9 Jun 2020 07:37
Grupo Clarín Announces First Quarter 2020 Results
Buenos Aires, Argentina, June 8, 2020 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first quarter 2020 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of March 31, 2020 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 (1Q20 vs.1Q19):
§ Total Revenues reached Ps. 5,116.0 million, a decrease of 16.1% compared to 1Q19, mainly due to lower advertising revenues in all segments and lower circulation in the Printing and Publishing segment.
§ Adjusted EBITDA (1) was negative in Ps. 130.2 million, mainly driven by negative results across all business segment.
§ Loss for the period totaled Ps. 627.7 million, compared to Ps. 424.1 million reported in 1Q19. Loss for the period attributable to Equity Shareholders amounted Ps 529.3 million in 1Q20.
FINANCIAL HIGHLIGHTS
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(In millions of Ps.) | 1Q20 | 1Q19 | % Ch. | 4Q19 | QoQ |
Total Revenues | 5,116.0 | 6,095.5 | (16.1%) | 6,551.1 | (21.9%) |
Adjusted EBITDA (1) | (130.2) | 358.2 | (136.3%) | (18.6) | 598.5% |
Adjusted EBITDA Margin (2) | (2.5%) | 5.9% | (143.3%) | (0.3%) | 794.4% |
Loss for the period | (627.7) | (424.1) | (48.0%) | (709.2) | (11.5%) |
Attributable to: |
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Equity Shareholders | (529.3) | (328.0) | (61.3%) | (861.6) | (38.6%) |
Non-Controlling Interests | (98.4) | (96.1) | (2.4%) | 152.4 | (164.6%) |
(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. 5,116.0 million, a decrease of 16.1% from Ps. 6,095.5 million in 1Q19. Advertising revenues decreased 24.1% compared to 1Q19 and represented around 34.9% of the Total Revenues of the Company. Circulation revenues decreased 19.0% and represented 31.3% of the Total.
Following there is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.) | 1Q20 | 1Q19 | YoY | 4Q19 | QoQ |
Printing and Publishing | 2,586.0 | 3,144.1 | (17.8%) | 6,551.1 | (60.5%) |
Broadcasting and Programming | 2,285.2 | 2,430.7 | (6.0%) | 3,130.2 | (27.0%) |
Others | 553.5 | 994.1 | (44.3%) | 558.0 | (0.8%) |
Subtotal | 5,424.7 | 6,568.9 | (17.4%) | 10,239.3 | (47.0%) |
Eliminations | (308.7) | (473.4) | (34.8%) | (270.5) | 14.1% |
Total | 5,116.0 | 6,095.5 | (16.1%) | 9,968.8 | (48.7%) |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 3,624.5 million, a decrease of 5.7% from Ps. 3,843.8 million reported in 1Q19 due to lower costs in Printing and Publishing segment and in the Others segment, partially offset by higher costs in the Broadcasting and Programming segment.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 1,621.7 million, a decrease of 14.4% from Ps. 1,893.6 million in 1Q19. This drop was mainly due to lower salaries and fees for services across all business segments.
Adjusted EBITDA was negative in Ps. 130.2 million, driven by negative results in the Printing and Publishing segment and in the Broadcasting and Programming mainly due to a lower advertising and circulation revenues.
Following there is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) | 1Q20 | 1Q19 | YoY | 4Q19 | QoQ |
Printing and Publishing | (88.6) | 67.5 | (231.2%) | (137.1) | 35.3% |
Broadcasting and Programming | (39.8) | 342.5 | (111.6%) | 345.5 | (111.5%) |
Others | (1.7) | (51.8) | (96.6%) | (227.1) | 99.2% |
Total | (130.2) | 358.2 | (136.3%) | (18.6) | (598.5%) |
Negative Financial results totaled Ps. 126.6 million compared to Ps. 418.9 million in 1Q19. This decrease was mainly due to lower impact of the peso depreciation on dollar denominated debt and lower interest payments.
Equity in earnings from unconsolidated affiliates in 1Q20 totaled Ps. 150.2 million, compared to Ps. 149.7 million in 1Q19.
Other Net Income (expenses), reached Ps. (218.4) million, compared to Ps. 25.5 million in 1Q19.
Income tax as of 1Q20 reached Ps. (11.0) million, from Ps. (184.5) million in 1Q19.
Loss for the period totaled Ps. 627.7 million, from a loss of Ps. 424.1million reported in 1Q19. This was mainly due to negative EBITDA across all business segments. The Equity Shareholders Loss for the period amounted Ps. 529.3 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 159.7 million in 1Q20, a decrease of 39.6% from Ps. 264.5 million reported in 1Q19. Out of the total CAPEX in 1Q20, 49.9% was allocated towards the Broadcasting and Programming segment, 44.5% to the Printing and Publishing segment and the remaining 5.6% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2020
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Others | Eliminations | Total | % |
Advertising | 614.8 | 1,177.8 | 46.1 | (52.2) | 1,786.4 | 34.9% |
Circulation | 1,600.3 | - | - -
| - | 1,600.3 | 31.3% |
Printing | 112.1 | - | - -
| (7.0) | 105.2 | 2.1% |
Programming | - | 1,094.9 | - | - | 1,094.9 | 21.4% |
Other Sales
| 258.8 | 12.5 | 507.4 | (249.5) | 529.2 | 10.3% |
Total Sales | 2,586.0 | 2,285.2 | 553.5 | (308.7) | 5,116.0 | 100.0% |
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2019
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Others | Eliminations | Total | % |
Advertising | 923.4 | 1,506.7 | 63.5 | (140.0) | 2,353.5 | 38.6% |
Circulation | 1,976.5 | - | - | - | 1,976.5 | 32.4% |
Printing | 68.3 |
| - | (2.0) | 66.3 | 1.1% |
Programming | - | 765.8 | - | - | 765.8 | 12.6% |
Other Sales
| 176.0 | 158.2 | 930.6 | (331.4) | 933.4 | 15.3% |
Total Sales | 3,144.1 | 2,430.7 | 994.1 | (473.4) | 6,095.5 | 100.0% |
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 6.0% to Ps. 2,285.2 million in 1Q20, compared to Ps. 2,430.7 million in 1Q19. This was due to lower advertising revenues in constant pesos as of March 2020 in Channel 13 and Radio Mitre.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 17.1% to Ps. 1,806.9 million in 1Q20, compared to Ps. 1,542.9 million in 1Q19. The increase was mainly caused by higher programming costs, partially offset by lower salaries and fees for services due to a higher effect of restatement for 1Q19 versus 1Q20.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 5.0% to Ps. 518.1 million in 1Q20, compared to Ps. 545.3 million in 1Q19. The decline was primarily the result of the greater effect of the restatement of the salaries, marketing expenses and fees for services of 1Q19 versus 1Q20, in order to be expressed in homogeneous currency as of March 31, 2020.
Depreciation and Amortization
Depreciation and amortization expenses increased by 0.5% to Ps. 125.2 million in 1Q20 compared to Ps. 124.6 million reported in 1Q19.
PRINTING AND PUBLISHING
Revenues
Total revenues decreased by 17.8% to Ps. 2,586.0 million in 1Q20, mainly as a result of lower circulation and advertising revenues in real terms (inflation was 48.3% from March 2019 to March 2020 while circulation and advertising revenues in current pesos increased by approximately 0.2% and 21.8%, respectively).
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 13.2% to Ps. 1,529.2 million in 1Q20, compared to Ps. 1,761.6 million in 1Q19. The decrease was mainly the result of lower salaries and printing costs caused by the greater effect of the restatement for 1Q19.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 12.9% to Ps. 1,145.4 million in 1Q20, compared to the Ps. 1,315.0 million reported in 1Q19. This was primarily the result of lower salaries, marketing expenses and fees for services, due to the IAS 29 (inflation) adjustment effect in 1Q19.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 32.3% to Ps. 107.7 million in 1Q20 compared to Ps. 159.2 million in 1Q19.
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 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 decreased 44.3% to Ps. 553.5, from Ps. 994.1 million reported in 1Q19, due to lower revenues from Gestión Compartida. EBITDA resulted negative in Ps. 1.7 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
PRINTING AND PUBLISHING
| 1Q20 | 1Q19 | YoY | 4Q19 | QoQ |
Circulation (1) | 243.3 | 228.2 | 6.6% | 234.0 | 4.0% |
Circulation share % (2) | 42.0% | 39.3% | 6.7% | 53.3% | (21.3%) |
Advertising share %(3) | 51.5% | 56.2% | (8.4%) | 51.3% | 0.4% |
(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
| 1Q20 | 1Q19 | YoY | 4Q19 | QoQ |
Advertising Share % (1) | 36.1% | 35.7% | (0.9%) | 39.7% | (9.2%) |
Audience Share % (2) |
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Prime Time | 31.8% | 34.2% | (6.9%) | 42.2% | (24.7%) |
Total Time | 30.1% | 32.2% | (6.5%) | 33.8% | (11.1%) |
(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 METRICS
| 1Q20 | 1Q19
| YoY |
Page Views (1) | 1,170.2 | 1,113.5 | 5.1% |
Mobile page Views | 842.9 | 779.2 | 8.2% |
(1)In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) | March 2020 | March 2019 | % Change | December 2019 | % Change |
Short Term and Long-Term Debt |
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Current Financial Debt | 1,083.7 | 1,910.8 | (43.3%) | 1,048.0 | 3.4% |
Financial loans | 540.3 | 1,136.6 | (52.5%) | 685.2 | (21.1%) |
Accrued interest | 23.9 | 28.8 | (16.9%) | 20.2 | 18.1% |
Acquisition of equipment | 12.9 | 8.8 | 47.1% | 7.3 | 75.8% |
Sellers Financing Capital | - | - | NA | - | NA |
Related Parties Capital | 6.8 | 13.8 | (50.8%) | - | NA |
Related Parties Accrued Interest | 8.4 | 8.9 | (5.8%) | 15.7 | (46.5%) |
Bank overdraft | 491.4 | 713.9 | (31.2%) | 319.5 | 53.8% |
Non-Current Financial Debt | 1,091.8 | 248.2 | 339.8% | 969.3 | 12.6% |
Financial loans | 1,077.2 | 243.0 | 343.3% | 968.7 | 11.2% |
Acquisition of equipment | 14.6 | 5.3 | 177.3% | 0.6 | 2,485.2% |
Related Parties Capital | 0.0 | - | NA | - | NA |
Total Financial Debt (A) | 2,175.6 | 2,159.0 | 0.8% | 2,017.3 | 7.8% |
Total Short Term and Long-Term Debt | 2,175.6 | 2,159.0 | 0.8% | 2,017.3 | 7.8% |
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Cash and Cash Equivalents (B) | 2,323.6 | 2,210.6 | 5.1% | 2,384.9 | (2.6%) |
Net Debt (A) - (B) | (148.0) | (51.5) | 187.3% | (367.6) | (59.7%) |
REVENUES AND EBITDA - IAS 29 Adjustment
REVENUES
(In millions of Ps.) | 1Q20 | 1Q19 | YoY | 1Q20 ex IAS 29 | IAS 29 Adjust. | 1Q20 as reported | 1Q19 ex IAS 29 | IAS 29 Adjust. | 1Q19 as reported |
Printing and Publishing | 2,586.0 | 3,144.1 | (17.8%) | 2,513.8 | 72.2 | 2,586.0 | 2,031.6 | 1,112.5 | 3,144.1 |
Broadcasting and Programming | 2,285.2 | 2,430.7 | (6.0%) | 2,221.3 | 63.8 | 2,285.2 | 1,570.6 | 860.0 | 2,430.7 |
Digital Content and Others | 553.5 | 994.1 | (44.3%) | 538.0 | 15.5 | 553.5 | 642.4 | 351.7 | 994.1 |
Subtotal | 5,424.7 | 6,568.9 | (17.4%) | 5,273.1 | 151.5 | 5,424.7 | 4,244.6 | 2,324.2 | 6,568.9 |
Eliminations | (308.7) | (473.4) | (34.8%) | (300.0) | (8.6) | (308.7) | (305.9) | (167.5) | (473.4) |
Total | 5,116.0 | 6,095.5 | (16.1%) | 4,973.1 | 142.9 | 5,116.0 | 3,938.7 | 2,156.8 | 6,095.5 |
EBITDA
(In millions of Ps.) | 1Q20 | 1Q19 | YoY | 1Q20 ex IAS 29 | IAS 29 Adjust. | 1Q20 as reported | 1Q19 ex IAS 29 | IAS 29 Adjust. | 1Q19 as reported | |
Printing and Publishing | (88.6) | 67.5 | (231.2%) | (86.1) | (2.5) | (88.6) | 43.6 | 23.9 | 67.5 | |
Broadcasting and Programming | (39.8) | 342.5 | (111.6%) | (38.7) | (1.1) | (39.8) | 221.3 | 121.2 | 342.5 | |
Digital Content and Others | (1.7) | (51.8) | 97% | (1.7) | (0.0) | (1.7) | (33.5) | (18.3) | (51.8) | |
Total | (130.2) | 358.2 | (136.3%) | (126.5) | (3.6) | (130.2) | 231.4 | 126.7 | 358.2 | |
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.
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GCLA (BCBA) Price per Share (ARS)
| 35.0 |
GCLA (LSE) Price per GDS (USD) | 1.71 |
Total Shares | 106,776,004 |
Total GDSs | 53,388,002 |
Closing Price | June 8, 2020 |
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 First Quarter 2020 Results
Date: Wednesday, June 10, 2020
Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am 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: +1-785-424-1726Passcode: CLARIN
The 1Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla200610V3KpXSoa.html
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: 61827203
The webcast presentation will be archived at http://www.grupoclarin.com/ir/
Investor Relations Contacts |
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In Buenos Aires: | In London: | In New York: |
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Agustín Medina Manson
| Alex Money
| Melanie Carpenter
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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
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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 THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
In Argentine Pesos (Ps.)
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| March 31, 2020 |
| March 31, 2019 |
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Revenues |
| 5,116,015,874 |
| 6,095,496,481 |
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Cost of Sales (1) |
| (3,866,224,750) |
| (4,126,283,984) |
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Subtotal - Gross Profit |
| 1,249,791,124 |
| 1,969,212,497 |
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Selling Expenses (1) |
| (873,889,196) |
| (1,064,627,643) |
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Administrative Expenses (1) |
| (797,782,883) |
| (900,505,511) |
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Other Income and Expenses, net |
| (218,393,780) |
| 25,488,721 |
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Financial Expenses on Debt |
| (215,398,538) |
| (342,530,999) |
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Gain (Loss) on Net Monetary Position |
| (10,209,276) |
| (129,413,968) |
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Other Financial Results, net |
| 98,987,480 |
| 53,022,707 |
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Financial Results |
| (126,620,334) |
| (418,922,260) |
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Equity in Earnings from Associates |
| 150,189,805 |
| 149,673,482 |
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Income (Loss) before Income Tax and Tax on Assets |
| (616,705,264) |
| (239,680,714) |
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Income Tax and Tax on Assets |
| (11,029,885) |
| (184,455,768) |
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Net Income (Loss) for the Period |
| (627,735,149) |
| (424,136,482) |
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Other Comprehensive Income |
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Items which can be reclassified to Net Income (Loss) |
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Variation in Translation Differences of Foreign Operations |
| (12,081,059) |
| (3,354,157) |
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Other Comprehensive Income (Loss) for the Period |
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| (12,081,059) |
| (3,354,157) |
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TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD |
| (639,816,208) |
| (427,490,639) |
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(Loss) Income Attributable to: |
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Shareholders of the Parent Company |
| (529,288,810) |
| (328,043,453) |
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Non-Controlling Interests |
| (98,446,339) |
| (96,093,029) |
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Total Comprehensive Income (Loss) Attributable to: |
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Shareholders of the Parent Company |
| (541,369,869) |
| (326,840,636) |
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Non-Controlling Interests |
| (98,446,339) |
| (100,650,003) |
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Basic and Diluted Net Income (Loss) per Share |
| (4.96) |
| (3.07) |
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(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 291,705,099 and $ 354,081,318 for the three-month periods ended March 31, 2020 and 2019, respectively.
The notes are an integral part of these interim condensed consolidated financial statements.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of March 31st, 2020 available at http://www.grupoclarin.com/ir/.
GRUPO CLARÍN S.A.
CONSOLIDATED BALANCE SHEET
AS OF MARCH 31, 2020, AND DECEMBER 31, 2019
In Argentine Pesos (Ps.)
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| March 31, 2020 |
| December 31, 2019 |
ASSETS |
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NON-CURRENT ASSETS |
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Property, Plant and Equipment |
| 5,980,079,198 |
| 6,005,917,618 |
Intangible Assets |
| 453,741,869 |
| 457,027,579 |
Goodwill |
| 763,409,914 |
| 1,003,857,250 |
Deferred Tax Assets |
| 527,561,450 |
| 531,745,618 |
Investments in Unconsolidated Affiliates |
| 1,933,375,875 |
| 1,792,447,839 |
Right-of-Use Assets |
| 94,958,392 |
| 101,460,887 |
Inventories |
| 97,537,436 |
| 19,379,903 |
Other Assets |
| 35,980,347 |
| 36,920,369 |
Other Receivables |
| 259,474,362 |
| 283,482,753 |
Trade Receivables |
| 41,056,270 |
| 45,017,515 |
Total Non-Current Assets |
| 10,187,175,113 |
| 10,277,257,331 |
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CURRENT ASSETS |
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Inventories |
| 1,051,518,313 |
| 1,414,589,534 |
Other Assets |
| 125,488,472 |
| 128,395,461 |
Other Receivables |
| 1,916,997,153 |
| 1,651,226,304 |
Trade Receivables |
| 5,855,260,307 |
| 6,253,804,870 |
Other Investments |
| 537,807,460 |
| 761,773,485 |
Cash and Banks |
| 1,786,329,250 |
| 1,623,149,469 |
Total Current Assets |
| 11,273,400,955 |
| 11,832,939,123 |
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Total Assets |
| 21,460,576,068 |
| 22,110,196,454 |
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EQUITY (as per the corresponding statement) |
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|
|
Attributable to Shareholders of the Parent Company |
|
|
|
|
Shareholders' Contribution |
| 11,485,260,084 |
| 11,485,260,084 |
Other Items |
| 12,929,390 |
| 25,010,449 |
Retained Earnings |
| (971,601,890) |
| (442,313,080) |
Total Attributable to Shareholders of the Parent Company |
| 10,526,587,584 |
| 11,067,957,453 |
|
|
|
|
|
Attributable to Non-Controlling Interests |
| 120,836,083 |
| 222,641,535 |
Total Equity |
| 10,647,423,667 |
| 11,290,598,988 |
|
|
|
|
|
LIABILITIES |
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
Provisions and Other Charges |
| 856,158,464 |
| 859,376,881 |
Financial Debt |
| 1,091,828,812 |
| 969,288,268 |
Deferred Tax Liabilities |
| 235,519,773 |
| 304,078,061 |
Taxes Payable |
| 25,488,554 |
| 31,196,458 |
Lease Liabilities |
| 24,313,745 |
| 28,639,426 |
Other Liabilities |
| 196,933,839 |
| 197,362,966 |
Trade and Other Payables |
| 59,065,557 |
| 72,932,713 |
Total Non-Current Liabilities |
| 2,489,308,744 |
| 2,462,874,773 |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
Financial Debt |
| 1,099,036,824 |
| 1,047,989,628 |
Taxes Payable |
| 488,647,079 |
| 567,827,550 |
Lease Liabilities |
| 72,300,531 |
| 72,558,613 |
Other Liabilities |
| 769,150,292 |
| 878,274,654 |
Trade and Other Payables |
| 5,894,708,931 |
| 5,790,072,248 |
Total Current Liabilities |
| 8,323,843,657 |
| 8,356,722,693 |
|
|
|
|
|
Total Liabilities |
| 10,813,152,401 |
| 10,819,597,466 |
|
|
|
|
|
Total Equity and Liabilities |
| 21,460,576,068 |
| 22,110,196,454 |
The notes are an integral part of these consolidated financial statements.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2020 AND 2019
In Argentine Pesos (Ps.)
| 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 |
|
| ||
| 106,776,004 | 3,943,484,436 | 7,434,999,644 | 11,485,260,084 |
| 152,866,851 | (127,856,402) |
| - | 1,182,572,169 | (1,624,885,249) | 11,067,957,453 |
| 222,641,535 |
| 11,290,598,988 |
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - |
| - | - |
| - | - | - | - |
| (3,359,113) |
| (3,359,113) |
Net Income (Loss) for the Period | - | - | - | - |
| - | - |
| - | - | (529,288,810) | (529,288,810) |
| (98,446,339) |
| (627,735,149) |
Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variation in Translation Differences of Foreign Operations | - | - | - | - |
| (12,081,059) | - |
| - | - | - | (12,081,059) |
| - |
| (12,081,059) |
Balances as of March 31, 2020 | (1) 106,776,004 | 3,943,484,436 | 7,434,999,644 | 11,485,260,084 |
| 140,785,792 | (127,856,402) |
| - | (2) 1,182,572,169 | (2,154,174,059) | 10,526,587,584 |
| 120,836,083 |
| 10,647,423,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of January 1, 2019 | 106,776,004 | 3,943,484,436 | 9,524,564,985 | 13,574,825,425 |
| 152,109,610 | (127,856,402) |
| 135,602,763 | 9,935,257,329 | (10,977,853,266) | 12,692,085,459 |
| 202,189,863 |
| 12,894,275,322 |
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - |
| - | - |
| - | - | - | - |
| (11,299,841) |
| (11,299,841) |
Net Income (Loss) for the Period | - | - | - | - |
| - | - |
| - | - | (328,043,453) | (328,043,453) |
| (96,093,029) |
| (424,136,482) |
Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variation in Translation Differences of Foreign Operations | - | - | - | - |
| 1,202,817 | - |
| - | - | - | 1,202,817 |
| (4,556,974) |
| (3,354,157) |
Balances as of March 31, 2019 | (1) 106,776,004 | 3,943,484,436 | 9,524,564,985 | 13,574,825,425 |
| 153,312,427 | (127,856,402) |
| 135,602,763 | 9,935,257,329 | (11,305,896,719) | 12,365,244,823 |
| 90,240,019 |
| 12,455,484,842 |
(2) Includes 1,485 treasury shares. See Note 12 to the separate financial statements.
(3) Corresponds to Judicial Reserve for Future Dividends Distribution
| March 31, 2020 |
| March 31, 2019 | |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES |
|
|
| |
Net Income (Loss) for the Period | (627,735,149) |
| (424,136,482) | |
Income Tax and Tax on Assets | 11,029,885 |
| 184,455,768 | |
Accrued Interest, net | 82,981,292 |
| 110,143,261 | |
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities: |
|
|
| |
Depreciation of Property, Plant and Equipment | 185,910,438 |
| 199,211,703 | |
Amortization of Intangible Assets and Film Library | 82,699,575 |
| 121,479,580 | |
Amortization of Right-of-Use Assets | 23,095,086 |
| 33,390,035 | |
Net Allowances | 98,870,445 |
| 60,118,970 | |
Financial Income, except Interest | (34,077,151) |
| 89,632,992 | |
Gain (Loss) on Net Monetary Position | 10,209,276 |
| 129,413,968 | |
Equity in Earnings from Associates | (150,189,805) |
| (149,673,482) | |
Impairment of Goodwill | 240,447,336 |
| - | |
Other Income and Expenses | 3,647,743 |
| - | |
Changes in Assets and Liabilities: |
|
|
| |
Trade Receivables | (136,191,234) |
| 30,460,912 | |
Other Receivables | (446,467,174) |
| (489,827,578) | |
Inventories | 236,875,174 |
| (540,610,311) | |
Other Assets | 2,838,631 |
| (10,015,907) | |
Trade and Other Payables | 592,488,232 |
| 752,746,801 | |
Taxes Payable | (112,140,249) |
| (71,391,722) | |
Other Liabilities | (23,714,562) |
| 394,741,477 | |
| Provisions | (17,096,400) |
| (13,999,224) |
| Income Tax and Tax on Assets Payments | (11,143,185) |
| (56,071,940) |
|
|
|
|
|
| Net Cash Flows provided by Operating Activities | 12,338,204 |
| 350,068,821 |
|
|
|
|
|
| CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES |
|
|
|
| Payments for Acquisition of Property, Plant and Equipment | (159,705,968) |
| (265,128,133) |
| Payments for Acquisition of Intangible Assets | (79,735,744) |
| (23,523,155) |
| Proceeds from Sale of Property, Plant and Equipment | 189,764 |
| - |
| Collection of loans - granted | 5,088,718 |
| - |
| Collection of Loans - interest | 6,198,631 |
| - |
| Proceeds from Sale of Other Assets | 1,400,000 |
| - |
| Transactions with Notes, Bonds and Other Placements, Net | 84,891,348 |
| 66,729,908 |
|
|
|
|
|
| Net Cash Flows used in Investing Activities | (141,673,251) |
| (221,921,380) |
|
|
|
|
|
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES |
|
|
|
| Loans Obtained | 469,446,313 |
| 363,740,575 |
| Payment of Financial Debt | (263,271,815) |
| (58,090,064) |
| Payment of Interest | (76,046,501) |
| (145,710,511) |
| Payment of Lease Liabilities | (26,199,808) |
| (40,769,189) |
| Payments to Non-Controlling Interests, net | - |
| (11,299,841) |
|
|
|
|
|
| Net Cash Flows provided by Financing Activities | 103,928,189 |
| 107,870,970 |
|
|
|
|
|
| FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS | (35,854,957) |
| (79,745,099) |
|
|
|
|
|
| (Decrease) Increase in cash flow, net | (61,261,815) |
| 156,273,312 |
| Cash and Cash Equivalents at the Beginning of the Year | 2,384,851,094 |
| 2,054,177,232 |
| Cash and Cash Equivalents at the End of the Period (Note 2.4) | 2,323,589,279 |
| 2,210,450,544 |