REG - Grupo Clarin S.A. - Full Year and Last Quarter 2021 Results
11/03/2022 12:30
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220311:nRSK5273Ea&default-theme=true
RNS Number : 5273E Grupo Clarin S.A. 11 March 2022
Grupo Clarín Announces Full Year and Last Quarter 2021 Results
Buenos Aires, Argentina, March 10, 2022 - 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 Last Quarter 2021 results.
Figures in this report have been prepared in accordance with International
Financial Reporting Standards ((*)) ("IFRS") as of December 31, 2021 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 (2021 vs. 2020):
§ Total Revenues reached Ps. 40,149.3 million, a decrease of 0.2% in real
terms compared to 2020, mainly due to higher advertising revenues in the
Broadcasting and Programming segment (partially offset by lower programming
revenues) and lower circulation and printing revenues in the Digital and
Printed Publications segment.
§ Adjusted EBITDA ((1)) reached Ps. 6,239.9 million, an increase of
27.4% compared to 4,898.8 for 2020, mainly driven by higher advertising
revenues in Broadcasting and Programming and costs reductions in real terms
greater than the decrease in revenues in the Digital and Printed Publications
segment.
§ Grupo Clarín's Adjusted EBITDA Margin((2)) was 15.5% in 2021, compared to
12.2% in 2020.
§ Net Income for the period totaled Ps. 1,064.7 million, a change of -251.7%
compared to a loss of Ps. 702.0 million reported in 2020. Net Income for the
period attributable to Equity Shareholders amounted Ps 1,039.0 million in 2021
from a loss Ps. 414.1 million in 2020, a change of -350.9%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 2021 2020 % Ch. 4Q21 3Q21 4Q20 QoQ YoY
Total Revenues 40,149.3 40,210.3 (0.2%) 10,967.7 10,489.8 11,854.5 4.6% (7.5%)
Adjusted EBITDA ((1) ) 6,239.9 4,898.8 27.4% 1,103.0 1,998.4 2,606.3 (44.8%) (57.7%)
Adjusted EBITDA Margin ((2)) 15.5% 12.2% 27.6% 10.1% 19.1% 22.0% (47.2%) (54.3%)
Profit/(Loss) for the period 1,064.7 (702.0) (251.7%) (418.4) 364.7 783.2 (214.7%) (153.4%)
Attributable to:
Equity Shareholders 1,039.0 (414.1) (350.9%) (414.2) 351.9 776.7 (217.7%) (153.3%)
Non-Controlling Interests 25.6 (287.8) (108.9%) (4.2) 12.8 6.5 (132.6%) (164.4%)
(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. 40,149.3 million, a decrease of 0.2% from Ps.
40,210.3 million in 2020. Advertising revenues increased 18.6% and represented
around 48.0% of the Total Revenues of the Company. Circulation revenues
decreased 7.7% and represented 25.9% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES 2021 2020 YoY 4Q21 3Q21 4Q20 QoQ YoY
(In millions of Ps.)
Digital and Printed Publications 17,029.3 19,361.4 (12.0%) 4,340.1 4,392.1 5,170.0 (1.2%) (16.1%)
Broadcasting and Programming 21,902.0 19,814.3 10.5% 6,124.9 5,958.9 6,487.5 2.8% (5.6%)
Others 2,634.2 2,350.2 12.1% 663.0 726.5 519.2 (8.7%) 27.7%
Subtotal 41,565.5 41,526.0 0.1% 11,128.0 11,077.4 12,176.8 0.5% (8.6%)
Eliminations (1,416.2) (1,315.6) 7.6% (160.3) (587.6) (322.3) (72.7%) (50.3%)
Total 40,149.3 40,210.3 (0.2%) 10,967.7 10,489.8 11,854.5 4.6% (7.5%)
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 22,540.3
million, a decrease of 4.0% from Ps. 23,488.3 million reported in 2020, mainly
related to the un-consolidation of the postal business.
Selling and Administrative Expenses (Excluding Depreciation and
Amortization) reached Ps. 11,369.0 million, a decrease of 3.8% from Ps.
11,823.2 million in 2020. This decrease was mainly due to lower distribution
and bad debt expenses in Digital and Printed Publications, partially offset by
higher marketing and advertising expenses and contingencies in Broadcasting
and Programming.
Adjusted EBITDA reached Ps. 6,239.9 million, an increase of 27.4% from Ps.
4,898.8 million reported for 2020. This an increase was driven by higher
advertising revenues in Broadcasting and Programming and lower costs in
Digital and Printed Publications (partially offset by lower revenues).
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA 2021 2020 YoY 4Q21 3Q21 4Q20 QoQ YoY
(In millions of Ps.)
Digital and Printed Publications 1,009.2 838.8 20.3% 58.8 452.6 519.9 (87.0%) (88.7%)
Broadcasting and Programming 5,349.4 4,207.6 27.1% 1,258.8 1,508.4 2,232.0 (16.5%) (43.6%)
Others (118.7) (147.7) (19.6%) (214.6) 37.4 (145.6) (674.0%) 47.4%
Total 6,239.9 4,898.8 27.4% 1,103.0 1,998.4 2,606.3 (44.8%) (57.7%)
Financial results net totaled Ps. (2,672.5) million compared to Ps. (1,528.3)
million in 2020. This increase was mainly due to higher negative inflation
adjustment results versus 2020 and negative result of operations with notes
and bonds compared to a gain in 2020, partially offset by lower negative
foreign exchange loss and interests as a result of the decrease in financial
debt.
Equity in earnings from unconsolidated affiliates in 2021 totaled Ps. 447.6
million, compared to Ps. 874.5 million in 2020, mainly related to costs
savings in 2020 of our subsidiary Tele Red Imagen attributable to sports
events rights, since there were no major sport events during 2020 in response
to the Covid-19 Pandemic; and negative results in BIMO, partially offset by
higher net income in our subsidiary Papel Prensa.
Other Income (expenses), net reached Ps. 12.5 million, compared to Ps.
(1,842.7) million in 2020, mainly from impairment of Goodwill in 2020.
Income tax as of 2021 reached Ps. (1,200.3) million, from Ps. Ps. (1,058.3)
million in 2020, 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. 1,064.7 million, a change of -251.7% from a
loss of Ps. 702.0 million reported in 2020. The Equity Shareholders Net Income
for the period amounted Ps. 1,039.0 million, a change of -350.9% YoY from a
loss of 414.1 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled
Ps. 965.3 million in 2021, an increase of 43.5% from Ps. 672.8 million
reported in 2020. Out of the total CAPEX in 2021, 80.6% was allocated towards
the Broadcasting and Programming segment, 14.1% to the Digital and Printed
Publications segment and the remaining 5.3% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2021
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 4,730.8 14,638.2 - (81.4) 19,287.7 48.0%
Circulation 10,388.4 - - - 10,388.4 25.9%
Printing 955.1 - - - 955.1 2.4%
Programming - 6,658.3 - - 6,658.3 16.6%
Other Sales 955.0 605.5 2,634.2 (1,334.8) 2,859.8 7.1%
Total Sales 17,029.3 21,902.0 2,634.2 (1,416.2) 40,149.3 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2020
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 4,531.0 11,854.8 - (124.7) 16,261.1 40.4%
Circulation 11,255.4 - - - 11,255.4 28.0%
Printing 1,169.4 - - - 1,169.4 2.9%
Programming - 7,660.1 - - 7,660.1 19.0%
Other Sales 2,405.6 299.5 2,350.2 (1,191.0) 3,864.3 9.6%
Total Sales 19,361.4 19,814.3 2,350.2 (1,315.6) 40,210.3 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues increased by 10.5% to Ps. 21,902.0 million in 2021, compared to Ps.
19,814.3 million in 2020 mainly due to higher advertising revenues in ARTEAR
and Radio Mitre, and higher revenues from car race events, partially offset by
lower programming revenues in ARTEAR.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 5.5% to Ps. 12,044.1 million in 2021, compared to
Ps. 11,411.8 million in 2020. This is mainly attributable to higher costs from
car race events, and higher maintenance costs, fees for services and taxes in
ARTEAR.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses increased by 7.5% to Ps. 4,508.5 million
in 2021, compared to Ps. 4,194.9 million in 2020. The increase was primarily
the result of higher marketing and advertising expenses and contingencies in
ARTEAR in 2021 and to the Emergency Assistance for Work and Production Program
(ATP) granted in 2020.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 9.1% to Ps. 873.4 million
in 2021 compared to Ps. 960.8 million reported in 2020.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues decreased by 12.0% to Ps. 17,029.3 million in 2021, mainly as a
result of the un-consolidation of the postal business and lower circulation
and printing revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 14.3% to Ps. 9,148.6 million in 2021, compared to
Ps. 10,669.1 million in 2020. The decrease was mainly the result of the effect
of the un-consolidation of the postal business and of lower salaries in real
terms.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 12.5% to Ps. 6,871.5 million
in 2021, compared to the Ps. 7,853.5 million reported in 2020. This was
primarily the result of lower distribution costs, bad debt, salaries and
marketing and advertising costs.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 12.6% to Ps. 572.7 million
in 2021 compared to Ps. 655.4 million in 2020.
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 12.1% to Ps. 2,634.2 , from Ps.
2,350.2 million reported in 2020. EBITDA resulted in Ps. (118.7) million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
2021 2020 YoY 4Q21 3Q21 4Q20 QoQ YoY
Circulation ((1)) 212.4 259.1 -18.0% 197.9 206.8 250.4 2.7% -21.0%
Circulation share % ((2)) 39.4% 43.3% -8.8% 38.9% 39.7% 41.1% -0.6% -5.4%
Total Digital Subs ((3)) 437.3 328.8 33.0% 437.3 414.4 328.8 5.5% 33.0%
( )
((1)) Average number of copies according to IVC (including Diario Clarín and
Olé) in thousands
((2)) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario
Clarín. Source: AGEA and IVC.
((3)) Total Clarin.com subs, in thousand, EOP. Company information.
BROADCASTING AND PROGRAMMING
2021 2020 YoY 4Q21 3Q21 4Q20 QoQ YoY
Advertising Share % ((1)) 36.2% 36.4% -0.4% 36.1% 35.9% 35.9% 0.9% 0.6%
Audience Share % ((2))
Prime Time 29.5% 31.3% -6.0% 33.1% 27.7% 32.1% 6.4% 3.1%
Total Time 29.9% 30.7% -2.5% 30.9% 29.0% 31.8% 3.4% -2.8%
( )
((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
2021 2020 YoY 4Q21 3Q21 4Q20 QoQ YoY
Page Views ((1)) 879.0 1,042.2 -15.7% 1,170.2 933.0 969.5 -5.8% 20.7%
Mobile page Views 593.1 746.3 -20.5% 842.9 606.1 693.3 -2.2% 21.6%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) December December % Change
2021 2020
Short Term and Long-Term Debt
Current Financial Debt 1,604.0 412.6 288.8%
Financial loans 1,336.2 152.8 774.7%
Accrued interest 57.2 26.2 118.9%
Acquisition of equipment 40.2 29.5 36.1%
Related Parties Accrued Interest - 15.5 (100.0%)
Related Parties Capital - 10.3 (100.0%)
Bank overdraft 170.3 178.3 (4.5%)
Non-Current Financial Debt 86.8 2,173.1 (96.0%)
Financial loans 64.9 2,128.5 (97.0%)
Acquisition of equipment 21.9 44.6 (50.9%)
Total Financial Debt (A) 1,690.8 2,585.7 (34.6%)
Total Short Term and Long-Term Debt 1,690.8 2,585.7 (34.6%)
Cash and Cash Equivalents (B) 4,284.1 4,207.1 1.8%
Net Debt (A) - (B) (2,593.3) (1,621.4) 59.9%
Net Debt/Adjusted Ebitda ((1)) (0.42x) (0.33x) 25.6%
Total Financial Debt((1)) and Net Debt, decreased 34.6% to Ps. 1,690.8
million from Ps. 2,585.7 million and to Ps. (2,593.3) million from Ps.
(1,621.4) million, respectively.
Debt coverage ratio ((1)) as of December 31, 2021 was (0.42x) in the case of
Net Debt and of 0.27x 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 2021 2020 YoY 2021 ex IAS 29 IAS 29 Adjustment 2021 2020 ex IAS 29 IAS 29 Adjustment 2020
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 17,029.3 19,361.4 (12.0%) 14,342.3 2,687.0 17,029.3 10,987.5 8,373.9 19,361.4
Broadcasting and Programming 21,902.0 19,814.3 10.5% 18,446.2 3,455.8 21,902.0 11,244.5 8,569.8 19,814.3
Others 2,634.2 2,350.2 12.1% 2,218.5 415.6 2,634.2 1,333.7 1,016.5 2,350.2
Subtotal 41,565.5 41,526.0 0.1% 35,007.1 6,558.4 41,565.5 23,565.8 17,960.2 41,526.0
Eliminations (1,416.2) (1,315.6) 7.6% (1,192.7) (223.5) (1,416.2) (746.6) (569.0) (1,315.6)
Total 40,149.3 40,210.3 (0.2%) 33,814.4 6,334.9 40,149.3 22,819.2 17,391.2 40,210.3
REVENUES 4Q21 4Q20 YoY 4Q21 ex IAS 29 IAS 29 Adjustment 4Q21 4Q20 ex IAS 29 IAS 29 Adjustment 4Q20
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 4,340.1 5,170.0 (16.1%) 4,184.9 155.2 4,340.1 3,272.2 1,897.8 5,170.0
Broadcasting and Programming 6,124.9 6,487.5 (5.6%) 5,817.0 307.9 6,124.9 3,999.3 2,488.3 6,487.5
Others 663.0 519.2 27.7% 640.7 22.3 663.0 338.3 180.9 519.2
Subtotal 11,128.0 12,176.8 (8.6%) 10,642.6 485.5 11,128.0 7,609.8 4,567.0 12,176.8
Eliminations (160.3) (322.3) (50.3%) (187.4) 27.1 (160.3) (206.6) (115.7) (322.3)
Total 10,967.7 11,854.5 (7.5%) 10,455.2 512.6 10,967.7 7,403.2 4,451.3 11,854.5
EBITDA 2021 2020 YoY 2021 ex IAS 29 IAS 29 Adjustment 2021 2020 ex IAS 29 IAS 29 Adjustment 2020
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 1,009.2 838.8 20.3% 850.0 159.2 1,009.2 476.0 362.8 838.8
Broadcasting and Programming 5,349.4 4,207.6 27.1% 4,505.4 844.1 5,349.4 2,387.8 1,819.8 4,207.6
Others (118.7) (147.7) (19.6%) (100.0) (18.7) (118.7) (83.8) (63.9) (147.7)
Total 6,239.9 4,898.8 27.4% 5,255.4 984.6 6,239.9 2,780.1 2,118.8 4,898.8
EBITDA 4Q21 4Q20 YoY 4Q21 ex IAS 29 IAS 29 Adjustment 4Q21 4Q20 ex IAS 29 IAS 29 Adjustment 4Q20
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 58.8 519.9 (88.7%) 89.2 (30.4) 58.8 302.7 217.3 519.9
Broadcasting and Programming 1,258.8 2,232.0 (43.6%) 1,230.9 27.9 1,258.8 1,313.7 918.3 2,232.0
Others (214.6) (145.6) 47.4% (176.8) (37.9) (214.6) (82.7) (62.9) (145.6)
Subtotal 1,103.0 2,606.3 (57.7%) 1,143.3 (40.4) 1,103.0 1,533.7 1,072.6 2,606.3
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) 166.05
GCLA (LSE) Price per GDS (USD) 0.98
Total Shares 106,776,004
Shares per GDS 2
Closing Price March 10, 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 Full Year and Last Quarter 2021 Results
Date: Friday, March 11,
2022
Time: 12:00pm Buenos Aires Time/3:00pm London Time/10:00am New York Time
To access the live stream and slide presentation, visit:
https://services.choruscall.com/links/gcla220311mqZSvOU6.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 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, 2021 AND 2020
December 31, 2021 December 31,
2020
Revenues 40,149,299,267 40,210,336,297
Cost of Sales (1) (23,904,644,524) (25,188,249,529)
Subtotal - Gross Profit 16,244,654,743 15,022,086,768
Selling Expenses (1) (5,194,932,921) (5,750,384,363)
Administrative Expenses (1) (6,572,316,549) (6,418,830,658)
Other Income and Expenses, net 12,478,875 (1,842,725,857)
Gain (Loss) on Net Monetary Position (1,308,389,870) (274,158,673)
Financial Expenses on Debt (548,243,113) (1,187,461,804)
Other Financial Results, net (815,877,758) (66,726,194)
Financial Results (2,672,510,741) (1,528,346,671)
Equity in Earnings from Associates 447,594,504 874,544,184
Income (Loss) before Income Tax 2,264,967,911 356,343,403
Income Tax (1,200,289,349) (1,058,298,301)
Income / (Loss) for the Year 1,064,678,562 (701,954,898)
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations (48,310,187) 4,995,531
Other Comprehensive Income (Loss) for the Year (48,310,187) 4,995,531
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR 1,016,368,375 (696,959,367)
(Loss) Income Attributable to:
Shareholders of the Parent Company 1,039,043,355 (414,110,898)
Non-Controlling Interests 25,635,207 (287,844,000)
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent Company 990,865,188 (409,135,261)
Non-Controlling Interests 25,503,187 (287,824,106)
Basic and Diluted Net Income (Loss) per Share - Total (2) 9.73 (3.88)
((1)) Includes amortization of intangible assets and film library,
right-of-use assets and depreciation of property, plant and equipment in the
amount of $ 1,762,524,117 and $ 2,045,955,996 for the years ended December
31, 2021 and 2020, respectively.
((2) )See Note 16.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of December 31(st), 2021 available at
https://ir.grupoclarin.com (https://ir.grupoclarin.com)
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2021 AND 2020
December 31, 2021 December 31, 2020
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 10,074,137,694 10,618,670,626
Intangible Assets 813,351,048 690,989,805
Goodwill 27,489,881 33,317,875
Deferred Tax Assets 1,415,653,908 1,300,116,417
Right-of-Use Assets 69,910,634 125,590,589
Investments in Unconsolidated Affiliates 4,499,803,405 4,058,255,772
Other Investments 3,167,211 20,283,401
Inventories 167,068,347 35,367,614
Other Assets 80,333,141 68,526,865
Other Receivables 128,892,029 161,395,184
Trade Receivables - 10,880,739
Total Non-Current Assets 17,279,807,298 17,123,394,887
CURRENT ASSETS
Inventories 2,582,307,685 1,680,970,524
Other Assets 276,875,849 170,206,534
Other Receivables 2,679,210,015 3,183,885,279
Trade Receivables 11,270,618,353 11,888,446,599
Other Investments 2,089,169,534 2,934,459,436
Cash and Banks 2,212,622,435 1,953,352,069
Total Current Assets 21,110,803,871 21,811,320,441
Total Assets 38,390,611,169 38,934,715,328
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
Shareholders' Contribution 18,380,248,561 18,796,338,018
Other Items (11,142,844) 37,035,323
Retained Earnings 3,293,321,370 1,838,188,558
Total Attributable to Shareholders of the Parent Company 21,662,427,087 20,671,561,899
Attributable to Non-Controlling Interests 145,455,275 144,877,810
Total Equity 21,807,882,362 20,816,439,709
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 1,681,143,181 1,634,690,306
Financial Debt 86,811,746 2,173,083,698
Lease Liabilities 15,380,452 25,110,412
Deferred Tax Liabilities 634,296,095 285,237,092
Taxes Payable 7,431,689 21,800,965
Other Liabilities 314,190,919 387,327,244
Trade and Other Payables 27,705,983 55,214,504
Total Non-Current Liabilities 2,766,960,065 4,582,464,221
CURRENT LIABILITIES
Financial Debt 1,603,968,650 412,578,879
Lease Liabilities 55,281,078 105,463,361
Taxes Payable 458,057,764 1,476,414,364
Other Liabilities 1,565,419,403 1,360,626,127
Trade and Other Payables 10,133,041,847 10,180,728,667
Total Current Liabilities 13,815,768,742 13,535,811,398
Total Liabilities 16,582,728,807 18,118,275,619
Total Equity and Liabilities 38,390,611,169 38,934,715,328
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
Equity attributable to Shareholders of the Parent Company
Shareholders' Contribution Other Items Retained Earnings Total Equity of Controlling Company Equity Attributable to Non-Controlling Interests Total Equity
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Translation of Foreign Operations Other Reserves Voluntary Reserves Retained Earnings
Balances as of December 31, 2019 106,776,004 7,614,032,339 14,172,966,930 21,893,775,273 291,402,411 (243,726,244) 2,254,278,015 (3,097,437,255) 21,098,292,200 424,410,392 21,522,702,592
Changes in minority interest in a subsidiary (Note 13) - - - - - (17,674,726) - - (17,674,726) 17,674,726 -
Absorption of Accumulated Deficit with Paid-in Capital (Note 13) - - (3,097,437,255) (3,097,437,255) - - - 3,097,437,255 - - -
Sale of Treasury Stock - - - - - 2,058,245 - (1,978,559) 79,686 - 79,686
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - (9,383,202) (9,383,202)
Loss for the year - - - - - - - (414,110,898) (414,110,898) (287,844,000) (701,954,898)
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - 4,975,637 - - - 4,975,637 19,894 4,995,531
Balances as of December 31, 2020 106,776,004 7,614,032,339 11,075,529,675 18,796,338,018 296,378,048 (259,342,725) 2,254,278,015 (416,089,457) 20,671,561,899 144,877,810 20,816,439,709
Absorption of Accumulated Deficit with Paid-in Capital (Note 13) - - (416,089,457) (416,089,457) - - - 416,089,457 - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - (24,925,722) (24,925,722)
Net Income (Loss) for the Year - - - - - - - 1,039,043,355 1,039,043,355 25,635,207 1,064,678,562
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (48,178,167) - - - (48,178,167) (132,020) (48,310,187)
Balances as of December 31, 2021 106,776,004 7,614,032,339 10,659,440,218 18,380,248,561 248,199,881 (259,342,725) ((1) )2,254,278,015 1,039,043,355 21,662,427,087 145,455,275 21,807,882,362
((1) )(Corresponds to Judicial Reserve for Future Dividends
Distribution as of December 31, 2021. )
( )
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
December 31, 2021 December 31, 2020
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Income / (Loss) for the Year 1,064,678,562 (701,954,898)
Income Tax 1,200,289,349 1,058,298,301
Accrued Interest, net (2,220,245) 271,069,130
Adjustments to reconcile Net Income / Loss for the Year to Cash provided by
Operating Activities:
Depreciation of Property, Plant and Equipment 1,261,982,840 1,395,403,362
Amortization of Intangible Assets and Film Library 387,017,929 485,533,278
Amortization of Right-of-Use Assets 113,523,348 165,019,356
Net Allowances 769,268,319 820,762,575
Financial Income, except Interest 770,343,214 299,487,197
Equity in Earnings from Associates (447,594,504) (874,544,184)
Impairment of Goodwill 66,513,931 1,955,755,671
Gain (Loss) on Net Monetary Position 1,308,389,870 274,158,673
Other Income and Expenses, net (52,202,984) (49,753,312)
Changes in Assets and Liabilities:
Trade Receivables (4,788,564,111) (4,178,905,871)
Other Receivables (770,420,800) (747,062,532)
Inventories (1,436,758,192) 702,336,746
Other Assets (113,007,259) 78,434,923
Trade and Other Payables 4,604,496,908 3,135,963,317
Taxes Payable 6,946,118 (298,917,130)
Other Liabilities 741,243,347 278,207,153
Provisions (241,313,728) (200,312,767)
Payments of Income tax (1,737,842,385) (735,963,395)
Net Cash Flows provided by Operating Activities 2,704,769,527 3,133,015,593
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (965,313,140) (672,823,888)
Payments for Acquisition of Intangible Assets (344,534,816) (261,337,126)
Payments for Acquisition of Subsidiaries, Net of Cash Acquired and - (97,608)
Contributions in Associates
Proceeds from Sale of Property, Plant and Equipment and Intangible Assets 121,318,468 3,093,431
Dividends Collected from Investments in Unconsolidated Affiliates 172,801,936 166,224,199
Collection from Settlement of Government and Corporate Securities 1,161,481,984 -
Acquisition of Government Securities (640,364,951) (628,989,281)
Loans Granted (23,210,847) -
Collections of Loans 36,483,663 54,459,281
Collections of Interest - 23,360,736
Proceeds from Disposal of Unconsolidated Affiliates 61,660,590 -
Proceeds from Sale of Other Assets - 2,668,750
Payment of capital contributions (215,422,380) -
Transactions with Notes, Bonds and Other Placements, Net (526,829,312) 250,431,837
Net Cash Flows used in Investment Activities (1,161,928,805) (1,063,009,669)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Sale of Treasury Shares - 79,688
Loans Obtained 602,186,212 1,408,887,079
Payment of Financial Debt (843,636,802) (2,443,823,463)
Payment of Interest (102,538,650) (427,454,241)
Payment of Lease Liabilities (105,862,066) (131,786,450)
Payments to Non-Controlling Interests, net (15,320,396) (9,320,583)
Net Cash Flows used in Financing Activities (465,171,702) (1,603,417,970)
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (1,031,886,654) (805,600,129)
CASH EQUIVALENTS
Net Increase / (Decrease) in cash flow 45,782,366 (339,012,175)
Cash and Cash Equivalents at the Beginning of the Year (Note 2.24) 4,207,109,857 4,546,122,032
Net effect of the increase in cash from consolidation and deconsolidation of 31,199,902 -
subsidiaries
Cash and Cash Equivalents at the Closing of the Year (Note 2.24) 4,284,092,125 4,207,109,857
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR BDGDXXBBDGDBRecent news on Grupo Clarin SA
See all newsREG - Grupo Clarin S.A. - Delisting Announcement
AnnouncementREG - Stock Exch Notice Grupo Clarin S.A. - Cancellation - Grupo Clarin S.A.
AnnouncementREG - Grupo Clarin S.A. - Expected Delisting of Global Depositary Shares
AnnouncementRCS - Grupo Clarin S.A. - Grupo Clarín Delisting of Global Depositary Shares
AnnouncementREG - Grupo Clarin S.A. - 3rd Quarter and 9 Month Results
Announcement