEMBER 31, 2019
In Argentine Pesos (Ps.)
March 31, 2020
December 31, 2019
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment
5,980,079,198
6,005,917,618
Intangible Assets
453,741,869
457,027,579
Goodwill
763,409,914
1,003,857,250
Deferred Tax Assets
527,561,450
531,745,618
Investments in Unconsolidated Affiliates
1,933,375,875
1,792,447,839
Right-of-Use Assets
94,958,392
101,460,887
Inventories
97,537,436
19,379,903
Other Assets
35,980,347
36,920,369
Other Receivables
259,474,362
283,482,753
Trade Receivables
41,056,270
45,017,515
Total Non-Current Assets
10,187,175,113
10,277,257,331
CURRENT ASSETS
Inventories
1,051,518,313
1,414,589,534
Other Assets
125,488,472
128,395,461
Other Receivables
1,916,997,153
1,651,226,304
Trade Receivables
5,855,260,307
6,253,804,870
Other Investments
537,807,460
761,773,485
Cash and Banks
1,786,329,250
1,623,149,469
Total Current Assets
11,273,400,955
11,832,939,123
Total Assets
21,460,576,068
22,110,196,454
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
Shareholders' Contribution
11,485,260,084
11,485,260,084
Other Items
12,929,390
25,010,449
Retained Earnings
(971,601,890)
(442,313,080)
Total Attributable to Shareholders of the Parent Company
10,526,587,584
11,067,957,453
Attributable to Non-Controlling Interests
120,836,083
222,641,535
Total Equity
10,647,423,667
11,290,598,988
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges
856,158,464
859,376,881
Financial Debt
1,091,828,812
969,288,268
Deferred Tax Liabilities
235,519,773
304,078,061
Taxes Payable
25,488,554
31,196,458
Lease Liabilities
24,313,745
28,639,426
Other Liabilities
196,933,839
197,362,966
Trade and Other Payables
59,065,557
72,932,713
Total Non-Current Liabilities
2,489,308,744
2,462,874,773
CURRENT LIABILITIES
Financial Debt
1,099,036,824
1,047,989,628
Taxes Payable
488,647,079
567,827,550
Lease Liabilities
72,300,531
72,558,613
Other Liabilities
769,150,292
878,274,654
Trade and Other Payables
5,894,708,931
5,790,072,248
Total Current Liabilities
8,323,843,657
8,356,722,693
Total Liabilities
10,813,152,401
10,819,597,466
Total Equity and Liabilities
21,460,576,068
22,110,196,454
The notes are an integral part of these consolidated financial statements.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 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
3,943,484,436
7,434,999,644
11,485,260,084
152,866,851
(127,856,402)
-
1,182,572,169
(1,624,885,249)
11,067,957,453
222,641,535
11,290,598,988
Dividends and Other Movements of Non-Controlling Interest
-
-
-
-
-
-
-
-
-
-
(3,359,113)
(3,359,113)
Net Income (Loss) for the Period
-
-
-
-
-
-
-
-
(529,288,810)
(529,288,810)
(98,446,339)
(627,735,149)
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations
-
-
-
-
(12,081,059)
-
-
-
-
(12,081,059)
-
(12,081,059)
Balances as of March 31, 2020
(1) 106,776,004
3,943,484,436
7,434,999,644
11,485,260,084
140,785,792
(127,856,402)
-
(2) 1,182,572,169
(2,154,174,059)
10,526,587,584
120,836,083
10,647,423,667
Balances as of January 1, 2019
106,776,004
3,943,484,436
9,524,564,985
13,574,825,425
152,109,610
(127,856,402)
135,602,763
9,935,257,329
(10,977,853,266)
12,692,085,459
202,189,863
12,894,275,322
Dividends and Other Movements of Non-Controlling Interest
-
-
-
-
-
-
-
-
-
-
(11,299,841)
(11,299,841)
Net Income (Loss) for the Period
-
-
-
-
-
-
-
-
(328,043,453)
(328,043,453)
(96,093,029)
(424,136,482)
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations
-
-
-
-
1,202,817
-
-
-
-
1,202,817
(4,556,974)
(3,354,157)
Balances as of March 31, 2019
(1) 106,776,004
3,943,484,436
9,524,564,985
13,574,825,425
153,312,427
(127,856,402)
135,602,763
9,935,257,329
(11,305,896,719)
12,365,244,823
90,240,019
12,455,484,842
(2) Includes 1,485 treasury shares. See Note 12 to the separate financial statements.
(3) 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, 2020 AND 2019
In Argentine Pesos (Ps.)
March 31, 2020
March 31, 2019
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period
(627,735,149)
(424,136,482)
Income Tax and Tax on Assets
11,029,885
184,455,768
Accrued Interest, net
82,981,292
110,143,261
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities:
Depreciation of Property, Plant and Equipment
185,910,438
199,211,703
Amortization of Intangible Assets and Film Library
82,699,575
121,479,580
Amortization of Right-of-Use Assets
23,095,086
33,390,035
Net Allowances
98,870,445
60,118,970
Financial Income, except Interest
(34,077,151)
89,632,992
Gain (Loss) on Net Monetary Position
10,209,276
129,413,968
Equity in Earnings from Associates
(150,189,805)
(149,673,482)
Impairment of Goodwill
240,447,336
-
Other Income and Expenses
3,647,743
-
Changes in Assets and Liabilities:
Trade Receivables
(136,191,234)
30,460,912
Other Receivables
(446,467,174)
(489,827,578)
Inventories
236,875,174
(540,610,311)
Other Assets
2,838,631
(10,015,907)
Trade and Other Payables
592,488,232
752,746,801
Taxes Payable
(112,140,249)
(71,391,722)
Other Liabilities
(23,714,562)
394,741,477
Provisions
(17,096,400)
(13,999,224)
Income Tax and Tax on Assets Payments
(11,143,185)
(56,071,940)
Net Cash Flows provided by Operating Activities
12,338,204
350,068,821
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment
(159,705,968)
(265,128,133)
Payments for Acquisition of Intangible Assets
(79,735,744)
(23,523,155)
Proceeds from Sale of Property, Plant and Equipment
189,764
-
Collection of loans - granted
5,088,718
-
Collection of Loans - interest
6,198,631
-
Proceeds from Sale of Other Assets
1,400,000
-
Transactions with Notes, Bonds and Other Placements, Net
84,891,348
66,729,908
Net Cash Flows used in Investing Activities
(141,673,251)
(221,921,380)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained
469,446,313
363,740,575
Payment of Financial Debt
(263,271,815)
(58,090,064)
Payment of Interest
(76,046,501)
(145,710,511)
Payment of Lease Liabilities
(26,199,808)
(40,769,189)
Payments to Non-Controlling Interests, net
-
(11,299,841)
Net Cash Flows provided by Financing Activities
103,928,189
107,870,970
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS
(35,854,957)
(79,745,099)
(Decrease) Increase in cash flow, net
(61,261,815)
156,273,312
Cash and Cash Equivalents at the Beginning of the Year
2,384,851,094
2,054,177,232
Cash and Cash Equivalents at the End of the Period (Note 2.4)
2,323,589,279
2,210,450,544
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