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Regulatory News


Third Quarter and Nine-Month 2018 Results

Fri, 9th Nov 2018 07:45


RNS Number : 8896G
Grupo Clarin S.A.
09 November 2018

Grupo Clarín Announces Third Quarter and

Nine-Month 2018 Results

Buenos Aires, Argentina, November 8, 2018 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its third quarter and nine-month 2018 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards(*) ("IFRS") as of September 30, 2018, and are stated in Argentine Pesos, unless otherwise indicated.

(*) The Company's Management has not applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Decree No. 664/03 issued by the Executive Branch, whereby the CNV cannot accept the presentation of restated financial statements, is still in effect.

Highlights (9M18 vs. 9M17):

§ Total Revenues reached Ps. 11,171.5 million, an increase of 11.3% compared to 9M17, mainly due to higher circulation revenues in the Printing and Publishing segment.

§ Adjusted EBITDA (1) reached Ps. 1,064.5 million, an increase of 30.0% compared to 9M17, mainly driven by higher EBITDA in the Printing and Publishing segment.

§ Grupo Clarín's Adjusted EBITDA Margin (2) was 9.5% in 9M18, compared to 8.2% in 9M17.

§ Income for the period totaled Ps. 572.9 million, a decrease of 78.4% compared to Ps. 2,657.7 million reported in 9M17 (includes Cablevisión's results). Income for the period attributable to Equity Shareholders amounted Ps 600.3 million in 9M18 from Ps. 1,708.8 million in 9M17, a decrease of 64.9%.

FINANCIAL HIGHLIGHTS










(In millions of Ps.)

9M18

9M17

% Ch.

3Q18

2Q18

3Q17

QoQ

YoY

Total Revenues

11,171.5

10,041.1

11.3%

4,091.1

4,007.1

3,759.2

2.1%

8.8%

Adjusted EBITDA (1)

1,064.5

818.8

30.0%

421.3

538.9

517.4

(21.8%)

(18.6%)

Adjusted EBITDA Margin (2)

9.5%

8.2%

16.8%

10.3%

13.4%

13.8%

(23.4%)

(25.2%)

Income for the period

572.9

2,657.7

(78.4%)

39.8

524.1

214.3

(92.4%)

(81.4%)

Attributable to:









Equity Shareholders

600.3

1,708.8

(64.9%)

47.3

534.9

214.6

(91.2%)

78.0%

Non-Controlling Interests

(27.4)

949.0

(102.9%)

(7.5)

(10.8)

(0.3)

(30.9%)

2,550.5%

(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. 11,171.5 million, an increase of 11.3% from Ps. 10,041.1 million in 9M17. Advertising revenues increased only 1% and represented approximately 45% of the Total Revenues of the Company. Circulation revenues increased 29% and represented approximately 27% of the Total.

Following is a breakdown of Total Revenues by business segment:

REVENUES

(In millions of Ps.)

9M18

9M17

YoY

3Q18

2Q18

3Q17

QoQ

YoY

Printing and Publishing

5,484.9

4,704.3

16.6%

1,991.7

1,889.9

1,746.7

5.4%

14.0%

Broadcasting and Programming

4,820.7

4,683.7

2.9%

1,897.3

1,757.0

1,797.8

8.0%

5.5%

Digital Content and Others

1,479.7

1,227.6

20.5%

426.6

543.6

428.6

(21.5%)

(0.5%)

Subtotal

11,785.3

10,615.6

11.0%

4,315.5

4,190.5

3,973.2

3.0%

8.6%

Eliminations

(613.8)

(574.5)

6.8%

(224.4)

(183.4)

(213.9)

22.3%

4.9%

Total

11,171.5

10,041.1

11.3%

4,091.1

4,007.1

3,759.2

2.1%

8.8%

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 6,804.5 million, an increase of 9.4% from Ps. 6,218.1 million reported in 9M17 due to higher costs across all business segments, mainly in Printing and Publishing segment due to salaries and printing costs.

Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 3,302.5 million, an increase of 9.9% from Ps. 3,004.1 million in 9M17. This increase was mainly due to higher distribution expenses in the Printing and Publishing segment and, to a lesser extent, driven by higher salaries for services in the Broadcasting and Programming segment.

Adjusted EBITDA reached Ps. 1,064.5 million, an increase of 30.0% from Ps. 818.8 million reported for 9M17. This result was driven by higher EBITDA and margin expansion in the Printing and Publishing and by the solid EBITDA and margin in the Broadcasting and Programming segment.

Following is a breakdown of adjusted EBITDA by business segment:

ADJUSTED EBITDA

(In millions of Ps.)

9M18

9M17

YoY

3Q18

2Q18

3Q17

QoQ

YoY

Printing and Publishing

74.8

(248.0)

130.2%

39.9

69.9

21.5

(42.9%)

85.4%

Broadcasting and Programming

966.1

1,164.4

(17.0%)

376.8

474.9

535.2

(20.7%)

(29.6%)

Digital Content and Others

23.6

(97.5)

(124.2%)

4.5

(5.9)

(39.3)

176.4%

111.5%

Total

1,064.5

818.8

30.0%

421.3

538.9

517.4

(21.8%)

(18.6%)

Financial results net totaled Ps. (638.5) million compared to Ps. (346.0) million in 9M17. This increase of the negative result was mainly due to the impact of the peso depreciation on dollar denominated debt.

Equity in earnings from unconsolidated affiliates in 9M18 totaled Ps. 155.2 million, compared to Ps. 104.6 million in 9M17.

Other Income (expenses), net reached Ps. 338.2 million, compared to Ps. 93.6 million in 9M17.

Income tax as of 9M18 reached Ps. (109.6) million, from Ps. (202.9) million in 9M17.

Income from Discontinued Operations, reached Ps. 2,366.6 million in 9M17 (related with Cablevision's results).

Income for the period totaled Ps. 572.9 million, a decrease of 78.4% from Ps. 2,657.7 million reported in 9M17. This was mainly due to lower results of discontinued operations, since the results of Cablevisión were included as of discontinued operations in 9M17, while in 9M18 Cablevisión is no longer consolidated. The Equity Shareholders Income for the period amounted Ps. 600.3 million, a decrease of 64.9% YoY.

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 386.2 million in 9M18, an increase of 44.7% from Ps. 266.9 million reported in 9M17. Out of the total CAPEX in 9M18, 71.5% was allocated towards the Broadcasting and Programming segment, 21.6% to the Printing and Publishing segment and the remaining 5.2% to other activities.

Debt profile (1): Debt coverage ratio for the period ended September 30, 2018 was 0.9x and the Net Debt at the end of this period totaled Ps. 205.7 million.

(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (Last Quarter Annualized). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.

SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2018

(In millions of Ps.)

Printing & Publishing

Broadcasting

& Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

1,842.1

3,241.1

60.6

(168.5)

4,975.3

44.5%

Circulation

3,065.3

-

0.8

-

3,066.4

27.4%

Printing

107.4

-

-

(4.8)

102.6

0.9%

Programming

-

1,094.2

-

(1.9)

1,092.3

9.8%

Other Sales

470.1

485.4

1,418.0

(438.5)

1,934.9

17.3%

Total Sales

5,484.9

4,820.7

1,479.7

(613.8)

11,171.5

100.0%

SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2017

(In millions of Ps.)

Printing & Publishing

Broadcasting & Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

1,769.6

3,252.8

52.7

(141.6)

4,933.5

49.1%

Circulation

2,371.2

-

-

-

2,371.2

23.6%

Printing

149.9

15.7

-

(3.2)

146.7

1.5%

Programming

-

886.0

-

-

886.0

8.8%

Other Sales

413.7

544.8

1,175.0

(429.7)

1,703.7

17.0%

Total Sales

4,704.3

4,683.7

1,227.6

(574.5)

10,041.1

100.0%

RESULTS BY BUSINESS SEGMENT

BROADCASTING AND PROGRAMMING

Revenues

Revenues increased by 2.9% to Ps. 4,820.7 million in 9M18, compared to Ps. 4,683.7 million in 9M17 due to the higher programming sales in Channel 13 and advertising sales Radio Mitre.

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales increased by 6.3% to Ps. 2,887.5 million in 9M18, compared to Ps. 2,715.4 million in 9M17. This is mainly attributable to higher programming costs and salaries.

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses increased by 20.3% to Ps. 967.1 million in 9M18, compared to Ps. 804.0 million in 9M17. The increase was primarily the result of higher salaries, contingencies and fees for services.

Depreciation and Amortization

Depreciation and amortization expenses increased by 73.1% to Ps. 113.0 million in 9M18 compared to Ps. 65.3 million reported in 9M17.

PRINTING AND PUBLISHING

Revenues

Total revenues increased by 16.6% to Ps. 5,484.9 million in 9M18, mainly as a result of higher sales in circulation and advertising.

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales increased by 9.8% to Ps. 3,167.9 million in 9M18, compared to Ps. 2,885.1 million in 9M17. The increase was mainly the result of higher salaries and distribution and printing costs.

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses increased by 8.5% to Ps. 2,242.2 million in 9M18, compared to the Ps. 2,067.2 million reported in 9M17. This was primarily the result of higher distribution costs and fees for services.

Depreciation and Amortization

Depreciation and amortization expenses increased by 11.4% to Ps. 97.1 million in 9M18 compared to Ps. 87.2 million in 9M17.

DIGITAL CONTENT AND 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). Additionally, this segment includes the production of digital content and the organization of trade fairs and exhibitions. Cost of sales (excluding depreciation and amortization) was mainly the result of salaries and professional consulting fees.

In this period, total revenues increased 20.5% to Ps. 1,479.7 , from Ps. 1,227.6 million reported in 9M17, due to higher sales in digital content and revenues from Gestión Compartida. EBITDA resulted in Ps. 23.6 million.

OPERATING STATISTICS BY BUSINESS SEGMENT

PRINTING AND PUBLISHING


9M18

9M17

YoY

3Q18

2Q18

3Q17

QoQ

YoY

Circulation (1)

230.7

217.6

6.0%

232.7

230.5

217.6

0.9%

6.9%

Circulation share % (2)

38.9%

39.5%

(1.5%)

39.1%

38.1%

39.5%

2.7%

(0.8%)

Advertising share %(3)

56.2%

51.8%

8.5%

55.5%

55.7%

53.8%

(0.4%)

3.0%

(1) Average number of copies according to IVC (including Diario Clarín and Olé)

(2) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: AGEA and IVC.

(3) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: Monitor de Medios Publicitarios S.A.

BROADCASTING AND PROGRAMMING


9M18

9M17

YoY

3Q18

2Q18

3Q17

QoQ

YoY

Advertising Share % (1)

37.6%

38.7%

(2.9%)

37.0%

38.3%

40.0%

(3.6%)

(7.7%)

Audience Share % (2)









Prime Time

35.0%

37.5%

(6.6%)

33.4%

37.0%

42.5%

(9.7%)

(21.2%)

Total Time

31.7%

33.3%

(4.6%)

31.9%

32.9%

35.7%

(3.3%)

(10.9%)

(1) Company estimate, 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 CONTENT AND OTHERS


9M18

9M17

YoY

Page Views (1)

1,113.5

1,003.2

11.0%

Mobile page Views

687.0

580.1

18.4%

(1)In millions. Average. Source DAX and Company Estimates.

DEBT AND LIQUIDITY

(In millions of Ps.)

September 2018

September 2018

% Change

June

2018

% Change

Short Term and Long Term Debt






Current Financial Debt

1,193.7

637.8

87.2%

950.8

25.6%

Financial loans

834.8

218.3

282.4%

727.0

14.8%

Accrued interest

26.6

13.7

95.1%

13.9

92.3%

Acquisition of equipment

6.5

4.6

42.1%

8.2

(20.7%)

Sellers Financing Capital

-

0.1

(100.0%)

-

NA

Related Parties Capital

-

-

NA

0.0

(100.0%)

Bank overdraft

325.8

401.2

(18.8%)

201.8

61.4%

Non-Current Financial Debt

323.6

607.9

(46.8%)

266.6

21.4%

Financial loans

305.9

592.1

(48.3%)

249.5

22.6%

Acquisition of equipment

6.1

5.6

9.3%

6.1

0.1%

Related Parties Capital

6.8

10.2

(33.5%)

6.8

-

Total Financial Debt (A)

1,517.3

1,245.7

21.8%

1,217.4

24.6%

Total Short Term and Long Term Debt

1,517.3

1,245.7

21.8%

1,217.4

24.6%







Cash and Cash Equivalents (B)

1,311.6

960.7

36.5%

980.4

33.8%

Net Debt (A) - (B)

205.7

285.0

360.2%

236.9

453.6%

Net Debt/Adjusted Ebitda (1)

0.12x

0.14x

(11.4%)

0.11x

608.1%

Total Financial Debt(1) increased 21.8% from Ps. 1,245.7 million to Ps. 1,517.3 million and Net Debt, decreased from Ps. 285.0 million to Ps. 1,311.6 million.

Debt coverage ratio (1) as of September 30, 2018 was 0.12x in the case of Net Debt and of 0.9x in terms of Total Financial Debt.

(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (Last Quarter Annualized). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.

STOCK AND MARKET INFORMATION

Grupo Clarín trades its stock at the Buenos Aires Stock Exchange (BCBA) and at the London Stock Exchange (LSE), in the form of shares and GDS's, respectively.



GCLA (BCBA) Price per Share (ARS)

59.6

GCLA (LSE) Price per GDS (USD)

3.20

Total Shares

106,776,004

Total GDSs

53,388,002

Market Value (USD MM)

170.8

Closing Price

November 8, 2018

CONFERENCE CALL AND WEBCAST INFORMATION

GRUPO CLARIN S.A.(BCBA: GCLA; LSE: GCLA) cordially invites you to participate in its conference call and webcast presentation to discuss Third Quarter 2018 Results, Friday, November 9, 2018

Time: 11:00am Buenos Aires Time/2:00pm London Time/9:00am New York Time

To access the conference call, please dial:
Argentina Participants: 0-800-666-0250

U.S. Participants: 1-877-830-2576

All other countries: 1-785-424-1726
Passcode: CLARIN

The 3Q18 results will be accompanied by a webcast presentation. Link for presentation only (slides with no audio); participants in the conference call via telephone:

https://webcasts.eqs.com/grupoclarin20181109/no-audio

Link for conference call via webcast only (live stream of audio and slide presentation):
https://webcasts.eqs.com/grupoclarin20181109

There will be a replay available, for 7 days, starting four hours after the conclusion of the conference call. To access the replay, please dial 1-844-488-7474 toll free from the U.S., or 1-862-902-0129 from anywhere outside the U.S. The replay passcode is: 11021031

The webcast presentation will be archived at http://www.grupoclarin.com.ar/ir

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.

Investor Relations Contacts



In Buenos Aires:

In London:

In New York:




Agustín Medina Manson

Alex Money

Melanie Carpenter




Grupo Clarín S.A.

Jasford IR

I-advize Corporate Communications

Tel: +54 11 4309 7215

Tel: +44 20 3289 5300

Tel: +1 212 406 3692

Email: investors@grupoclarin.com

E-mail: alex@jasford.com

E-mail: clarin@i-advize.com

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 PERIOD ENDED SEPTEMBER 30, 2018 AND 2017, AND THE THREE-MONTH

PERIODS BEGINNING ON JULY 1 AND ENDING ON SEPTEMBER 30, 2018 AND 2017

In Argentine Pesos ($)


September 30, 2018


September 30, 2017


July 1, 2018 through September 30, 2018


July 1, 2017 through September 30, 2017























Revenues

11,171,489,803


10,041,080,306


4,091,132,703


3,759,245,606









Cost of Sales (1)

(6,993,094,827)


(6,356,749,462)


(2,586,054,538)


(2,232,900,669)









Subtotal - Gross Profit

4,178,394,976


3,684,330,844

1,505,078,165

1,526,344,937









Selling Expenses (1)

(1,743,314,108)


(1,523,280,466)


(604,543,006)


(544,741,749)

Administrative Expenses (1)

(1,607,546,174)


(1,519,227,521)

(563,448,374)

(526,769,250)









Other Income and Expenses, net

338,245,977


93,631,617

16,526,036

33,307,057









Financial Costs

(625,438,145)


(180,870,581)


(306,529,560)


(75,735,971)

Other Financial Results, net

(13,072,614)


(165,082,841)


19,486,175


(65,229,827)

Financial Income and Expense

(638,510,759)


(345,953,422)


(287,043,385)


(140,965,798)









Equity in Earnings from Associates

155,214,853


104,566,858


39,303,794


20,733,683









Income before Income Tax and Tax on Assets

682,484,765


494,067,910


105,873,230


367,908,880









Income Tax and Tax on Assets

(109,564,442)


(202,885,600)


(66,044,424)


(153,610,842)









Income for the period from continuing operations

572,920,323


291,182,310

39,828,806

214,298,038









Discontinued Operations














Net Income from Discontinued Operations

-


2,366,560,702

-

-









Net Income for the Period

572,920,323


2,657,743,012

39,828,806

214,298,038















Other Comprehensive Income
















Items which can be reclassified to net income








Variation in Translation Differences of Foreign Operations from Continuing Operations

(39,733,466)


2,825,472


(25,267,496)


553,501

Variation in Translation Differences of Foreign Operations from Discontinued Operations

-


(77,530,768)


-


-

Other Comprehensive Income for the period

(39,733,466)


(74,705,296)


(25,267,496)


553,501









TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

533,186,857


2,583,037,716


14,561,310


214,851,539







Profit Attributable to:
















Shareholders of the Parent Company

600,348,361


1,708,753,540


47,288,992


214,579,500









Non-Controlling Interests

(27,428,038)


948,989,472


(7,460,186)


(281,462)









Total Comprehensive Income Attributable to:
















Shareholders of the Parent Company

616,742,124


1,679,658,216


55,106,442


215,847,777









Non-Controlling Interests

(83,555,267)


903,379,500


(40,545,132)


(996,238)









Basic and Diluted Earnings per Share from Continuing Operations (See Note 10)

5.62


1.62


0.44


2.01









Basic and Diluted Earnings per Share from Discontinued Operations (See Note 10)

-


7.51


-


-









Basic and Diluted Earnings per Share - Total (See Note 10)

5.62


9.13


0.44


2.01









(1) Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of $ 236,950,380 and $ 177,011,286 for the nine-month periods ended September 30, 2018 and 2017, respectively.

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of September 30th, available at http://www.grupoclarin.com/ir.

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

In Argentine Pesos ($)


September 30, 2018


December 31, 2017

ASSETS




NON-CURRENT ASSETS




Property, Plant and Equipment

1,215,775,978


992,612,264

Intangible Assets

264,823,600


233,562,017

Goodwill

262,641,391


269,817,944

Deferred Tax Assets

880,227,069


619,543,526

Investments in Unconsolidated Affiliates

456,787,902


375,989,230

Inventories

27,767,153


21,579,780

Other Assets

5,732,830


6,639,302

Other Receivables

707,976,066


210,579,583

Trade Receivables

104,210,599


90,581,080

Total Non-Current Assets

3,925,942,588


2,820,904,726





CURRENT ASSETS




Inventories

853,264,965


677,237,703

Other Assets

71,832,505


68,198,975

Other Receivables

963,041,602


590,218,759

Trade Receivables

4,753,649,214


4,776,942,928

Other Investments

726,681,061


701,760,111

Cash and Banks

624,680,017


356,729,917

Total Current Assets

7,993,149,364


7,171,088,393





Total Assets

11,919,091,952


9,991,993,119





EQUITY (as per the corresponding statement)




Attributable to Shareholders of the Parent Company




Shareholders' Contribution

746,952,203


746,952,203

Other Items

(15,245,660)


(23,046,305)

Retained Earnings

4,051,484,999


3,465,192,314

Total Attributable to Shareholders of the Parent Company

4,783,191,542


4,189,098,212





Attributable to Non-Controlling Interests

(43,881,389)


39,531,594

Total Equity

4,739,310,153


4,228,629,806





LIABILITIES




NON-CURRENT LIABILITIES




Provisions and Other Charges

439,569,118


316,110,037

Financial Debt

323,592,095


546,818,756

Taxes Payable

46,001,929


54,841,073

Other Liabilities

132,395,340


65,394,982

Trade and Other Payables

66,793,544


60,504,175

Total Non-Current Liabilities

1,008,352,026


1,043,669,023





CURRENT LIABILITIES




Financial Debt

1,193,698,558


487,080,017

Seller Financings

-


6,500

Taxes Payable

367,535,861


407,679,158

Other Liabilities

626,213,491


462,533,761

Trade and Other Payables

3,983,981,863


3,362,394,854

Total Current Liabilities

6,171,429,773


4,719,694,290





Total Liabilities

7,179,781,799


5,763,363,313





Total Equity and Liabilities

11,919,091,952


9,991,993,119


GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

In Argentine Pesos ($)


Equity attributable to Shareholders of the Parent Company


Equity Attributable to Non-Controlling Interests


Total Equity


Shareholders' Contribution


Other Items


Retained Earnings




Capital Stock

Inflation Adjustment on Capital Stock

Additional Paid-in Capital

Subtotal


Translation of Foreign Operations

Other Reserves


Legal Reserve

Voluntary Reserves

Retained Earnings

Total Equity of Controlling Interests



Balances as of January 1, 2018

106,776,004

115,122,371

525,053,828

746,952,203


36,984,995

(60,031,300)


44,379,675

2,569,078,899

851,733,740

4,189,098,212


39,531,594


4,228,629,806

Change in Accounting Policy (Note 2.3)

-

-

-

-


-

-


-

-

(14,055,676)

(14,055,676)


-


(14,055,676)

Balances as of January 1, 2018, restated

106,776,004

115,122,371

525,053,828

746,952,203


36,984,995

(60,031,300)


44,379,675

2,569,078,899

837,678,064

4,175,042,536


39,531,594


4,214,574,130

Set-up of reserves (Note 9.a.)

-

-

-

-


-

-


-

851,733,740

(851,733,740)

-


-


-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-

-


(8,449,834)


(8,449,834)

Changes in Reserves for Acquisition of Investments

-

-

-

-


-

(8,593,118)


-

-

-

(8,593,118)


8,592,118


(1,000)

-

-

-

-


-

-


-

-

600,348,361

600,348,361


(27,428,038)


572,920,323

Other Comprehensive Income:

















Variation in Translation Differences of Foreign Operations

-

-

-

-


16,393,763

-


-

-

-

16,393,763


(56,127,229)


(39,733,466)

Balances as of September 30, 2018

(1) 106,776,004

115,122,371

525,053,828

746,952,203


53,378,758

(68,624,418)


44,379,675

(2) 3,420,812,639

586,292,685

4,783,191,542


(43,881,389)


4,739,310,153


















Balances as of January 1, 2017

287,418,584

309,885,253

1,413,334,666

2,010,638,503


814,523,312

(58,885,123)


119,460,767

4,210,607,765

2,530,041,832

9,626,387,056


4,416,373,963


14,042,761,019

Set-up of reserves

-

-

-

-


-

(3,941,711)


-

2,050,041,832

(2,050,041,832)

(3,941,711)


-


(3,941,711)

Dividend Distribution

-

-

-

-


-

-


-

-

(480,000,000)

(480,000,000)


-


(480,000,000)

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-

-


(659,031,187)


(659,031,187)

Exchange of Shares - Payment of fractions in cash (see Note 14 to the parent company only financial statements.)

-

-

-

-


-

(407,728)


-

-

-

(407,728)


-


(407,728)

Net Income for the Period

-

-

-

-


-

-


-

-

1,708,753,540

1,708,753,540


948,989,472


2,657,743,012

Spun-off Balances

(180,642,580)

(194,762,882)

(888,280,838)

(1,263,686,300)


(749,470,539)

3,203,262


(75,081,092)

(3,691,570,698)

(834,358,059)

(6,610,963,426)


(4,625,194,503)


(11,236,157,929)

Other Comprehensive Income:

















Variation in Translation Differences of Foreign Operations

-

-

-

-


(29,095,324)

-


-

-

-

(29,095,324)


(45,609,972)


(74,705,296)

Balances as of September 30, 2017

(1) 106,776,004

115,122,371

525,053,828

746,952,203


35,957,449

(60,031,300)


44,379,675

2,569,078,899

874,395,481

4,210,732,407


35,527,773


4,246,260,180

(1) Includes 1,485 treasury shares. See Note 14 to the Interim Condensed Individual Financial Statements.

(2) Broken down as follows: (i) Voluntary reserve for future dividends of $ 1,271,751,261; (ii) Judicial reserve for future dividend distribution of $ 387,028,756, (iii) Voluntary reserve for illiquidity of results of $ 759,692,900, (iv) Voluntary reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of $ 462,249,181, and (v) Voluntary reserve to ensure the liquidity of the Company and its subsidiaries of $ 540,090,541.


GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2018 AND 2017

In Argentine Pesos ($)


September 30, 2018


September 30, 2017

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES




Net Income for the Period

572,920,323


2,657,743,012

Income Tax and Tax on Assets

109,564,442


202,885,600

Accrued Interest, net

163,310,396


141,996,945

Adjustments to reconcile net income for the period to cash provided by operating activities:




Depreciation of Property, Plant and Equipment

162,899,913


112,971,856

Amortization of Intangible Assets and Film Library

74,050,467


64,039,430

Net allowances

140,898,041


116,698,972

Financial Income, except interest

82,862,591


(3,208,414)

Equity in Earnings from Associates

(155,214,853)


(104,566,858)

Other Income and Expenses

(350,776,068)


(12,530,117)

Net Income from Discontinued Operations

-


(2,366,560,702)

Changes in Assets and Liabilities:




Trade Receivables

89,545,666


(906,197,873)

Other Receivables

(378,914,657)


(687,810,843)

Inventories

(185,289,917)


208,847,317

Other Assets

(2,727,058)


(28,378,011)

Trade and Other Payables

402,735,366


186,547,312

Taxes Payable

36,244,911


17,605,558

Other Liabilities

245,752,915


380,124,821

Provisions

(47,652,376)


(58,899,433)

Income Tax and Tax on Assets Payments

(457,651,576)


(356,427,620)

Net Cash Flows provided by Discontinued Operating Activities

-


3,398,556,976





Net Cash Flows provided by Operating Activities

502,558,526


2,963,437,928





CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES




Payments for Acquisition of Property, Plant and Equipment, net

(386,218,762)


(266,850,903)

Payments for Acquisition of Intangible Assets

(98,683,608)


(69,694,692)

Dividends collected

20,241,152


317,526,539

Payments for Acquisition of Subsidiaries, Net of Cash Acquired and Contributions in Associates

(15,432,000)


-

Proceeds from Sale of Property, Plant and Equipment

51,009,861


20,941,886

Transactions with Securities, Bonds and Other Placements, Net

(30,120,683)


18,821,493

Net Cash Flows used in Discontinued Investment Activities

-


(3,185,408,150)





Net Cash Flows used in Investment Activities

(459,204,040)


(3,164,663,827)





CASH FLOWS PROVIDED BY FINANCING ACTIVITIES




Loans Obtained

460,508,021


1,248,310,041

Payment of Loans and Issuance Expenses

(456,370,944)


(495,316,152)

Payment of Interest

(152,414,080)


(143,687,591)

Payment of Dividends

-


(480,000,000)

Payments to Non-Controlling Interests, net

(3,955,349)


(11,828,620)

Payment of Fractions of Shares

-


(407,728)

Net Cash Flows provided by Discontinued Financing Activities

-


(396,395,065)





Net Cash Flows used in Financing Activities

(152,232,352)


(279,325,115)





FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS FOR CONTINUING OPERATIONS

368,364,502


56,223,555





FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS FOR DISCONTINUED OPERATIONS

-


36,860,464





FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS

368,364,502


93,084,019





Net Increase / (Decrease) in cash flow

259,486,636

(387,466,995)

Cash and Cash Equivalents at the Beginning of the Year

1,052,123,190

3,350,687,278

Spun-off Balances of Cash and Cash Equivalents

-

(2,002,522,766)

Cash and Cash Equivalents at the End of the Period (Note 2.5)

1,311,609,826

960,697,517


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
QRTUGGGCGUPRUMB





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