REG - Grupo Clarin S.A. - Full Year and Last Quarter 2022 Results
13/03/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230313:nRSM6610Sa&default-theme=true
RNS Number : 6610S Grupo Clarin S.A. 13 March 2023
Grupo Clarín Announces Full Year and Last Quarter 2022 Results
Buenos Aires, Argentina, March 10, 2023 - 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 2022 results.
Figures in this report have been prepared in accordance with International
Financial Reporting Standards ((*)) ("IFRS") as of December 31, 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 (2022 vs. 2021):
§ Total Revenues reached Ps. 73,589.9 million, a decrease of 5.9% in real
terms compared to 2021, mainly due to lower revenues in the Broadcasting and
Programming segment.
§ Adjusted EBITDA((1)) reached Ps. 9,812.0 million, a decrease of 19.3%
compared to 12,155.0 for 2021, mainly driven by lower EBITDA in Broadcasting
and Programming, partially offset by a higher EBITDA in the Digital and
Printed Publications and Others segments.
§ Grupo Clarín's Adjusted EBITDA Margin((2)) was 13.3% in 2022, compared to
15.5% in 2021.
§ Net Income for the period resulted in a loss of Ps. 1,372.1 million, a
change of -166.2% compared to a profit of Ps. 2,073.9 million reported in
2021. Loss for the period attributable to Equity Shareholders amounted Ps
1,372.2 million in 2022 from a profit of Ps. 2,024.0 million in 2021, a change
of -167.8%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 2022 2021 % Ch. 4Q22 3Q22 4Q21 QoQ YoY
Total Revenues 73,589.9 78,208.1 (5.9%) 18,327.1 18,367.3 21,364.4 (0.2%) (14.2%)
Adjusted EBITDA ((1)) 9,812.0 12,155.0 (19.3%) 1,559.0 3,097.3 2,148.5 (49.7%) (27.4%)
Adjusted EBITDA Margin ((2)) 13.3% 15.5% (14.2%) 8.5% 16.9% 10.1% (49.6%) (15.4%)
Profit/(Loss) for the period (1,372.1) 2,073.9 (166.2%) (823.6) (811.1) (814.9) 1.5% 1.1%
Attributable to:
Equity Shareholders (1,372.2) 2,024.0 (167.8%) (790.4) (770.6) (806.8) 2.6% (2.0%)
Non-Controlling Interests 0.0 49.9 (99.9%) (33.2) (40.5) (8.1) (18.0%) 308.5%
(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. 73,589.9 million, a decrease of 5.9% in real terms
from Ps. 78,208.1 million in , in a context of increasing inflation (which
reached 94.8% interannually as of December and 72.4% on average). Advertising
revenues decreased 7.1% in real terms and represented around 47.4% of the
Total Revenues of the Company. Circulation revenues increased 3.2% YoY and
represented 28.4% of the Total. Programming revenues decreased 10.6% YoY and
represented 15.8% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.) 2022 2021 YoY 4Q22 3Q22 4Q21 QoQ YoY
Digital and Printed Publications 33,211.0 33,171.9 0.1% 7,924.9 7,978.1 8,454.3 (0.7%) (6.3%)
Broadcasting and Programming 38,266.4 42,663.7 (10.3%) 10,042.7 9,774.9 11,930.8 2.7% (15.8%)
Others 5,244.7 5,131.2 2.2% 1,263.0 1,151.6 1,291.5 9.7% (2.2%)
Subtotal 76,722.0 80,966.7 (5.2%) 19,230.6 18,904.5 21,676.6 1.7% (11.3%)
Eliminations (3,132.1) (2,758.6) 13.5% (903.5) (537.3) (312.3) 68.2% 189.3%
Total 73,589.9 78,208.1 (5.9%) 18,327.1 18,367.3 21,364.4 (0.2%) (14.2%)
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 43,671.3
million, a decrease of 0.5% from Ps. 43,907.0 million reported in 2021, due to
lower costs, mainly related to the un-consolidation of the car races
operations from 2Q22 after the sale of the subsidiary Auto Sports S.A., lower
salaries, and savings in satellite costs in US dollars as a result of the
renegotiation of contracts; partially offset by higher costs related to the
coverage of the FIFA World Cup and higher costs in the Digital and Printed
Publications segment related to the increase in books sales.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
totaled Ps. 20,106.6 million, a decrease of 9.2% from Ps. 22,146.1 million in
2021. This decrease was mainly due to lower distribution costs, advertising
and promotion costs and salaries and severance payments.
Adjusted EBITDA amounted to Ps. 9,812.0 million, decrease of 19.3% from Ps.
12,155.0 million reported in 2021. This decrease was driven by lower EBITDA in
Broadcasting and Programming, mainly as a result of lower advertising and
programming revenues in real terms; partially offset by a higher EBITDA in
Digital and Printed Publications as a result of higher circulation revenues.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) 2022 2021 YoY 4Q22 3Q22 4Q21 QoQ YoY
Digital and Printed Publications 2,193.4 1,965.9 11.6% 102.4 587.3 114.6 (82.6%) (10.6%)
Broadcasting and Programming 7,661.8 10,420.3 (26.5%) 1,842.4 2,533.3 2,452.0 (27.3%) (24.9%)
Others (43.3) (231.2) (81.3%) (385.8) (23.3) (418.1) 1552.8% (7.7%)
Total 9,812.0 12,155.0 (19.3%) 1,559.0 3,097.3 2,148.5 (49.7%) (27.4%)
Financial results net totaled Ps. (7,169.4) million compared to Ps. (5,205.9)
million in 2021. This increase was mainly due to higher negative inflation
adjustment results versus 2021.
Equity in earnings from unconsolidated affiliates in 2022 totaled Ps. 437.3
million, compared to Ps. 871.9 million in 2021, mainly related to negative
results in TRISA as a result of lower programming revenues in real terms and
higher costs, especially related to rights to the FIFA World Cup matches, and
negative results in BIMO -whose operation has been suspended-, partially
offset by higher net income in our subsidiary Papel Prensa.
Other Income (expenses), net reached Ps. (137.6) million, compared to Ps. 24.3
million in 2021.
Income tax as of 2022 reached Ps. (1,291.7) million, from Ps. Ps. (2,338.1)
million in 2021, mainly as a result of lower taxable income (after considering
taxable Inflation Adjustment).
Income for the period totaled Ps. 1,372.1 million, a decrease of -166.2% from
a gain of Ps. 2,073.9 million reported in 2021. The Equity Shareholders Loss
for the period amounted Ps. 1,372.2 million, a change of -167.8% YoY from a
profit of 2,024.0 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps.
2,529.9 million in 2022, an increase of 34.5% from Ps. 1,880.4 million
reported in 2021, mainly due to greater investments in ARTEAR related to
reforms of TV studios and facilities, and equipment renewal. Out of the total
CAPEX in 2022, 87.7% was allocated towards the Broadcasting and Programming
segment, 9.5% to the Digital and Printed Publications segment and the
remaining 2.8% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2022
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 8,834.2 26,445.2 - (378.6) 34,900.8 47.4%
Circulation 20,885.1 - - - 20,885.1 28.4%
Printing 1,845.2 - - - 1,845.2 2.5%
Programming - 11,592.0 - - 11,592.0 15.8%
Other Sales 1,646.5 229.1 5,244.7 (2,753.5) 4,366.9 5.9%
Total Sales 33,211.0 38,266.4 5,244.7 (3,132.1) 73,589.9 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2021
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 9,215.4 28,514.2 - (158.5) 37,571.1 48.0%
Circulation 20,235.8 - - - 20,235.8 25.9%
Printing 1,860.5 - - - 1,860.5 2.4%
Programming - 12,969.9 - - 12,969.9 16.6%
Other Sales 1,860.2 1,179.5 5,131.2 (2,600.1) 5,570.8 7.1%
Total Sales 33,171.9 42,663.7 5,131.2 (2,758.6) 78,208.1 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 10.3% to Ps. 38,266.4 million in 2022, compared to Ps.
42,663.7 million in 2021 mainly as a result of lower advertising revenues, in
real terms, as from the 2H2022 when inflation pace accelerated; lower
programming revenues related to Pay-TV operators being unable to raise prices
in line with inflation, which as a consequence lowers revenues for content
producers such as ARTEAR; and the un-consolidation of the car races operations
from 2Q22 after the sale of the subsidiary Auto Sports S.A.; 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) decreased by 2.9% to
Ps. 22,781.2 million in 2022, compared to Ps. 23,461.1 million in 2021. This
is mainly attributable to 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 following the easing of lockdowns from 4Q20 and savings in satellite
costs in US dollars as a result of the renegotiation of contracts, partially
offset by higher costs related to international coverage, especially of the
FIFA World Cup, and the return of fiction productions for third parties.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 10.9% to Ps. 7,823.3 million in 2022, compared to Ps. 8,782.3
million in 2021. The decrease was primarily the result of lower salaries and
severance payments, advertising and promotion, and contingencies.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 12.8% to Ps. 1,483.8
million in 2022 compared to Ps. 1,701.2 million reported in 2021.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 0.1% to Ps. 33,211.0 million in 2022, 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, partially offset by lower traditional circulation revenues and
advertising revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 1.7% to
Ps. 18,116.1 million in 2022, compared to Ps. 17,820.9 million in 2021. The
increase is the result of higher costs related to the increase in books and
optional products sales - and higher international prices of newsprint
compensated by lower consumption and inflation higher than the increase in FX;
partially offset by lower salaries.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 3.6% to Ps. 12,901.4 million in 2022, compared to the Ps.
13,385.1 million reported in 2021. This was primarily the result of lower
distribution costs, bad debt and contingencies, partially offset by higher
salaries and severance payments and higher advertising and promotion costs.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 3.3% to Ps. 1,079.4
million in 2022 compared to Ps. 1,115.7 million in 2021.
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 2.2% to Ps. 5,244.7 , from Ps.
5,131.2 million reported in 2021. EBITDA resulted in Ps. (43.3) million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
2022 2021 YoY 4Q22 3Q22 4Q21 QoQ YoY
Circulation ((1)) 172.7 212.4 -18.7% 164.2 167.7 197.9 3.0% -17.0%
Circulation share % ((2)) 56.2% 57.9% -3.0% 55.4% 56.0% 57.4% 0.4% -3.6%
Total Digital Subs ((3)) 549.3 493.3 11.4% 549.3 554.6 493.3 -1.0% 11.4%
( )
((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
2022 2021 YoY 4Q22 3Q22 4Q21 QoQ YoY
Advertising Share % ((1)) 35.1% 36.2% -3.1% 35.2% 35.7% 36.1% -1.6% -2.5%
Audience Share % ((2))
Prime Time 32.0% 29.5% 8.6% 26.7% 34.5% 33.1% -7.2% -19.1%
Total Time 29.9% 29.9% 0.0% 25.2% 32.3% 30.9% -7.4% -18.4%
( )
((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
2022 2021 YoY 4Q22 3Q22 4Q21 QoQ YoY
Page Views ((1)) 945.5 879.0 7.6% 1,020.4 974.5 844.0 -3.0% 20.9%
Mobile page Views 667.9 593.1 12.6% 723.7 731.7 610.6 -8.7% 18.5%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) December 2022 December 2021 % Change
Short Term and Long-Term Debt
Current Financial Debt 1,425.7 3,124.4 (54.4%)
Financial loans 725.8 2,602.7 (72.1%)
Accrued interest 37.6 111.5 (66.3%)
Acquisition of equipment 30.5 78.3 (61.0%)
Related Parties Accrued Interest - - 0.0%
Related Parties Capital - - 0.0%
Bank overdraft 631.7 331.8 90.4%
Non-Current Financial Debt 2,073.4 169.1 1126.1%
Financial loans 2,070.6 126.4 1537.7%
Acquisition of equipment 2.7 42.7 (93.6%)
Total Financial Debt (A) 3,499.1 3,293.5 6.2%
Total Short Term and Long-Term Debt 3,499.1 3,293.5 6.2%
Cash and Cash Equivalents (B) 7,745.2 8,345.1 (7.2%)
Net Debt (A) - (B) (4,246.1) (5,051.6) (15.9%)
Net Debt/Adjusted Ebitda ((1)) (0.43x) (0.42x) 4.1%
Total Financial Debt((1)) and Net Debt, increased 6.2% to Ps. 3,499.1 million
from Ps. 3,293.5 million and to Ps. (4,246.1) million from Ps. (5,051.6)
million, respectively.
Debt coverage ratio ((1)) as of December 31, 2022 was (0.43x) in the case of
Net Debt and of 0.36x 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 2022 2021 YoY 2022 ex IAS 29 IAS 29 Adjustment 2022 2021 ex IAS 29 IAS 29 Adjustment 2021
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 33,211.0 33,171.9 0.1% 24,759.7 8,451.2 33,211.0 14,342.3 18,829.6 33,171.9
Broadcasting and Programming 38,266.4 42,663.7 (10.3%) 28,528.7 9,737.7 38,266.4 18,446.2 24,217.4 42,663.7
Others 5,244.7 5,131.2 2.2% 3,910.1 1,334.6 5,244.7 2,218.5 2,912.6 5,131.2
Subtotal 76,722.0 80,966.7 (5.2%) 57,198.5 19,523.6 76,722.0 35,007.1 45,959.6 80,966.7
Eliminations (3,132.1) (2,758.6) 13.5% (2,335.1) (797.0) (3,132.1) (1,192.7) (1,565.9) (2,758.6)
Total 73,589.9 78,208.1 (5.9%) 54,863.4 18,726.5 73,589.9 33,814.4 44,393.7 78,208.1
REVENUES 4Q22 4Q21 YoY 4Q22 ex IAS 29 IAS 29 Adjustment 4Q22 4Q21 ex IAS 29 IAS 29 Adjustment 4Q21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 7,924.9 8,454.3 (6.3%) 7,653.9 271.0 7,924.9 4,184.9 4,269.3 8,454.3
Broadcasting and Programming 10,042.7 11,930.8 (15.8%) 9,435.6 607.1 10,042.7 5,817.0 6,113.9 11,930.8
Others 1,263.0 1,291.5 (2.2%) 1,216.5 46.5 1,263.0 640.7 650.9 1,291.5
Subtotal 19,230.6 21,676.6 (11.3%) 18,306.1 924.5 19,230.6 10,642.6 11,034.1 21,676.6
Eliminations (903.5) (312.3) 189.3% (827.4) (76.1) (903.5) (187.4) (124.8) (312.3)
Total 18,327.1 21,364.4 (14.2%) 17,478.6 848.5 18,327.1 10,455.2 10,909.2 21,364.4
EBITDA 2022 2021 YoY 2022 ex IAS 29 IAS 29 Adjustment 2022 2021 ex IAS 29 IAS 29 Adjustment 2021
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 2,193.4 1,965.9 11.6% 1,635.3 558.2 2,193.4 850.0 1,115.9 1,965.9
Broadcasting and Programming 7,661.8 10,420.3 (26.5%) 5,712.1 1,949.7 7,661.8 4,505.4 5,914.9 10,420.3
Others (43.3) (231.2) (81.3%) (32.2) (11.0) (43.3) (100.0) (131.2) (231.2)
Total 9,812.0 12,155.0 (19.3%) 7,315.1 2,496.9 9,812.0 5,255.4 6,899.6 12,155.0
EBITDA 4Q22 4Q21 YoY 4Q22 ex IAS 29 IAS 29 Adjustment 4Q22 4Q21 ex IAS 29 IAS 29 Adjustment 4Q21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 102.4 114.6 (10.6%) 220.7 (118.3) 102.4 89.2 25.4 114.6
Broadcasting and Programming 1,842.4 2,452.0 (24.9%) 1,775.3 67.1 1,842.4 1,230.9 1,221.1 2,452.0
Others (385.8) (418.1) (7.7%) (264.0) (121.8) (385.8) (176.8) (241.3) (418.1)
Subtotal 1,559.0 2,148.5 (27.4%) 1,732.1 (173.0) 1,559.0 1,143.3 1,005.2 2,148.5
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) 211.25
GCLA (LSE) Price per GDS (USD) 1.08
Total Shares 106,776,004
Shares per GDS 2
Closing Price March 10, 2023
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss its Full Year and Last Quarter 2022 Results
Date: Wednesday, March 15,
2023
Time: 12:00pm Buenos Aires Time/3:00pm London Time/11:00am New York Time
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=H9dCoM4f
The webcast presentation will also be available at https://ir.grupoclarin.com
(https://ir.grupoclarin.com)
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.
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)
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, 2022 AND 2021
(Amounts stated in Argentine Pesos)
December 31, 2022 December 31, 2021
Revenues 73,589,917,650 78,208,097,727
Cost of Sales ((1)) (46,018,047,467) (46,564,617,794)
Subtotal - Gross Profit 27,571,870,183 31,643,479,933
Selling Expenses ((1)) (9,106,674,128) (10,119,375,157)
Administrative Expenses ((1)) (11,675,934,898) (12,802,424,559)
Other Income and Expenses, net (137,615,738) 24,307,999
Gain (Loss) on Net Monetary Position (4,512,093,600) (2,548,654,265)
Financial Expenses on Debt (1,839,879,806) (1,067,940,207)
Other Financial Results, net (817,399,182) (1,589,274,249)
Financial Results (7,169,372,588) (5,205,868,721)
Equity in Earnings from Associates 437,297,106 871,883,578
Income (Loss) before Income Tax (80,430,063) 4,412,003,073
Income Tax (1,291,696,892) (2,338,081,820)
Net (Loss) / Income for the year (1,372,126,955) 2,073,921,253
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations (45,932,476) (94,104,951)
Other Comprehensive Income (Loss) for the Year (45,932,476) (94,104,951)
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR (1,418,059,431) 1,979,816,302
(Loss) Income Attributable to:
Shareholders of the Controlling Company (1,372,158,010) 2,023,985,617
Non-Controlling Interests 31,055 49,935,636
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company (1,418,090,486) 1,930,137,833
Non-Controlling Interests 31,055 49,678,469
Basic and Diluted Net Income (Loss) per Share - Total (12.85) 18.95
( )
((1)) Includes amortization of intangible assets and film library,
right-of-use assets and depreciation of property, plant and equipment and
investment properties in the amount of $ 3,022,764,319 and $ 3,433,276,817 for
the years ended December 31, 2022 and 2021, respectively.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of December 31(st), 2022 available at
https://ir.grupoclarin.com (https://ir.grupoclarin.com)
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2022 AND 2021
(Amounts stated in Argentine Pesos)
December 31, 2022 December 31, 2021
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 17,830,117,635 19,623,733,407
Intangible Assets 1,525,696,892 1,584,352,390
Goodwill 53,548,419 53,548,419
Investment Properties 1,862,672,092 -
Deferred Tax Assets 1,923,222,276 2,757,597,298
Right-of-Use Assets 80,090,897 136,181,153
Investments in Unconsolidated Affiliates 9,444,870,195 8,765,310,251
Other Investments 452,348,307 6,169,511
Inventories 770,178,684 325,437,750
Other Assets 120,193,040 156,483,482
Other Receivables 130,802,367 251,072,876
Total Non-Current Assets 34,193,740,804 33,659,886,537
CURRENT ASSETS
Inventories 4,452,217,966 5,030,159,317
Other Assets 496,125,570 539,335,277
Other Receivables 5,173,759,849 5,218,918,450
Trade Receivables 18,295,371,488 21,954,396,159
Other Investments 6,053,406,205 4,069,559,820
Cash and Banks 2,141,997,088 4,310,037,654
Total Current Assets 36,612,878,166 41,122,406,677
Total Assets 70,806,618,970 74,782,293,214
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company
Shareholders' Contribution 35,803,471,094 35,803,471,094
Other Items (67,637,982) (21,705,506)
Retained Earnings 5,043,007,491 6,415,165,501
Total Attributable to Shareholders of the Controlling Company 40,778,840,603 42,196,931,089
Attributable to Non-Controlling Interests 221,016,795 283,336,959
Total Equity 40,999,857,398 42,480,268,048
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 2,795,166,834 3,274,752,302
Financial Debt 2,073,366,402 169,103,363
Lease Liabilities 13,429,782 29,960,072
Deferred Tax Liabilities 1,412,958,476 1,235,565,549
Taxes Payable 10,898,985 14,476,424
Other Liabilities 993,760,767 612,022,490
Trade and Other Payables 37,715,865 53,969,366
Total Non-Current Liabilities 7,337,297,111 5,389,849,566
CURRENT LIABILITIES
Financial Debt 1,425,689,597 3,124,421,577
Lease Liabilities 56,909,026 107,683,771
Taxes Payable 751,907,766 892,265,295
Other Liabilities 3,407,425,652 3,049,330,272
Trade and Other Payables 16,827,532,420 19,738,474,685
Total Current Liabilities 22,469,464,461 26,912,175,600
Total Liabilities 29,806,761,572 32,302,025,166
Total Equity and Liabilities 70,806,618,970 74,782,293,214
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
(Amounts stated in Argentine Pesos)
Equity attributable to Shareholders of the Controlling Company
Shareholders' Contribution Other Items Retained Earnings Total Equity of Controlling Company Equity Attributable to Non-Controlling Interests Total Equity
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Translation of Foreign Operations Other Reserves Legal Reserve Voluntary Reserves ((1)) Retained Earnings
Balances as of December 31, 2020 106,776,004 14,932,832,269 21,574,376,716 36,613,984,989 577,324,231 (505,181,953) - 4,391,179,884 (810,513,895) 40,266,793,256 282,212,097 40,549,005,353
Absorption of Accumulated Deficit with Paid-in Capital - - (810,513,895) (810,513,895) - - - - 810,513,895 - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (48,553,607) (48,553,607)
Net Income (Loss) for the Year - - - - - - - - 2,023,985,617 2,023,985,617 49,935,636 2,073,921,253
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (93,847,784) - - - - (93,847,784) (257,167) (94,104,951)
Balances as of December 31, 2021 106,776,004 14,932,832,269 20,763,862,821 35,803,471,094 483,476,447 (505,181,953) - 4,391,179,884 2,023,985,617 42,196,931,089 283,336,959 42,480,268,048
Set-up of Legal Reserve - - - - - - 2,023,985,617 - (2,023,985,617) - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (62,351,219) (62,351,219)
Loss for the year - - - - - - - - (1,372,158,010) (1,372,158,010) 31,055 (1,372,126,955)
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (45,932,476) - - - - (45,932,476) - (45,932,476)
Balances as of December 31, 2022 106,776,004 14,932,832,269 20,763,862,821 35,803,471,094 437,543,971 (505,181,953) 2,023,985,617 4,391,179,884 (1,372,158,010) 40,778,840,603 221,016,795 40,999,857,398
((1) Corresponds to Judicial Reserve for Future Dividends Distribution.)
( )
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021
(Amounts stated in Argentine Pesos)
December 31, 2022 December 31, 2021
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net (Loss) / Income for the year (1,372,126,955) 2,073,921,253
Income Tax 1,291,696,892 2,338,081,820
Accrued Interest, net 366,445,132 (4,324,886)
Adjustments to reconcile net loss/ income for the year to cash provided by
operating activities:
Depreciation of Property, Plant and Equipment 2,255,348,019 2,458,256,535
Amortization of Intangible Assets and Film Library 556,287,779 753,884,540
Amortization of Right-of-Use Assets 193,379,424 221,135,742
Depreciation of Investment Properties 17,749,097 -
Net Allowances 1,095,518,612 1,498,482,239
Financial Income, except Interest 1,492,077,105 1,500,576,061
Equity in Earnings from Associates (437,297,106) (871,883,578)
Impairment of Goodwill 87,970,013 129,564,603
Gain (Loss) on Net Monetary Position 4,512,093,600 2,548,654,265
Other Income and Expenses, net 35,380,077 (101,687,854)
Changes in Assets and Liabilities:
Trade Receivables (10,805,079,734) (9,327,796,420)
Other Receivables (3,118,065,111) (1,500,727,194)
Inventories (940,448,761) (2,798,707,005)
Other Assets 67,749,348 (220,130,436)
Trade and Other Payables 8,638,262,229 8,969,246,059
Taxes Payable 959,400,895 13,530,564
Other Liabilities 2,035,587,952 1,443,891,504
Provisions (254,115,818) (470,062,690)
Payments of Income tax (1,379,325,178) (3,385,198,486)
Net Cash Flows provided by Operating Activities 5,298,487,511 5,268,706,636
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (2,529,886,982) (1,880,364,185)
Payments for Acquisition of Intangible Assets (479,372,466) (671,130,332)
Proceeds from Sale of Property, Plant and Equipment and Intangible Assets 21,396,647 236,320,105
Dividends Collected from Investments in Unconsolidated Affiliates 199,590,283 336,606,390
Proceeds from Disposal of Term Investments 278,100,739 2,262,487,718
Placements of Forward Instruments (1,121,917,557) (1,247,387,267)
Loans Granted - (45,213,148)
Collections of Loans - 71,067,688
Proceeds from Disposal of Unconsolidated Affiliates 94,359,928 120,110,626
Payment of capital contributions (393,732,374) (419,628,109)
Transactions with Securities, Bonds and Other Placements, Net (1,215,632,520) (1,026,227,582)
Net Cash Flows used in Investment Activities (5,147,094,302) (2,263,358,096)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained 1,581,635,571 1,173,017,686
Payment of Financial Debt (494,532,908) (1,643,346,974)
Payment of (436,270,202) (199,738,299)
Interest
Collection of Counter Guarantee 533,251,746 -
Payment of Lease Liabilities (168,907,460) (206,212,088)
Payments to Non-Controlling Interests, net (18,106,545) (29,843,087)
Net Cash Flows provided by / (used in) Financing Activities 997,070,202 (906,122,762)
Net Increase in Cash Flow 1,148,463,411 2,099,225,778
Cash and Cash Equivalents at the Beginning of the Year 8,345,119,384 8,195,163,175
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (1,750,420,401) (2,010,044,851)
CASH EQUIVALENTS
Net effect of the increase in cash from consolidation and deconsolidation of 2,009,580 60,775,282
subsidiaries
Cash and Cash Equivalents at the Closing of the Year 7,745,171,974 8,345,119,384
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 BIGDXLUBDGXDRecent 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