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First Quarter 2019 Results (1Q19)

24 May 2019 07:40

RNS Number : 1048A
Grupo Clarin S.A.
24 May 2019
 

Grupo Clarín Announces First Quarter 2019 Results (1Q19)

 

Buenos Aires, Argentina, May 23, 2019 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first quarter 2019 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards(*) ("IFRS") as of March 31, 2019, 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 (1Q19 vs.1Q18):

§ Total Revenues reached Ps. 4,108.7 million, a decrease of 17.7% compared to 1Q18, mainly due to lower advertising revenues in the Broadcasting and Programming and the Printing and Publishing segments.

§ Adjusted EBITDA (1) reached Ps. 241.4 million, a decrease of 4.6% compared to 1Q18, mainly driven by a lower EBITDA in the Digital Content and Other segment.

§ Grupo Clarín's Adjusted EBITDA Margin (2) was 5.9% in March 2019, compared to 5.1% in 1Q18.

§ Income for the period totaled Ps. (285.9) million, a decrease compared to Ps. (63.7) million reported in 1Q18. Income for the period attributable to Equity Shareholders amounted Ps (221.1) million in March 2019 from Ps. (35.5) million in 1Q18, a decrease of 522.0%.

 

FINANCIAL HIGHLIGHTS

(millions of Ps))

1Q19

1Q18

% Ch.

Total Revenues

 4,108.7

 4,993.5

 (17.7%)

Adjusted EBITDA (1)

 241.4

 253.0

 (4.6%)

Adjusted EBITDA Margin (2)

5.9%

5.1%

 16.0%

Income for the period

 (285.9)

 (63.7)

 (349.1% )

Attributable to:

Equity Shareholders

 (221.1)

 (35.5)

(522.0%)

Non-Controlling Interests

 (64.8)

 (28.1)

(130.4% )

 

(1) We define Adjusted EBITDA is defined in this report 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. 4,108.7 million, a decrease of 17.7% from Ps. 4,993.5 million in 1Q18. Advertising revenues decreased by 20% in real terms, mainly due to the decline of Argentine GDP during the first quarter of the year, affecting overall advertising investment.

 

Following is a breakdown of Total Revenues by business segment:

 

REVENUES

(In millions of Ps.)

1Q19

1Q18

YoY

1Q19 ex IAS 29

IAS 29 Adjustment

1Q19 as reported

1Q18 ex IAS 29

IAS 29 Adjustment

1Q18 as reported

Printing and Publishing

2,119.3

2,600.0

 (18.5%)

2,031.6

87.6

2,119.3

1,603.4

996.6

2,600.0

Broadcasting and Programming

1,638.4

1,915.7

 (14.5%)

1,570.6

67.8

1,638.4

1,166.4

749.3

1,915.7

Digital Content and Others

670.1

806.9

 (17.0%)

642.4

27.7

670.1

509.5

297.3

806.9

Subtotal

4,427.8

5,322.6

 (16.8%)

4,244.6

183.1

4,427.8

3,279.3

2,043.3

5,322.6

Eliminations

 (319.1)

 (329.1)

 (3.0%)

(1,093.9)

 (194.0)

 (1,287.9)

 (206.0)

 (123.1)

 (329.1)

Total

4,108.7

4,993.5

 (17.7%)

3,150.7

 (10.9)

3,139.9

3,073.3

1,920.2

4,993.5

 

Cost of sales (excluding Depreciation and Amortization) reached Ps. 2,590.9 million, a decrease of 20.4%, compared to the Ps. 3,254.0 million reported in 1Q18. This was due to lower costs across all business segments, mainly in the Printing and Publishing segment, resulting from lower severance payments, lower salaries and printing costs.

 

Selling and Administrative Expenses (excluding Depreciation and Amortization) reached Ps. 1,276.4 million, a decrease of 14.1% compared to the Ps. 1,486.5 million in 1Q18. This decline was mainly the result of lower fees for services and salaries in the Printing and Publishing segment.

 

Adjusted EBITDA reached Ps. 241.4 million, decreasing by 4.6% from Ps. 253.0 million reported for 1Q18. This result was driven by lower EBITDA in the Digital Content and Other segment, and was partially offset by higher EBITDA in the Printing and Publishing segment.

 

Following is a breakdown of Adjusted EBITDA by business segment:

 

ADJUSTED EBITDA

(In millions of Ps.)

1Q19

1Q18

YoY

1Q19 ex IAS 29

IAS 29 Adjustment

1Q19as reported

1Q18 ex IAS 29

IAS 29 Adjustment

1Q18as reported

Printing and Publishing

45.5

 (35.6)

228%

43.6

1.9

45.5

 (35.0)

 (0.6)

 (35.6)

Broadcasting and Programming

230.8

250.2

 (7.7%)

221.3

9.5

230.8

114.3

135.9

250.2

Digital Content and Others

 (34.9)

38.4

 (191.0%)

 (33.5)

 (1.4)

 (34.9)

25.0

13.4

38.4

Total

241.4

253.0

 (4.6%)

231.4

10.0

241.4

104.3

148.7

253.0

Financial results net totaled Ps. (282.4) million compared to Ps. (278.3) million in 1Q18. This higher negative result was mainly due to the impact of the peso depreciation with regards to dollar-denominated debt.

 

Equity in earnings from unconsolidated affiliates in 2018 totaled Ps. 100.9 million, compared to Ps. 129.4 million in 1Q18.

 

Other Income (expenses), net reached Ps. 17.2 million, compared to Ps. 24.0 million in 1Q18.

 

Income tax as of 2018 reached Ps. (124.3) million, from Ps. 4.7 million in 1Q18.

 

Income for the period totaled Ps. (285.9) million, a decrease of 349.1% from Ps. (63.7) million reported in 1Q18. This was mainly due to lower results in the Digital Content & Other segment and lower EBITDA in the Broadcasting and Programming segment. Equity Shareholders Income for the period amounted Ps.-(221.1) million, a decrease of 522.0% YoY.

 

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 170.9 million in 1Q19, an increase of 60.2% from Ps. 106.7 million reported in 1Q18. Of total CAPEX for 1Q19, 79.2% was allocated towards the Broadcasting and Programming segment, 20.1% to the Printing and Publishing segment and the remaining 0.7% to other activities.

 

Debt profile (1): Debt coverage ratio for the period ended March 31, 2019 was 1.5x and the Net Debt at the end of this period totaled Ps. (34.7) 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 - MARCH 2019

 

(millions of Ps.in constant Currency as of March 31, 2019)

Printing & Publishing

Broadcasting

& Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

622.4

1,015.6

42.8

(94.4)

 1,586.4

38.6%

Circulation

1,332.3

-

-

-

 1,332.3

32.4%

Printing

46.0

-

-

(1.3)

 44.7

1.1%

Programming

-

 516,2

-

 -

 516.2

12.6%

Other Sales

 

118.6

106.6

627.3

(223.4)

 629.2

15.3%

Total Sales

 2,119.3

 1,638.4

 670.1

 (319.1)

 4,108.7

100.0%

 

SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2018

 

(In millions of Ps.)

Printing & Publishing

Broadcasting & Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

 794.0

 1,244.0

 60.0

 (106.4)

 1,991.7

39.9%

Circulation

 1,541.6

-

-

 -

 1,541.6

30.9%

Printing

 67.8

-

-

 (1.0)

 66.8

1.3%

Programming

-

 571.5

-

 -

 571.5

11.4%

Other Sales

 

 196.6

 100.2

 746.8

 (221.7)

 821.9

16.5%

Total Sales

 2,600.0 196.6

 1,915.7  100.2

 806.9  746.8

 (329.1)

 4,993.5 821.9

100.0%

 

 

RESULTS BY BUSINESS SEGMENT

 

BROADCASTING AND PROGRAMMING

 

Revenues

Revenues decreased by 14.5% to Ps. 1,638.4 million in 1Q19, compared to Ps. 1,915.7 million in 1Q18. This was due to lower advertising revenues in constant pesos as of March 2019 in Channel 13 and Radio Mitre.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales decreased by 15.0% to Ps. 1,040.0 million in 1Q19, compared to Ps. 1,223.6 million in 1Q18. The decrease was mainly caused by a higher effect of restatement in salaries and production cost for 1Q18 versus 1Q19.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses decreased by 16.8% to Ps. 367.6 million in 1Q19, compared to Ps. 441.9 million in 1Q18. The decline was primarily the result of the greater effect of the restatement of the salaries, marketing expenses and fees for services of 1Q18 versus 1Q19, in order to be expressed in homogeneous currency as of March 31, 2019.

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 5.9% to Ps. 84.0 million in 1Q19 compared to Ps. 79.3 million reported in 1Q18.

 

PRINTING AND PUBLISHING

 

Revenues

Total revenues decreased by -18.5% to Ps. 2,119.3 million in 1Q19, mainly as a result of lower advertising revenues in real terms (inflation was 54.7% from 1Q18 to 1Q19 while advertising revenues in current pesos increased by approximately 9%).

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales decreased by 26.0% to Ps. 1,187.4 million in 1Q19, compared to Ps. 1,604.4 million in 1Q18. The decrease was mainly the result of lower severance payment, salaries and printing costs caused by the greater effect of the restatement for 1Q18.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses decreased by 14.0% to Ps. 886.4 million in 1Q19, compared to the Ps. 1,031.3 million reported in 1Q18. This was primarily the result of lower salaries and fees for services, due to the IAS 29 (inflation) adjustment effect in 1Q18.

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 10.2% to Ps. 107.3 million in 1Q19 compared to Ps. 97.4 million in 1Q18.

 

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.

 

During this period, total revenues decreased by 17.0% to Ps. 670.1 milion, from Ps. 806.9 million reported in 1Q18, due to lower sales in digital content and lower revenues from Gestión Compartida. EBITDA reached Ps. (34.9) million.

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

PRINTING AND PUBLISHING

1Q19

1Q18

YoY

4Q18

QoQ

Circulation (1)

 228.2

 228.9

 0.3%

 232.0

 (1.6%)

Circulation share % (2)

39.3%

39.3%

 0.0%

39.2%

 0.3%

Advertising share %(3)

56.2%

57.4%

 (2.2%)

54.0%

 4.1%

 

(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

1Q19

1Q18

YoY

4Q18

QoQ

Advertising Share % (1)

35.7%

38.3%

 (6.8%)

40.1%

 (10.9%)

Audience Share % (2)

Prime Time

35.2%

37.0%

 (5.1%)

33.9%

 3.8%

Total Time

32.9%

32.9%

 (0.3%)

32.7%

 0.6%

 

(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

1Q19

1Q18

 

YoY

Page Views (1)

1,113.5

1,102.60

1.0%

Mobile page Views

779.2

689.4

13.0%

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

 

DEBT AND LIQUIDITY

 

(In millions of Ps.)

March

2019

March

2018

% Change

Short Term and Long Term Debt

Current Financial Debt

 1,288.0

 616.1

 109.0%

Financial loans

 766.1

 364.5

 110.2%

Accrued interest

 19.4

 18.2

 6.3%

Acquisition of equipment

 5.9

 7.1

 (16.5%)

Sellers Financing Capital

 -

 -

 NA

Related Parties Capital

 9.3

 -

 NA

Bank overdraft

 481.2

 226.3

 112.6%

Non-Current Financial Debt

 167.3

 553.2

 (69.8%)

Financial loans

 163.8

 540.3

 (69.7%)

Acquisition of equipment

 3.5

 1.5

 141.9%

Related Parties Capital

 -

 6.8

 (100.0%)

Total Financial Debt (A)

 1,455.3

 1,169.3

 24.5%

Cash and Cash Equivalents (B)

 1,490.0

 1,361.8

 9.4%

Net Debt (A) - (B)

 (34.7)

 (192.5)

 82.0%

Net Debt/Adjusted Ebitda (1)

(0.04x)

(0.46x)

 (92.2%)

 

Total Financial Debt(1) and Net Debt, increased from Ps. 1,169.3 million to Ps. 1,455.3 million and from Ps. (192.5) million to Ps. (34.7) million respectively. This represents a 24.5% increase in the Total Debt.

 

Debt coverage ratio (1) as of March 31, 2019 was (0.04x) in the case of Net Debt and of 1.5x 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 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)

 

38.5

GCLA (LSE) Price per GDS (USD)

 2.10

Total Shares

106,776,004

Total GDSs

53,388,002

Market Value (USD MM)

 112.1

Closing Price

May 23, 2019

 

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 2019 Results

 

Date: Friday, May 24, 2019

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 1Q19 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla190514hISQECsn.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: 33051018

 

The webcast presentation will be archived at http://www.grupoclarin.com.ar/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 THREE-MONTH PERIODS ENDED MARCH 31, 2019 AND 2018

(Amounts stated in Argentine Pesos)

 

March 31, 2019

March 31, 2018

Revenues

4,108,671,626

4,993,476,599

Cost of Sales (1)

(2,781,323,224)

(3,415,208,365)

Subtotal - Gross Profit

1,327,348,402

1,578,268,234

Selling Expenses (1)

(717,612,651)

(787,135,393)

Administrative Expenses (1)

(606,986,068)

(734,535,479)

Other Income and Expenses, net

17,180,682

23,957,323

Financial Costs

(230,883,145)

(143,381,110)

Gain (Loss) on Net Monetary Position

(87,231,532)

(73,941,734)

Other Financial Results, net

35,739,975

(60,960,208)

Financial Results

(282,374,702)

(278,283,052)

Equity in Earnings from Associates

100,887,465

129,359,380

Income before Income Tax and Tax on Assets

(161,556,872)

(68,368,987)

Income Tax and Tax on Assets

(124,332,478)

4,704,340

Net income for the period

(285,889,350)

(63,664,647)

Other Comprehensive Income

Items which can be reclassified to net income

Variation in Translation Differences of Foreign Operations

(2,260,871)

4,699,869

Other Comprehensive Income for the period

(2,260,871)

4,699,869

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

(288,150,221)

(58,964,778)

(Loss) Income Attributable to:

Shareholders of the Parent Company

(221,117,809)

(35,547,770)

Non-Controlling Interests

(64,771,541)

(28,116,877)

Total Comprehensive Income Attributable to:

Shareholders of the Parent Company

(220,307,050)

(30,847,901)

Non-Controlling Interests

(67,843,171)

(28,116,877)

Basic and Diluted Net Income (Loss) per Share

(2.07)

(0.33)

 

(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 238,668,641 and $ 196,408,532 for the three-month periods ended March 31, 2019 and 2018, respectively.

 

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of March 31st , 2019, available at http://www.grupoclarin.com/ir.

 

 

 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 2019 AND DECEMBER 31, 2018

 (Amounts stated in Argentine Pesos)

 

 

March 31, 2019

December 31, 2018

ASSETS

NON-CURRENT ASSETS

Property, Plant and Equipment

4,082,762,576

4,038,331,582

Intangible Assets

468,449,631

534,291,725

Goodwill

724,756,527

724,756,527

Deferred Tax Assets

240,740,505

321,890,669

Investments in Unconsolidated Affiliates

1,255,778,178

1,156,683,905

Right-of-Use Assets

112,477,637

-

Inventories

16,195,755

25,624,986

Other Assets

17,278,376

17,288,994

Other Receivables

241,008,132

276,375,603

Trade Receivables

63,291,865

84,066,397

Total Non-Current Assets

7,222,739,182

7,179,310,388

CURRENT ASSETS

Inventories

1,631,138,637

1,315,987,006

Other Assets

95,573,467

88,498,692

Other Receivables

1,223,957,880

1,056,500,363

Trade Receivables

5,267,804,180

5,962,090,996

Other Investments

841,435,886

817,160,046

Cash and Banks

648,586,196

608,767,183

Total Current Assets

9,708,496,246

9,849,004,286

Total Assets

16,931,235,428

17,028,314,674

EQUITY (as per the corresponding statement)

Attributable to Shareholders of the Parent Company

Shareholders' Contribution

9,150,116,028

9,150,116,028

Other Items

17,158,643

16,347,884

Retained Earnings

(832,476,889)

(611,359,080)

Total Attributable to Shareholders of the Parent Company

8,334,797,782

8,555,104,832

Attributable to Non-Controlling Interests

60,826,318

136,286,151

Total Equity

8,395,624,100

8,691,390,983

LIABILITIES

NON-CURRENT LIABILITIES

Provisions and Other Charges

486,385,019

515,554,726

Financial Debt

167,325,378

177,915,344

Deferred Tax Liabilities

189,594,328

217,806,001

Taxes Payable

38,005,816

47,777,929

Lease Liabilities

40,038,876

-

Other Liabilities

137,225,554

135,406,562

Trade and Other Payables

67,094,218

82,136,710

Total Non-Current Liabilities

1,125,669,189

1,176,597,272

CURRENT LIABILITIES

Financial Debt

1,287,965,256

1,132,934,866

Taxes Payable

274,155,981

312,812,425

Lease Liabilities

72,421,532

-

Other Liabilities

798,713,083

596,187,791

Trade and Other Payables

4,976,686,287

5,118,391,337

Total Current Liabilities

7,409,942,139

7,160,326,419

Total Liabilities

8,535,611,328

8,336,923,691

Total Equity and Liabilities

16,931,235,428

17,028,314,674

 

 

 

 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED March 31, 2019 AND 2018

(Amounts stated 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, 2019

106,776,004

2,623,303,523

6,420,036,501

9,150,116,028

102,529,539

(86,181,655)

91,403,092

6,696,863,826

(7,399,625,998)

8,555,104,832

136,286,151

8,691,390,983

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-

-

-

-

-

-

-

(7,616,662)

(7,616,662)

Net income for the period

-

-

-

-

-

-

-

-

(221,117,809)

(221,117,809)

(64,771,541)

(285,889,350)

Other Comprehensive Income:

Variation in Translation Differences of Foreign Operations

-

-

-

-

810,759

-

-

-

-

810,759

(3,071,630)

(2,260,871)

Balances as of March 31, 2019

(1) 106,776,004

2,623,303,523

6,420,036,501

9,150,116,028

103,340,298

(86,181,655)

91,403,092

(2) 6,696,863,826

(7,620,743,807)

8,334,797,782

60,826,318

8,395,624,100

Balances as of January 1, 2018

106,776,004

2,623,303,523

6,420,036,501

9,150,116,028

93,287,963

(122,444,508)

91,403,092

5,291,200,397

(5,013,960,510)

9,489,602,462

234,396,091

9,723,998,553

Change of Accounting Policy (3)

-

-

-

-

-

-

-

-

(23,196,867)

(23,196,867)

-

(23,196,867)

Balances as of January 1, 2018, restated

106,776,004

2,623,303,523

6,420,036,501

9,150,116,028

93,287,963

(122,444,508)

91,403,092

5,291,200,397

(5,037,157,377)

9,466,405,595

234,396,091

9,700,801,686

Net income for the period

-

-

-

-

-

-

-

-

(35,547,770)

(35,547,770)

(28,116,877)

(63,664,647)

Other Comprehensive Income:

Variation in Translation Differences of Foreign Operations

-

-

-

-

4,699,869

-

4,699,869

 -

 4,699,869

Balances as of March 31, 2018

106,776,004

2,623,303,523

6,420,036,501

9,150,116,028

97,987,832

(122,444,508)

91,403,092

 5,291,200,397

(5,072,705,147)

 9,435,557,694

206,279,214

9,641,836,908

 

(1) Includes 1,485 treasury shares. See Note 15 to the separate financial statements.

(2) Broken down as follows: (i) Voluntary reserve for future dividends of $ 2,537,418,908; (ii) Judicial reserve for future dividend distribution of $ 797,113,202, (iii) Voluntary reserve for illiquidity of results of $ 1,359,324,224, (iv) Voluntary reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of $ 952,035,008, and (v) Voluntary reserve to ensure the liquidity of the Company and its subsidiaries of $ 1,050,972,484.

(3) Corresponds to the effect of the initial application of IFRS 9, mentioned in Note 2.3 to the Company's annual consolidated financial statements as of December 31, 2018.

 

 

 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2019 AND 2018

 (Amounts stated in Argentine Pesos)

 

 

March 31, 2019

March 31, 2018

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES

Net income for the period

(285,889,350)

(63,664,647)

Income Tax and Tax on Assets

124,332,478

(4,704,340)

Accrued Interest, net

74,242,106

81,012,578

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

Depreciation of Property, Plant and Equipment

134,278,721

139,983,456

Amortization of Intangible Assets and Film Library

81,883,355

56,425,076

Amortization of Right-of-Use Assets

22,506,565

-

Net allowances

40,523,214

61,908,068

Financial Income, except interest

60,417,151

18,571,120

Gain (Loss) on Net Monetary Position

87,231,532

73,941,734

Equity in Earnings from Associates

(100,887,465)

(129,359,380)

Changes in Assets and Liabilities:

Trade Receivables

20,532,189

223,305,613

Other Receivables

(330,168,458)

(237,555,589)

Inventories

(364,398,577)

(214,134,890)

Other Assets

(6,751,226)

51,017,035

Trade and Other Payables

507,389,256

206,439,754

Taxes Payable

(48,121,616)

(10,707,220)

Other Liabilities

266,075,636

338,130,742

 

Provisions

(9,436,182)

(7,430,158)

 

Income Tax and Tax on Assets Payments

(37,795,312)

(150,197,147)

 

 

Net Cash Flows provided by Operating Activities

235,964,017

432,981,805

 

 

CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES

 

Payments for Acquisition of Property, Plant and Equipment

(178,709,715)

(168,972,796)

 

Payments for Acquisition of Intangible Assets

(15,855,791)

(29,046,539)

 

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

-

(12,688,261)

 

Transactions with Securities, Bonds and Other Placements, Net

44,979,319

9,865,931

 

 

Net Cash Flows used in Investment Activities

(149,586,187)

(200,841,665)

 

 

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES

 

Loans Obtained

245,179,467

248,920,181

 

Payment of Financial Debt

(39,155,629)

(2,367,976)

 

Payment of Interest

(98,216,223)

(97,574,421)

 

Payments to Non-Controlling Interests, net

(7,616,662)

-

 

Payment for Financial Leases

(27,480,487)

-

 

 

Net Cash Flows provided by Financing Activities

72,710,466

148,977,784

 

 

 

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

(53,752,213)

(10,406,418)

 

 

Net Increase in Cash Flow

105,336,083

 

370,711,506

 

Cash and Cash Equivalents at the Beginning of the Year

1,384,618,913

 

1,736,428,271

 

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

1,489,954,996

 

2,107,139,777

 

 

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
 
 
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