REG - Grupo Clarin S.A. - First Half and Second Quarter 2022 Results
12/08/2022 07:00
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RNS Number : 8359V Grupo Clarin S.A. 12 August 2022
Grupo Clarín Announces First Half and Second Quarter 2022 Results
Buenos Aires, Argentina, August 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 Half and Second Quarter 2022 results.
Figures in this report have been prepared in accordance with International
Financial Reporting Standards ((*)) ("IFRS") as of June 30, 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) 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 (1H22 vs. 1H21):
§ Total Revenues reached Ps. 25,788.4 million, an increase of 1.3% in real
terms compared to 1H21, 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. 3,603.6 million, a decrease of 15.7%
compared to 4,273.3 for 1H21, mainly driven by lower EBITDA in Broadcasting
and Programming, partially compensated by a higher EBITDA in the Digital and
Printed Publications and Others segments.
§ Grupo Clarín's Adjusted EBITDA Margin((2)) was 14.0% in 1H22, compared to
16.8% in 1H21.
§ Profit for the period totaled Ps. 183.6 million, a decrease of 87.9%
compared to a profit of Ps. 1,522.6 million reported in 1H21. Net Income for
the period attributable to Equity Shareholders amounted Ps 132.0 million in
1H22 from a loss Ps. 1,499.5 million in 1H21, a decrease of 91.2%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 1H22 1H21 % Ch. 2Q22 1Q22 2Q21 QoQ YoY
Total Revenues 25,788.4 25,449.2 1.3% 13,443.0 12,345.4 12,920.7 8.9% 4.0%
Adjusted EBITDA ((1)) 3,603.6 4,273.3 (15.7%) 1,927.8 1,675.8 1,900.8 15.0% 1.4%
Adjusted EBITDA Margin ((2)) 14.0% 16.8% (16.8%) 14.3% 13.6% 14.7% 5.6% (2.5%)
Profit/(Loss) for the period 183.6 1,522.6 (87.9%) 117.5 66.0 304.4 78.0% (61.4%)
Attributable to:
Equity Shareholders 132.0 1,499.5 (91.2%) 68.8 63.2 260.6 8.9% (73.6%)
Non-Controlling Interests 51.6 23.2 122.5% 48.7 2.9 43.8 1602.0% 11.1%
(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. 25,788.4 million, an increase of 1.3% from Ps.
25,449.2 million in 1H21. Advertising revenues decreased 0.9% in real terms
and represented around 43.4% of the Total Revenues of the Company. Circulation
revenues increased 10.2% YoY and represented 30.9% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.) 1H22 1H21 YoY 2Q22 1Q22 2Q21 QoQ YoY
Digital and Printed Publications 12,097.5 11,296.7 7.1% 5,881.2 6,216.3 5,485.8 (5.4%) 7.2%
Broadcasting and Programming 12,894.9 13,367.8 (3.5%) 7,154.8 5,740.1 7,037.4 24.6% 1.7%
Others 1,978.1 1,694.6 16.7% 923.8 1,054.3 877.4 (12.4%) 5.3%
Subtotal 26,970.6 26,359.0 2.3% 13,959.8 13,010.8 13,400.6 7.3% 4.2%
Eliminations (1,182.2) (909.9) 29.9% (516.8) (665.4) (479.8) (22.3%) 7.7%
Total 25,788.4 25,449.2 1.3% 13,443.0 12,345.4 12,920.7 8.9% 4.0%
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 15,639.0
million, an increase of 11.6% from Ps. 14,012.6 million reported in 1H21, due
to higher costs, mainly related to the content on air in El Trece's screen and
the return of fiction productions for third parties, 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)
totaled Ps. 6,545.9 million, a decrease of 8.6% from Ps. 7,163.4 million in
1H21. This decrease was mainly due to lower costs related to salaries and
severance payments in Broadcasting and Programming, lower distribution and bad
debt costs in Digital and Printed Publications and higher eliminations of
services rendered by GC Gestión Compartida.
Adjusted EBITDA amounted to Ps. 3,603.6 million, a decrease of 15.7% from Ps.
4,273.3 million reported in 1H21. This a decrease was driven by higher content
costs 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
(In millions of Ps.) 1H22 1H21 YoY 2Q22 1Q22 2Q21 QoQ YoY
Digital and Printed Publications 1,051.0 677.7 55.1% 279.1 771.9 91.4 (63.8%) 205.4%
Broadcasting and Programming 2,296.8 3,515.8 (34.7%) 1,635.4 661.4 1,887.0 147.3% (13.3%)
Others 255.7 79.7 220.8% 13.3 242.4 (77.6) (94.5%) (117.2%)
Total 3,603.6 4,273.3 (15.7%) 1,927.8 1,675.8 1,900.8 15.0% 1.4%
Financial results net totaled Ps. (2,273.4) million compared to Ps. (1,921.7)
million in 1H21. This increase was mainly due to higher negative inflation
adjustment results versus 2021.
Equity in earnings from unconsolidated affiliates in 1H22 totaled Ps. 449.3
million, compared to Ps. 586.0 million in 1H21, mainly related higher costs
of our subsidiary Tele Red Imagen attributable to sports events rights, as
events normalized; and higher negative results in BIMO, partially offset by
higher net income in our subsidiary Papel Prensa.
Other Income (expenses), net reached Ps. (90.6) million, compared to Ps. 111.7
million in 1H21, mainly for positive results of fixed assets sales in 2021; a
higher charge of personal assets tax - substitute responsible and other
non-recoverable taxes; and lower income from real estate rental.
Income tax as of 1H22 reached Ps. (465.0) million, from Ps. Ps. (358.0)
million in 1H21, 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. 183.6 million, a decrease of 87.9% from a
gain of Ps. 1,522.6 million reported in 1H21. The Equity Shareholders Net
Income for the period amounted Ps. 132.0 million, a decrease of 91.2% YoY from
a profit of 1,499.5 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps.
679.9 million in 1H22, a decrease of 9.7% from Ps. 753.3 million reported in
1H21. Out of the total CAPEX in 1H22, 89.2% was allocated towards the
Broadcasting and Programming segment, 8.2% to the Digital and Printed
Publications segment and the remaining 2.5% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2022
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 2,921.6 8,416.5 - (133.7) 11,204.4 43.4%
Circulation 7,968.2 - - - 7,968.2 30.9%
Printing 609.2 - - - 609.2 2.4%
Programming - 4,378.4 - - 4,378.4 17.0%
Other Sales 598.6 100.0 1,978.1 (1,048.4) 1,628.2 6.3%
Total Sales 12,097.5 12,894.9 1,978.1 (1,182.2) 25,788.4 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2021
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 2,816.8 8,569.6 - (75.0) 11,311.4 44.4%
Circulation 7,227.9 - - - 7,227.9 28.4%
Printing 522.3 - - - 522.3 2.1%
Programming - 4,414.0 - - 4,414.0 17.3%
Other Sales 729.6 384.3 1,694.6 (834.9) 1,973.6 7.8%
Total Sales 11,296.7 13,367.8 1,694.6 (909.9) 25,449.2 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 3.5% to Ps. 12,894.9 million in 1H22, compared to Ps.
13,367.8 million in 1H21 mainly as a result of the un-consolidation of the car
races operations from 2Q22 after the sale of the subsidiary Auto Sports S.A.
and lower revenues in the same subsidiary in 1Q22 vis a vis 1Q21 due to
rescheduling of care races during 1Q21 as a consequence of the easing of
lockdowns from 4Q20; lower advertising revenues and lower programming revenues
partially offset by revenues from fiction production sold to third parties.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 12.8% to
Ps. 7,923.3 million in 1H22, compared to Ps. 7,025.2 million in 1H21. This is
mainly attributable to higher content costs generated by the return of fiction
to El Trece's screen and a more attractive programming schedule, and the
return of fiction productions for third parties, partly compensated by lower
costs as a consequence the un-consolidation of the subsidiary Auto Sports S.A.
from 2Q22 and lower costs in the same subsidiary in 1Q22 vis a vis 1Q21 due to
rescheduling of care races during 1Q21 as a consequence of the easing of
lockdowns from 4Q20.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 5.4% to Ps. 2,674.8 million in 1H22, compared to Ps. 2,826.8
million in 1H21. The increase was primarily the result of lower salaries and
severance payments partly offset by higher fees for services related to IT
implementations provided by GC Gestión Compartida S.A. which are eliminated
in the consolidation.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 12.3% to Ps. 507.7 million
in 1H22 compared to Ps. 579.1 million reported in 1H21.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 7.1% to Ps. 12,097.5 million in 1H22, mainly as a
result of higher circulation revenues from school textbooks, as school
activity returned to normal after two years under the Covid-19 pandemic in
1Q22; higher book circulation revenues with the return of the International
Book Fair and normalization of commercial activity; and higher Paywall
revenues, compensated by lower traditional circulation revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 10.0% to
Ps. 6,674.3 million in 1H22, compared to Ps. 6,070.0 million in 1H21. The
increase is the result of higher costs related to the increase in circulation
revenues - and higher international prices of newsprint compensated by lower
consumption.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 3.9% to Ps. 4,372.2 million in 1H22, compared to the Ps.
4,548.9 million reported in 1H21. This was primarily the result of lower
distribution costs and bad debt, partially offset by higher salaries and
severance payments.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 4.8% to Ps. 348.4 million
in 1H22 compared to Ps. 366.0 million in 1H21.
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 16.7% to Ps. 1,978.1 , from Ps.
1,694.6 million reported in 1H21. EBITDA resulted in Ps. 255.7 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
1H22 1H21 YoY 2Q22 1Q22 2Q21 QoQ YoY
Circulation ((1)) 179.6 222.6 -19.3% 176.0 183.2 215.8 -1.9% -18.4%
Circulation share % ((2)) 56.7% 58.5% -3.1% 56.3% 57.1% 58.8% -0.7% -4.4%
Total Digital Subs ((3)) 521.4 348.3 49.7% 521.4 494.3 348.3 5.5% 49.7%
( )
((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
1H22 1H21 YoY 2Q22 1Q22 2Q21 QoQ YoY
Advertising Share % ((1)) 35.1% 36.6% -3.9% 34.5% 33.5% 37.1% 5.0% -7.1%
Audience Share % ((2))
Prime Time 34.7% 28.7% 21.1% 33.4% 31.9% 27.0% 8.7% 23.7%
Total Time 32.8% 30.0% 9.4% 31.1% 29.3% 29.1% 12.0% 6.9%
( )
((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
1H22 1H21 YoY 2Q22 1Q22 2Q21 QoQ YoY
Page Views ((1)) 874.2 869.4 0.5% 857.5 840.9 880.4 4.0% -2.6%
Mobile page Views 624.0 577.8 8.0% 626.6 629.2 562.9 -0.8% 11.3%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) June 2022 June 2021 % Change
Short Term and Long-Term Debt
Current Financial Debt 2,342.8 597.7 292.0%
Financial loans 1,543.6 139.1 1009.9%
Accrued interest 110.6 43.2 156.3%
Acquisition of equipment 37.8 39.6 (4.4%)
Related Parties Accrued Interest - 19.0 (100.0%)
Related Parties Capital - 10.6 (100.0%)
Bank overdraft 650.7 346.3 87.9%
Non-Current Financial Debt 89.4 2,582.2 (96.5%)
Financial loans 79.1 2,551.6 (96.9%)
Acquisition of equipment 10.2 30.6 (66.5%)
Total Financial Debt (A) 2,432.1 3,179.9 (23.5%)
Total Short Term and Long-Term Debt 2,432.1 3,179.9 (23.5%)
Cash and Cash Equivalents (B) 5,356.9 5,723.9 (6.4%)
Net Debt (A) - (B) (2,924.8) (2,543.9) 15.0%
Net Debt/Adjusted Ebitda ((1)) (0.37x) (0.26x) 43.2%
Total Financial Debt((1)) and Net Debt, decreased 23.5% to Ps. 2,432.1 million
from Ps. 3,179.9 million and to Ps. (2,924.8) million from Ps. (2,543.9)
million, respectively.
Debt coverage ratio ((1)) as of June 30, 2022 was (0.37x) in the case of Net
Debt and of 0.31x 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 1H22 1H21 YoY 1H22 ex IAS 29 IAS 29 Adjustment 1H22 1H21 ex IAS 29 IAS 29 Adjustment 1H21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 12,097.5 11,296.7 7.1% 10,621.5 1,476.0 12,097.5 6,313.4 4,983.3 11,296.7
Broadcasting and Programming 12,894.9 13,367.8 (3.5%) 11,321.7 1,573.3 12,894.9 7,470.9 5,896.9 13,367.8
Others 1,978.1 1,694.6 16.7% 1,736.8 241.3 1,978.1 947.1 747.5 1,694.6
Subtotal 26,970.6 26,359.0 2.3% 23,680.0 3,290.6 26,970.6 14,731.4 11,627.7 26,359.0
Eliminations (1,182.2) (909.9) 29.9% (1,037.9) (144.2) (1,182.2) (508.5) (401.4) (909.9)
Total 25,788.4 25,449.2 1.3% 22,642.1 3,146.4 25,788.4 14,222.9 11,226.3 25,449.2
REVENUES 2Q22 2Q21 YoY 2Q22 ex IAS 29 IAS 29 Adjustment 2Q22 2Q21 ex IAS 29 IAS 29 Adjustment 2Q21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 5,881.2 5,485.8 7.2% 5,619.1 262.1 5,881.2 3,252.4 2,233.4 5,485.8
Broadcasting and Programming 7,154.8 7,037.4 1.7% 6,702.4 452.4 7,154.8 4,136.2 2,901.1 7,037.4
Others 923.8 877.4 5.3% 888.3 35.5 923.8 516.6 360.8 877.4
Subtotal 13,959.8 13,400.6 4.2% 13,209.8 750.0 13,959.8 7,905.2 5,495.4 13,400.6
Eliminations (516.8) (479.8) 7.7% (502.5) (14.3) (516.8) (282.0) (197.9) (479.8)
Total 13,443.0 12,920.7 4.0% 12,707.3 735.7 13,443.0 7,623.2 5,297.5 12,920.7
EBITDA 1H22 1H21 YoY 1H22 ex IAS 29 IAS 29 Adjustment 1H22 1H21 ex IAS 29 IAS 29 Adjustment 1H21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 1,051.0 677.7 55.1% 922.8 128.2 1,051.0 378.8 299.0 677.7
Broadcasting and Programming 2,296.8 3,515.8 (34.7%) 2,016.6 280.2 2,296.8 1,964.9 1,550.9 3,515.8
Others 255.7 79.7 220.8% 224.5 31.2 255.7 44.6 35.2 79.7
Total 3,603.6 4,273.3 (15.7%) 3,163.9 439.7 3,603.6 2,388.2 1,885.0 4,273.3
EBITDA 2Q22 2Q21 YoY 2Q22 ex IAS 29 IAS 29 Adjustment 2Q22 2Q21 ex IAS 29 IAS 29 Adjustment 2Q21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 279.1 91.4 205.4% 301.6 (22.5) 279.1 69.9 21.5 91.4
Broadcasting and Programming 1,635.4 1,887.0 (13.3%) 1,484.3 151.1 1,635.4 1,106.9 780.1 1,887.0
Others 13.3 (77.6) (117.2%) 29.4 (16.1) 13.3 (38.3) (39.3) (77.6)
Subtotal 1,927.8 1,900.8 1.4% 1,815.4 112.4 1,927.8 1,138.5 762.3 1,900.8
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) 214.50
GCLA (LSE) Price per GDS (USD) 0.98
Total Shares 106,776,004
Shares per GDS 2
Closing Price August 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 Half and Second Quarter 2022 Results
Date: Tuesday, August 16,
2022
Time: 12:00pm Buenos Aires Time/4:00pm London Time/10:00am New York Time
To access the live stream and slide presentation, visit:
https://services.choruscall.com/links/gcla220816tcUAI9Ys.html
(https://services.choruscall.com/links/gcla220816tcUAI9Ys.html)
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 SIX-MONTH PERIODS ENDED JUNE 30, 2022 AND 2021,
AND THE THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDED ON JUNE 30, 2022
AND 2021
June 30, 2022 June 30, 2021
April 1, 2022 through June 30, 2022 April 1, 2021 through June 30, 2021
Revenues 25,788,421,033 25,449,185,939 13,443,006,616 12,920,739,495
Cost of Sales (1) (16,442,328,569) (14,945,225,894) (8,418,894,333) (7,765,691,772)
Subtotal - Gross Profit 9,346,092,464 10,503,960,045 5,024,112,283 5,155,047,723
Selling Expenses (1) (3,085,773,620) (3,242,139,665) (1,548,285,327) (1,584,183,148)
Administrative Expenses (1) (3,697,188,738) (4,157,200,516) (2,054,520,601) (2,255,650,764)
Other Income and Expenses, net (90,560,889) 111,743,170 (73,983,771) 96,678,760
Financial Expenses on Debt (445,408,611) (454,799,031) (258,168,750) (149,703,893)
Gain (Loss) on Net Monetary Position (1,297,389,395) (938,132,989) (712,917,263) (473,968,890)
Other Financial Results, net (530,575,099) (528,762,986) (123,849,471) (319,858,015)
Financial Results (2,273,373,105) (1,921,695,006) (1,094,935,484) (943,530,798)
Equity in Earnings from Subsidiaries 449,327,595 585,971,899 183,644,258 131,584,172
Income (Loss) before Income Tax 648,523,707 1,880,639,927 436,031,358 599,945,945
Income Tax (464,972,075) (358,003,630) (318,514,625) (295,551,600)
Net Income (Loss) for the Period 183,551,632 1,522,636,297 117,516,733 304,394,345
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations (34,289,549) (23,308,402) (61,904,524) (11,381,103)
Other Comprehensive Income (Loss) for the Period (34,289,549) (23,308,402) (61,904,524) (11,381,103)
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD 149,262,083 1,499,327,895 55,612,209 293,013,242
(Loss) Income Attributable to:
Shareholders of the Parent Company 132,000,111 1,499,470,742 68,826,002 260,586,875
Non-Controlling Interests 51,551,521 23,165,555 48,690,731 43,807,470
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent Company 97,710,562 1,476,249,129 6,921,478 249,262,412
Non-Controlling Interests 51,551,521 23,078,766 48,690,731 43,750,830
Basic and Diluted Earnings per Share (Note 10) 1.24 14.04 0.64 2.44
((1)) Includes amortization of intangible assets and film library,
right-of-use assets and depreciation of property, plant and equipment in the
amount of $ 1,040,467,374 and $ 1,168,641,115 for the six-month periods ended
June 30, 2022 and 2021, respectively.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of June 30(st), 2022 available at
https://ir.grupoclarin.com (https://ir.grupoclarin.com)
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2022 AND DECEMBER 31, 2021
June 30, 2022 December 31, 2021
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 13,488,020,026 13,716,144,530
Intangible Assets 1,071,048,111 1,107,394,088
Goodwill 37,428,023 37,428,035
Deferred Tax Assets 1,811,940,831 1,927,441,752
Investments in Unconsolidated Affiliates 6,621,569,601 6,126,574,376
Other Investments - 4,312,222
Right-of-Use Assets 77,658,650 95,184,758
Inventories 162,197,726 227,466,972
Other Assets 102,178,255 109,375,215
Other Receivables 225,702,176 175,489,134
Total Non-Current Assets 23,597,743,399 23,526,811,082
CURRENT ASSETS
Inventories 2,266,402,982 3,515,864,732
Other Assets 335,526,739 376,972,132
Other Receivables 3,677,625,314 3,647,799,237
Trade Receivables 12,703,687,435 15,345,177,420
Other Investments 2,295,835,905 2,844,447,053
Cash and Banks 3,452,274,533 3,012,530,703
Total Current Assets 24,731,352,908 28,742,791,277
Total Assets 48,329,096,307 52,269,602,359
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
Shareholders' Contribution 25,025,084,362 25,025,084,362
Other Items (49,460,753) (15,171,204)
Retained Earnings 4,615,924,520 4,483,924,409
Total Attributable to Shareholders of the Parent Company 29,591,548,129 29,493,837,567
Attributable to Non-Controlling Interests 206,651,837 198,040,332
Total Equity 29,798,199,966 29,691,877,899
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 2,017,168,810 2,288,910,828
Financial Debt 89,366,362 118,195,968
Deferred Tax Liabilities 1,108,724,091 863,607,107
Taxes Payable 61,481,265 10,118,396
Lease Liabilities 8,919,650 20,940,800
Other Liabilities 704,714,036 427,777,363
Trade and Other Payables 14,971,473 37,722,263
Total Non-Current Liabilities 4,005,345,687 3,767,272,725
CURRENT LIABILITIES
Financial Debt 2,342,766,879 2,183,836,125
Taxes Payable 544,953,963 623,655,016
Lease Liabilities 63,571,779 75,266,318
Other Liabilities 2,145,800,140 2,131,350,537
Trade and Other Payables 9,428,457,893 13,796,343,739
Total Current Liabilities 14,525,550,654 18,810,451,735
Total Liabilities 18,530,896,341 22,577,724,460
Total Equity and Liabilities 48,329,096,307 52,269,602,359
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2022 AND 2021
Equity attributable to Shareholders of the Parent Company
Shareholders' Contribution Other Items Retained Earnings Total Equity of Parent 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 Legal Reserve Voluntary Reserves Retained Earnings Total Equity
Balances as of January 1(st) 2022 106,776,004 10,405,262,474 14,513,045,884 25,025,084,362 337,929,217 (353,100,421) - 3,069,245,630 1,414,678,779 29,493,837,567 198,040,332 29,691,877,899
Set-up of Reserves (Note 9.a) - - - - - - 1,414,678,779 - (1,414,678,779) - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (42,940,016) (42,940,016)
Net Income (Loss) for the Period - - - - - - - - 132,000,111 132,000,111 51,551,521 183,551,632
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (34,289,549) - - - - (34,289,549) - (34,289,549)
Balances as of June 30, 2022 106,776,004 10,405,262,474 14,513,045,884 25,025,084,362 303,639,668 (353,100,421) 1,414,678,779 3,069,245,630 132,000,111 29,591,548,129 206,651,837 29,798,199,966
Balances as of January 1, 2021 106,776,004 10,405,262,474 15,079,560,190 25,591,598,668 403,524,775 (353,100,421) - 3,069,245,630 (566,514,306) 28,144,754,346 197,254,103 28,342,008,449
Reversal of Additional Paid-in Capital - - (566,514,306) (566,514,306) - - - - 566,514,306 - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (61,647,418)
(61,647,418)
Net Income (Loss) for the Period - - - - - - - - 1,499,470,742 1,499,470,742 23,165,555 1,522,636,297
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (23,221,613) - - - - (23,221,613) (86,789)
(23,308,402)
Balances as of June 30, 2021 106,776,004 10,405,262,474 14,513,045,884 25,025,084,362 380,303,162 (353,100,421) - 3,069,245,630 1,499,470,742 29,621,003,475 158,685,451
29,779,688,926
((1) ) (Corresponds to Judicial Reserve for Future Dividends
Distribution.)
( )
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2022 AND 2021
June 30, 2022 June 30, 2021
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period 183,551,632 1,522,636,297
Income Tax 464,972,075 358,003,630
Accrued Interest, net 69,468,353 (53,380,658)
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by
Operating Activities:
Depreciation of Property, Plant and Equipment 793,848,206 848,715,660
Amortization of Intangible Assets and Film Library 177,114,585 241,423,989
Amortization of Right-of-Use Assets 69,504,583 78,501,466
Net Allowances 269,915,211 338,162,271
Financial Income, except Interest 593,513,010 576,790,084
Gain (Loss) on Net Monetary Position 1,297,389,395 938,132,989
Equity in Earnings from Subsidiaries (449,327,595) (585,971,899)
Other Income and Expenses 14,042,868 (84,737,430)
Changes in Assets and Liabilities:
Trade Receivables (2,285,153,007) (2,037,277,669)
Other Receivables (1,157,861,990) (923,011,384)
Inventories 981,020,085 (600,300,825)
Other Assets 53,514,356 (32,851,921)
Trade and Other Payables (184,432,498) 1,563,313,997
Taxes Payable 411,785,613 116,968,336
Other Liabilities 611,571,946 1,108,374,730
Provisions (73,965,495) (108,362,370)
Payments of Income tax (549,213,691) (1,808,299,435)
Net Cash Flows provided by Operating Activities 1,291,257,642 1,456,829,858
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (679,859,547) (753,260,581)
Payments for Acquisition of Intangible Assets (140,530,074) (297,684,671)
Acquisition of Government and Corporate Securities (366,043,881) (592,538,314)
Collection of Government Securities 10,122,763 1,429,987,792
Proceeds from Sale of Property, Plant and Equipment 6,299,139 49,949,314
Dividends Collected 140,051,409 6,013,241
Collection of granted loans - 54,477,631
Collection of Loans - interest - (31,602,043)
Proceeds from Disposal of Unconsolidated Affiliates 37,341,270 -
Transactions with Notes, Bonds and Other Placements, Net (462,895,306) (523,046,907)
Payment of capital contributions (203,711,075) (124,697,332)
Net Cash Flows used in Investing Activities (1,659,225,302) (782,401,870)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained 558,222,617 463,914,660
Collection of Counter Guarantee (Note 8.a) 372,720,000 -
Payment of Financial Debt (121,811,699) (278,528,900)
Payment of Interest (59,584,983) (71,761,736)
Payment of Lease Liabilities (63,329,674) (73,061,606)
Payments to Non-Controlling Interests, net (12,014,886) (17,252,048)
Net Cash Flows provided by Financing Activities 674,201,375 23,310,370
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (772,258,922) (692,339,699)
CASH EQUIVALENTS
(Decrease) Increase in cash flow, net (466,025,207) ( ) 5,398,659
Decrease in cash due to deconsolidation ((1)) (9,942,903) (9,614,356)
Cash and Cash Equivalents at the Beginning of the Year 5,832,879,056 ( ) 5,728,066,124
Cash and Cash Equivalents at the End of the Period (Note 2.4) 5,356,910,946 ( ) 5,723,850,427
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