REG - Grupo Clarin S.A. - Half-year Report
14/08/2023 08:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230814:nRSN2029Ja&default-theme=true
RNS Number : 2029J Grupo Clarin S.A. 14 August 2023
Grupo Clarín Announces First Half and Second Quarter 2023 Results
Buenos Aires, Argentina, August 11, 2023 - 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 2023 results.
Figures in this report have been prepared in accordance with International
Financial Reporting Standards ((*)) ("IFRS") as of June 30, 2023 and are
stated in Argentine Pesos ("Ps"), unless otherwise indicated.
((*)) The Company's Management has applied IAS 29 in the preparation of these
financial statements (inflation adjustment) as per Resolution 777/18, issued
by the Comisión Nacional de Valores ("CNV"), that establishes that the
restatement must be applied to the financial statements.
Highlights (1H23 vs. 1H22):
§ Total Revenues reached Ps. 55,319.4 million, a decrease of 0.5% in real
terms compared to 1H22, mainly due to lower revenues in the Broadcasting and
Programming segment, partially offset by higher revenues in Digital and
Printed Publications.
§ Adjusted EBITDA((1)) reached Ps. 6,921.6 million, a decrease of 10.9%
compared to 7,768.6 for 1H22, mainly driven by lower EBITDA in Broadcasting
and Programming, partially offset by a higher EBITDA in the Digital and
Printed Publications segment.
§ Grupo Clarín's Adjusted EBITDA Margin((2)) was 12.5% in 1H23, compared to
14.0% in 1H22.
§ Profit for the period resulted in Ps. 962.3 million, an increase of
143.2% compared to a profit of Ps. 395.7 million reported in 1H22. Net Income
for the period attributable to Equity Shareholders amounted Ps 996.0 million
in 1H23 from a profit of Ps. 284.6 million in 1H22, an increase of 250.0%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 1H23 1H22 % Ch. 2Q23 1Q23 2Q22 QoQ YoY
Total Revenues 55,319.4 55,594.7 (0.5%) 27,144.6 28,174.8 28,980.5 (3.7%) (6.3%)
Adjusted EBITDA ((1)) 6,921.6 7,768.6 (10.9%) 2,954.4 3,967.2 4,156.0 (25.5%) (28.9%)
Adjusted EBITDA Margin ((2)) 12.5% 14.0% (10.5%) 10.9% 14.1% 14.3% (22.7%) (24.1%)
Profit/(Loss) for the period 962.3 395.7 143.2% (339.7) 1,302.0 253.3 (126.1%) (234.1%)
Attributable to:
Equity Shareholders 996.0 284.6 250.0% (316.3) 1,312.3 148.4 (124.1%) (313.2%)
Non-Controlling Interests (33.7) 111.1 (130.3%) (23.5) (10.2) 105.0 129.4% (122.4%)
(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. 55,319.4 million, a decrease of 0.5% in real terms
from Ps. 55,594.7 million in 1H22, in a context of increasing inflation (which
reached 115.6% interannually as of June and 107.9% on average). Advertising
revenues decreased 3.5% in real terms and represented around 42.1% of the
Total Revenues of the Company. Circulation revenues increased 6.0% YoY and
represented 32.9% of the Total. Programming revenues decreased 19.2% YoY and
represented 13.8% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.) 1H23 1H22 YoY 2Q23 1Q23 2Q22 QoQ YoY
Digital and Printed Publications 28,540.6 26,079.9 9.4% 12,695.3 15,845.3 12,678.7 (19.9%) 0.1%
Broadcasting and Programming 24,785.9 27,798.9 (10.8%) 13,506.4 11,279.5 15,424.3 19.7% (12.4%)
Others 4,077.7 4,264.4 (4.4%) 1,835.9 2,241.8 1,991.5 (18.1%) (7.8%)
Subtotal 57,404.2 58,143.2 (1.3%) 28,037.6 29,366.7 30,094.5 (4.5%) (6.8%)
Eliminations (2,084.8) (2,548.5) (18.2%) (893.0) (1,191.8) (1,114.1) (25.1%) (19.8%)
Total 55,319.4 55,594.7 (0.5%) 27,144.6 28,174.8 28,980.5 (3.7%) (6.3%)
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 33,662.1
million, a decrease of 0.2% from Ps. 33,714.5 million reported in 1H22, mainly
due to lower salaries in real terms, across all segments, lower content
production cost in Bradcasting and Programming and lower fees for services and
leases in real terms, partially offset by higher costs in the Digital and
Printed Publications segment related to the increase in schoolbooks sales and
severance payments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
totaled Ps. 14,735.7 million, an increase of 4.4% from Ps. 14,111.6 million in
1H22. This increase was mainly due to higher contingencies, advertising and
promotion costs, travel expenses, bad debt and general expenses.
Adjusted EBITDA amounted to Ps. 6,921.6 million, decrease of 10.9% from Ps.
7,768.6 million reported in 1H22. This decrease was driven by a lower EBITDA
in Broadcasting and Programming, mainly as a result of lower advertising and
programming revenues in real terms, partially offset by higher EBITDA in
Digital and Printed Publications as a result of higher circulation and
printing revenues. It is worth noting that, because of the restructuring of
the Digital and Printed Publications segment in 2Q23, EBITDA for this segment
includes Ps. 570 million in severance payments (versus Ps. 76 million in
2Q22).
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) 1H23 1H22 YoY 2Q23 1Q23 2Q22 QoQ YoY
Digital and Printed Publications 2,828.4 2,265.8 24.8% 363.7 2,464.6 601.7 (85.2%) (39.5%)
Broadcasting and Programming 3,606.2 4,951.5 (27.2%) 2,694.4 911.8 3,525.6 195.5% (23.6%)
Others 487.1 551.3 (11.7%) (103.7) 590.8 28.7 (117.6%) (461.4%)
Total 6,921.6 7,768.6 (10.9%) 2,954.4 3,967.2 4,156.0 (25.5%) (28.9%)
Financial results net totaled Ps. (3,875.3) million compared to Ps. (4,900.9)
million in 1H22. This decrease was mainly due to lower negative results of
operations with notes and bonds and higher gained interests, partially offset
by higher interest on debts, higher financial discounts on assets and
liabilities and higher negative inflation adjustment results versus 2022.
Equity in earnings from unconsolidated affiliates in 1H23 totaled Ps. 748.9
million, compared to Ps. 968.7 million in 1H22, mainly related to lower
positive results in in our subsidiary Papel Prensa generated by negative
inflation adjustment results, and lower results in Ríos de Tinta, partially
offset by the suspension of operations in BIMO which had had negative results
in 2022 and lower negative results in TRISA versus a negative result in 2022.
Other Income (expenses), net reached Ps. 175.3 million, compared to Ps.
(195.2) million in 1H22.
Income tax as of 1H23 reached Ps. (785.8) million, from Ps. Ps. (1,002.4)
million in 1H22, mainly as a result of lower taxable income (after considering
taxable Inflation Adjustment).
Income for the period totaled Ps. 962.3 million, an increase of 143.2% from a
gain of Ps. 395.7 million reported in 1H22. The Equity Shareholders Net Income
for the period amounted Ps. 996.0 million, an increase of 250.0% YoY from a
profit of 284.6 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps.
1,661.7 million in 1H23, an increase of 13.4% from Ps. 1,465.6 million
reported in 1H22, mainly explained by the acquisition of a new server in the
Digital and Printed Publications segment during 1Q23. Out of the total CAPEX
in 1H23, 77.1% was allocated towards the Broadcasting and Programming segment
and 22.9% to the Digital and Printed Publications segment.
SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2023
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 6,524.8 17,045.4 - (266.7) 23,303.5 42.1%
Circulation 18,202.2 - - - 18,202.2 32.9%
Printing 2,713.2 - - (3.1) 2,710.1 4.9%
Programming - 7,630.8 - - 7,630.8 13.8%
Other Sales 1,100.4 109.8 4,077.7 (1,815.1) 3,472.9 6.3%
Total Sales 28,540.6 24,785.9 4,077.7 (2,084.8) 55,319.4 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2022
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 6,298.3 18,144.4 - (288.3) 24,154.5 43.4%
Circulation 17,177.8 - - - 17,177.8 30.9%
Printing 1,313.4 - - - 1,313.4 2.4%
Programming - 9,439.1 - - 9,439.1 17.0%
Other Sales 1,290.4 215.5 4,264.4 (2,260.2) 3,510.1 6.3%
Total Sales 26,079.9 27,798.9 4,264.4 (2,548.5) 55,594.7 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 10.8% to Ps. 24,785.9 million in 1H23, compared to Ps.
27,798.9 million in 1H22 mainly as a result of lower programming and
advertising revenues, in real terms.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) decreased by 7.7% to
Ps. 15,773.4 million in 1H23, compared to Ps. 17,081.1 million in 1H22. This
is mainly attributable to lower programming, content production and services
and satellites costs, lower salaries and severance payments and lower leases
in real terms.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 6.2% to Ps. 5,406.4 million in 1H23, compared to Ps. 5,766.3
million in 1H22. The decrease was primarily the result of lower fees for
services and salaries and severance payments, partially offset by higher
contingencies.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 6.6% to Ps. 1,022.6
million in 1H23 compared to Ps. 1,094.5 million reported in 1H22.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 9.4% to Ps. 28,540.6 million in 1H23, mainly as a
result of higher circulation and printing revenues from school textbooks and
printing services related to biddings for school textbooks, mainly during
1Q23, and higher Paywall revenues, partially offset by lower traditional
circulation revenues. In spite of the high interannual inflation, advertising
revenues remained stable in similar levels registered during 1H22, driven by
higher digital advertising.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 8.6% to
Ps. 15,628.2 million in 1H23, compared to Ps. 14,388.5 million in 1H22. The
increase is mainly the result of severance payments related to the
restructuring carried out in 2Q23, and higher costs related to the increase in
schoolbooks sales; partially offset by lower salaries.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
increased by 7.0% to Ps. 10,084.0 million in 1H23, compared to the Ps.
9,425.6 million reported in 1H22. This was primarily the result of higher
salaries and severance payments, higher distribution costs, contingencies,
advertising and promotion and bad debt.
Depreciation and Amortization
Depreciation and amortization expenses increased by 16.4% to Ps. 874.0 million
in 1H23 compared to Ps. 751.2 million in 1H22.
OTHERS
Total revenues in this segment were driven by administrative and corporate
services rendered by the Company and its subsidiary GC Gestión Compartida
S.A. to third parties, as well as to other subsidiaries of the Company (which
are eliminated in the consolidation). Cost of sales (excluding depreciation
and amortization) was mainly the result of salaries and professional
consulting fees.
In this period, total revenues decreased 4.4% to Ps. 4,077.7 , from Ps.
4,264.4 million reported in 1H22. EBITDA resulted in Ps. 487.1 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
1H23 1H22 YoY 2Q23 1Q23 2Q22 QoQ YoY
Circulation ((1)) 56.1 68.7 -18.3% 55.6 56.6 67.6 -0.9% -17.7%
Circulation share % ((2)) 54.7% 56.7% -3.6% 54.0% 55.3% 56.3% -1.2% -4.0%
Total Digital Subs ((3)) 657.9 521.4 26.2% 657.9 597.9 521.4 10.0% 26.2%
( )
((1)) Average number of paper copies, (newsstands, and subscriptions),
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
1H23 1H22 YoY 2Q23 1Q23 2Q22 QoQ YoY
Advertising Share % ((1)) 32.1% 34.5% -6.9% 33.5% 29.7% 35.1% 8.1% -4.6%
Audience Share % ((2))
Prime Time 27.4% 33.3% -17.8% 32.0% 23.1% 34.6% 18.7% -7.6%
Total Time 25.8% 31.0% -16.7% 27.8% 23.8% 32.6% 8.3% -14.8%
( )
((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. Prime Time
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
1H23 1H22 YoY 2Q23 1Q23 2Q22 QoQ YoY
Page Views ((1)) 869.7 857.5 1.4% 808.9 930.6 874.2 -6.5% -7.5%
Mobile page Views 668.1 626.6 6.6% 600.7 735.5 624.0 -9.2% -3.7%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) June 2023 June 2022 % Change
Short Term and Long-Term Debt
Current Financial Debt 3,287.4 5,050.5 (34.9%)
Financial loans 1,165.3 3,327.7 (65.0%)
Accrued interest 86.7 238.4 (63.7%)
Acquisition of equipment 14.9 81.5 (81.8%)
Related Parties Accrued Interest - - 0.0%
Related Parties Capital - - 0.0%
Bank overdraft 2,020.6 1,402.9 44.0%
Non-Current Financial Debt 2,929.3 192.7 1420.5%
Financial loans 2,929.3 170.6 1617.2%
Acquisition of equipment - 22.1 (100.0%)
Total Financial Debt (A) 6,216.8 5,243.2 18.6%
Total Short Term and Long-Term Debt 6,216.8 5,243.2 18.6%
Cash and Cash Equivalents (B) 12,722.1 11,548.4 10.2%
Net Debt (A) - (B) (6,505.3) (6,305.2) 3.2%
Net Debt/Adjusted Ebitda ((1)) (0.47x) (0.37x) 24.9%
Total Financial Debt((1)) and Net Debt, increased 18.6% to Ps. 6,216.8 million
from Ps. 5,243.2 million and to Ps. (6,505.3) million from Ps. (6,305.2)
million, respectively.
Debt coverage ratio ((1)) as of June 30, 2023 was (0.47x) in the case of Net
Debt and of 0.45x 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 1H23 1H22 YoY 1H23 ex IAS 29 IAS 29 Adjustment 1H23 1H22 ex IAS 29 IAS 29 Adjustment 1H22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 28,540.6 26,079.9 9.4% 24,171.2 4,369.4 28,540.6 10,621.5 15,458.3 26,079.9
Broadcasting and Programming 24,785.9 27,798.9 (10.8%) 20,991.3 3,794.6 24,785.9 11,321.7 16,477.3 27,798.9
Others 4,077.7 4,264.4 (4.4%) 3,453.4 624.3 4,077.7 1,736.8 2,527.6 4,264.4
Subtotal 57,404.2 58,143.2 (1.3%) 48,615.9 8,788.3 57,404.2 23,680.0 34,463.3 58,143.2
Eliminations (2,084.8) (2,548.5) (18.2%) (1,765.6) (319.2) (2,084.8) (1,037.9) (1,510.6) (2,548.5)
Total 55,319.4 55,594.7 (0.5%) 46,850.2 8,469.2 55,319.4 22,642.1 32,952.7 55,594.7
REVENUES 2Q23 2Q22 YoY 2Q23 ex IAS 29 IAS 29 Adjustment 2Q23 2Q22 ex IAS 29 IAS 29 Adjustment 2Q22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 12,695.3 12,678.7 0.1% 12,224.7 470.6 12,695.3 5,619.1 7,059.6 12,678.7
Broadcasting and Programming 13,506.4 15,424.3 (12.4%) 12,487.2 1,019.2 13,506.4 6,702.4 8,721.9 15,424.3
Others 1,835.9 1,991.5 (7.8%) 1,763.2 72.7 1,835.9 888.3 1,103.2 1,991.5
Subtotal 28,037.6 30,094.5 (6.8%) 26,475.1 1,562.5 28,037.6 13,209.8 16,884.8 30,094.5
Eliminations (893.0) (1,114.1) (19.8%) (867.1) (25.9) (893.0) (502.5) (611.6) (1,114.1)
Total 27,144.6 28,980.5 (6.3%) 25,608.0 1,536.5 27,144.6 12,707.3 16,273.2 28,980.5
EBITDA 1H23 1H22 YoY 1H23 ex IAS 29 IAS 29 Adjustment 1H23 1H22 ex IAS 29 IAS 29 Adjustment 1H22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 2,828.4 2,265.8 24.8% 2,395.3 433.0 2,828.4 922.8 1,343.0 2,265.8
Broadcasting and Programming 3,606.2 4,951.5 (27.2%) 3,054.1 552.1 3,606.2 2,016.6 2,934.9 4,951.5
Others 487.1 551.3 (11.7%) 412.5 74.6 487.1 224.5 326.8 551.3
Total 6,921.6 7,768.6 (10.9%) 5,861.9 1,059.7 6,921.6 3,163.9 4,604.7 7,768.6
EBITDA 2Q23 2Q22 YoY 2Q23 ex IAS 29 IAS 29 Adjustment 2Q23 2Q22 ex IAS 29 IAS 29 Adjustment 2Q22
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 363.7 601.7 (39.5%) 537.2 (173.4) 363.7 301.6 300.1 601.7
Broadcasting and Programming 2,694.4 3,525.6 (23.6%) 2,366.6 327.7 2,694.4 1,484.3 2,041.3 3,525.6
Others (103.7) 28.7 (461.4%) (32.9) (70.8) (103.7) 29.4 (0.8) 28.7
Subtotal 2,954.4 4,156.0 (28.9%) 2,870.9 83.5 2,954.4 1,815.4 2,340.6 4,156.0
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) 519.40
GCLA (LSE) Price per GDS (USD) 1.23
Total Shares 106,776,004
Shares per GDS 2
Closing Price August 11, 2023
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss its First Half and Second Quarter 2023 Results
Date: Tuesday, August 15, 2023
Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=rp9S4zq4
The webcast presentation will also be available at 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 SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022,
AND THE THREE-MONTH PERIODS BEGINNING APRIL 1 AND ENDED JUNE 30, 2023 AND 2022
(Amounts stated in Argentine Pesos)
June 30, 2023 June 30, 2022
April 1, 2023 through June 30, 2023 April 1, 2022 through June 30, 2022
Revenues 55,319,408,515 55,594,748,588 27,144,560,298 28,980,470,427
Cost of Sales (1) (35,500,007,478) (35,446,416,895) (17,552,268,408) (18,149,475,427)
Subtotal - Gross Profit 19,819,401,037 20,148,331,693 9,592,291,890 10,830,995,000
Selling Expenses (1) (6,842,643,012) (6,652,319,209) (3,307,848,195) (3,337,797,742)
Administrative Expenses (1) (8,277,598,307) (7,970,409,592) (4,440,515,646) (4,429,141,130)
Other Income and Expenses, net 175,310,423 (195,231,412) 100,475,611 (159,494,417)
Financial Expenses on Debt (2,024,647,339) (960,213,102) (1,134,790,228) (556,560,897)
Gain (Loss) on Net Monetary Position (3,135,468,673) (2,796,915,606) (1,715,900,552) (1,536,908,986)
Other Financial Results, net 1,284,831,453 (1,143,815,249) 573,096,199 (266,995,028)
Financial Results (3,875,284,559) (4,900,943,957) (2,277,594,581) (2,360,464,911)
Equity in Earnings from Associates 748,901,946 968,661,658 (171,299,139) 395,900,794
Income (Loss) before Income Tax 1,748,087,528 1,398,089,181 (504,490,060) 939,997,594
Income Tax (785,786,308) (1,002,388,071) 164,748,941 (686,654,700)
Net Income (Loss) for the Period 962,301,220 395,701,110 (339,741,119) 253,342,894
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Equity in Comprehensive Earnings from Associates 8,456,092 - 8,456,092 -
Variation in Translation Differences of Foreign Operations 2,564,672 (73,921,504) 13,577,147 (133,453,942)
Other Comprehensive Income (Loss) for the Period 11,020,764 (73,921,504) 22,033,239 (133,453,942)
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD 973,321,984 321,779,606 (317,707,880) 119,888,952
(Loss) Income Attributable to:
Shareholders of the Controlling Company 995,997,349 284,566,200 (316,275,044) 148,375,283
Non-Controlling Interests (33,696,129) 111,134,910 (23,466,075) 104,967,611
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company 1,007,018,113 210,644,696 (294,241,805) 14,921,341
Non-Controlling Interests (33,696,129) 111,134,910 (23,466,075) 104,967,611
Basic and Diluted Earnings per Share (Note 10) 9.33 2.67 (2.96) 1.39
( )
((1)) Includes amortization of intangible assets and film library,
right-of-use assets, depreciation of property, plant and equipment and
investment property in the amount of $ 2,222,436,481 and $ 2,243,042,410 for
the six-month periods ended June 30, 2023 and 2022, respectively.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of June 30(st), 2023 available at
https://ir.grupoclarin.com
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2023 AND DECEMBER 31, 2022
(Amounts stated in Argentine Pesos)
June 30, 2023 December 31, 2022
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 26,922,505,047 26,866,657,843
Intangible Assets 2,271,701,075 2,298,940,322
Goodwill 80,687,468 80,687,468
Investment Properties 2,779,954,449 2,806,699,024
Deferred Tax Assets 3,189,147,562 2,897,936,845
Right-of-Use Assets 287,727,758 120,682,026
Investments in Associates 14,883,682,584 14,231,655,735
Other Investments 656,779,107 681,604,431
Inventories 342,189,921 1,160,515,461
Other Assets 181,030,918 181,108,468
Other Receivables 1,087,858,842 197,094,742
Total Non-Current Assets 52,683,264,731 51,523,582,365
CURRENT ASSETS
Inventories 5,066,028,913 6,708,661,108
Other Assets 1,867,404,190 747,568,592
Other Receivables 5,901,442,466 7,795,889,992
Trade Receivables 25,946,895,168 27,567,708,522
Other Investments 10,345,507,770 9,121,352,793
Cash and Banks 3,018,286,816 3,227,589,635
Total Current Assets 52,145,565,323 55,168,770,642
Total Assets 104,828,830,054 106,692,353,007
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company
Shareholders' Contribution 53,949,145,325 53,949,145,325
Other Items (90,897,045) (101,917,809)
Retained Earnings 8,594,867,954 7,598,870,605
Total Attributable to Shareholders of the Controlling Company 62,453,116,234 61,446,098,121
Attributable to Non-Controlling Interests 271,181,935 333,031,026
Total Equity 62,724,298,169 61,779,129,147
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 2,938,771,605 4,211,794,475
Financial Debt 2,929,333,411 3,124,176,006
Lease Liabilities 66,976,588 20,236,174
Deferred Tax Liabilities 2,546,522,657 2,129,064,580
Taxes Payable 302,828,656 16,422,736
Other Liabilities 1,435,440,861 1,497,411,910
Trade and Other Payables 172,997,833 56,830,766
Total Non-Current Liabilities 10,392,871,611 11,055,936,647
CURRENT LIABILITIES
Provisions and Other Charges 545,685,900 -
Financial Debt 3,287,424,645 2,148,248,002
Taxes Payable 1,245,097,476 1,132,984,612
Lease Liabilities 182,979,656 85,751,276
Other Liabilities 3,804,119,295 5,134,354,186
Trade and Other Payables 22,646,353,302 25,355,949,137
Total Current Liabilities 31,711,660,274 33,857,287,213
Total Liabilities 42,104,531,885 44,913,223,860
Total Equity and Liabilities 104,828,830,054 106,692,353,007
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022
(Amounts stated in Argentine Pesos)
Shareholders' Contribution Other Items Retained Earnings Total Equity of Controlling Company Equity Attributable to Non-Controlling Interests
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Other Comprehensive Income Other Reserves((1)) Legal Reserve Voluntary Reserves Retained Earnings Total Equity
Balances as of January 1(st) 2023 106,776,004 22,555,105,304 31,287,264,017 53,949,145,325 659,297,061 (761,214,870) 3,049,768,384 6,616,688,118 (2,067,585,897) 61,446,098,121 333,031,026 61,779,129,147
Reversal of Reserve (Note 9.a) - - - - - - (2,067,585,897) - 2,067,585,897 - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (28,152,962) (28,152,962)
Net Income (Loss) for the Period - - - - - - - - 995,997,349 995,997,349 (33,696,129) 962,301,220
Other Comprehensive Income:
Changes in Other Comprehensive Income - - - - 11,020,764 - - - - 11,020,764 - 11,020,764
Balances as of June 30, 2023 106,776,004 22,555,105,304 31,287,264,017 53,949,145,325 670,317,825 (761,214,870) 982,182,487 6,616,688,118 995,997,349 62,453,116,234 271,181,935 62,724,298,169
Balances as of January 1, 2022 106,776,004 22,555,105,304 31,287,264,017 53,949,145,325 728,508,730 (761,214,870) - 6,616,688,118 3,049,768,384 63,582,895,687 426,935,889 64,009,831,576
Set-up of Reserves - - - - - - 3,049,768,384 - (3,049,768,384) - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - (92,570,204) (92,570,204)
Net Income (Loss) for the Period - - - - - - - - 284,566,200 284,566,200 111,134,910 395,701,110
Other Comprehensive Income:
Changes in Other Comprehensive Income - - - - (73,921,504) - - - - (73,921,504) - (73,921,504)
Balances as of June 30, 2022 106,776,004 22,555,105,304 31,287,264,017 53,949,145,325 654,587,226 (761,214,870) 3,049,768,384 6,616,688,118 284,566,200 63,793,540,383 445,500,595 64,239,040,978
((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, 2023 AND 2022
(Amounts stated in Argentine Pesos)
June 30, 2023 June 30, 2022
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period 962,301,220 395,701,110
Income Tax 785,786,308 1,002,388,071
Accrued Interest, net (15,902,750) 149,760,065
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by
Operating Activities:
Depreciation of Property, Plant and Equipment 1,585,536,133 1,711,380,133
Amortization of Intangible Assets and Film Library 449,634,803 381,824,107
Amortization of Right-of-Use Assets 160,520,970 149,838,170
Depreciation of Investment Properties 26,744,575 -
Net Allowances 930,408,206 581,883,950
Financial Income, except Interest 897,385,401 1,279,496,970
Gain (Loss) on Net Monetary Position 3,135,468,673 2,796,915,606
Equity in Earnings from Associates (748,901,946) (968,661,658)
Other Income and Expenses 10,132,465 30,273,653
Changes in Assets and Liabilities:
Trade Receivables (11,003,896,019) (4,926,339,102)
Other Receivables (1,518,980,339) (2,496,122,045)
Inventories 1,759,339,998 2,114,885,782
Other Assets (1,160,142,602) 115,366,395
Trade and Other Payables 7,654,856,995 (397,600,084)
Taxes Payable 166,594,909 887,728,551
Other Liabilities 627,957,546 1,318,428,474
Provisions (596,628,947) (159,455,016)
Payments of Income tax (324,171,325) (1,183,996,377)
Net Cash Flows provided by Operating Activities 3,784,044,274 2,783,696,755
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (1,661,686,024) (1,465,643,071)
Payments for Acquisition of Intangible Assets (432,875,502) (302,955,118)
Acquisition of Government and Corporate Securities - (789,118,400)
Collection of Other Investments 9,209,023 21,822,680
Proceeds from Sale of Property, Plant and Equipment and Intangible Assets 10,259,117 13,579,701
Dividends Collected 133,768,111 301,923,211
Proceeds from Disposal of Unconsolidated Affiliates - 80,500,412
Transactions with Securities, Bonds and Other Placements, Net (402,868,900) (997,910,967)
Payment of capital contributions (470,367) (439,160,893)
Net Cash Flows used in Investing Activities (2,344,664,542) (3,576,962,445)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained 2,333,247,226 1,203,417,844
(Return) Collection of Counter Guarantee (39,229,612) 803,510,795
Payment of Financial Debt (735,609,968) (262,601,994)
Payment of Interest (573,133,992) (128,453,469)
Payments to Non-Controlling Interests, net - (25,901,724)
Payment of Lease Liabilities (145,988,874) (136,526,284)
Net Cash Flows provided by Financing Activities 839,284,780 1,453,445,168
Net Increase in Cash Flow 2,278,664,512 ( ) 660,179,478
Cash and Cash Equivalents at the Beginning of the Year 11,670,527,902 ( ) 12,574,536,621
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (1,227,089,100) (1,664,837,896)
CASH EQUIVALENTS
Decrease in Cash Due to Deconsolidation of Subsidiaries((1)) - (21,434,937)
Cash and Cash Equivalents at the End of the Period 12,722,103,314 ( ) 11,548,443,266
(1) Deconsolidation of cash flows, net, from Auto Sports S.A. as of June 30,
2022.
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 IR SFUSMLEDSELARecent 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