Company Announcements

 

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 (In millions of Ps.)	1H23	1H22	YoY	1H23 ex IAS 29	IAS 29 Adjustment	1H23 as reported	1H22 ex IAS 29	IAS 29 Adjustment	1H22 as reported
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 (In millions of Ps.)	2Q23	2Q22	YoY	2Q23 ex IAS 29	IAS 29 Adjustment	2Q23 as reported	2Q22 ex IAS 29	IAS 29 Adjustment	2Q22 as reported
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 (In millions of Ps.)	1H23	1H22	YoY	1H23 ex IAS 29	IAS 29 Adjustment	1H23 as reported	1H22 ex IAS 29	IAS 29 Adjustment	1H22 as reported
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 (In millions of Ps.)	2Q23	2Q22	YoY	2Q23 ex IAS 29	IAS 29 Adjustment	2Q23 as reported	2Q22 ex IAS 29	IAS 29 Adjustment	2Q22 as reported
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	E-mail: alex@jasford.com	E-mail: 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