REG - Grupo Clarin S.A. - Nine months and Third Quarter 2021 Results
11/11/2021 07:45
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RNS Number : 0788S Grupo Clarin S.A. 11 November 2021
Grupo Clarín Announces Nine months and Third Quarter 2021 Results
Buenos Aires, Argentina, November 10, 2021 - Grupo Clarín S.A. ("Grupo
Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company
in Argentina, announced today its Nine months and Third Quarter 2021 results.
Figures in this report have been prepared in accordance with International
Financial Reporting Standards ((*)) ("IFRS") as of September 30, 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 (9M21 vs. 9M20):
§ Total Revenues reached Ps. 26,478.1 million, an increase of 2.9% in real
terms compared to 9M20, 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 Printing and
Publishing segment.
§ Adjusted EBITDA ((1)) reached Ps. 4,661.1 million, an increase of
124.1% compared to 2,080.1 for 9M20, mainly driven by higher advertising
revenues in Broadcasting and Programming and costs reductions in real terms
greater than the decrease in revenues in the Printing and Publishing segment.
§ Grupo Clarín's Adjusted EBITDA Margin((2)) was 17.6% in 9M21, compared to
8.1% in 9M20.
§ Net Income for the period totaled Ps. 1,345.6 million, a change of -199.9%
compared to a loss of Ps. 1,347.6 million reported in 9M20. Net Income for the
period attributable to Equity Shareholders amounted Ps 1,318.6 million in 9M21
from a loss Ps. 1,080.5 million in 9M20, a change of -222.0%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 9M21 9M20 % Ch. 3Q21 2Q21 3Q20 QoQ YoY
Total Revenues 26,478.1 25,728.9 2.9% 9,518.0 8,610.8 8,932.3 10.5% 6.6%
Adjusted EBITDA ((1) ) 4,661.1 2,080.1 124.1% 1,813.2 1,266.7 1,284.4 43.1% 41.2%
Adjusted EBITDA Margin ((2)) 17.6% 8.1% 117.7% 19.1% 14.7% 14.4% 29.5% 32.5%
Profit/(Loss) for the period 1,345.6 (1,347.6) (199.9%) 330.9 202.9 (727.8) 63.1% (145.5%)
Attributable to:
Equity Shareholders 1,318.6 (1,080.5) (222.0%) 319.3 173.7 (702.8) 83.9% (145.4%)
Non-Controlling Interests 27.0 (267.1) (110.1%) 11.6 29.2 (24.9) (60.2%) (146.5%)
(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.
OPERATINGRESULTS
Total Revenues reached Ps. 26,478.1 million, an increase of 2.9% from Ps.
25,728.9 million in 9M20. Advertising revenues increased 25.3% and represented
around 45.6% of the Total Revenues of the Company. Circulation revenues
decreased 5.0% and represented 27.1% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES 9M21 9M20 YoY 3Q21 2Q21 3Q20 QoQ YoY
(In millions of Ps.)
Printing and Publishing 11,513.6 12,876.6 (10.6%) 3,985.2 3,655.9 4,230.0 9.0% (5.8%)
Broadcasting and Programming 14,315.5 12,092.1 18.4% 5,406.8 4,689.9 4,432.6 15.3% 22.0%
Others 1,788.5 1,661.4 7.7% 659.2 584.7 554.8 12.7% 18.8%
Subtotal 27,617.6 26,630.2 3.7% 10,051.2 8,930.5 9,217.5 12.5% 9.0%
Eliminations (1,139.5) (901.3) 26.4% (533.2) (319.8) (285.3) 66.7% 86.9%
Total 26,478.1 25,728.9 2.9% 9,518.0 8,610.8 8,932.3 10.5% 6.6%
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 14,549.4
million, a decrease of 8.2% from Ps. 15,846.6 million reported in 9M20, mainly
related to the un-consolidation of the postal business and lower salaries in
real terms.
Selling and Administrative Expenses (Excluding Depreciation and
Amortization) reached Ps. 7,267.7 million, a decrease of 6.9% from Ps.
7,802.2 million in 9M20. This decrease was mainly due to lower expenses in
Printing and Publishing, partially offset by higher contingencies in
Broadcasting and Programming.
Adjusted EBITDA reached Ps. 4,661.1 million, an increase of 124.1% from Ps.
2,080.1 million reported for 9M20. This increase was driven by higher
advertising revenues in Broadcasting and Programming and lower distribution
costs in Printing and Publishing.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA 9M21 9M20 YoY 3Q21 2Q21 3Q20 QoQ YoY
(In millions of Ps.)
Printing and Publishing 862.3 289.4 198.0% 410.7 60.9 349.9 574.4% 17.4%
Broadcasting and Programming 3,711.6 1,792.6 107.1% 1,368.6 1,257.5 949.5 8.8% 44.1%
Others 87.1 (1.9) (4805.0%) 33.9 (51.7) (15.0) (165.6%) (326.1%)
Total 4,661.1 2,080.1 124.1% 1,813.2 1,266.7 1,284.4 43.1% 41.2%
Financial results net totaled Ps. (1,838.1) million compared to Ps. (760.0)
million in 9M20. This increase was mainly due to higher negative inflation
adjustment results versus 2020, partially offset by lower negative interests,
and negative result of operations with notes and bonds compared to a gain in
2020.
Equity in earnings from unconsolidated affiliates in 9M21 totaled Ps. 425.3
million, compared to Ps. 1,050.4 million in 9M20, 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.
Other Income (expenses), net reached Ps. 63.4 million, compared to Ps.
(1,586.6) million in 9M20, mainly from impairment of Goodwill in 2020.
Income tax as of 9M21 reached Ps. (797.2) million, from Ps. Ps. (725.3)
million in 9M20.
Income for the period totaled Ps. 1,345.6 million, a change of -199.9% from a
loss of Ps. 1,347.6 million reported in 9M20. The Equity Shareholders Net
Income for the period amounted Ps. 1,318.6 million, a change of -222.0% YoY
from a loss of 1,080.5 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled
Ps. 655.4 million in 9M21, an increase of 50.6% from Ps. 435.1 million
reported in 9M20. Out of the total CAPEX in 9M21, 86.0% was allocated towards
the Broadcasting and Programming segment, 12.3% to the Printing and Publishing
segment and the remaining 1.8% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2021
(In millions of Ps.) Printing & Publishing Broadcasting Others Eliminations Total %
& Programming
Advertising 2,888.7 9,263.6 - (90.0) 12,062.2 45.6%
Circulation 7,180.2 - - - 7,180.2 27.1%
Printing 681.6 - - - 681.6 2.6%
Programming - 4,624.4 - - 4,624.4 17.5%
Other Sales 763.1 427.5 1,788.5 (1,049.5) 1,929.7 7.3%
Total Sales 11,513.6 14,315.5 1,788.5 (1,139.5) 26,478.1 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2020
(In millions of Ps.) Printing & Publishing Broadcasting & Programming Others Eliminations Total %
Advertising 2,830.9 6,877.1 - (83.5) 9,624.5 37.4%
Circulation 7,554.2 - - - 7,554.2 29.4%
Printing 874.8 - - - 874.8 3.4%
Programming - 5,108.0 - - 5,108.0 19.9%
Other Sales 1,616.8 107.0 1,661.4 (817.8) 2,567.4 10.0%
Total Sales 12,876.6 12,092.1 1,661.4 (901.3) 25,728.9 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues increased by 18.4% to Ps. 14,315.5 million in 9M21, compared to Ps.
12,092.1 million in 9M20 mainly due to higher advertising revenues in ARTEAR
and Radio Mitre, and higher revenues from car race events, partially offset by
lower programming revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 0.5% to Ps. 7,705.4 million in 9M21, compared to
Ps. 7,664.7 million in 9M20. This is mainly attributable to lower programming
costs in Channel 13 during the 1Q21 as compared to 1Q20, partially offset by
higher costs from car race events.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses increased by 10.0% to Ps. 2,898.5 million
in 9M21, compared to Ps. 2,634.9 million in 9M20. The increase was primarily
the result of restructuring costs in 2021 and the Emergency Assistance for
Work and Production Program (ATP) granted in 2020.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 11.2% to Ps. 589.8 million
in 9M21 compared to Ps. 663.9 million reported in 9M20.
PRINTING AND PUBLISHING
Revenues
Total revenues decreased by 10.6% to Ps. 11,513.6 million in 9M21, mainly as a
result of the un-consolidation of the postal business and lower circulation
revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 15.4% to Ps. 6,136.3 million in 9M21, compared to
Ps. 7,254.1 million in 9M20. The decrease was mainly the result of the effect
of the un-consolidation of the postal business and of lower raw materials
consumption and salaries and severance payments in real terms.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 15.3% to Ps. 4,515.0 million
in 9M21, compared to the Ps. 5,333.2 million reported in 9M20. This was
primarily the result of lower distribution costs, bad debt, salaries, fees for
services, and marketing and advertising costs.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 19.9% to Ps. 365.0 million
in 9M21 compared to Ps. 455.8 million in 9M20.
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 7.7% to Ps. 1,788.5 , from Ps.
1,661.4 million reported in 9M20. EBITDA resulted in Ps. 87.1 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
PRINTING AND PUBLISHING
9M21 9M20 YoY 3Q21 2Q21 3Q20 QoQ YoY
Circulation ((1)) 217.2 262.0 -17.1% 206.8 215.8 271.6 0.7% -23.9%
Circulation share % ((2)) 39.6% 44.0% -9.9% 39.7% 40.5% 43.2% -2.2% -8.1%
Total Digital Subs ((3)) 414.4 267.3 55.1% 414.4 348.3 267.3 19.0% 55.1%
( )
((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
9M21 9M20 YoY 3Q21 2Q21 3Q20 QoQ YoY
Advertising Share % ((1)) 36.3% 36.6% -1.0% 35.9% 37.1% 37.5% -2.3% -4.3%
Audience Share % ((2))
Prime Time 28.3% 31.1% -8.9% 27.7% 27.0% 32.8% 5.0% -15.6%
Total Time 29.6% 30.3% -2.4% 29.0% 29.1% 31.4% 1.8% -7.7%
( )
((1)) Company estimates, over ad spend in Ps. In broadcast TV for AMBA
region.
( (2)) Share of broadcast TV audience according to IBOPE for AMBA. PrimeTime
is defined as Monday through Friday from 8pm to 12am. Total Time is defined as
Monday through Sunday from 12 pm to 12 am.
DIGITAL KPIs
9M21 9M20 YoY 3Q21 2Q21 3Q20 QoQ YoY
Page Views ((1)) 890.6 1,066.5 -16.5% 933.0 1,148.0 908.8 -22.4% 2.7%
Mobile page Views 587.2 764.0 -23.1% 606.1 829.6 636.5 -29.2% -4.8%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) September September % Change
2021 2020
Short Term and Long-Term Debt
Current Financial Debt 1,841.5 535.5 243.9%
Financial loans 1,588.0 104.8 1414.9%
Accrued interest 41.1 16.7 145.3%
Acquisition of equipment 25.8 17.0 51.5%
Related Parties Accrued Interest 11.6 14.6 (20.8%)
Related Parties Capital 6.8 10.4 (34.4%)
Bank overdraft 168.4 371.9 (54.7%)
Non-Current Financial Debt 333.8 2,001.1 (83.3%)
Financial loans 321.7 1,980.7 (83.8%)
Acquisition of equipment 12.1 20.4 (40.6%)
Total Financial Debt (A) 2,175.4 2,536.6 (14.2%)
Total Short Term and Long-Term Debt 2,175.4 2,536.6 (14.2%)
Cash and Cash Equivalents (B) 4,042.7 4,341.9 (6.9%)
Net Debt (A) - (B) (1,867.3) (1,805.3) 3.4%
Net Debt/Adjusted Ebitda ((1)) (0.27x) (0.88x) (69.9%)
Total Financial Debt((1)) and Net Debt, decreased 14.2% to Ps. 2,175.4
million from Ps. 2,536.6 million and to Ps. (1,867.3) million from Ps.
(1,805.3) million, respectively.
Debt coverage ratio ((1)) as of September 30, 2021 was (0.27x) in the case of
Net Debt and of 0.31x in terms of Total Financial Debt.
((1) )Debt Coverage Ratio is defined as Total Financial Debt divided by Last
Twelve Months Adjusted EBITDA. Total Financial debt is defined as financial
loans and debt for acquisitions, including accrued interest.
REVENUES AND EBITDA - IAS 29 Adjustment
REVENUES 9M21 9M20 YoY 9M21 ex IAS 29 IAS 29 Adjustment 9M21 9M20 ex IAS 29 IAS 29 Adjustment 9M20
as reported
as reported
(In millions of Ps.)
Printing and Publishing 11,513.6 12,876.6 (10.6%) 10,157.4 1,356.2 11,513.6 7,715.3 5,161.3 12,876.6
Broadcasting and Programming 14,315.5 12,092.1 18.4% 12,629.3 1,686.2 14,315.5 7,245.3 4,846.9 12,092.1
Others 1,788.5 1,661.4 7.7% 1,577.8 210.7 1,788.5 995.5 665.9 1,661.4
Subtotal 27,617.6 26,630.2 3.7% 24,364.5 3,253.1 27,617.6 15,956.0 10,674.1 26,630.2
Eliminations (1,139.5) (901.3) 26.4% (1,005.3) (134.2) (1,139.5) (540.0) (361.3) (901.3)
Total 26,478.1 25,728.9 2.9% 23,359.2 3,118.9 26,478.1 15,416.0 10,312.9 25,728.9
REVENUES 3Q21 3Q20 YoY 3Q21 ex IAS 29 IAS 29 Adjustment 3Q21 3Q20 ex IAS 29 IAS 29 Adjustment 3Q20
as reported
as reported
(In millions of Ps.)
Printing and Publishing 3,985.2 4,230.0 (5.8%) 3,844.0 141.2 3,985.2 2,703.3 1,526.7 4,230.0
Broadcasting and Programming 5,406.8 4,432.6 22.0% 5,158.4 248.5 5,406.8 2,805.4 1,627.2 4,432.6
Others 659.2 554.8 18.8% 630.8 28.4 659.2 354.0 200.8 554.8
Subtotal 10,051.2 9,217.5 9.0% 9,633.2 418.0 10,051.2 5,862.8 3,354.7 9,217.5
Eliminations (533.2) (285.3) 86.9% (496.8) (36.4) (533.2) (182.9) (102.3) (285.3)
Total 9,518.0 8,932.3 6.6% 9,136.3 381.7 9,518.0 5,679.9 3,252.4 8,932.3
EBITDA 9M21 9M20 YoY 9M21 ex IAS 29 IAS 29 Adjustment 9M21 9M20 ex IAS 29 IAS 29 Adjustment 9M20
as reported
as reported
(In millions of Ps.)
Printing and Publishing 862.3 289.4 198.0% 760.8 101.6 862.3 173.4 116.0 289.4
Broadcasting and Programming 3,711.6 1,792.6 107.1% 3,274.5 437.2 3,711.6 1,074.1 718.5 1,792.6
Others 87.1 (1.9) (4805.0%) 76.8 10.3 87.1 (1.1) (0.7) (1.9)
Total 4,661.1 2,080.1 124.1% 4,112.0 549.0 4,661.1 1,246.4 833.8 2,080.1
EBITDA 3Q21 3Q20 YoY 3Q21 ex IAS 29 IAS 29 Adjustment 3Q21 3Q20 ex IAS 29 IAS 29 Adjustment 3Q20
as reported
as reported
(In millions of Ps.)
Printing and Publishing 410.7 349.9 17.4% 382.0 28.7 410.7 208.5 141.4 349.9
Broadcasting and Programming 1,368.6 949.5 44.1% 1,309.6 59.1 1,368.6 585.4 364.1 949.5
Others 33.9 (15.0) (326.1%) 32.3 1.7 33.9 (8.7) (6.3) (15.0)
Subtotal 1,813.2 1,284.4 41.2% 1,723.8 89.4 1,813.2 785.1 499.3 1,284.4
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) 119.0
GCLA (LSE) Price per GDS (USD) 0.3
Total Shares 106,776,004
Shares per GDS 2
Closing Price November 10, 2021
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 Nine months and Third Quarter 2021 Results
Date:
Monday, November 15,
2021
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/gcla211112onrtntFn.html
(https://services.choruscall.com/links/gcla211112onrtntFn.html)
The webcast presentation will also be available at
http://www.grupoclarin.com/ir (http://www.grupoclarin.com/ir/) /
(http://www.grupoclarin.com/ir/)
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 printing and publishing and broadcasting and programming markets. Its
flagship newspaper -Diario Clarín- is one of the highest circulation
newspapers in Latin America. Grupo Clarín is the largest producer of media
content in Argentina, including news, sports and entertainment and reaches
substantially all segments of the Argentine population in terms of wealth,
geography and age.
Disclaimer
Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of Grupo Clarín. You can identify forward-looking statements by
terms such as "expect", "believe", "anticipate", "estimate", "intend", "will",
"could", "may" or "might" the negative of such terms or other similar
expressions. These statements are only predictions and actual events, or
results may differ materially. Grupo Clarín does not intend to or undertake
any obligation to update these statements to reflect events and circumstances
occurring after the date hereof or to reflect the occurrence of unanticipated
events. Many factors could cause the actual results to differ materially from
those contained in Grupo Clarín's projections or forward-looking statements,
including, among others, general economic conditions, Grupo Clarín's
competitive environment, risks associated with operating in Argentina a, rapid
technological and market change, and other factors specifically related to
Grupo Clarín and its operations.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020,
AND THE THREE-MONTH PERIODS BEGINNING ON JULY 1
AND ENDING ON SEPTEMBER 30, 2021 AND 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
September 30, 2021 September 30, 2020
July 1, 2021 through September 30, 2021 July 1, 2020 through September 30, 2020
Revenues 26,478,094,209 25,728,870,477 9,518,016,225 8,932,250,567
Cost of Sales (1) (15,480,305,965) (17,005,667,344) (5,520,372,580) (5,459,542,584)
Subtotal - Gross Profit 10,997,788,244 8,723,203,133 3,997,643,645 3,472,707,983
Selling Expenses (1) (3,321,381,606) (3,998,673,992) (1,160,725,400) (1,224,824,699)
Administrative Expenses (1) (4,184,279,507) (4,050,692,754) (1,413,800,125) (1,398,586,594)
Other Income and Expenses, net 63,429,583 (1,586,584,971) (11,039,318) (1,223,179,899)
Financial Expenses on Debt (395,017,877) (877,936,297) (91,926,570) (225,590,797)
Gain (Loss) on Net Monetary Position (867,151,337) (51,882,072) (241,952,217) (64,142,697)
Other Financial Results, net (575,908,788) 169,835,245 (223,525,749) 23,384,671
Financial Results (1,838,078,002) (759,983,124) (557,404,536) (266,348,823)
Equity in Earnings from Associates 425,315,811 1,050,427,040 34,807,089 366,371,282
Income (Loss) before Income Tax 2,142,794,523 (622,304,668) 889,481,355 (273,860,750)
Income Tax (797,153,898) (725,278,795) (558,569,862) (453,926,028)
Net Income (Loss) for the Period 1,345,640,625 (1,347,583,463) 330,911,493 (727,786,778)
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations (33,722,661) (6,017,004) (18,189,264) 7,300,549
Other Comprehensive Income (Loss) for the Period (33,722,661) (6,017,004) (18,189,264) 7,300,549
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD 1,311,917,964 (1,353,600,467) 312,722,229 (720,486,229)
(Loss) Income Attributable to:
Shareholders of the Parent Company 1,318,592,727 (1,080,527,706) 319,301,796 (702,837,359)
Non-Controlling Interests 27,047,898 (267,055,757) 11,609,697 (24,949,419)
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Parent Company 1,284,959,775 (1,086,544,710) 301,144,402 (695,536,810)
Non-Controlling Interests 26,958,189 (267,055,757) 11,577,827 (24,949,419)
Basic and Diluted Earnings per Share (Note 10) 12.35 (10.12) 2.99 (6.58)
((1) )Includes amortization of intangible assets and film
library, right-of-use assets and depreciation of property, plant and equipment
in the amount of $ 1,168,929,495 and $ 1,406,299,941 for the nine-month
periods ended September 30, 2021 and 2020, respectively.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of September 30(th), 2021 available at
http://www.grupoclarin.com/ir (http://www.grupoclarin.com/ir) .
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
September 30, 2021 December 31, 2020
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 9,222,768,769 9,634,923,485
Intangible Assets 632,421,132 626,974,330
Goodwill 30,231,202 30,231,202
Deferred Tax Assets 1,414,299,367 1,179,669,532
Investments in Unconsolidated Affiliates 4,335,236,193 3,682,286,156
Right-of-Use Assets 47,500,301 113,955,481
Other Investments 6,334,422 18,404,283
Inventories 138,521,818 32,091,047
Other Assets 62,170,917 62,178,320
Other Receivables 151,885,596 146,443,025
Trade Receivables - 9,872,713
Total Non-Current Assets 16,041,369,717 15,537,029,574
CURRENT ASSETS
Inventories 1,981,815,316 1,525,240,112
Other Assets 87,510,789 154,438,064
Other Receivables 2,541,481,739 2,888,920,104
Trade Receivables 9,872,186,820 10,787,063,407
Other Investments 1,985,839,993 2,662,601,858
Cash and Banks 2,077,356,452 1,772,387,373
Total Current Assets 18,546,191,109 19,790,650,918
Total Assets 34,587,560,826 35,327,680,492
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Parent Company
Shareholders' Contribution 16,677,444,360 17,054,985,977
Other Items (28,702) 33,604,250
Retained Earnings 3,364,027,318 1,667,892,974
Total Attributable to Shareholders of the Parent Company 20,041,442,976 18,756,483,201
Attributable to Non-Controlling Interests 116,158,685 131,455,874
Total Equity 20,157,601,661 18,887,939,075
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 1,536,671,520 1,483,247,439
Financial Debt 333,849,438 1,971,762,370
Deferred Tax Liabilities 535,443,542 258,811,828
Taxes Payable 6,765,317 19,781,255
Lease Liabilities 7,266,675 22,784,104
Other Liabilities 310,138,959 351,444,027
Trade and Other Payables 28,703,050 50,099,258
Total Non-Current Liabilities 2,758,838,501 4,157,930,281
CURRENT LIABILITIES
Financial Debt 1,841,542,810 374,356,270
Taxes Payable 474,504,764 1,339,634,681
Lease Liabilities 41,324,444 95,692,903
Other Liabilities 1,552,511,801 1,234,573,431
Trade and Other Payables 7,761,236,845 9,237,553,851
Total Current Liabilities 11,671,120,664 12,281,811,136
Total Liabilities 14,429,959,165 16,439,741,417
Total Equity and Liabilities 34,587,560,826 35,327,680,492
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
Equity attributable to Shareholders of the Parent Company Equity Attributable to Non-Controlling Interests Total Equity
Shareholders' Contribution Other Items Retained Earnings Total Equity of Controlling Company
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Translation of Foreign Operations Other Reserves Voluntary Reserves ((1)) Retained Earnings
Balances as of January 1, 2021 106,776,004 6,898,752,301 10,049,457,672 17,054,985,977 268,920,650 (235,316,400) 2,045,434,591 (377,541,617) 18,756,483,201 131,455,874 18,887,939,075
Reversal of Additional Paid-in Capital - - (377,541,617) (377,541,617) - - - 377,541,617 - - -
(Note 9.a)
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - (42,255,378) (42,255,378)
Net Income (Loss) for the Period - - - - - - - 1,318,592,727 1,318,592,727 27,047,898 1,345,640,625
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (33,632,952) - - - (33,632,952) (89,709) (33,722,661)
Balances as of September 30, 2021 106,776,004 6,898,752,301 9,671,916,055 16,677,444,360 235,287,698 (235,316,400) 2,045,434,591 1,318,592,727 20,041,442,976 116,158,685 20,157,601,661
Balances as of January 1, 2020 106,776,004 6,898,752,301 12,859,938,571 19,865,466,876 264,405,971 (221,146,679) 2,045,434,591 (2,810,480,899) 19,143,679,860 385,091,676 19,528,771,536
Reversal of Reserves and Additional Paid-in capital (Note 9.a) - (2,810,480,899) (2,810,480,899) - - - 2,810,480,899 - - -
Changes in minority interest in a subsidiary - - - - - (16,037,284) - - (16,037,284) 16,037,284 -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - (5,031,593) (5,031,593)
Net Income (Loss) for the Period - - - - - - - (1,080,527,706) (1,080,527,706) (267,055,757) (1,347,583,463)
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - (6,017,004) - - - (6,017,004) - (6,017,004)
-
Balances as of September 30, 2020 106,776,004 6,898,752,301 10,049,457,672 17,054,985,977 258,388,967 (237,183,963) 2,045,434,591 (1,080,527,706) 18,041,097,866 129,041,610 18,170,139,476
((1) Corresponds to Judicial Reserve for Future Dividends Distribution )
( )
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
September 30, 2021 September 30, 2020
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period 1,345,640,625 (1,347,583,463)
Income Tax 797,153,898 725,278,795
Accrued Interest, net 8,245,850 269,776,836
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by
Operating Activities:
Depreciation of Property, Plant and Equipment 854,435,410 954,624,117
Amortization of Intangible Assets and Film Library 239,631,967 337,315,704
Amortization of Right-of-Use Assets 74,862,118 114,360,120
Net Allowances 501,336,523 438,449,943
Financial Income, except Interest 548,406,394 16,701,947
Gain (Loss) on Net Monetary Position 867,151,337 51,882,072
Equity in Earnings from Associates (425,315,811) (1,050,427,040)
Impairment of Goodwill - 1,663,899,492
Other Income and Expenses (27,486,606) (51,947,276)
Changes in Assets and Liabilities:
Trade Receivables (3,325,738,498) (1,556,138,354)
Other Receivables (624,812,371) (727,352,925)
Inventories (838,958,419) 488,227,163
Other Assets 71,420,348 39,399,201
Trade and Other Payables 1,864,799,086 2,172,767,099
Taxes Payable 43,995,999 (199,145,328)
Other Liabilities 1,086,109,659 308,102,756
Provisions (147,293,737) (132,644,282)
Payments of Income tax (1,449,377,609) (590,051,849)
Net Cash Flows provided by Operating Activities 1,464,206,163 1,925,494,728
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (655,421,038) (435,086,579)
Payments for Acquisition of Intangible Assets (262,526,531) (188,081,994)
Collection from Settlement of Government and Corporate Securities 954,110,523 -
Acquisition of Government and Corporate Securities (394,884,773) -
Capital Contributions in Associates (160,026,550) (88,566)
Loans Granted (21,060,521) -
Proceeds from Sale of Property, Plant and Equipment 57,176,887 15,287,871
Collection of granted loans 36,305,486 49,052,365
Proceeds from Sale of Other Assets - 2,421,508
Proceeds from Disposal of Unconsolidated Affiliates 55,948,159
Dividends Collected 156,893,021 103,776,707
Transactions with Notes, Bonds and Other Placements, Net (506,001,555) 136,502,033
Net Cash Flows used in Investing Activities (739,486,892) (316,216,655)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained 515,093,040 1,154,220,073
Payment of Financial Debt (215,125,010) (1,997,636,859)
Payment of Interest (65,166,472) (357,722,621)
Payment of Lease Liabilities (66,546,483) (90,296,368)
Payments to Non-Controlling Interests, net (13,901,066) (5,031,593)
Net Cash Flows provided by / (used in) Financing Activities 154,354,009 (1,296,467,368)
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (643,579,383) (95,847,507)
CASH EQUIVALENTS
Net Increase in Cash Flow 235,493,897 ( ) 216,963,198
Decrease in cash due to deconsolidation ((1)) (10,166,516) ( ) -
Cash and Cash Equivalents at the Beginning of the Year 3,817,349,930 ( ) 4,124,954,948
Cash and Cash Equivalents at the End of the Period (Note 2.4) 4,042,677,311 ( ) 4,341,918,146
((1)) Corresponds to the deconsolidation of UNIR and Bariloche TV (see Note
14.1.a) and 14.2.a) to these interim condensed consolidated financial
statements))
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