REG - Grupo Clarin S.A. - Nine months and Third Quarter 2022 Results
14/11/2022 07:30
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RNS Number : 2780G Grupo Clarin S.A. 14 November 2022
Grupo Clarín Announces Nine months and Third Quarter 2022 Results
Buenos Aires, Argentina, November 11, 2022 - 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 2022 results.
Figures in this report have been prepared in accordance with International
Financial Reporting Standards ((*)) ("IFRS") as of September 30, 2022 and are
stated in Argentine Pesos ("Ps"), unless otherwise indicated.
((*)) The Company's Management has applied IAS 29 in the preparation of these
financial statements (inflation adjustment) as per Resolution 777/18, issued
by the Comisión Nacional de Valores ("CNV"), that establishes that the
restatement must be applied to the financial statements.
Highlights (9M22 vs. 9M21):
§ Total Revenues reached Ps. 47,115.1 million, a decrease of 2.8% in real
terms compared to 9M21, 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. 7,036.2 million, a decrease of 17.5%
compared to 8,531.1 for 9M21, 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 14.9% in 9M22, compared to
17.6% in 9M21.
§ Net Income for the period resulted in a loss of Ps. 467.7 million, a
decrease of -119.0% compared to a profit of Ps. 2,462.9 million reported in
9M21. Loss for the period attributable to Equity Shareholders amounted Ps
496.0 million in 9M22 from a profit of Ps. 2,413.4 million in 9M21, a decrease
of -120.6%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) 9M22 9M21 % Ch. 3Q22 2Q22 3Q21 QoQ YoY
Total Revenues 47,115.1 48,462.9 (2.8%) 15,659.2 16,397.3 17,420.8 (4.5%) (10.1%)
Adjusted EBITDA ((1)) 7,036.2 8,531.1 (17.5%) 2,640.7 2,351.5 3,318.8 12.3% (20.4%)
Adjusted EBITDA Margin ((2)) 14.9% 17.6% (15.2%) 16.9% 14.3% 19.1% 17.6% (11.5%)
Profit/(Loss) for the period (467.7) 2,462.9 (119.0%) (691.5) 143.3 605.7 (582.4%) (214.2%)
Attributable to:
Equity Shareholders (496.0) 2,413.4 (120.6%) (657.0) 84.0 584.4 (882.6%) (212.4%)
Non-Controlling Interests 28.3 49.5 (42.7%) (34.5) 59.4 21.2 (158.1%) (262.5%)
(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. 47,115.1 million, a decrease of 2.8% in real terms
from Ps. 48,462.9 million in , in a context of increasing inflation (which
reached 83.0% interannually). Advertising revenues decreased 3.7% in real
terms and represented around 45.8% of the Total Revenues of the Company.
Circulation revenues increased 7.0% YoY and represented 29.3% of the Total.
Programming revenues decreased 10.0% YoY and represented 16.2% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.) 9M22 9M21 YoY 3Q22 2Q22 3Q21 QoQ YoY
Digital and Printed Publications 21,558.0 21,073.3 2.3% 6,801.8 7,173.7 7,294.1 (5.2%) (6.7%)
Broadcasting and Programming 24,062.5 26,201.7 (8.2%) 8,333.7 8,727.2 9,896.1 (4.5%) (15.8%)
Others 3,394.6 3,273.5 3.7% 981.8 1,126.8 1,206.5 (12.9%) (18.6%)
Subtotal 49,015.1 50,548.5 (3.0%) 16,117.3 17,027.7 18,396.7 (5.3%) (12.4%)
Eliminations (1,900.0) (2,085.7) (8.9%) (458.1) (630.3) (975.9) (27.3%) (53.1%)
Total 47,115.1 48,462.9 (2.8%) 15,659.2 16,397.3 17,420.8 (4.5%) (10.1%)
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 27,875.7
million, an increase of 4.7% from Ps. 26,629.7 million reported in 9M21, due
to higher costs, mainly related to the content on air in El Trece's screen and
the return of fiction productions for third parties and higher costs in the
Digital and Printed Publications segment related to the increase in
circulation revenues.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
totaled Ps. 12,203.2 million, a decrease of 8.3% from Ps. 13,302.0 million in
9M21. This decrease was mainly due to lower distribution costs, contingencies
and salaries and severance payments.
Adjusted EBITDA amounted to Ps. 7,036.2 million, a decrease of 17.5% from Ps.
8,531.1 million reported in 9M21. This a decrease was driven by lower EBITDA
in Broadcasting and Programming, mainly as a result of lower programming
revenues; 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.) 9M22 9M21 YoY 3Q22 2Q22 3Q21 QoQ YoY
Digital and Printed Publications 1,782.7 1,578.3 12.9% 500.7 340.4 751.7 47.1% (33.4%)
Broadcasting and Programming 4,961.4 6,793.4 (27.0%) 2,159.8 1,994.8 2,505.0 8.3% (13.8%)
Others 292.0 159.4 83.3% (19.9) 16.2 62.1 (222.6%) (132.0%)
Total 7,036.2 8,531.1 (17.5%) 2,640.7 2,351.5 3,318.8 12.3% (20.4%)
Financial results net totaled Ps. (4,656.7) million compared to Ps. (3,364.2)
million in 9M21. This increase was mainly due to higher negative inflation
adjustment results versus 2021.
Equity in earnings from unconsolidated affiliates in 9M22 totaled Ps. 237.7
million, compared to Ps. 778.5 million in 9M21, mainly related to 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. (48.3) million, compared to Ps. 116.1
million in 9M21.
Income tax as of 9M22 reached Ps. (1,132.4) million, from Ps. Ps. (1,459.0)
million in 9M21, mainly as a result of lower taxable income (after considering
taxable Inflation Adjustment).
Income for the period totaled Ps. 467.7 million, a decrease of -119.0% from a
gain of Ps. 2,462.9 million reported in 9M21. The Equity Shareholders Loss for
the period amounted Ps. 496.0 million, a decrease of -120.6% YoY from a profit
of 2,413.4 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps.
1,380.0 million in 9M22, an increase of 15.0% from Ps. 1,199.6 million
reported in 9M21. Out of the total CAPEX in 9M22, 87.5% was allocated towards
the Broadcasting and Programming segment, 9.1% to the Digital and Printed
Publications segment and the remaining 3.4% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2022
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 5,545.4 16,255.2 - (244.7) 21,555.9 45.8%
Circulation 13,827.0 - - - 13,827.0 29.3%
Printing 1,090.7 - - - 1,090.7 2.3%
Programming - 7,616.7 - - 7,616.7 16.2%
Other Sales 1,094.9 190.6 3,394.6 (1,655.3) 3,024.7 6.4%
Total Sales 21,558.0 24,062.5 3,394.6 (1,900.0) 47,115.1 100.0%
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2021
(In millions of Ps.) Digital & Printed Publications Broadcasting & Programming Others Eliminations Total %
Advertising 5,601.1 16,955.2 - (164.8) 22,391.5 46.2%
Circulation 12,922.6 - - - 12,922.6 26.7%
Printing 1,126.1 - - - 1,126.1 2.3%
Programming - 8,464.0 - - 8,464.0 17.5%
Other Sales 1,423.4 782.5 3,273.5 (1,920.9) 3,558.6 7.3%
Total Sales 21,073.3 26,201.7 3,273.5 (2,085.7) 48,462.9 100.0%
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 8.2% to Ps. 24,062.5 million in 9M22, compared to Ps.
26,201.7 million in 9M21 mainly as a result of 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; lower advertising revenues; and the un-consolidation of the car
races operations from 2Q22 after the sale of the subsidiary Auto Sports S.A.
and lower revenues in the same subsidiary in 1Q22 vis a vis 1Q21 due to
rescheduling of care races during 1Q21 as a consequence of the easing of
lockdowns from 4Q20; partially offset by revenues from fiction production sold
to third parties.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 1.6% to
Ps. 14,331.0 million in 9M22, compared to Ps. 14,103.2 million in 9M21. This
is mainly attributable to higher content costs generated by the return of
fiction to El Trece's screen and a more attractive programming schedule, and
the return of fiction productions for third parties; partly offset by lower
costs as a consequence the un-consolidation of the subsidiary Auto Sports S.A.
from 2Q22 and lower costs in the same subsidiary in 1Q22 vis a vis 1Q21 due to
rescheduling of care races during 1Q21 following the easing of lockdowns from
4Q20.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 10.1% to Ps. 4,770.0 million in 9M22, compared to Ps. 5,305.1
million in 9M21. The decrease was primarily the result of lower salaries and
severance payments and lower contingencies; partly offset by higher fees for
services related to IT implementations provided by GC Gestión Compartida S.A.
which are eliminated in the consolidation.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 12.9% to Ps. 940.3 million
in 9M22 compared to Ps. 1,079.4 million reported in 9M21.
DIGITAL AND PRINTED PUBLICATIONS
Revenues
Total revenues increased by 2.3% to Ps. 21,558.0 million in 9M22, 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.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 4.0% to
Ps. 11,684.8 million in 9M22, compared to Ps. 11,231.3 million in 9M21. The
increase is the result of higher costs related to the increase in circulation
revenues - and higher international prices of newsprint compensated by lower
consumption; partially offset by lower salaries.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization)
decreased by 2.1% to Ps. 8,090.5 million in 9M22, compared to the Ps.
8,263.7 million reported in 9M21. This was primarily the result of lower
distribution costs and bad debt, partially offset by higher advertising and
promotion costs and higher salaries and severance payments.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 4.1% to Ps. 640.6 million
in 9M22 compared to Ps. 668.0 million in 9M21.
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 3.7% to Ps. 3,394.6 , from Ps.
3,273.5 million reported in 9M21. EBITDA resulted in Ps. 292.0 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
DIGITAL AND PRINTED PUBLICATIONS
9M22 9M21 YoY 3Q22 2Q22 3Q21 QoQ YoY
Circulation ((1)) 175.6 217.2 -19.2% 167.7 176.0 206.8 -0.3% -18.9%
Circulation share % ((2)) 56.4% 58.1% -2.8% 56.0% 56.3% 57.3% 0.3% -2.2%
Total Digital Subs ((3)) 554.6 414.4 33.8% 554.6 521.4 414.4 6.4% 33.8%
( )
((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
9M22 9M21 YoY 3Q22 2Q22 3Q21 QoQ YoY
Advertising Share % ((1)) 35.0% 36.3% -3.4% 35.7% 35.1% 35.9% -0.3% -0.6%
Audience Share % ((2))
Prime Time 33.8% 28.3% 19.2% 34.5% 34.8% 27.7% -2.9% 24.6%
Total Time 31.5% 29.6% 6.4% 32.3% 32.8% 29.0% -3.9% 11.6%
( )
((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
9M22 9M21 YoY 3Q22 2Q22 3Q21 QoQ YoY
Page Views ((1)) 974.5 890.6 9.4% 896.5 857.5 933.0 13.6% -3.9%
Mobile page Views 731.7 587.2 24.6% 661.6 626.6 606.1 16.8% 9.2%
( )
((1)) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) September 2022 September 2021 % Change
Short Term and Long-Term Debt
Current Financial Debt 1,483.2 3,370.6 (56.0%)
Financial loans 806.3 2,906.4 (72.3%)
Accrued interest 162.5 75.2 116.2%
Acquisition of equipment 37.1 47.2 (21.4%)
Related Parties Accrued Interest - 21.2 (100.0%)
Related Parties Capital - 12.4 (100.0%)
Bank overdraft 477.3 308.2 54.9%
Non-Current Financial Debt 1,421.2 611.0 132.6%
Financial loans 1,412.5 588.8 139.9%
Acquisition of equipment 8.7 22.2 (60.6%)
Total Financial Debt (A) 2,904.4 3,981.6 (27.1%)
Total Short Term and Long-Term Debt 2,904.4 3,981.6 (27.1%)
Cash and Cash Equivalents (B) 6,650.2 7,399.3 (10.1%)
Net Debt (A) - (B) (3,745.7) (3,417.7) 9.6%
Net Debt/Adjusted Ebitda ((1)) (0.42x) (0.27x) 58.9%
Total Financial Debt((1)) and Net Debt, decreased 27.1% to Ps. 2,904.4 million
from Ps. 3,981.6 million and to Ps. (3,745.7) million from Ps. (3,417.7)
million, respectively.
Debt coverage ratio ((1)) as of September 30, 2022 was (0.42x) in the case of
Net Debt and of 0.33x 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 9M22 9M21 YoY 9M22 ex IAS 29 IAS 29 Adjustment 9M22 9M21 ex IAS 29 IAS 29 Adjustment 9M21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 21,558.0 21,073.3 2.3% 17,105.8 4,452.2 21,558.0 10,157.4 10,915.9 21,073.3
Broadcasting and Programming 24,062.5 26,201.7 (8.2%) 19,093.1 4,969.4 24,062.5 12,629.3 13,572.4 26,201.7
Others 3,394.6 3,273.5 3.7% 2,693.6 701.1 3,394.6 1,577.8 1,695.7 3,273.5
Subtotal 49,015.1 50,548.5 (3.0%) 38,892.4 10,122.7 49,015.1 24,364.5 26,184.0 50,548.5
Eliminations (1,900.0) (2,085.7) (8.9%) (1,507.6) (392.4) (1,900.0) (1,005.3) (1,080.4) (2,085.7)
Total 47,115.1 48,462.9 (2.8%) 37,384.8 9,730.3 47,115.1 23,359.2 25,103.6 48,462.9
REVENUES 3Q22 3Q21 YoY 3Q22 ex IAS 29 IAS 29 Adjustment 3Q22 3Q21 ex IAS 29 IAS 29 Adjustment 3Q21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 6,801.8 7,294.1 (6.7%) 6,484.2 317.6 6,801.8 3,844.0 3,450.1 7,294.1
Broadcasting and Programming 8,333.7 9,896.1 (15.8%) 7,771.4 562.3 8,333.7 5,158.4 4,737.7 9,896.1
Others 981.8 1,206.5 (18.6%) 956.8 25.0 981.8 630.8 575.7 1,206.5
Subtotal 16,117.3 18,396.7 (12.4%) 15,212.4 904.9 16,117.3 9,633.2 8,763.5 18,396.7
Eliminations (458.1) (975.9) (53.1%) (469.7) 11.6 (458.1) (496.8) (479.1) (975.9)
Total 15,659.2 17,420.8 (10.1%) 14,742.7 916.5 15,659.2 9,136.3 8,284.5 17,420.8
EBITDA 9M22 9M21 YoY 9M22 ex IAS 29 IAS 29 Adjustment 9M22 9M21 ex IAS 29 IAS 29 Adjustment 9M21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 1,782.7 1,578.3 12.9% 1,414.5 368.2 1,782.7 760.8 817.6 1,578.3
Broadcasting and Programming 4,961.4 6,793.4 (27.0%) 3,936.8 1,024.6 4,961.4 3,274.5 3,519.0 6,793.4
Others 292.0 159.4 83.3% 231.7 60.3 292.0 76.8 82.5 159.4
Total 7,036.2 8,531.1 (17.5%) 5,583.1 1,453.1 7,036.2 4,112.0 4,419.1 8,531.1
EBITDA 3Q22 3Q21 YoY 3Q22 ex IAS 29 IAS 29 Adjustment 3Q22 3Q21 ex IAS 29 IAS 29 Adjustment 3Q21
as reported
as reported
(In millions of Ps.)
Digital and Printed Publications 500.7 751.7 (33.4%) 491.8 9.0 500.7 382.0 369.7 751.7
Broadcasting and Programming 2,159.8 2,505.0 (13.8%) 1,920.2 239.6 2,159.8 1,309.6 1,195.4 2,505.0
Others (19.9) 62.1 (132.0%) 7.2 (27.1) (19.9) 32.3 29.9 62.1
Subtotal 2,640.7 3,318.8 (20.4%) 2,419.1 221.5 2,640.7 1,723.8 1,594.9 3,318.8
STOCK AND MARKET INFORMATION
Grupo Clarín trades its stock in the Buenos Aires Stock Exchange (BCBA) and
in the London Stock Exchange (LSE), in the form of shares and GDS's,
respectively.
GCLA (BCBA) Price per Share (ARS) 163.00
GCLA (LSE) Price per GDS (USD) 1.00
Total Shares 106,776,004
Shares per GDS 2
Closing Price November 11, 2022
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss its Nine months and Third Quarter 2022 Results
Date: Tuesday, November 15,
2022
Time: 1:00pm 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=MYmQ4022
The webcast presentation will also be available at https://ir.grupoclarin.com
(https://ir.grupoclarin.com)
Investor Relations Contacts
In Buenos Aires: In London: In New York:
Samantha Olivieri Alex Money Camilla Ferreira and Marcella Ewerton Dragone
Grupo Clarín S.A. Jasford IR Fig Corporate Communications
Tel: +54 11 4309 7104 Tel: +44 20 3289 5300 Tel: +1 917 691-4047
Email: investors@grupoclarin.com (mailto:investors@grupoclarin.com) E-mail: alex@jasford.com (mailto:alex@jasford.com) E-mail: fig@fig.ooo (mailto:fig@fig.ooo)
ABOUT THE COMPANY
Grupo Clarín is the largest media company in Argentina and a leading company
in Digital and Printed Publications and broadcasting and programming markets.
Its flagship newspaper -Diario Clarín- is one of the highest circulation
newspapers and has the largest base of paid digital subscribers in Latin
America. Grupo Clarín is the largest producer of media content in Argentina,
including news, sports and entertainment and reaches substantially all
segments of the Argentine population in terms of wealth, geography and age.
Disclaimer
Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of Grupo Clarín. You can identify forward-looking statements by
terms such as "expect", "believe", "anticipate", "estimate", "intend", "will",
"could", "may" or "might" the negative of such terms or other similar
expressions. These statements are only predictions and actual events, or
results may differ materially. Grupo Clarín does not intend to or undertake
any obligation to update these statements to reflect events and circumstances
occurring after the date hereof or to reflect the occurrence of unanticipated
events. Many factors could cause the actual results to differ materially from
those contained in Grupo Clarín's projections or forward-looking statements,
including, among others, general economic conditions, Grupo Clarín's
competitive environment, risks associated with operating in Argentina a, rapid
technological and market change, and other factors specifically related to
Grupo Clarín and its operations.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021,
AND THE THREE-MONTH PERIODS BEGINNING ON JULY 1
AND ENDING ON SEPTEMBER 30, 2022 AND 2021
September 30, 2022 September 30, 2021 July 1, 2022 through September 30, 2022 July 1, 2021 through September
30, 2021
Revenues 47,115,061,331 48,462,851,169 15,659,246,469 17,420,823,421
Cost of Sales (1) (29,371,306,477) (28,333,601,282) (9,315,528,626) (10,103,936,961)
Subtotal - Gross Profit 17,743,754,854 20,129,249,887 6,343,717,843 7,316,886,460
Selling Expenses (1) (5,727,416,757) (6,079,124,169) (1,963,497,920) (2,124,475,495)
Administrative Expenses (1) (6,884,227,666) (7,658,486,045) (2,374,526,033) (2,587,678,120)
Other Income and Expenses, net (48,308,977) 116,095,154 62,154,033 (20,205,263)
Financial Expenses on Debt (1,036,203,862) (723,001,151) (492,910,003) (168,253,185)
Gain (Loss) on Net Monetary Position (2,843,335,998) (1,587,146,939) (1,260,825,748) (442,845,100)
Other Financial Results, net (777,178,987) (1,054,085,753) (130,002,021) (409,119,139)
Financial Results (4,656,718,847) (3,364,233,843) (1,883,737,772) (1,020,217,424)
Equity in Earnings from Associates 237,660,434 778,455,454 (310,413,666) 63,707,409
Income (Loss) before Income Tax 664,743,041 3,921,956,438 (126,303,515) 1,628,017,567
Income Tax (1,132,395,922) (1,459,030,639) (565,239,233) (1,022,350,320)
Net Income (Loss) for the Period (467,652,881) 2,462,925,799 (691,542,748) 605,667,247
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations (60,599,189) (61,722,580) (18,773,995) (33,291,806)
Other Comprehensive Income (Loss) for the Period (60,599,189) (61,722,580) (18,773,995) (33,291,806)
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD (528,252,070) 2,401,203,219 (710,316,743) 572,375,441
(Loss) Income Attributable to:
Shareholders of the Controlling Company (495,999,790) 2,413,420,036 (657,008,913) 584,418,021
Non-Controlling Interests 28,346,909 49,505,763 (34,533,835) 21,249,226
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company (556,598,979) 2,351,861,650 (675,782,908) 551,184,546
Non-Controlling Interests 28,346,909 49,341,569 (34,533,835) 21,190,895
Basic and Diluted Earnings per Share (Note 11) (4.65) 22.60 (6.15) 5.47
-
( (1)) Includes amortization of intangible assets and film library,
right-of-use assets, depreciation of property, plant and equipment, and
investment properties in the amount of $ 1,904,088,954 and $ 2,139,491,449 for
the nine-month periods ended September 30, 2022 and 2021, respectively.
The Consolidated Statements of Operations for each business segment are
included in the Financial Statements as of September 30(st), 2022 available at
https://ir.grupoclarin.com (https://ir.grupoclarin.com)
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021
September 30, 2022 December 31, 2021
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment 14,689,740,798 16,730,473,820
Intangible Assets 1,331,570,427 1,350,760,614
Investment Properties 1,827,026,817 -
Goodwill 45,653,410 45,653,410
Deferred Tax Assets 1,844,186,569 2,351,026,099
Investments in Unconsolidated Affiliates 7,975,417,212 7,472,981,346
Other Investments 375,597,966 5,259,898
Right-of-Use Assets 103,226,332 116,103,042
Inventories 25,891,786 277,456,264
Other Assets 102,494,701 133,412,065
Other Receivables 156,372,113 214,055,513
Total Non-Current Assets 28,477,178,131 28,697,182,071
CURRENT ASSETS
Inventories 2,619,023,248 4,288,528,947
Other Assets 513,978,439 459,817,434
Other Receivables 4,222,707,018 4,449,458,045
Trade Receivables 14,894,838,373 18,717,511,217
Other Investments 3,329,520,188 3,469,557,123
Cash and Banks 3,648,805,386 3,674,579,686
Total Current Assets 29,228,872,652 35,059,452,452
Total Assets 57,706,050,783 63,756,634,523
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company
Shareholders' Contribution 30,524,723,475 30,524,723,475
Other Items (79,104,501) (18,505,312)
Retained Earnings 4,973,334,520 5,469,334,310
Total Attributable to Shareholders of the Controlling Company 35,418,953,494 35,975,552,473
Attributable to Non-Controlling Interests 216,751,225 241,562,677
Total Equity 35,635,704,719 36,217,115,150
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges 2,253,538,085 2,791,933,447
Financial Debt 1,421,229,217 144,171,312
Deferred Tax Liabilities 1,497,503,095 1,053,397,773
Taxes Payable 121,516,668 12,342,067
Lease Liabilities 17,774,780 25,542,856
Other Liabilities 826,890,083 521,787,879
Trade and Other Payables 32,207,730 46,012,298
Total Non-Current Liabilities 6,170,659,658 4,595,187,632
CURRENT LIABILITIES
Financial Debt 1,483,186,174 2,663,766,996
Taxes Payable 610,398,179 760,712,597
Lease Liabilities 78,519,362 91,807,225
Other Liabilities 2,333,461,928 2,599,746,910
Trade and Other Payables 11,394,120,763 16,828,298,013
Total Current Liabilities 15,899,686,406 22,944,331,741
Total Liabilities 22,070,346,064 27,539,519,373
Total Equity and Liabilities 57,706,050,783 63,756,634,523
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021
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
Capital Stock Inflation Adjustment on Capital Stock Additional Paid-in Capital Subtotal Translation of Foreign Operations Other Reserves((1)) Legal Reserve Voluntary Reserves Retained Earnings Total Equity
Balances as of January 1(st) 2022 106,776,004 12,715,441,219 17,702,506,252 30,524,723,475 412,194,253 (430,699,565) - 3,743,758,571 1,725,575,739 35,975,552,473 241,562,677 36,217,115,150
Set-up of Reserves (Note 10.a) 1,725,575,739 - (1,725,575,739) - - -
Dividends and Other Movements of Non-Controlling Interest - - - - - - - - - - (53,158,361) (53,158,361)
Net Income (Loss) for the Period - - - - - - - - (495,999,790) (495,999,790) 28,346,909 (467,652,881)
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations - - - - (60,599,189) - - - - (60,599,189) - (60,599,189)
Balances as of September 30, 2022 106,776,004 12,715,441,219 17,702,506,252 30,524,723,475 351,595,064 (430,699,565) 1,725,575,739 3,743,758,571 (495,999,790) 35,418,953,494 216,751,225 35,635,704,719
Balances as of January 1, 2021 106,776,004 12,715,441,219 18,393,520,608 31,215,737,831 492,205,418 (430,699,565) - 3,743,758,571 (691,014,356) 34,329,987,899 240,603,663
34,570,591,562
Reversal of Additional Paid-in Capital (Note 10.a) - - 691,014,356
- - (691,014,356) (691,014,356) - - - -
-
Dividends and Other Movements of Non-Controlling Interest - - (77,340,009)
- - - - - - - -
(77,340,009)
Net Income (Loss) for the Period - - 2,413,420,036 2,413,420,036 49,505,763
- - - - - 2,462,925,799
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations (61,558,386) - -. - (164,194)
- - - - - (61,558,386)
(61,722,580)
Balances as of September 30, 2021 106,776,004 12,715,441,219 17,702,506,252 30,524,723,475 430,647,032 (430,699,565) - 3,743,758,571 2,413,420,036 36,681,849,549 212,605,223
36,894,454,772
((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, 2022 AND 2021
September 30, 2022 September 30, 2021
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period (467,652,881) 2,462,925,799
Income Tax 1,132,395,922 1,459,030,639
Accrued Interest, net 185,877,013 15,092,378
Adjustments to reconcile net (loss) income for the period to cash provided by
operating activities:
Depreciation of Property, Plant and Equipment 1,434,837,432 1,563,872,981
Amortization of Intangible Assets and Film Library 321,897,091 438,598,347
Amortization of Right-of-Use Assets 129,924,335 137,020,121
Depreciation of Investment Properties 17,430,096 -
Net Allowances 552,473,161 917,596,150
Financial Income, except Interest 1,131,857,363 1,003,748,126
Gain (Loss) on Net Monetary Position 2,843,335,998 1,587,146,939
Equity in Earnings from Associates (237,660,434) (778,455,454)
Other Income and Expenses 34,179,127 (50,308,730)
Changes in Assets and Liabilities:
Trade Receivables (5,969,399,697) (6,087,098,587)
Other Receivables (1,797,560,871) (1,143,593,973)
Inventories 1,212,750,192 (1,535,545,447)
Other Assets (36,159,091) 130,720,650
Trade and Other Payables 2,278,984,618 3,413,141,439
Taxes Payable 729,681,326 80,525,869
Other Liabilities 875,724,826 1,987,906,319
Provisions (137,140,536) (269,591,701)
Payments of Income tax (913,971,840) (2,652,795,583)
Net Cash Flows provided by Operating Activities 3,321,803,150 2,679,936,282
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment (1,380,025,405) (1,199,617,010)
Payments for Acquisition of Intangible Assets (302,197,738) (480,502,263)
Certificates of Deposit (671,971,699) (722,757,531)
Collection from Settlement of Government and Corporate 13,610,721 1,746,308,321
Securities
Proceeds from Sale of Property, Plant and Equipment 16,277,206 104,650,846
Dividends Collected 172,192,558 287,161,269
Collection of granted loans - 66,449,925
Collection of Loans - interest - (38,547,068)
Proceeds from Disposal of Unconsolidated Affiliates 45,547,577 102,401,906
Transactions with Securities, Bonds and Other Placements, Net (693,938,107) (926,134,557)
Payment of capital contributions (335,681,756) (292,896,566)
Net Cash Flows used in Investing Activities (3,136,186,643) (1,353,482,728)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained 1,192,740,627 942,774,700
Collection of Counter Guarantee (Note 9.a) 454,630,832 -
Payment of Financial Debt (500,724,782) (393,743,268)
Payment of Interest (213,089,197) (119,274,182)
Payment of Lease Liabilities (116,133,634) (121,800,016)
Payments to Non-Controlling Interests, net (15,436,965) (25,443,119)
Net Cash Flows provided by Financing Activities 801,986,881 282,514,115
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND (1,453,900,042) (1,177,943,231)
CASH EQUIVALENTS
(Decrease) Increase in cash flow, net (466,296,654) ( ) 431,024,438
Increase (Decrease) of cash from consolidation and deconsolidation of 1,713,289 (18,607,772)
subsidiaries ((1))
Cash and Cash Equivalents at the Beginning of the Year 7,114,742,057 ( ) 6,986,894,905
Cash and Cash Equivalents at the End of the Period (Note 2.4) 6,650,158,692 ( ) 7,399,311,571
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