REG - Grupo Clarin S.A. - 4Q2020 and FY2020 Results

Grupo Clarin SAAnnouncement

12/03/2021 07:00

RNS Number : 0773S
  
Grupo Clarin S.A.
  
12 March 2021
  
 

                                                                                                                        
Grupo Clarín Announces Full Year and Fourth Quarter 2020 Results
 
Buenos Aires, Argentina, March 11, 2021 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its Full Year and Fourth quarter 2020 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of December 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 (2020 vs.2019):
§ Total Revenues reached Ps. 26,639.7 million, a decrease of 23.1% compared to 2019, mainly due to lower advertising revenues in all segments and lower circulation revenues in the Printing and Publishing segment.
§  Adjusted EBITDA (1) reached Ps. 3,245.5 million, an increase of 44.3% compared to 2019, mainly driven by costs reductions in real terms greater than the decrease in revenues, especially in Printing and Publishing and Broadcasting and Programming segments.
§ Grupo Clarín's Adjusted EBITDA Margin (2) was 12.2% in 2020, compared to 6.5% in 2019.
§ Loss for the period totaled Ps. 465.1 million, a decrease of 76.6% compared to a loss of Ps. 1,986.4 million reported in 2019. Loss for the period attributable to Equity Shareholders amounted Ps 274.4 million in 2020 from a loss Ps. 2,052.1 million in 2019, a decrease of 86.6%.
 
FINANCIAL HIGHLIGHTS 




 


 


 


 


 


 


 


 


 


 


 




(In millions of Ps.)


 


2020


2019


% Ch.


4Q20


3Q20


4Q19


QoQ


YoY




Total Revenues


 


26,639.7 


 34,619.7 


 (23.1%)


7,853.7 


 6,521.9 


 8,273.4 


 20.4% 


(5.1%)




Adjusted EBITDA (1) 


 


 3,245.5 


 2,249.1 


 44.3% 


1,726.7 


 937.8 


 (23.5) 


 84.1% 


N/A




Adjusted EBITDA Margin (2)


 


    12.2% 


6.5%


 87.5% 


22.0%


 14.4% 


(0.3%)


 52.9% 


 N/A




Loss for the period


 


(465.1)


(1,986.4)


(76.6%)


518.9


(531.4)


(895.7)


(197.6%)


(157.9%)




Attributable to:


 


 


 


 


 


 


 


 


 




Equity Shareholders


 


(274.4)


(2,052.1)


(86.6%)


514.6


(513.2)


(1,088.1)


(200.3%)


147.3%




Non-Controlling Interests


 


(190.7)


65.6


(390.5%)


4.3


(18.2)


192.5


(123.6%)


97.8%



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



(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. 26,639.7 million, a decrease of 23.1% from Ps. 34,619.7 million in 2019. Advertising revenues decreased 30.2% and represented around 40.4% of the Total Revenues of the Company. Circulation revenues decreased 20.5% and represented 28.0% of the Total.
 
Following is a breakdown of Total Revenues by business segment:
 




REVENUES
(In millions of Ps.)


2020


2019


YoY


4Q20


3Q20


4Q19


QoQ


YoY




Printing and Publishing 


 12,544.3 


17,041.6 


 (26.4%)


 3,310.2 


 3,002.2 


 3,957.1 


 10.3% 


 (16.3%)




Broadcasting and Programming


 13,127.1 


15,748.0 


 (16.6%)


 4,298.1 


 3,236.5 


 3,953.2 


 32.8% 


 8.7% 




Others


 2,356.1 


 3,660.1 


 (35.6%)


 562.0 


 615.1 


 704.7 


 (8.6%)


 (20.3%)




Subtotal


 28,027.6 


36,449.7 


 (23.1%)


 8,170.3 


 6,853.8 


 8,615.0 


 19.2% 


 (5.2%)




Eliminations


 (1,387.9)


(1,830.0)


 (24.2%)


 (316.6)


 (331.9)


 (341.6)


 (4.6%)


 (7.3%)




Total


 26,639.7 


34,619.7 


 (23.1%)


 7,853.7 


 6,521.9 


 8,273.4 


 20.4% 


 (5.1%)




 
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 15,561.2 million, a decrease of 28.5% from Ps. 21,775.0 million reported in 2019 due to lower costs across all business segments, mainly related to lower printing costs in Printing and Publishing and lower programing costs in Broadcasting and Programing. 
 
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 7,833.0 million, a decrease of 26.1% from Ps. 10,595.6 million in 2019. This decrease was mainly due to lower expenses in all segments, especially in Printing and Publishing and Other segments.
 
Adjusted EBITDA reached Ps. 3,245.5 million, an increase of 44.3% from Ps. 2,249.1 million reported for 2019. This increase was driven by higher advertising revenues in Broadcasting and Programming for the 4Q20 as compared to 4Q19 and costs reduction initiatives across all segments to accompany the reduction in revenues derived from the impact of the COVID - 19 pandemic.
 
Following is a breakdown of adjusted EBITDA by business segment:
 
ADJUSTED EBITDA 




(In millions of Ps.)


2020


2019


YoY


4Q20


3Q20


4Q19


QoQ


YoY




Printing and Publishing


 539.2 


 (127.4)


 (523.3%)


 355.3 


 232.0 


 (173.1)


 53.1% 


(305.2%)




Broadcasting and Programming


 2,787.6 


 2,740.3 


 1.7% 


1,478.7 


 693.3 


 436.3 


 113.3% 


 238.9% 




Others


 (81.3)


 (363.9)


 (77.7%)


(107.3)


 12.5 


 (286.8)


   955.9% 


 62.6% 




Total


3,245.5


2,249.1


44.3%


1,726.7


937.8


(23.5)


84.1%


N/A



 
 
 
 
 
 
 
 
 
 



 
 
 
 
Financial results net totaled Ps. (1,012.5) million compared to Ps. (1,931.4) million in 2019. This decrease was mainly due to lower negative interests, foreign exchange and inflation adjustments results.
 
Equity in earnings from unconsolidated affiliates in 2020 totaled Ps. 579.4 million, compared to Ps. 239.3 million in 2019. 
 
Other Income (expenses), net reached Ps. (1,220.8) million, compared to Ps. (109.7) million in 2019.
 
Income tax as of 2020 reached Ps. (701.1) million, from Ps. (908.9) million in 2019. 
 
Loss for the period totaled Ps. 465.1 million, a decrease of 76.6% from a loss of Ps. 1,986.4 million reported in 2019. The Equity Shareholders Loss for the period amounted Ps. 274.4 million, a decrease of 86.6% YoY.
 
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 445.8 million in 2020, a decrease of 56.3% from Ps. 1,020.3 million reported in 2019. Out of the total CAPEX in 2020, 48.6% was allocated towards the Broadcasting and Programming segment, 41.7% to the Printing and Publishing segment and the remaining 9.7% to other activities.  
 
SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2020
 




(In millions of Ps.)


Printing & Publishing


Broadcasting 
& Programming


Digital Content 
& Others


Eliminations


Total


%




Advertising


 2,983.8 


 7,853.9 


 68.2 


 (132.8)


 10,773.1 


40.4%




Circulation


 7,456.8 


-


 -   
                            -   
 


 -   


 7,456.8 


28.0%




Printing 


 815.2 


 -   


 -   
                            -   
 


 (40.4)


 774.7 


2.9%




Programming 


-


 5,074.8 


-


 -   


 5,074.8 


19.0%




Other Sales
 


 1,288.5 


 198.4 


 2,287.9 


 (1,214.7)


 2,560.1 


9.6%




Total Sales


 12,544.3 


 13,127.1 


 2,356.1 


 (1,387.9)


 26,639.7 


100.0%




 
SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2019
 




(In millions of Ps.)


Printing & Publishing


Broadcasting & Programming


Digital Content 
& Others


Eliminations


Total


%




Advertising


 5,163.3 


 10,366.9 


 125.7 


 (217.7)


 15,438.3 


44.6%




Circulation


 9,380.7 


-


 -   


 -   


 9,380.7 


27.1%




Printing 


 853.3 


 


 -   


 (80.7)


 772.7 


2.2%




Programming


-


 5,197.0 


 -   


 -   


 5,197.0 


15.0%




Other Sales
 


 1,644.3 


 184.0 


 2,987.1 


 (1,531.7)


 3,283.7 


9.5%




Total Sales


 17,041.6  1,644.3 


 15,748.0  184.0 


 3,660.1  2,987.1 


 (1,830.0)


 34,619.7  3,283.7 


100.0%




  
 
 
 
 
RESULTS BY BUSINESS SEGMENT 
 
BROADCASTING AND PROGRAMMING
 
Revenues
Revenues decreased by 16.6% to Ps. 13,127.1 million in 2020, compared to Ps. 15,748.0 million in 2019 due to the lower advertising sales in Channel 13 and Radio Mitre.
 
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 24.6% to Ps. 7,560.4 million in 2020, compared to Ps. 10,021.2 million in 2019. This is mainly attributable to lower programming costs in Channel 13.
 
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 6.9% to Ps. 2,779.2 million in 2020, compared to Ps. 2,986.5 million in 2019. The decrease was primarily the result of lower marketing and advertising expenses, commissions, and fees for services. 
 
Depreciation and Amortization
Depreciation and amortization expenses increased by 1.6% to Ps. 636.5 million in 2020 compared to Ps. 626.6 million reported in 2019. 
 
PRINTING AND PUBLISHING
 
Revenues
Total revenues decreased by 26.4% to Ps. 12,544.3 million in 2020, mainly as a result of lower circulation and advertising sales.
 
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 31.2% to Ps. 6,799.7 million in 2020, compared to Ps. 9,884.9 million in 2019. The decrease was mainly the result of lower salaries and severance payments as well as lower distribution and printing costs. 
 
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 28.5% to Ps.5,205.5 million in 2020, compared to the Ps. 7,284.1 million reported in 2019. This was primarily the result of lower distribution costs, marketing and advertising costs and fees for services. 
 
Depreciation and Amortization
Depreciation and amortization expenses decreased by 23.4% to Ps. 434.2 million in 2020 compared to Ps. 566.7 million in 2019. 
 
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 35.6% to Ps. 2,356.1, from Ps. 3,660.1 million reported in 2019, due to lower revenues from Gestión Compartida. EBITDA resulted in Ps. (81.3) million.  
 
OPERATING STATISTICS BY BUSINESS SEGMENT
 
PRINTING AND PUBLISHING




 


2020


2019


YoY




Circulation (1)


 259.1 


 235.9 


 9.8% 




Circulation share % (2)


43.3%


43.7%


 (0.9%)




 
(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




 


2020


2019


YoY




Advertising Share % (1)


36.4%


38.8%


 (6.2%)




Audience Share % (2)


 


 


 




Prime Time


31.3%


36.2%


 (13.5%)




Total Time


30.7%


32.9%


 (6.7%)




 
(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




 


2020


2019
 


YoY




Page Views (1)


1,042.2


1,089.2


(4.3%)




Mobile page Views


746.3


756.8


(1.4%)




 
(1) In millions. Average. Source DAX and Company Estimates.
 
DEBT AND LIQUIDITY
 




(In millions of Ps.)


December
2020


December
2019


% Change






Short Term and Long Term Debt  


 


 


 




Current Financial Debt


 273.8 


 1,323.5 


 (79.3%)




Financial loans


 112.2 


 865.3 


 (87.0%)




Accrued interest


 16.2 


 25.6 


 (36.5%)




Acquisition of equipment


 10.1 


 9.3 


 9.3% 




Related Parties Accrued Interest
 


               10,3 


               19,9 


(48,2%)




Related Parties Capital


 6.8 


 -   


 NA 




Bank overdraft


 118.1 


 403.5 


 (70.7%)




Non-Current Financial Debt


 1,439.2 


 1,224.1 


 17.6% 




Financial loans


 1,426.9 


 1,223.4 


 16.6% 




Acquisition of equipment


 12.3 


 0.7 


 1,626.5% 




Total Financial Debt (A)


 1,713.0 


 2,547.6 


 (32.8%)




Total Short Term and Long Term Debt


 1,713.0 


 2,547.6 


 (32.8%)




 


 


 


 




Cash and Cash Equivalents (B)


 2,787.2 


 3,011.8 


 (7.5%)




Net Debt (A) - (B)


 (1,074.2)


 (464.2)


 131.4% 




Net Debt/Adjusted Ebitda (1)


(0,33x)


(0,21x)


 (24.6%)




 
Total Financial Debt(1) and Net Debt, decreased 32.8% to Ps. 1,713.0 million from Ps. 2,547.6 million and to Ps. (1,074.2) million from Ps. (464.2) million, respectively. 
 
Debt coverage ratio (1) as of December 31, 2020 was (0.3x) in the case of Net Debt and of 0.5x in terms of Total Financial Debt. 
 
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Annual Adjusted EBITDA. 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.)


2020


2019


YoY


2020 ex IAS 29


IAS 29 Adjustment


2020

as reported


2019 ex IAS 29


IAS 29 Adjustment


2019

as reported




Printing and Publishing 


12,544.3


17,041.6


(26.4%)


10,745.3


1,799.0


12,544.3


10,278.9


6,762.7


17,041.6




Broadcasting and Programming


13,127.1


15,748.0


(16.6%)


11,244.5


1,882.6


13,127.1


9,498.6


6,249.3


15,748.0




Others


2,356.1


3,660.1


(35.6%)


2,018.2


337.9


2,356.1


2,207.6


1,452.4


3,660.1




Subtotal


28,027.6


36,449.7


(23.1%)


24,008.0


4,019.5


28,027.6


21,985.2


14,464.5


36,449.7




Eliminations


(1,387.9)


(1,830.0)


(24.2%)


(1,188.9)


 (199.0)


(1,387.9)


(1,103.8)


 (726.2)


(1,830.0)




Total


26,639.7


34,619.7


(23.1%)


22,819.2


3,820.5


26,639.7


20,881.4


13,738.3


34,619.7




 




(In millions of Ps.)


4Q20


4Q19


YoY


4Q20 ex IAS 29


IAS 29 Adjustment


4Q20

as reported


4Q19 ex IAS 29


IAS 29 Adjustment


4Q19

as reported




Printing and Publishing 


3,310.2


3,957.1


(16.3%)


3,167.7


142.5


3,310.2


3,005.5


1,116.4


3,957.1




Broadcasting and Programming


4,298.1


3,953.2


8.7%


3,999.3


298.8


4,298.1


2,608.5


1,159.6


3,953.2




Digital Content and Others


562.0


704.7


(20.3%)


545.9


16.1


562.0


621.4


177.1


704.7




Subtotal


8,170.3


8,615.0


(5.2%)


7,712.9


457.4


8,170.3


6,235.5


2,453.2


8,615.0




Eliminations


(316.6)


(341.6)


(7.3%)


(226.5)


(90.0)


(316.6)


(374.6)


(83.9)


(341.6)




Total


7,853.7


8,273.4


(5.1%)


7,486.4


367.3


7,853.7


5,860.9


2,369.2


8,273.4




 
 
 
EBITDA




(In millions of Ps.)


2020


2019


YoY


2020 ex IAS 29


IAS 29 Adjustment


2020

as reported


2019 ex IAS 29


IAS 29 Adjustment


2019

as reported




Printing and Publishing 


539.2


(127.4)


(523.3%)


461.9


77.3


539.2


 (173.3)


45.9


 (127.4)




Broadcasting and Programming


2,787.6


2,740.3


1.7%


2,387.8


399.8


2,787.6


1,647.1


1,093.2


2,740.3




Digital Content and Others


 (81.3)


(363.9)


78%


 (69.6)


 (11.7)


 (81.3)


 (219.5)


 (144.4)


 (363.9)




Total


3,245.5


2,249.1


44%


2,780.1


465.5


3,245.5


1,254.3


994.7


2,249.1




 




(In millions of Ps.)


4Q20


4Q19


YoY


4Q20 ex IAS 29


IAS 29 Adjustment


4Q20

as reported


4Q19 ex IAS 29


IAS 29 Adjustment


4Q19

as reported




Printing and Publishing 


355.3


(173.1)


305.2%


310.9


44.3


355.3


(199.3)


26.2


 (173.1)




Broadcasting and Programming


1,478.7


436.3


239.9%


1,313.7


165.0


1,478.7


337.3


99.0


436.3




Digital Content and Others


(107.3)


(286.8)


 62.6%


 (91.0)


 (16.3)


 (107.3)


(175.6)


 (111.1)


 (286.8)




Subtotal


1,726.7


 (23.5)


N/A


1,533.7


193.0


1,726.7


(37.6)


14.1


 (23.5)




 
 
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)
 


39.2




GCLA (LSE) Price per GDS (USD)


 1.5 




Total Shares


106,776,004




Total GDSs


53,388,002




Closing Price


March 11, 2021




 
 
 
 
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 Fourth Quarter 2020 Results
 
Date: Friday, March 19, 2021
Time: 2:00 pm Buenos Aires Time/5:00 pm London Time/1:00 pm New York Time
 
 
 
To access the conference call, please dial:

Argentina Participants: 0-800-666-0250
U.S. Participants: 1-877-830-2576
All other countries: +1-785-424-1726

Passcode: CLARIN
 
The 4Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla210312fFB3HLWZ.html
 
 
NOTE: Grupo Clarín will release its Fourth Quarter 2020 Earnings on Thursday, March 11, 2021 
after the markets close.
 
 
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: 65322621
 
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 YEARS ENDED DECEMBER 31, 2020 AND 2019
(Amounts stated in Argentine Pesos)
 




 


December 31, 2020


 


December 31, 2019




 


 


 


 




 


 


 


 




 


 


 


 




Revenues 


26,639,658,889


 


34,619,659,621




 


 


 


 




Cost of Sales (1)


(16,687,410,185)


 


(23,028,827,234)




 


 


 


 




Subtotal - Gross Profit


9,952,248,704


 


11,590,832,387




 


 


 


 




Selling Expenses (1)


(3,809,674,129)


 


(5,703,425,400)




Administrative Expenses (1)


(4,252,524,971)


 


(5,163,040,884)




 


 


 


 




Other Income and Expenses, net


(1,220,820,137)


 


(109,696,062)




 


 


 


 




 


 


 


 




Gain (Loss) on Net Monetary Position


(181,632,242)


 


(257,693,476)




 


 


 


 




Financial Expenses on Debt


(786,702,632)


 


(1,508,238,150)




Other Financial Results, net


(44,206,620)


 


(165,477,976)




Financial Results


(1,012,541,494)


 


(1,931,409,602)




 


 


 


 




Equity in Earnings from Associates


579,392,288


 


239,258,524




 


 


 


 




Income (Loss) before Income Tax


236,080,261


 


(1,077,481,037)




 


 


 


 




Income Tax


(701,130,812)


 


(908,949,994)




 


 


 


 




Loss for the year


(465,050,551)


 


(1,986,431,031)




 


 


 


 




 


 


 


 




Other Comprehensive Income


 


 


 




 


 


 


 




Items which can be reclassified to Net Income (Loss)


 


 


 




Variation in Translation Differences of Foreign Operations 


3,309,578


 


(5,783,358)




Other Comprehensive Income (Loss) for the Year 


3,309,578


 


(5,783,358)




 


 


 


 




TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR


(461,740,973)


 


(1,992,214,389)




 


 


 


 




(Loss) Income Attributable to:


 


 


 




 


 


 


 




Shareholders of the Parent Company


(274,351,674)


 


(2,052,076,145)




 


 


 


 




Non-Controlling Interests


(190,698,877)


 


65,645,114




 


 


 


 




 


 


 


 




Total Comprehensive Income (Loss) Attributable to:


 


 


 




 


 


 


 




Shareholders of the Parent Company


(271,055,276)


 


(2,051,119,821)




 


 


 


 




Non-Controlling Interests


(190,685,697)


 


58,905,432




 


 


 


 




Basic and Diluted Net Income (Loss) per Share - Total (2)


(2.57)


 


(19.22)




 


 


 


 




 
 
 
(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 1,355,461,677 and $ 1,524,687,533 for the years ended December 31, 2020 and 2019, respectively.
 
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of December 31th, available at http://www.grupoclarin.com/ir.
 
 
 
 
 
 
 
 
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2020 AND 2019
(Amounts stated in Argentine Pesos)
 
 
 
 




 


December 31, 2020


 


December 31, 2019




ASSETS


 


 


 




NON-CURRENT ASSETS


 


 


 




Property, Plant and Equipment


7,034,951,442


 


7,584,905,019




Intangible Assets


457,786,092


 


577,182,539




Goodwill


22,073,350


 


1,267,776,613




Deferred Tax Assets


861,337,185


 


671,544,344




Right-of-Use Assets


83,204,737


 


128,135,489




Investments in Unconsolidated Affiliates


2,688,625,846


 


2,263,691,825




Other Investments


13,437,910


 


-




Inventories


23,431,318


 


24,474,982




Other Assets


45,399,578


 


46,626,927




Other Receivables


106,925,558


 


358,011,863




Trade Receivables


7,208,574


 


56,852,857




Total Non-Current Assets


11,344,381,590


 


12,979,202,458




 


 


 


 




CURRENT ASSETS


 


 


 




Inventories


1,113,655,977


 


1,786,492,580




Other Assets


112,763,146


 


162,151,304




Other Receivables


2,109,348,630


 


2,085,342,404




Trade Receivables


7,876,187,848


 


7,897,963,136




Other Investments


1,944,102,079


 


962,047,749




Cash and Banks


1,294,110,858


 


2,049,884,020




Total Current Assets


14,450,168,538


 


14,943,881,193




 


 


 


 




Total Assets


25,794,550,128


 


27,923,083,651




 


 


 


 




EQUITY (as per the corresponding statement)


 


 


 




Attributable to Shareholders of the Parent Company


 


 


 




Shareholders' Contribution


12,452,719,357


 


14,504,795,502




Other Items


24,536,186


 


31,585,828




Retained Earnings


1,217,814,141


 


(558,599,521)




Total Attributable to Shareholders of the Parent Company


13,695,069,684


 


13,977,781,809




 


 


 


 




Attributable to Non-Controlling Interests


95,982,672


 


281,175,171




Total Equity


13,791,052,356


 


14,258,956,980




 


 


 


 




LIABILITIES


 


 


 




NON-CURRENT LIABILITIES


 


 


 




Provisions and Other Charges


1,082,994,975


 


1,085,311,593




Financial Debt


1,439,684,762


 


1,224,119,263




Lease Liabilities


16,635,842


 


36,168,882




Deferred Tax Liabilities 


188,971,780


 


384,021,786




Taxes Payable


14,443,308


 


39,398,171




Other Liabilities


256,607,296


 


249,250,730




Trade and Other Payables


36,580,036


 


92,107,107




Total Non-Current Liabilities


3,035,917,999


 


3,110,377,532




 


 


 


 




CURRENT LIABILITIES


 


 


 




Financial Debt


273,336,699


 


1,323,511,626




Lease Liabilities


69,870,293


 


91,634,655




Taxes Payable


978,135,939


 


717,112,406




Other Liabilities


901,425,336


 


1,109,177,689




Trade and Other Payables


6,744,811,506


 


7,312,312,763




Total Current Liabilities


8,967,579,773


 


10,553,749,139




 


 


 


 




Total Liabilities


12,003,497,772


 


13,664,126,671




 


 


 


 




Total Equity and Liabilities


25,794,550,128


 


27,923,083,651






 
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
(Amounts stated in Argentine Pesos)
 




 


Equity attributable to Shareholders of the Parent Company


 


 


 


 




 


Shareholders' Contribution


 


Other Items


 


Retained Earnings


 


Total Equity of Controlling Interests


 


Equity Attributable to Non-Controlling Interests


 


 




 


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




 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




Balances as of December 31, 2018


106,776,004


5,008,319,256


12,028,623,327


17,143,718,587


 


192,100,028


(161,470,524)


 


171,253,444


12,547,288,854


(13,863,988,759)


 


16,028,901,630


 


255,346,645


 


16,284,248,275




Set-up of Reserves (Note 13)


-


-


(2,638,923,085)


(2,638,923,085)


 


-


-


 


(171,253,444)


(11,053,812,230)


13,863,988,759


 


-


 


-


 


-




Dividends and Other Movements of Non-Controlling Interest


-


-


-


-


 


-


-


 


-


-


-


 


-


 


(33,076,906) 


 


(33,076,906)




Loss for the year


-


-


-


-


 


-


-


 


-


-


(2,052,076,145)


 


(2,052,076,145)


 


65,645,114 


 


(1,986,431,031)




Other Comprehensive Income:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




Variation in Translation Differences of Foreign Operations


-


-


-


-


 


956,324


-


 


-


-


-


 


                              956,324 


 


(6,739,682)


 


(5,783,358)




Balances as of December 31, 2019


106,776,004


5,008,319,256


9,389,700,242


14,504,795,502


 


193,056,352


(161,470,524)


 


-


1,493,476,624


(2,052,076,145)


 


13,977,781,809


 


281,175,171


 


14,258,956,980




Changes in minority interest in a subsidiary (Note 13)


-


-


-


-


 


-


(11,709,643)


 


-


-


-


 


(11,709,643)


 


11,709,643


 


-




Set-up of Reserves (Note 13)


-


-


(2,052,076,145)


(2,052,076,145)


 


-


-


 


-


-


2,052,076,145


 


-


 


-


 


-




Sale of Treasury Stock


-


-


-


-


 


-


1,363,603


 


-


-


(1,310,809)


 


52,794


 


-


 


52,794 




Dividends and Other Movements of Non-Controlling Interest


-


-


-


-


 


-


-


 


-


-


-


 


-


 


(6,216,445)


 


(6,216,445)




Loss for the year


-


-


-


-


 


-


-


 


-


-


(274,351,674)


 


(274,351,674)


 


(190,698,877)


 


(465,050,551)




Other Comprehensive Income:


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 


 




Variation in Translation Differences of Foreign Operations


-


-


-


-


 


3,296,398


 -


 


-


-


-


 


3,296,398


 


                           13,180 


 


3,309,578 




Balances as of December 31, 2020


106,776,004


5,008,319,256


7,337,624,097


12,452,719,357


 


196,352,750


(171,816,564)


 


-


(1) 1,493,476,624


(275,662,483)


 


13,695,069,684


 


95,982,672 


 


13,791,052,356



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



 
 
 
 
(1)       Corresponds to Judicial Reserve for Future Dividends Distribution as of December 31, 2020. 
 


GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
(Amounts stated in Argentine Pesos)
 




 


December 31, 2020


 


December 31, 
2019




CASH FLOWS PROVIDED BY OPERATING ACTIVITIES


 
 


 


 




Loss for the year


(465,050,551)


 


(1,986,431,031)




Income Tax


701,130,812


 


908,949,994




Accrued Interest, net


179,585,396


 


732,694,673




Adjustments to reconcile Net Loss for the Year to Cash provided by Operating Activities:


 


 


 




Depreciation of Property, Plant and Equipment


924,465,523


 


975,862,572




Amortization of Intangible Assets and Film Library


321,669,554


 


382,003,116




Amortization of Right-of-Use Assets


109,326,600


 


166,821,845




Net Allowances 


543,761,556


 


683,186,755




Financial Income, except Interest


198,412,585


 


210,833,856




Equity in Earnings from Associates


(579,392,288)


 


(239,258,524)




Impairment of Goodwill


1,295,703,263


 


-




Gain (Loss) on Net Monetary Position


181,632,242


 


257,693,476




Other Income and Expenses


(32,961,954)


 


(45,099,949)




Changes in Assets and Liabilities:


 


 


 




Trade Receivables


(2,768,557,470)


 


(1,821,487,772)




Other Receivables


(494,934,707)


 


(1,144,477,558)




Inventories


465,303,528


 


335,473,796




Other Assets


51,963,743


 


(22,808,319)




Trade and Other Payables


2,077,599,958


 


2,935,954,454




Taxes Payable


(198,034,911)


 


(367,136,373)




Other Liabilities


184,314,391


 


614,506,759




 


Provisions


(132,708,758)


 


(188,998,658)




 


Payments of Income tax


(487,581,443)


 


(468,554,375)




 


 


 


 


 




 


Net Cash Flows provided by Operating Activities


2,075,647,069


 


1,919,728,737




 


 


 


 


 




 


CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES


 


 


 




 


Payments for Acquisition of Property, Plant and Equipment


(445,751,031)


 


(1,020,295,536)




 


Payments for Acquisition of Intangible Assets


(173,137,868)


 


(168,322,530)




 


Payments for Acquisition of Subsidiaries, Net of Cash Acquired and Contributions in Associates


(64,666)


 


(219,682)




 


Proceeds from Sale of Property, Plant and Equipment and Intangible Assets


2,049,422


 


31,332,101




 


Dividends Collected from Investments in Unconsolidated Affiliates 


110,124,818


 


188,397,976




 


Acquisition of Government Securities


(416,710,265)


 


(85,751,014)




 


Loans Granted


-


 


(83,228,938)




 


Collections of Loans


36,079,695


 


-




 


Collections of Interest


15,476,642


 


-




 


Proceeds from Sale of Other Assets


1,768,067


 


8,349,105




 


Transactions with Notes, Bonds and Other Placements, Net


165,913,056


 


298,783,046




 


 


 


 


 




 


Net Cash Flows used in Investment Activities


(704,252,130)


 


(830,955,472)




 


 


 


 


 




 


CASH FLOWS PROVIDED BY FINANCING ACTIVITIES


 


 


 




 


Sale of Treasury Shares


52,794


 


-




 


Loans Obtained


933,398,590


 


3,148,261,279




 


Payment of Financial Debt 


(1,619,051,951)


 


(2,449,903,271)




 


Payment of Interest                         


(283,191,742)


 


(838,791,091)




 


Payment of Lease Liabilities


(87,309,542)


 


(185,770,947)




 


Payments to Non-Controlling Interests, net


(6,174,959)


 


(16,519,967)




 


 


 


 


 




 


Net Cash Flows used in Financing Activities


(1,062,276,810)


 


(342,723,997)




 


 


 


 


 




 


FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS 


(533,716,318)


 


(328,439,508)




 


 


 


 


 




 


 


 


 


 




 


(Decrease) / Increase in cash flow, net


(224,598,189)


 


417,609,760




 


Cash and Cash Equivalents at the Beginning of the Year (Note 2.24)


3,011,841,018


 


2,594,231,258




 


Cash and Cash Equivalents at the Closing of the Year (Note 2.24)


2,787,242,829


 


3,011,841,018



 
 
 
 
 



 

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