Company Announcements

Nine months and Third Quarter 2021 Results

Source: RNS
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

(In millions of Ps.)

9M21

9M20

YoY

3Q21

2Q21

3Q20

QoQ

YoY

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

(In millions of Ps.)

9M21

9M20

YoY

3Q21

2Q21

3Q20

QoQ

YoY

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

& Programming

Others

Eliminations

Total

%

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

2021

September

2020

% Change

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

(In millions of Ps.)

9M21

9M20

YoY

9M21 ex IAS 29

IAS 29 Adjustment

9M21
as reported

9M20 ex IAS 29

IAS 29 Adjustment

9M20
as reported

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

(In millions of Ps.)

3Q21

3Q20

YoY

3Q21 ex IAS 29

IAS 29 Adjustment

3Q21
as reported

3Q20 ex IAS 29

IAS 29 Adjustment

3Q20
as reported

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

(In millions of Ps.)

9M21

9M20

YoY

9M21 ex IAS 29

IAS 29 Adjustment

9M21
as reported

9M20 ex IAS 29

IAS 29 Adjustment

9M20
as reported

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

(In millions of Ps.)

3Q21

3Q20

YoY

3Q21 ex IAS 29

IAS 29 Adjustment

3Q21
as reported

3Q20 ex IAS 29

IAS 29 Adjustment

3Q20
as reported

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

 

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

 

 

 

The webcast presentation will also be available at 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

E-mail: alex@jasford.com

E-mail: 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 30th, 2021 available at 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


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
(Note 9.a)

-

-

(377,541,617)

(377,541,617)


-

-


-

377,541,617

-


-


-

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 CASH EQUIVALENTS

(643,579,383)


(95,847,507)





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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