REG - Grupo Clarin S.A. - 1st Quarter Results
15/05/2023 07:00
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RNS Number : 3338Z Grupo Clarin S.A. 13 May 2023
Grupo Clarín Announces First Quarter 2023 Results
Buenos Aires, Argentina, May 12, 2023 - Grupo Clarín S.A. ("Grupo Clarín" or
the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in
Argentina, announced today its First Quarter 2023 results. Figures in this
report have been prepared in accordance with International Financial Reporting
Standards ((*)) ("IFRS") as of March 31, 2023 and are stated in Argentine
Pesos ("Ps"), unless otherwise indicated.
((*)) The Company's Management has applied IAS 29 in the preparation of these
financial statements (inflation adjustment) as per Resolution 777/18, issued
by the Comisión Nacional de Valores ("CNV"), that establishes that the
restatement must be applied to the financial statements.
Highlights (1Q23 vs. 1Q22):
§ Total Revenues reached Ps. 22,761.9 million, an increase of 5.9% in real
terms compared to 1Q22, mainly due to higher revenues in Digital and Printed
Publications partially offset by lower revenues in the Broadcasting and
Programming segment.
§ Adjusted EBITDA((1)) reached Ps. 3,205.0 million, an increase of 9.8%
compared to 2,918.6 for 1Q22, mainly driven by a higher EBITDA in the Digital
and Printed Publications and Others segments, partially offset by lower EBITDA
in Broadcasting and Programming.
§ Grupo Clarín's Adjusted EBITDA Margin((2)) was 14.1% in 1Q23, compared to
13.6% in 1Q22.
§ Profit for the period resulted in Ps. 1,051.9 million, an increase of
814.6% compared to a profit of Ps. 115.0 million reported in 1Q22. Net Income
for the period attributable to Equity Shareholders amounted Ps 1,060.2 million
in 1Q23 from a profit of Ps. 110.0 million in 1Q22, an increase of 863.6%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 1Q23 1Q22 % Ch. 4Q22 QoQ
Total Revenues 22,761.9 21,501.1 5.9% 22,310.0 2.0%
Adjusted EBITDA ((1)) 3,205.0 2,918.6 9.8% 1,897.8 68.9%
Adjusted EBITDA Margin ((2)) 14.1% 13.6% 3.7% 8.5% 65.5%
Profit/(Loss) for the period 1,051.9 115.0 814.6% (1,002.6) (204.9%)
Attributable to:
Equity Shareholders 1,060.2 110.0 863.6% (962.2) (210.2%)
Non-Controlling Interests (8.3) 5.0 (265.9%) (40.4) (79.6%)
(1) We define Adjusted EBITDA as Total Revenues minus cost of sales
(excluding depreciation and amortization) and selling and administrative
expenses (excluding depreciation and amortization). We believe that Adjusted
EBITDA is a meaningful measure of our performance. It is commonly used to
analyze and compare media companies based on operating performance, leverage
and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or
cash flow from operations and should not be considered as an alternative to
net income, an indication of our financial performance, an alternative to cash
flow from operating activities or a measure of liquidity. Other companies may
compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as
reported by other companies may not be comparable to Adjusted EBITDA as we
report it.
(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Total Revenues.
OPERATING RESULTS
Total Revenues reached Ps. 22,761.9 million, an increase of 5.9% in real terms
from Ps. 21,501.1 million in 1Q22, in a context of increasing inflation (which
reached 104.3% interannually as of March and 102.0% on average). Advertising
revenues decreased 6.5% in real terms and represented around 34.9% of the
Total Revenues of the Company. Circulation revenues increased 19.9% YoY and
represented 39.3% of the Total. Programming revenues decreased 6.2% YoY and
represented 14.7% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.) 1Q23 1Q22 YoY 4Q22 QoQ
Digital and Printed Publications 12,801.1 10,826.5 18.2% 9,647.2 32.7%
Broadcasting and Programming 9,112.5 9,997.2 (8.8%) 12,225.2 (25.5%)
Others 1,811.1 1,836.2 (1.4%) 1,537.5 17.8%
Subtotal 23,724.7 22,660.0 4.7% 23,409.8 1.3%
Eliminations (962.8) (1,158.8) (16.9%) (1,099.9) (12.5%)
Total 22,761.9 21,501.1 5.9% 22,310.0 2.0%
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 13,757.5
million, an increase of 3.8% from Ps. 13,252.7 million reported in 1Q22,
mainly due to higher costs in the Digital and Printed Publications segment
related to the increase in schoolbooks sales, partially offset by lower
salaries and severance payments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
totaled Ps. 5,799.4 million, an increase of 8.8% from Ps. 5,329.9 million in
1Q22. This increase was mainly due to higher contingencies, distribution costs
and advertising and promotion costs partially offset by lower salaries and
severance payments.
Adjusted EBITDA amounted to Ps. 3,205.0 million, increase of 9.8% from Ps.
2,918.6 million reported in 1Q22. This increase was driven by a higher EBITDA
in Digital and Printed Publications as a result of higher circulation and
printing revenues, partially offset by lower EBITDA in Broadcasting and
Programming, mainly as a result of lower advertising and programming revenues
in real terms.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) 1Q23 1Q22 YoY 4Q22 QoQ
Digital and Printed Publications 1,991.1 1,344.4 48.1% 124.7 1496.6%
Broadcasting and Programming 736.6 1,152.0 (36.1%) 2,242.8 (67.2%)
Others 477.3 422.2 13.0% (469.7) (201.6%)
Total 3,205.0 2,918.6 9.8% 1,897.8 68.9%
Financial results net totaled Ps. (1,290.7) million compared to Ps. (2,052.4)
million in 1Q22. This decrease was mainly due to lower negative results of
operations with notes and bonds, higher gained interests and positive net FX
results versus a negative figure in 2022, partially offset by higher interest
on debts and higher negative inflation adjustment results versus 2022.
Equity in earnings from unconsolidated affiliates in 1Q23 totaled Ps. 743.4
million, compared to Ps. 462.7 million in 1Q22, mainly related to positive
results in TRISA versus a negative result in 2022, the suspension of
operations in BIMO which had had negative results in 2022 and higher net
income in our subsidiary Papel Prensa.
Other Income (expenses), net reached Ps. 60.5 million, compared to Ps. (28.9)
million in 1Q22.
Income tax as of 1Q23 reached Ps. (767.9) million, from Ps. Ps. (255.1)
million in 1Q22, mainly as a result of higher taxable income (after
considering taxable Inflation Adjustment).
Income for the period totaled Ps. 1,051.9 million, an increase of 814.6% from
a gain of Ps. 115.0 million reported in 1Q22. The Equity Shareholders Net
Income for the period amounted Ps. 1,060.2 million, an increase of 863.6% YoY
from a profit of 110.0 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps.
705.3 million in 1Q23, an increase of 40.1% from Ps. 503.4 million reported in
1Q22, mainly explained by the acquisition of a new server in the Digital and
Printed Publications segment. Out of the total CAPEX in 1Q23, 64.6% was
allocated towards the Broadcasting and Programming segment and 35.4% to the
Digital and Printed Publications segment.
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2023
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 2,291.7 5,746.6 - (97.7) 7,940.6 34.9%
Circulation 8,936.6 - - - 8,936.6 39.3%
Printing 1,061.3 - - (2.8) 1,058.5 4.7%
Programming - 3,353.0 - - 3,353.0 14.7%
Other Sales 511.5 12.9 1,811.1 (862.3) 1,473.2 6.5%
Total Sales 12,801.1 9,112.5 1,811.1 (962.8) 22,761.9 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2022
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 2,294.6 6,333.7 - (133.4) 8,494.9 39.5%
Circulation 7,451.9 - - - 7,451.9 34.7%
Printing 550.8 - - - 550.8 2.6%
Programming - 3,574.6 - - 3,574.6 16.6%
Other Sales 529.3 88.9 1,836.2 (1,025.4) 1,429.0 6.6%
Total Sales 10,826.5 9,997.2 1,836.2 (1,158.8) 21,501.1 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 8.8% to Ps. 9,112.5 million in 1Q23, compared to Ps.
9,997.2 million in 1Q22 mainly as a result of lower advertising and
programming revenues, in real terms.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) decreased by 5.6% to
Ps. 6,241.2 million in 1Q23, compared to Ps. 6,613.4 million in 1Q22. This is
mainly attributable to lower salaries and severance payments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 4.4% to Ps. 2,134.7 million in 1Q23, compared to Ps. 2,231.8
million in 1Q22. The decrease was primarily the result of lower fees for
services and lower salaries and severance payments partially offset by higher
contingencies.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 7.9% to Ps. 409.7 million
in 1Q23 compared to Ps. 444.9 million reported in 1Q22.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 18.2% to Ps. 12,801.1 million in 1Q23, mainly as a
result of higher circulation and printing revenues from school textbooks and
printing services related to biddings for school textbooks and higher Paywall
revenues, partially offset by lower traditional circulation revenues. In spite
of the high interannual inflation, advertising revenues remained stable in
similar levels registered during 1Q22, driven by higher digital advertising.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 15.8% to
Ps. 6,687.7 million in 1Q23, compared to Ps. 5,772.9 million in 1Q22. The
increase is the result of higher costs related to the increase in schoolbooks
sales; partially offset by lower salaries.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
increased by 11.1% to Ps. 4,122.3 million in 1Q23, compared to the Ps.
3,709.3 million reported in 1Q22. This was primarily the result of higher
distribution costs, salaries and severance payments, advertising and promotion
costs contingencies.
Depreciation and Amortization
Depreciation and amortization expenses increased by 12.4% to Ps. 359.9 million
in 1Q23 compared to Ps. 320.2 million in 1Q22.
OTHERS
Total revenues in this segment were driven by administrative and corporate
services rendered by the Company and its subsidiary GC Gestión Compartida
S.A. to third parties, as well as to other subsidiaries of the Company (which
are eliminated in the consolidation). Cost of sales (excluding depreciation
and amortization) was mainly the result of salaries and professional
consulting fees.
In this period, total revenues decreased 1.4% to Ps. 1,811.1 , from Ps.
1,836.2 million reported in 1Q22. EBITDA resulted in Ps. 477.3 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
1Q23 1Q22 YoY 4Q22 QoQ
Circulation ((1)) 152.0 183.2 -17.0% 164.2 -7.4%
Circulation share % ((2)) 55.3% 57.1% -3.1% 55.4% -0.1%
Total Digital Subs ((3)) 597.9 494.3 21.0% 549.3 8.9%
( )
((1)) Average number of copies according to IVC (including Diario Clarín and
Olé) in thousands
((2)) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario
Clarín/Clarín+La Nación. Source: IVC.
((3)) Total Clarin.com subs, in thousand, EOP. Company information.
BROADCASTING AND PROGRAMMING
1Q23 1Q22 YoY 4Q22 QoQ
Advertising Share % ((1)) 29.7% 33.5% -11.3% 35.2% -15.6%
Audience Share % ((2))
Prime Time 23.1% 31.9% -27.7% 26.7% -13.5%
Total Time 23.8% 29.3% -18.6% 25.0% -4.9%
( )
((1)) Company estimates, over ad spend in Ps. In broadcast TV for AMBA region.
((2)) Share of broadcast TV audience according to IBOPE for AMBA. PrimeTime is
defined as Monday through Friday from 8pm to 12am. Total Time is defined as
Monday through Sunday from 12 pm to 12 am.
DIGITAL KPIs
1Q23 1Q22 YoY 4Q22 QoQ
Page Views ((1)) 930.6 840.9 10.7% 1,020.4 -8.8%
Mobile page Views 735.5 629.2 16.9% 723.7 1.6%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
REVENUES AND EBITDA - IAS 29 Adjustment
REVENUES 1Q23 1Q22 YoY 1Q23 ex IAS 29 IAS 29 Adjustment 1Q23 1Q22 ex IAS 29 IAS 29 Adjustment 1Q22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 12,801.1 10,826.5 18.2% 11,946.5 854.6 12,801.1 5,002.5 5,824.1 10,826.5
Broadcasting and Programming 9,112.5 9,997.2 (8.8%) 8,504.1 608.4 9,112.5 4,619.3 5,377.9 9,997.2
Others 1,811.1 1,836.2 (1.4%) 1,690.2 120.9 1,811.1 848.4 987.8 1,836.2
Subtotal 23,724.7 22,660.0 4.7% 22,140.8 1,583.9 23,724.7 10,470.2 12,189.8 22,660.0
Eliminations (962.8) (1,158.8) (16.9%) (898.6) (64.3) (962.8) (535.4) (623.4) (1,158.8)
Total 22,761.9 21,501.1 5.9% 21,242.2 1,519.7 22,761.9 9,934.7 11,566.4 21,501.1
EBITDA 1Q23 1Q22 YoY 1Q23 ex IAS 29 IAS 29 Adjustment 1Q23 1Q22 ex IAS 29 IAS 29 Adjustment 1Q22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 1,991.1 1,344.4 48.1% 1,858.2 132.9 1,991.1 621.2 723.2 1,344.4
Broadcasting and Programming 736.6 1,152.0 (36.1%) 687.4 49.2 736.6 532.3 619.7 1,152.0
Others 477.3 422.2 13.0% 445.4 31.9 477.3 195.1 227.1 422.2
Total 3,205.0 2,918.6 9.8% 2,991.0 214.0 3,205.0 1,348.6 1,570.0 2,918.6
DEBT AND LIQUIDITY
(In millions of Ps.) March 2023 March 2022 % Change
Short Term and Long-Term Debt
Current Financial Debt 1,525.7 3,607.9 (57.7%)
Financial loans 578.3 2,917.7 (80.2%)
Accrued interest 61.9 169.1 (63.4%)
Acquisition of equipment 19.5 84.1 (76.8%)
Related Parties Accrued Interest - - 0.0%
Related Parties Capital - (0.0) (100.0%)
Bank overdraft 866.0 437.0 98.2%
Non-Current Financial Debt 2,386.0 170.1 1303.0%
Financial loans 2,385.1 143.3 1564.4%
Acquisition of equipment 0.9 26.8 (96.7%)
Total Financial Debt (A) 3,911.7 3,777.9 3.5%
Total Short Term and Long-Term Debt 3,911.7 3,777.9 3.5%
Cash and Cash Equivalents (B) 10,940.4 9,732.4 12.4%
Net Debt (A) - (B) (7,028.7) (5,954.5) 18.0%
Net Debt/Adjusted Ebitda ((1)) (0.58x) (0.44x) 32.6%
Total Financial Debt((1)) and Net Debt, increased 3.5% to Ps. 3,911.7 million
from Ps. 3,777.9 million and to Ps. (7,028.7) million from Ps. (5,954.5)
million, respectively.
Debt coverage ratio ((1)) as of March 31, 2023 was (0.58x) in the case of Net
Debt and of 0.32x in terms of Total Financial Debt.
((1)) Debt Coverage Ratio is defined as Total Financial Debt divided by Last
Twelve Months Adjusted EBITDA. Total Financial debt is defined as financial
loans and debt for acquisitions, including accrued interest.
STOCK AND MARKET INFORMATION
Grupo Clarín trades its stock in the Buenos Aires Stock Exchange (BCBA) and
in the London Stock Exchange (LSE), in the form of shares and GDS's,
respectively.
GCLA (BCBA) Price per Share (ARS) 274.00
GCLA (LSE) Price per GDS (USD) 1.08
Total Shares 106,776,004
Shares per GDS 2
Closing Price May 12, 2023
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss its First Quarter 2023 Results
Date: Tuesday, May 16, 2023
Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=ZWb06Fr7
The webcast presentation will also be available at https://ir.grupoclarin.com
(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 THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022,
AND THE THREE-MONTH PERIODS BEGINNING JANUARY 1 AND ENDING ON
MARCH 31, 2023 AND 2022
(Amounts stated in Argentine Pesos)
March 31, 2023 March 31, 2022
Sales Revenues 22,761,882,557 21,501,129,986
Cost of Sales (1) (14,499,610,636) (13,973,844,588)
Subtotal - Gross Profit 8,262,271,921 7,527,285,398
Selling Expenses (1) (2,855,688,302) (2,677,733,976)
Administrative Expenses (1) (3,099,900,458) (2,860,918,227)
Other Income and Expenses, net 60,457,510 (28,871,188)
Financial Expenses on Debt (718,897,326) (326,102,345)
Gain (Loss) on Net Monetary Position (1,146,839,997) (1,017,933,531)
Other Financial Results, net 574,996,328 (708,365,090)
Financial Results (1,290,740,995) (2,052,400,966)
Equity in Earnings from Subsidiaries 743,411,601 462,721,766
Income (Loss) before Income Tax 1,819,811,277 370,082,807
Income Tax (767,917,951) (255,074,521)
Net Income (Loss) for the Period 1,051,893,326 115,008,286
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations (8,896,753) 48,095,037
Other Comprehensive Income (Loss) for the Period (8,896,753) 48,095,037
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD 1,042,996,573 163,103,323
(Loss) Income Attributable to:
Shareholders of the Controlling Company 1,060,157,977 110,025,852
Non-Controlling Interests (8,264,651) 4,982,434
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company 1,051,261,224 158,120,889
Non-Controlling Interests (8,264,651) 4,982,434
Basic and Diluted Earnings per Share 9.93 1.03
( )
((1)) Includes amortization of intangible assets and film library,
right-of-use assets, depreciation of property, plant and equipment and
investment property in the amount of $ 898,327,113 and $ 929,962,515 for the
three-month periods ended March 31, 2023 and 2022, respectively.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of March 31(st), 2023 available at
https://ir.grupoclarin.com (https://ir.grupoclarin.com)
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2023 AND DECEMBER 31, 2022
(Amounts stated in Argentine Pesos)
March 31, 2023 December 31, 2022
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 21,754,161,958 21,705,022,359
Intangible Assets 1,828,787,526 1,857,266,781
Goodwill 65,185,776 65,185,776
Investment Properties 2,256,671,435 2,267,474,633
Deferred Tax Assets 2,705,283,949 2,341,183,797
Right-of-Use Assets 296,105,611 97,496,536
Investments in Subsidiaries 12,194,980,848 11,497,463,054
Other Investments 533,908,433 550,654,254
Inventories 1,063,191,036 937,556,661
Other Assets 146,280,626 146,313,792
Other Receivables 134,414,775 159,228,804
Total Non-Current Assets 42,978,971,973 41,624,846,447
CURRENT ASSETS
Inventories 3,764,447,723 5,419,789,845
Other Assets 993,680,889 603,945,348
Other Receivables 6,182,832,974 6,298,139,782
Trade Receivables 19,022,233,340 22,271,386,838
Other Investments 8,066,464,159 7,368,954,020
Cash and Banks 3,403,351,035 2,607,503,531
Total Current Assets 41,433,010,120 44,569,719,364
Total Assets 84,411,982,093 86,194,565,811
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company
Shareholders' Contribution 43,584,409,062 43,584,409,062
Other Items (91,234,062) (82,337,309)
Retained Earnings 7,199,129,833 6,138,971,856
Total Attributable to Shareholders of the Controlling Company 50,692,304,833 49,641,043,609
Attributable to Non-Controlling Interests 260,784,291 269,048,942
Total Equity 50,953,089,124 49,910,092,551
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 3,085,349,170 3,402,622,454
Financial Debt 2,385,995,269 2,523,957,779
Lease Liabilities 84,816,674 16,348,390
Deferred Tax Liabilities 2,243,471,880 1,720,027,649
Taxes Payable 93,280,607 13,267,591
Other Liabilities 1,171,713,981 1,209,728,399
Trade and Other Payables 177,316,068 45,912,411
Total Non-Current Liabilities 9,241,943,649 8,931,864,673
CURRENT LIABILITIES
Financial Debt 1,525,727,427 1,735,525,542
Taxes Payable 1,250,221,366 915,315,055
Lease Liabilities 187,454,929 69,276,698
Other Liabilities 3,071,089,070 4,147,939,541
Trade and Other Payables 18,182,456,528 20,484,551,751
Total Current Liabilities 24,216,949,320 27,352,608,587
Total Liabilities 33,458,892,969 36,284,473,260
Total Equity and Liabilities 84,411,982,093 86,194,565,811
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Amounts stated in Argentine Pesos)
Equity attributable to Shareholders of the Controlling Company
Shareholders' Contribution Other Items Retained Earnings Total Equity of Controlling Company Equity Attributable to Non-Controlling Interests
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Translation of Foreign Operations Other Reserves((1)) Legal Reserve Voluntary Reserves Retained Earnings Total Equity
Balances as of January 1(st) 2023 106,776,004 18,201,293,551 25,276,339,507 43,584,409,062 532,632,587 (614,969,896) 2,463,845,386 5,345,486,750 (1,670,360,280) 49,641,043,609 269,048,942 49,910,092,551
Net Income (Loss) for the Period - - - - - - - - 1,060,157,977 1,060,157,977 (8,264,651) 1,051,893,326
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (8,896,753) - - - - (8,896,753) - (8,896,753)
Balances as of March 31, 2023 106,776,004 18,201,293,551 25,276,339,507 43,584,409,062 523,735,834 (614,969,896) 2,463,845,386 5,345,486,750 (610,202,303) 50,692,304,833 260,784,291 50,953,089,124
Balances as of January 1, 2022 106,776,004 18,201,293,551 25,276,339,507 43,584,409,062 588,547,275 (614,969,896) - 5,345,486,750 2,463,845,384 51,367,318,575 344,912,757 51,712,231,332
Changes in minority interest in a subsidiary - - - - (20,324,353) (20,324,353)
- - - - -
-
Net Income (Loss) for the Period - - - - - - - - 110,025,852 110,025,852 4,982,434 115,008,286
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - 48,095,037 - - - - 48,095,037 - 48,095,037
Balances as of March 31, 2022 18,201,293,551 25,276,339,507 43,584,409,062 636,642,312 (614,969,896) - 5,345,486,750 2,573,871,236 51,525,439,464 329,570,838 51,855,010,302
106,776,004
((1) Corresponds to Judicial Reserve for Future Dividends Distribution.)
( )
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022
(Amounts stated in Argentine Pesos)
March 31, 2023 March 31, 2022
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period 1,051,893,326 115,008,286
Income Tax 767,917,951 255,074,521
Accrued Interest, net (34,987,566) (19,872,460)
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by
Operating Activities:
Depreciation of Property, Plant and Equipment 644,862,501 712,416,723
Amortization of Intangible Assets and Film Library 175,731,600 156,279,785
Amortization of Right-of-Use Assets 66,929,814 61,266,007
Depreciation of Investment Properties 10,803,198 -
Net Allowances 356,099,815 181,042,974
Financial Income, except Interest 211,356,820 729,433,509
Gain (Loss) on Net Monetary Position 1,146,839,997 1,017,933,531
Equity in Earnings from Subsidiaries (743,411,601) (462,721,766)
Other Income and Expenses 3,721,139 (1,262,407)
Changes in Assets and Liabilities:
Trade Receivables (1,254,946,937) 336,789,970
Other Receivables (810,803,297) (1,578,062,763)
Inventories 1,239,728,380 5,396,580
Other Assets (386,792,243) 116,160,989
Trade and Other Payables 1,739,826,347 (307,427,057)
Taxes Payable (39,132,934) 343,317,393
Other Liabilities (411,220,859) 859,185,444
Provisions (340,078,090) (30,877,018)
Payments of Income tax (139,505,072) (595,118,017)
Net Cash Flows provided by Operating Activities 3,254,832,289 1,893,964,224
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (705,319,263) (503,410,393)
Payments for Acquisition of Intangible Assets (155,513,902) (94,977,280)
Collection of Other Investments 344,819 -
Proceeds from Sale of Property, Plant and Equipment and Intangible Assets 7,492,604 6,707,271
Proceeds from Disposal of Unconsolidated Affiliates - 65,034,634
Transactions with Securities, Bonds and Other Placements, Net (2,223,200) (724,122,979)
Payment of capital contributions (380,000) (172,508,328)
Net Cash Flows used in Investing Activities (855,598,942) (1,423,277,075)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained 460,052,953 135,366,967
Return of Counter Guarantee (31,692,800) -
Payment of Financial Debt (549,940,146) (116,334,095)
Payment of Interest (196,450,747) (50,245,883)
Payment of Lease Liabilities (58,207,033) (57,207,269)
Net Cash Flows used in Financing Activities (376,237,773) (88,420,280)
Net Increase in Cash Flow 2,022,995,574 ( ) 382,266,869
Cash and Cash Equivalents at the Beginning of the Year 9,428,380,357 ( ) 10,158,710,477
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (510,979,784) (791,254,273)
CASH EQUIVALENTS
Decrease in Cash Due to Deconsolidation of Subsidiaries ((1)) - (17,316,847)
Cash and Cash Equivalents at the End of the Period 10,940,396,147 ( ) 9,732,406,226
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