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First Half and Second Quarter 2020 Results

8 Sep 2020 07:59

RNS Number : 3347Y
Grupo Clarin S.A.
08 September 2020
 

Grupo Clarín Announces First Half and Second Quarter 2020 Results

 

Buenos Aires, Argentina, September 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 half and second quarter 2020 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of June 30, 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 (1H20 vs.1H19):

§ Total Revenues reached Ps. 10,232.9 million, a decrease of 28.6% compared to 1H19, mainly due to lower advertising revenues in all segments and lower circulation in the Printing and Publishing segment.

§ Adjusted EBITDA (1) reached Ps. 484.8 million, a decrease of 55.1% compared to 1H19, mainly driven by lower results in the Broadcasting and Programming segment.

§ Grupo Clarín's Adjusted EBITDA Margin (2) was 4.7% in June 2020, compared to 7.5% in 1H19.

§ Loss for the period totaled Ps. 377.6 million, compared to Ps. 329.8 million loss reported in 1H19. Loss for the period attributable to Equity Shareholders amounted Ps 230.1 million in 1H20.

 

FINANCIAL HIGHLIGHTS

(In millions of Ps.)

1H20

1H19

% Ch.

2Q20

1Q20

2Q19

QoQ

YoY

Total Revenues

10,232.9

14,338.0

(28.6%)

4,841.9

5,391.0

7,914.9

(10.2%)

(38.8%)

Adjusted EBITDA (1)

484.8

1,078.7

(55.1%)

622.0

(137.2)

701.3

553.4%

(11.3%)

Adjusted EBITDA Margin (2)

4.7%

7.5%

(37.0%)

12.8%

(2.5%)

8.9%

604.8%

45.0%

Income for the period

(377.6)

(329.8)

14.5%

283.9

(661.5)

117.2

(142.9%)

142.3%

Attributable to:

Equity Shareholders

(230.1)

(248.4)

(7.4%)

327.6

(557.7)

97.2

(158.7%)

237.0%

Non-Controlling Interests

(147.5)

(81.3)

81.4%

(43.8)

(103.7)

19.9

(57.8%)

319.4%

 

(1) We define Adjusted EBITDA as Total Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.

(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Total Revenues.

 

 

OPERATING RESULTS

 

Total Revenues reached Ps. 10,232.9 million, a decrease of 28.6% from Ps. 14,338.0 million in 1H19. Advertising revenues decreased 44.5% and represented around 35.6% of the Total Revenues of the Company. Circulation revenues decreased 25.4% and represented 29.6% of the Total.

 

Following is a breakdown of Total Revenues by business segment:

 

REVENUES

 

(In millions of Ps.)

1H20

1H19

YoY

2Q20

1Q20

2Q19

QoQ

YoY

Printing and Publishing

 5,199.8

 7,088.6

 (26.6%)

 2,474.8

 2,725.0

 3,775.5

 (9.2%)

 (34.5%)

Broadcasting and Programming

 4,666.4

 6,341.2

 (26.4%)

 2,258.4

 2,408.0

 3,779.9

 (6.2%)

 (40.3%)

Others

 983.7

 1,724.2

 (42.9%)

 400.5

 583.3

 676.6

 (31.3%)

 (40.8%)

Subtotal

10,849.9

15,153.9

(28.4%)

5,133.7

5,716.2

8,232.0

(10.2%)

(37.6%)

Eliminations

 (617.0)

 (816.0)

 (24.4%)

 (291.8)

 (325.2)

 (317.1)

 (10.3%)

 (8.0%)

Total

 10,232.9

14,338.0

 (28.6%)

 4,841.9

 5,391.0

 7,914.9

 (10.2%)

 (38.8%)

 

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 6,544.4 million, a decrease of 26.8% from Ps. 8,939.3 million reported in 1H19 due to lower costs across all business segments, mainly in Printing and Publishing segment due to lower salaries and printing costs.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 3,203.7 million, a decrease of 25.8% from Ps. 4,319.9 million in 1H19. This drop was mainly due to lower salaries and fees for services across all business segments.

 

Adjusted EBITDA reached Ps. 484.8 million, a decrease of 55.1% from Ps. 1,078.7 million reported for 1H19. This decrease was driven by lower advertising revenues across all business segments, partially offset by lower cost and expenses.

 

Following is a breakdown of adjusted EBITDA by business segment:

 

ADJUSTED EBITDA

(In millions of Ps.)

1H20

1H19

YoY

2Q20

1Q20

2Q19

QoQ

YoY

Printing and Publishing

 (40.1)

 (175.7)

 (77.2%)

 53.3

 (93.4)

 (246.9)

 (157.0%)

(121.6%)

Broadcasting and Programming

 513.7

 1,261.0

 (59.3%)

 555.6

 (42.0)

 900.1

(1,424.3%)

 (38.3%)

Others

 11.2

 (6.5)

 (272.4%)

 13.1

 (1.8)

 48.1

813.0%

 72.8%

Total

484.8

1,078.7

(55.1%)

622.0

(137.2)

701.3

(553.4%)

(11.3%)

 

 

Financial results net totaled Ps. (300.7) million compared to Ps. (669.8) million in 1H19. This decrease was mainly due to lower interest payments due to lower levels of debt.

 

Equity in earnings from unconsolidated affiliates in 1H20 totaled Ps. 416.7 million, compared to Ps. 143.0 million in 1H19.

 

Other Income (expenses), net reached Ps. (221.4) million, compared to Ps. (29.7) million in 1H19.

 

Income tax as of 1H20 reached Ps. (165.3) million, from Ps. (178.5) million in 1H19.

 

Loss for the period totaled Ps. 377.6 million, from Ps. 329.8 million loss reported in 1H19. This was mainly due to lower EBITDA in the Broadcasting and Programming segment. The Equity Shareholders Loss for the period amounted Ps. 230.1million.

 

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 250.3 million in 1H20, a decrease of 42.1% from Ps. 432.5 million reported in 1H19. Out of the total CAPEX in 1H20, 58.5% was allocated towards the Broadcasting and Programming segment, 37.9% to the Printing and Publishing segment and the remaining 3.6% to other activities.

 

Debt profile (1): Debt coverage ratio for the period ended June 30, 2020 was 0.64x and the Net Debt at the end of this period totaled Ps. (755.9) 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 - JUNE 2020

 

(In millions of Ps.)

Printing & Publishing

Broadcasting

& Programming

Others

Eliminations

Total

%

Advertising

 1,145.9

 2,510.4

 44.9

 (62.9)

 3,638.2

35.6%

Circulation

 3,030.4

-

 -

-

 

 -

 3,030.4

29.6%

Printing

 445.3

 -

 -

-

 

 (18.0)

 427.4

4.2%

Programming

-

 2,122.7

-

 -

 2,122.7

20.7%

Other Sales

 

 578.2

 33.3

 922.8

 (536.1)

 998.2

9.8%

Total Sales

 5,199.8

 4,666.4

 983.7

 (617.0)

 10,232.9

100.0%

 

SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2019

 

(In millions of Ps.)

Printing & Publishing

Broadcasting & Programming

Others

Eliminations

Total

%

Advertising

 2,214.6

 4,398.1

 76.3

 (137.0)

 6,552.0

45.7%

Circulation

 4,030.3

-

 30.9

 -

 4,061.2

28.3%

Printing

 335.3

-

 18.2

 (69.7)

 283.8

2.0%

Programming

-

 1,554.7

 -

 -

 1,554.7

10.8%

Other Sales

 

 508.5

 388.4

 1,302.7

 (609.2)

 1,590.4

11.1%

Total Sales

 7,088.6 508.5

 6,341.2 388.4

 1,724.2 1,302.7

 (816.0)

 14,338.0 1,590.4

100.0%

 

 

RESULTS BY BUSINESS SEGMENT

 

BROADCASTING AND PROGRAMMING

 

Revenues

Revenues decreased by 26.4% to Ps. 4,666.4 million in 1H20, compared to Ps. 6,341.2 million in 1H19 due to the lower advertising revenues, that was partially offset by higher programming revenues.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales decreased by 19.0% to Ps. 3,130.0 million in 1H20, compared to Ps. 3,863.7 million in 1H19. This is mainly attributable to lower salaries and fees for services.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses decreased by 15.9% to Ps. 1,022.7 million in 1H20, compared to Ps. 1,216.6 million in 1H19. The decrease was primarily the result of lower salaries and fees for services.

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 8.5% to Ps. 277.5 million in 1H20 compared to Ps. 255.8 million reported in 1H19.

 

PRINTING AND PUBLISHING

 

Revenues

Total revenues decreased by 26.6% to Ps. 5,199.8 million in 1H20, mainly as a result of lower circulation and advertising revenues in real terms (inflation was 42.8% from June 2019 to June 2020 while circulation increased by 11% in current pesos and advertising revenues in current pesos decreased by approximately 24%).

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales decreased by 30.2% to Ps. 2,996.0 million in 1H20, compared to Ps. 4,291.2 million in 1H19. The decrease was mainly the result of lower salaries, printing costs and lower severance payments.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses decreased by 24.5% to Ps. 2,243.9 million in 1H20, compared to the Ps. 2,973.1 million reported in 1H19. This was primarily the result of lower salaries and advertising expenses.

 

Depreciation and Amortization

Depreciation and amortization expenses decreased by 30.0% to Ps. 196.0 million in 1H20 compared to Ps. 279.9 million in 1H19.

 

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 decreased 42.9% to Ps. 983.7, from Ps. 1,724.2 million reported in 1H19, due to lower revenues from Gestión Compartida and Grupo Clarin. EBITDA resulted in Ps. 11.2 million.

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

PRINTING AND PUBLISHING

1H20

1H19

YoY

2Q20

1Q20

2Q19

QoQ

YoY

Circulation (1)

 231.2

 231.1

 0.0%

 220.2

241.9

234.1

(9.0%)

 (5.9%)

Circulation share % (2)

44.3%

39.9%

 11.0%

46.7%

42.0%

40.6%

 11.4%

 15.2%

Advertising share %(3)

51.5%

54.6%

 (5.7%)

51.5%

51.5%

53.3%

NA

 (3.4%)

 

(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

1H20

1H19

YoY

2Q20

1Q20

2Q19

QoQ

YoY

Advertising Share % (1)

36.0%

38.1%

 (5.6%)

36.0%

36.1%

39.5%

 (0.3%)

 (8.9%)

Audience Share % (2)

Prime Time

29.9%

36.4%

 (17.8%)

28.1%

31.8%

38.2%

(11.7%)

 (26.6%)

Total Time

29.8%

32.6%

 (8.8%)

29.4%

30.1%

33.0%

 (2.2%)

 (10.8%)

 

(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.

 

OTHERS

1H20

1H19

 

YoY

Page Views (1)

1,145.3

1,085.8

5.5%

Mobile page Views

827.8

752.6

10%

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

 

DEBT AND LIQUIDITY

 

(In millions of Ps.)

June

2020

June

2019

% Change

Short Term and Long Term Debt

Current Financial Debt

 391.2

 1,940.5

 (79.8%)

Financial loans

 70.3

 1,170.6

 (94.0%)

Accrued interest

 10.0

 22.3

 (55.3%)

Acquisition of equipment

 12.3

 8.3

 48.8%

Related Parties Capital

 6.8

 9.7

 (30.0%)

Related Parties Interest

9.0

9.4

4.6%

Bank overdraft

 282.8

 720.2

 (60.7%)

Non-Current Financial Debt

 1,191.3

 22.3

 5,242.7%

Financial loans

 1,176.8

 19.0

 6,077.8%

Acquisition of equipment

 14.5

 3.2

 345.9%

Total Financial Debt (A)

 1,582.5

 1,962.8

 (19.4%)

Total Short Term and Long Term Debt

 1,582.5

 1,962.8

 (19.4%)

Cash and Cash Equivalents (B)

 2,338.4

 2,043.8

 14.4%

Net Debt (A) - (B)

 (755.9)

 (81.0)

 833.3%

Net Debt/Adjusted Ebitda (1)

(0.3x)

(0.0x)

 952.4%

 

Total Financial Debt(1) and Net Debt, decreased from Ps. 1,962.8 million to Ps. 1,582.5 million and decreased from Ps. (81.0) million to Ps. (755.9) million respectively.

 

Debt coverage ratio (1) as of June 30, 2020 was (0.30x) in the case of Net Debt and of 0.64x 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.

 

 

 

REVENUES AND EBITDA - IAS 29 Adjustment

 

REVENUES

(In millions of Ps.)

1H20

1H19

YoY

1H20 ex

 IAS 29

IAS 29 Adjustment

1H20 as reported

1H19 ex

IAS 29

IAS 29 Adjustment

1H19 as reported

Printing and Publishing

5,199.8

7,088.6

(26.6%)

4,947.4

252.4

5,199.8

3,493.3

3,595.3

7,088.6

Broadcasting and Programming

4,666.4

6,341.2

(26.4%)

4,439.8

226.5

4,666.4

2,923.4

3,417.8

6,341.2

Others

983.7

1,724.2

(42.9%)

936.0

47.8

983.7

1,053.1

671.0

1,724.2

Subtotal

10,849.9

15,153.9

(28.4%)

10,323.2

526.8

10,849.9

7,469.8

7,684.1

15,153.9

Eliminations

(617.0)

(816.0)

(24.4%)

(587.1)

(30.0)

(617.0)

(389.4)

(816.0)

(426.5)

Total

10,232.9

14,338.0

(28.6%)

9,736.1

496.8

10,232.9

7,080.4

7,257.6

14,338.0

 

(In millions of Ps.)

2Q20

2Q19

YoY

2Q20 ex IAS 29

IAS 29 Adjustment

2Q20 as reported

2Q19 ex IAS 29

IAS 29 Adjustment

2Q19 as reported

Printing and Publishing

2,474.82

3,775.49

(34.4%)

2,433.61

41.2

2,474.82

2,556.78

1,218.71

3,775.49

Broadcasting and Programming

2,258.40

3,779.87

(40.2%)

2,218.51

39.9

2,258.40

2,533.99

1,245.88

3,779.87

Others

400.49

676.64

(40.8%)

397.95

2.5

400.49

473.69

202.95

676.64

Subtotal

5,133.72

8,232.00

(37.6%)

5,050.06

83.65

5,133.72

5,564.46

2,667.54

8,232.00

Eliminations

 (291.8)

 (317.1)

(8.0%)

(287.0)

 (4.7)

 (291.8)

(222.3)

 (94.9)

 (317.1)

Total

4,841.95

7,914.87

(38.8%)

4,763.04

78.91

4,841.95

5,342.18

2,572.69

7,914.87

 

 

 

EBITDA

 

(In millions of Ps.)

1H20

1H19

YoY

1H20 ex IAS 29

IAS 29 Adjustment

1H20 as reported

1H19 ex IAS 29

IAS 29 Adjustment

1H19 as reported

Printing and Publishing

 (40.1)

 (175.7)

(77.2%)

(38.2)

 (1.9)

(40.1)

34.9

 (210.6)

(175.7)

Broadcasting and Programming

513.7

1,261.0

(59.3%)

488.7

24.9

513.7

589.2

671.7

1,261.0

Others

11.2

 (6.5)

272.4%

10.7

0.5

11.2

19.0

 (25.6)

(6.5)

Total

484.81

1,078.74

(55.1%)

461.27

23.54

484.81

643.21

435.53

1,078.74

 

(In millons of Ps.)

2Q20

2Q19

YoY

2Q20 ex

IAS 29

IAS 29 Adjustment

2Q20 as reported

2Q19 ex IAS 29

IAS 29 Adjustment

2Q19 as reported

Printing and Publishing

53.3

(246.9)

(121.6%)

48.0

5.3

53.3

(157.4)

 (89.5)

(246.9)

Broadcasting and Programming

555.6

900.1

(38.3%)

527.4

28.2

555.6

594.9

305.2

900.1

Others

13.1

48.1

(72.8%)

12.4

0.7

13.1

29.3

18.8

48.1

Total

622.0

701.3

(11.3%)

587.8

34.2

622.0

466.8

234.5

701.3

 

 

 

 

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)

 

31.75

GCLA (LSE) Price per GDS (USD)

 1.71

Total Shares

106,776,004

Total GDSs

53,388,002

Closing Price

September 7, 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 Second Quarter 2020 Results

 

Date: Wednesday, September 9, 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 2Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla200909L6DLNNO3.html

 

 

NOTE: Grupo Clarín will release its Second Quarter 2020 Earnings on Tuesday, September 8, 2020

before the markets opens.

 

 

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: 67412548

 

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

 

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

 

 

 

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 SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019,

AND THE THREE-MONTH PERIODS BEGINNING ON APRIL 1

AND ENDED ON JUNE 30, 2020 AND 2019

 In Argentine Pesos (Ps.)

 

June 30, 2020

June 30, 2019

 

April 1, 2020 through June 30, 2020

 

April 1, 2019 through June 30, 2019

Revenues

10,232,931,476

14,337,980,891

4,841,948,052

7,914,873,281

Cost of Sales (1)

(7,034,195,220)

(9,494,269,835)

(2,960,174,722)

(5,146,212,848)

Subtotal - Gross Profit

3,198,736,256

4,843,711,056

1,881,773,330

2,768,660,433

Selling Expenses (1)

(1,689,900,104)

(2,373,243,937)

(769,042,490)

(1,251,396,368)

Administrative Expenses (1)

(1,615,731,066)

(2,065,164,133)

(775,070,207)

(1,116,259,674)

Other Income and Expenses, net

(221,395,687)

(29,745,229)

8,735,977

(56,603,878)

Financial Expenses on Debt

(397,425,603)

(505,260,990)

(170,450,164)

(144,320,174)

Gain (Loss) on Net Monetary Position

7,469,487

(170,530,849)

18,227,475

(34,161,344)

Other Financial Results, net

89,221,444

6,031,129

(15,086,259)

(49,841,359)

Financial Results

(300,734,672)

(669,760,710)

(167,308,948)

(228,322,877)

Equity in Earnings from Associates

416,744,305

142,973,270

258,482,335

(14,744,626)

Income (Loss) before Income Tax

(212,280,968)

(151,229,683)

437,569,997

101,333,010

Income Tax

(165,315,063)

(178,532,977)

(153,692,361)

15,836,630

Net Income (Loss) for the Period

(377,596,031)

(329,762,660)

283,877,636

117,169,640

Other Comprehensive Income

Items which can be reclassified to Net Income (Loss)

Variation in Translation Differences of Foreign Operations

(8,113,396)

12,680,119

4,616,977

16,214,550

Other Comprehensive Income (Loss) for the Period

(8,113,396)

12,680,119

4,616,977

16,214,550

TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD

(385,709,427)

(317,082,541)

288,494,613

133,384,190

(Loss) Income Attributable to:

Shareholders of the Parent Company

(230,098,643)

(248,448,596)

327,637,547

97,226,019

Non-Controlling Interests

(147,497,388)

(81,314,064)

(43,759,911)

19,943,621

Total Comprehensive Income (Loss) Attributable to:

Shareholders of the Parent Company

(238,212,039)

(249,081,060)

332,254,524

95,326,091

Non-Controlling Interests

(147,497,388)

(68,001,481)

(43,759,911)

38,058,099

Basic and Diluted Net Income (Loss) per Share

(2.15)

(2.33)

3.07

0.91

 

(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 591,700,050 and $ 673,433,704 for the six-month periods ended June 30, 2020 and 2019, respectively.

 

 

 

 

 

 

The accompanying 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 June 30th, available at http://www.grupoclarin.com/ir.

 

 

GRUPO CLARÍN S.A.

CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2020 AND DECEMBER 31, 2019

In Argentine Pesos (Ps.)

 

June 30, 2020

December 31, 2019

ASSETS

NON-CURRENT ASSETS

Property, Plant and Equipment

6,185,382,174

6,328,714,203

Intangible Assets

429,588,111

481,591,178

Goodwill

804,440,475

1,057,810,986

Deferred Tax Assets

692,506,375

560,325,040

Investments in Unconsolidated Affiliates

2,206,738,498

1,888,785,498

Right-of-Use Assets

78,672,262

106,914,046

Inventories

57,961,819

20,421,504

Other Assets

37,905,963

38,904,707

Other Receivables

128,549,139

298,718,937

Trade Receivables

54,740,104

47,437,045

Total Non-Current Assets

10,676,484,920

10,829,623,144

CURRENT ASSETS

Inventories

1,104,714,508

1,490,618,661

Other Assets

102,295,595

135,296,258

Other Receivables

1,945,724,657

1,739,973,811

Trade Receivables

5,787,190,976

6,589,924,509

Other Investments

792,499,653

802,716,084

Cash and Banks

1,545,922,588

1,710,387,946

Total Current Assets

11,278,347,977

12,468,917,269

Total Assets

21,954,832,897

23,298,540,413

EQUITY (as per the corresponding statement)

Attributable to Shareholders of the Parent Company

Shareholders' Contribution

10,390,334,704

12,102,551,721

Other Items

18,241,274

26,354,670

Retained Earnings

1,016,032,550

(466,085,824)

Total Attributable to Shareholders of the Parent Company

11,424,608,528

11,662,820,567

Attributable to Non-Controlling Interests

87,110,335

234,607,723

Total Equity

11,511,718,863

11,897,428,290

LIABILITIES

NON-CURRENT LIABILITIES

Provisions and Other Charges

844,501,182

905,565,315

Financial Debt

1,191,334,996

1,021,384,045

Deferred Tax Liabilities

346,364,562

320,421,168

Taxes Payable

21,925,559

32,873,156

Lease Liabilities

17,493,025

30,178,693

Other Liabilities

214,845,004

207,970,519

Trade and Other Payables

51,316,743

76,852,585

Total Non-Current Liabilities

2,687,781,071

2,595,245,481

CURRENT LIABILITIES

Financial Debt

391,209,679

1,104,315,322

Taxes Payable

330,355,926

598,346,250

Lease Liabilities

65,717,159

76,458,379

Other Liabilities

845,547,893

925,478,774

Trade and Other Payables

6,122,502,306

6,101,267,917

Total Current Liabilities

7,755,332,963

8,805,866,642

Total Liabilities

10,443,114,034

11,401,112,123

Total Equity and Liabilities

21,954,832,897

23,298,540,413

 

 

 

The notes are an integral part of these consolidated financial statements.

 

 

 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 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

4,161,171,443

7,834,604,274

12,102,551,721

161,082,897

(134,728,227)

-

1,246,131,193

(1,712,217,017)

11,662,820,567

234,607,723

11,897,428,290

Reversal of Additional Paid-in Capital(Note 9.a)

(1,712,217,017)

(1,712,217,017)

-

-

-

-

1,712,217,017

-

-

-

Net Income (Loss) for the Period

-

-

-

-

-

-

-

-

(230,098,643)

(230,098,643)

(147,497,388)

(377,596,031)

Other Comprehensive Income:

Variation in Translation Differences of Foreign Operations

-

-

-

-

(8,113,396)

-

-

-

-

(8,113,396)

-

(8,113,396)

Balances as of June 30, 2020

(1) 106,776,004

4,161,171,443

6,122,387,257

10,390,334,704

152,969,501

(134,728,227)

-

(2) 1,246,131,193

(230,098,643)

11,424,608,528

87,110,335

11,511,718,863

Balances as of January 1, 2019

106,776,004

4,161,171,443

10,036,476,279

14,304,423,726

160,284,958

(134,728,227)

142,890,925

10,469,241,867

(11,567,873,604)

13,374,239,645

213,056,847

13,587,296,492

Reversal of Reserves and Additional Paid-in capital

-

-

(2,201,872,005)

(2,201,872,005)

-

-

(142,890,925)

(9,223,110,674)

11,567,873,604

-

-

-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-

-

-

-

-

-

-

(11,892,306)

(11,892,306)

Net Income (Loss) for the Period

-

-

-

-

-

-

-

-

(248,448,596)

(248,448,596)

(81,314,064)

(329,762,660)

Other Comprehensive Income:

Variation in Translation Differences of Foreign Operations

-

-

-

-

(632,464)

-

-

-

-

(632,464)

13,312,583

12,680,119

Balances as of June 30, 2019

(1) 106,776,004

4,161,171,443

7,834,604,274

12,102,551,721

159,652,494

(134,728,227)

-

1,246,131,193

(248,448,596)

13,125,158,585

133,163,060

13,258,321,645

 

 

(1) Includes 1,485 treasury shares. See Note 12 to the separate financial statements.

(2) Corresponds to Judicial Reserve for Future Dividends Distribution

 

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

GRUPO CLARÍN S.A.CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2020 AND 2019In Argentine Pesos (Ps.)

 

 

June 30, 2020

June 30, 2019

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES

Net Income (Loss) for the Period

(377,596,031)

(329,762,660)

Income Tax

165,315,063

178,532,977

Accrued Interest, net

148,385,206

260,357,573

Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities:

Depreciation of Property, Plant and Equipment

391,672,201

404,637,222

Amortization of Intangible Assets and Film Library

152,703,355

199,223,711

Amortization of Right-of-Use Assets

47,324,494

69,572,771

Net Allowances

186,287,777

233,097,993

Financial Income, except Interest

6,669,792

(21,339,205)

Gain (Loss) on Net Monetary Position

(7,469,487)

170,530,849

Equity in Earnings from Associates

(416,744,305)

(142,973,270)

Impairment of Goodwill

253,370,511

92,860,292

Other Income and Expenses

(15,773,532)

-

Changes in Assets and Liabilities:

Trade Receivables

(205,818,794)

(931,904,343)

Other Receivables

(275,319,755)

(644,765,618)

Inventories

267,189,849

(275,561,532)

Other Assets

33,547,018

(99,883,212)

Trade and Other Payables

942,628,067

1,205,221,733

Taxes Payable

(233,535,615)

(192,681,164)

Other Liabilities

62,882,503

580,483,843

 

Provisions

(63,589,874)

(30,875,044)

 

Payments of Income tax

(267,542,921)

(130,479,328)

 

 

Net Cash Flows provided by Operating Activities

794,585,522

594,293,588

 

 

CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES

 

Payments for Acquisition of Property, Plant and Equipment

(250,306,449)

(431,823,328)

 

Payments for Acquisition of Intangible Assets

(96,528,667)

(51,546,493)

 

Capital Contributions in Associates

-

(183,299)

 

Proceeds from Sale of Property, Plant and Equipment

9,586,545

-

 

Proceeds from Sale of Intangible Assets

-

24,622,512

 

Collection of granted loans

19,086,198

-

 

Proceeds from Sale of Other Assets

1,475,245

-

 

Dividends Collected

1,500,000

5,107,511

 

Transactions with Notes, Bonds and Other Placements, Net

84,891,348

70,316,407

 

 

Net Cash Flows used in Investing Activities

(230,295,780)

(383,506,690)

 

 

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES

 

Loans Obtained

638,398,739

1,268,904,650

 

Payment of Financial Debt

(1,129,392,417)

(1,031,415,764)

 

Payment of Interest

(178,021,292)

(347,147,868)

 

Payment of Lease Liabilities

(40,050,018)

(80,795,031)

 

Payments to Non-Controlling Interests, net

-

(11,892,306)

 

 

Net Cash Flows used in Financing Activities

(709,064,988)

(202,346,319)

 

 

FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS

(29,830,821)

(129,247,700)

 

 

Net Decrease in Cash Flow

(174,606,067)

 

(120,807,121)

 

Cash and Cash Equivalents at the Beginning of the Year

2,513,028,308

 

2,164,581,912

 

Cash and Cash Equivalents at the End of the Period (Note 2.4)

2,338,422,241

 

2,043,774,791

 

 

 

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

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