13 May 2021 14:07
Grupo Clarín Announces its First Quarter 2021 Results
Buenos Aires, Argentina, May 13, 2021 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its First quarter 2021 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of March 31, 2021 and are stated in Argentine Pesos ("Ps"), unless otherwise indicated.
(*) The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the financial statements.
Highlights (1Q21 vs. 1Q20):
§ Total Revenues reached Ps. 6,885.9 million, a decrease of 5.6% compared to 1Q20, mainly due to lower programming revenues in the Broadcasting and Programming segment (partially offset by higher advertising revenues), the un-consolidation of the postal business and lower circulation revenues in the Printing and Publishing segment.
§ Adjusted EBITDA (1) reached Ps. 1,304.0 million, compared to (185.7) for 1Q20, mainly driven higher revenues with lower costs in the Broadcasting and Programming segment, and by costs reductions in real terms greater than the decrease in revenues in Printing and Publishing.
§ Grupo Clarín's Adjusted EBITDA Margin (2) was 18.9% in 1Q21, compared to (2.5%) in 1Q20.
§ Net Income for the period totaled Ps. 669.5 million, compared to a loss of Ps. 895.5 million reported in 1Q20. Net Income for the period attributable to Equity Shareholders amounted Ps 680.9 million in 1Q21 from a loss of Ps. 755.0 million in 1Q20.
FINANCIAL HIGHLIGHTS
| (In millions of Ps.) | 1Q21 | 1Q20 | % Ch. | 4Q20 | QoQ | |
Total Revenues | 6,885.9 | 7,297.9 | (5.6%) | 8,871.0 | (22.4%) | ||
Adjusted EBITDA (1) | 1,304.0 | (185.7) | (802.2%) | 1,950.4 | (33.1%) | ||
Adjusted EBITDA Margin (2) | 18.9% | (2.5%) | (844.2%) | 22.0% | (13.9%) | ||
Net Income for the period | 669.5 | (895.5) | (174.8%) | 586.1 | 14.2% | ||
Attributable to: | |||||||
Equity Shareholders | 680.9 | (755.0) | (190.2%) | 581.3 | 17.1% | ||
Non-Controlling Interests | (11.3) | (140.4) | (91.9%) | 4.8 | (334.0%) | ||
(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. 6,885.9 million, a decrease of 5.6% from Ps. 7,297.9 million in 1Q20. Advertising revenues increased 8.8% and represented around 40.3% of the Total Revenues of the Company. Circulation revenues decreased 10.6% and represented 29.6% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES (In millions of Ps.) | 1Q21 | 1Q20 | YoY | 4Q20 | QoQ |
Printing and Publishing | 3,408.7 | 3,688.9 | (7.6%) | 3,739.0 | (8.8%) |
Broadcasting and Programming | 3,479.4 | 3,259.7 | 6.7% | 4,854.8 | (28.3%) |
Others | 702.7 | 789.6 | (11.0%) | 634.8 | 10.7% |
Subtotal | 7,590.8 | 7,738.2 | (1.9%) | 9,228.5 | (17.7%) |
Eliminations | (704.9) | (440.3) | 60.1% | (357.6) | 97.1% |
Total | 6,885.9 | 7,297.9 | (5.6%) | 8,871.0 | (22.4%) |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 3,682.2 million, a decrease of 28.8% from Ps. 5,170.3 million reported in 1Q20 due to lower costs across all business segments, mainly related to lower programing costs in Broadcasting and Programing and lower salaries.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 1,899.8 million, a decrease of 17.9% from Ps. 2,313.3 million in 1Q20. This decrease was mainly due to lower expenses in Printing and Publishing.
Adjusted EBITDA reached Ps. 1,304.0 million, an increase of 802.2% from Ps. (185.7) million reported for 1Q20. This increase was driven by higher advertising revenues in Broadcasting and Programming and costs reduction initiatives across all segments to accompany the reduction in revenues derived from the impact of the COVID - 19 pandemic.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) | 1Q21 | 1Q20 | YoY | 4Q20 | QoQ |
Printing and Publishing | 337.2 | (126.4) | (366.7%) | 401.3 | (16.0%) |
Broadcasting and Programming | 895.2 | (56.8) | (1676.2%) | 1,670.3 | (46.4%) |
Others | 71.6 | (2.5) | (2981.5%) | (121.2) | (159.1%) |
Total | 1,304.0 | (185.7) | (802.2%) | 1,950.4 | (33.1%) |
Financial results net totaled Ps. (537.6) million compared to Ps. (180.6) million in 1Q20. This increase was mainly due to higher negative inflation adjustment results and negative result of operations with notes and bonds compared to a gain in 2020.
Equity in earnings from unconsolidated affiliates in 1Q21 totaled Ps. 249.7 million, compared to Ps. 214.2 million in 1Q20.
Other Income (expenses), net reached Ps. 8.2 million, compared to Ps. (311.5) million in 1Q20, mainly from impairment of Goodwill in 2020.
Income tax as of 1Q21 reached Ps. (34.3) million, from Ps. Ps. (15.7) million in 1Q20.
Profit for the period totaled Ps. 669.5 million, from a loss of Ps. 895.5 million reported in 1Q20. The Equity Shareholders Profit for the period amounted Ps. 680.9 million, compared to a loss of 755.0 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 181.6 million in 1Q21, a decrease of 20.3% from Ps. 227.8 million reported in 1Q20. Out of the total CAPEX in 1Q21, 88.5% was allocated towards the Broadcasting and Programming segment, 10.0% to the Printing and Publishing segment and the remaining 1.5% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2021
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Others | Eliminations | Total | % |
Advertising | 784.6 | 2,031.6 | 17.2 | (60.9) | 2,772.6 | 40.3% |
Circulation | 2,040.4 | - | - | - | 2,040.4 | 29.6% |
Printing | 193.8 | - | - | (40.4) | 153.4 | 2.2% |
Programming | - | 1,313.7 | - | - | 1,313.7 | 19.1% |
Other Sales
| 389.8 | 134.0 | 685.5 | (603.6) | 605.8 | 8.8% |
Total Sales | 3,408.7 | 3,479.4 | 702.7 | (704.9) | 6,885.9 | 100.0% |
SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2020
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Others | Eliminations | Total | % |
Advertising | 877.0 | 1,680.1 | 65.7 | (74.4) | 2,548.3 | 34.9% |
Circulation | 2,282.8 | - | - | - | 2,282.8 | 31.3% |
Printing | 160.0 | - | - | (10.0) | 150.0 | 2.1% |
Programming | - | 1,561.9 | - | - | 1,561.9 | 21.4% |
Other Sales
| 369.1 | 17.8 | 723.9 | (355.9) | 754.9 | 10.3% |
Total Sales | 3,688.9 | 3,259.7 | 789.6 | (440.3) | 7,297.9 | 100.0% |
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues increased by 6.7% to Ps. 3,479.4 million in 1Q21, compared to Ps. 3,259.7 million in 1Q20 mainly due to higher revenues in motoring events and higher advertising revenues, partially offset by lower programming revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 29.6% to Ps. 1,814.9 million in 1Q21, compared to Ps. 2,577.5 million in 1Q20. This is mainly attributable to lower programming costs in Channel 13.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses increased by 4.1% to Ps. 769.2 million in 1Q21, compared to Ps. 739.0 million in 1Q20. The increase was primarily the result of higher salaries.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 13.1% to Ps. 155.2 million in 1Q21 compared to Ps. 178.6 million reported in 1Q20.
PRINTING AND PUBLISHING
Revenues
Total revenues decreased by 7.6% to Ps. 3,408.7 million in 1Q21, mainly as a result of the un-consolidation of the postal business.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 18.6% to Ps. 1,775.4 million in 1Q21, compared to Ps. 2,181.4 million in 1Q20. The decrease was mainly the result of the effect of the un-consolidation of the postal business, lower raw materials consumption and salaries and severance payments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 20.7% to Ps. 1,296.2 million in 1Q21, compared to the Ps. 1,634.0 million reported in 1Q20. This was primarily the result of lower marketing and advertising costs, salaries, distribution costs and fees for services.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 38.9% to Ps. 93.9 million in 1Q21 compared to Ps. 153.6 million in 1Q20.
OTHERS
Total revenues in this segment were driven by administrative and corporate services rendered by the Company and its subsidiary GC Gestión Compartida S.A. to third parties, as well as to other subsidiaries of the Company (which are eliminated in the consolidation). Cost of sales (excluding depreciation and amortization) was mainly the result of salaries and professional consulting fees.
In this period, total revenues decreased 11.0% to Ps. 702.7 from Ps. 789.6 million reported in 1Q20. EBITDA resulted in Ps. 71.6 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
PRINTING AND PUBLISHING
| 1Q21 | 1Q20 | YoY | 4Q20 | QoQ | |||||||
Circulation (1) | 229.4 | 241.9 | -5.2% | 250.4 | -8.4% |
| ||||||
(1) Average number of copies according to IVC (including Diario Clarín and Olé)
BROADCASTING AND PROGRAMMING
| 1Q21 | 1Q20 | YoY | 4Q20 | QoQ | |||||||
Advertising Share % (1) | 35.7% | 36.1% | -1.0% | 35.9% | -0.6% |
| ||||||
Audience Share % (2) |
| |||||||||||
Prime Time | 30.8% | 31.5% | -2.3% | 32.1% | -3.9% |
| ||||||
Total Time | 31.0% | 30.1% | 3.0% | 31.8% | -2.4% |
| ||||||
(1) Company estimates, over ad spend in Ps. In broadcast TV for AMBA region.
(2) Share of broadcast TV audience according to IBOPE for AMBA. Prime Time is defined as Monday through Sunday from 8pm to 12am. Total Time is defined as Monday through Sunday from 12 pm to 12 am.
DIGITAL KPIs
1Q21 | 1Q20 | YoY | 4Q20 | QoQ | |
Page Views (1) | 858.4 | 1,170.2 | -26.6% | 969.5 | -11.5% |
Mobile page Views | 592.7 | 842.9 | -29.7% | 693.3 | -14.5% |
(1) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) | March 2021 | March 2020 | % Change |
Short Term and Long Term Debt | |||
Current Financial Debt | 237.9 | 1,545.9 | (84.6%) |
Financial loans | 64.9 | 770.7 | (91.6%) |
Accrued interest | 18.1 | 34.1 | (46.8%) |
Acquisition of equipment | 24.1 | 18.4 | 30.8% |
Related Parties Accrued Interest
| 10.8 | 12.0 | (9.6%) |
Related Parties Capital | 6.8 | 9.7 | (29.9%) |
Bank overdraft | 113.2 | 701.0 | (83.9%) |
Non-Current Financial Debt | 1,520.1 | 1,557.5 | (2.4%) |
Financial loans | 1,495.6 | 1,536.7 | (2.7%) |
Acquisition of equipment | 24.6 | 20.8 | 18.0% |
Total Financial Debt (A) | 1,758.0 | 3,103.4 | (43.4%) |
Total Short Term and Long Term Debt | 1,758.0 | 3,103.4 | (43.4%) |
Cash and Cash Equivalents (B) | 3,382.8 | 3,314.6 | 2.1% |
Net Debt (A) - (B) | (1,624.8) | (211.2) | 669.5% |
Net Debt/Adjusted Ebitda (1) | (0.32x) | (0.11x) | 175.2% |
Total Financial Debt(1) and Net Debt, decreased 43.4% to Ps. 1,758.0 million from Ps. 3,103.4 million and to Ps. (1,624.8) million from Ps. (211.2) million, respectively.
Debt coverage ratio (1) as of March 31, 2021 was (0.32x) in the case of Net Debt and of 0.34x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Last Twelve Months Adjusted EBITDA. Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.
REVENUES AND EBITDA - IAS 29 Adjustment
REVENUES
(In millions of Ps.) | 1Q21 | 1Q20 | YoY | 1Q21 ex IAS 29 | IAS 29 Adjustment | 1Q21as reported | 1Q20 ex IAS 29 | IAS 29 Adjustment | 1Q20as reported | |
Printing and Publishing | 3,408.7 | 3,688.9 | (7.6%) | 3,267.0 | 141.7 | 3,408.7 | 2,513.8 | 1,175.1 | 3,688.9 | |
Broadcasting and Programming | 3,479.4 | 3,259.7 | 6.7% | 3,334.7 | 144.7 | 3,479.4 | 2,221.3 | 1,038.4 | 3,259.7 | |
Others | 702.7 | 789.6 | (11.0%) | 673.5 | 29.2 | 702.7 | 538.0 | 251.5 | 789.6 | |
Subtotal | 7,590.8 | 7,738.2 | (1.9%) | 7,275.2 | 315.6 | 7,590.8 | 5,273.1 | 2,465.1 | 7,738.2 | |
Eliminations | (704.9) | (440.3) | 60.1% | (675.5) | (29.3) | (704.9) | (300.0) | (140.3) | (440.3) | |
Total | 6,885.9 | 7,297.9 | (5.6%) | 6,599.6 | 286.3 | 6,885.9 | 4,973.1 | 2,324.8 | 7,297.9 | |
EBITDA
(In millions of Ps.) | 1Q21 | 1Q20 | YoY | 1Q21 ex IAS 29 | IAS 29 Adjustment | 1Q21as reported | 1Q20 ex IAS 29 | IAS 29 Adjustment | 1Q20as reported |
Printing and Publishing | 337.2 | (126.4) | (366.7%) | 323.1 | 14.0 | 337.2 | (86.1) | (40.3) | (126.4) |
Broadcasting and Programming | 895.2 | (56.8) | (1676.2%) | 858.0 | 37.2 | 895.2 | (38.7) | (18.1) | (56.8) |
Others | 71.6 | (2.5) | (2981.5%) | 68.6 | 3.0 | 71.6 | (1.7) | (0.8) | (2.5) |
Subtotal | 1,304.0 | (185.7) | (802.2%) | 1,249.8 | 54.2 | 1,304.0 | (126.5) | (59.2) | (185.7) |
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)
| 42.3 |
GCLA (LSE) Price per GDS (USD) | 1.5 |
Total Shares | 106,776,004 |
Total GDSs | 53,388,002 |
Closing Price | May 12, 2021 |
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss First Quarter 2021 Results
Date: Thursday, May 20, 2021
Time: 2:00pm Buenos Aires Time/6:00pm London Time/1:00pm New York Time
The 1Q21 results will be presented via webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla210520LkHjgTj9.html
The webcast presentation will also be available at http://www.grupoclarin.com/ir/
Investor Relations Contacts | ||
In Buenos Aires: | In London: | In New York: |
Samantha Olivieri Valentina López | Alex Money
| Camilla Ferreira and Marcella Ewerton Dragone
|
Grupo Clarín S.A. | Jasford IR | Fig Corporate Communications |
Tel: +54 11 4309 7215 | Tel: +44 20 3289 5300 | Tel: +1 917 691-4047 |
Email: investors@grupoclarin.com | E-mail: alex@jasford.com | E-mail: fig@fig.ooo
|
ABOUT THE COMPANY
Grupo Clarín is the largest media company in Argentina and a leading company in printing and publishing and broadcasting and programming markets. Its flagship newspaper -Diario Clarín- is one of the highest circulation newspapers in Latin America. Grupo Clarín is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age.
Disclaimer
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. Grupo Clarín does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Grupo Clarín's projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
March 31, 2021 | March 31, 2020 | |||
Revenues | 6,885,912,548 | 7,297,937,795 | ||
Cost of Sales (1) | (3,946,031,483) | (5,515,125,133) | ||
Subtotal - Gross Profit | 2,939,881,065 | 1,782,812,662 | ||
Selling Expenses (1) | (911,249,741) | (1,246,592,886) | ||
Administrative Expenses (1) | (1,045,133,996) | (1,138,028,106) | ||
Other Income and Expenses, net | 8,279,734 | (311,536,215) | ||
Financial Expenses on Debt | (167,687,067) | (307,263,537) | ||
Gain (Loss) on Net Monetary Position | (255,114,902) | (14,563,415) | ||
Other Financial Results, net | (114,818,814) | 141,204,502 | ||
Financial Results | (537,620,783) | (180,622,450) | ||
Equity in Earnings from Associates | 249,741,591 | 214,244,030 | ||
Income (Loss) before Income Tax | 703,897,870 | (879,722,965) | ||
Income Tax | (34,325,023) | (15,734,004) | ||
Net Income (Loss) for the Period | 669,572,847 | (895,456,969) | ||
Other Comprehensive Income | ||||
Items which can be reclassified to Net Income (Loss) | ||||
Variation in Translation Differences of Foreign Operations | (6,555,509) | (17,233,492) | ||
Other Comprehensive Income (Loss) for the Period | (6,555,509) | (17,233,492) | ||
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD | 663,017,338 | (912,690,461) | ||
(Loss) Income Attributable to: | ||||
Shareholders of the Parent Company | 680,918,101 | (755,024,399) | ||
Non-Controlling Interests | (11,345,254) | (140,432,570) | ||
Total Comprehensive Income (Loss) Attributable to: | ||||
Shareholders of the Parent Company | 674,379,164 | (772,257,891) | ||
Non-Controlling Interests | (11,361,826) | (140,432,570) | ||
Basic and Diluted Earnings per Share (Note 10) | 6.38 | (7.07) | ||
(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 320,474,455 and $ 416,113,968 for the three-month periods ended March 31, 2021 and 2020, respectively.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of March 31, 2021, available at http://www.grupoclarin.com/ir.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF MARCH 31, 2021 AND DECEMBER 31, 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
March 31, 2021 | December 31, 2020 | ||
ASSETS | |||
NON-CURRENT ASSETS | |||
Property, Plant and Equipment | 7,845,258,961 | 7,946,183,722 | |
Intangible Assets | 469,497,608 | 517,082,800 | |
Goodwill | 24,932,495 | 24,932,495 | |
Deferred Tax Assets | 1,082,461,856 | 972,905,581 | |
Investments in Unconsolidated Affiliates | 3,456,141,959 | 3,036,881,648 | |
Other Investments | 9,501,633 | 15,178,513 | |
Right-of-Use Assets | 73,098,376 | 93,982,188 | |
Inventories | 87,091,157 | 26,466,360 | |
Other Assets | 50,884,824 | 51,280,153 | |
Other Receivables | 112,139,357 | 120,775,550 | |
Trade Receivables | 7,381,686 | 8,142,295 | |
Total Non-Current Assets | 13,218,389,912 | 12,813,811,305 | |
CURRENT ASSETS | |||
Inventories | 1,092,022,727 | 1,257,907,047 | |
Other Assets | 69,681,116 | 127,369,276 | |
Other Receivables | 2,444,750,722 | 2,382,571,065 | |
Trade Receivables | 7,291,067,400 | 8,896,384,884 | |
Other Investments | 2,355,089,896 | 2,195,920,245 | |
Cash and Banks | 1,500,859,821 | 1,461,736,121 | |
Total Current Assets | 14,753,471,682 | 16,321,888,638 | |
Total Assets | 27,971,861,594 | 29,135,699,943 | |
EQUITY (as per the corresponding statement) | |||
Attributable to Shareholders of the Parent Company | |||
Shareholders' Contribution | 14,065,711,280 | 14,065,711,280 | |
Other Items | 21,175,403 | 27,714,340 | |
Retained Earnings | 2,056,474,846 | 1,375,556,745 | |
Total Attributable to Shareholders of the Parent Company | 16,143,361,529 | 15,468,982,365 | |
Attributable to Non-Controlling Interests | 97,053,413 | 108,415,239 | |
Total Equity | 16,240,414,942 | 15,577,397,604 | |
LIABILITIES | |||
NON-CURRENT LIABILITIES | |||
Provisions and Other Charges | 1,193,573,819 | 1,223,274,547 | |
Financial Debt | 1,520,104,544 | 1,626,166,110 | |
Deferred Tax Liabilities | 267,615,331 | 213,449,161 | |
Taxes Payable | 60,018,370 | 16,314,139 | |
Lease Liabilities | 13,274,627 | 18,790,671 | |
Other Liabilities | 280,473,527 | 289,845,457 | |
Trade and Other Payables | 31,112,761 | 41,318,222 | |
Total Non-Current Liabilities | 3,366,172,979 | 3,429,158,307 | |
CURRENT LIABILITIES | |||
Financial Debt | 237,923,941 | 308,741,808 | |
Taxes Payable | 810,912,972 | 1,104,833,192 | |
Lease Liabilities | 61,393,809 | 78,920,543 | |
Other Liabilities | 971,211,280 | 1,018,186,323 | |
Trade and Other Payables | 6,283,831,671 | 7,618,462,166 | |
Total Current Liabilities | 8,365,273,673 | 10,129,144,032 | |
Total Liabilities | 11,731,446,652 | 13,558,302,339 | |
Total Equity and Liabilities | 27,971,861,594 | 29,135,699,943 |
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
Equity attributable to Shareholders of the Parent Company | Equity Attributable to Non-Controlling Interests | Total Equity | |||||||||||||
Shareholders' Contribution | Other Items | Retained Earnings | |||||||||||||
Capital Stock | Inflation Adjustment on Capital Stock | Additional Paid-in Capital | Subtotal | Translation of Foreign Operations | Other Reserves | Voluntary Reserves (1) | Retained Earnings | Total Equity of Controlling Interests | |||||||
Balances as of January 1, 2021 | 106,776,004 | 5,670,873,924 | 8,288,061,352 | 14,065,711,280 | 221,786,182 | (194,071,842) | 1,686,925,596 | (311,368,851) | 15,468,982,365 | 108,415,239 | 15,577,397,604 | ||||
Net Income (Loss) for the Period | - | - | - | - | - | - | 680,918,101 | 680,918,101 | (11,345,254) | 669,572,847 | |||||
Other Comprehensive Income: | |||||||||||||||
Variation in Translation Differences of Foreign Operations | - | - | - | - | (6,538,937) | - | - | - | (6,538,937) | (16,572) | (6,555,509) | ||||
Balances as of March 31, 2021 | 106,776,004 | 5,670,873,924 | 8,288,061,352 | 14,065,711,280 | 215,247,245 | (194,071,842) | 1,686,925,596 | 369,549,250 | 16,143,361,529 | 97,053,413 | 16,240,414,942 | ||||
Balances as of January 1, 2020 | 106,776,004 | 5,670,873,924 | 10,605,941,468 | 16,383,591,396 | 218,062,805 | (182,385,687) | 1,686,925,596 | (2,317,880,117) | 15,788,313,993 | 317,595,588 | 16,105,909,581 | ||||
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - | - | - | - | - | - | (4,791,736) | (4,791,736) | ||||
Net Income (Loss) for the Period | - | - | - | - | - | - | - | (755,024,399) | (755,024,399) | (140,432,570) | (895,456,969) | ||||
Other Comprehensive Income: | |||||||||||||||
Variation in Translation Differences of Foreign Operations | - | - | - | - | (17,233,492) | - | - | - | (17,233,492) | - | (17,233,492) | ||||
Balances as of March 31, 2020 | 106,776,004 | 5,670,873,924 | 10,605,941,468 | 16,383,591,396 | 200,829,313 | (182,385,687) | 1,686,925,596 | (3,072,904,516) | 15,016,056,102 | 172,371,282 | 15,188,427,384 | ||||
(1) Corresponds to Judicial Reserve for Future Dividends Distribution
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2021 AND 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
March 31, 2021 | March 31, 2020 | ||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | |||
Net Income (Loss) for the Period | 669,572,847 | (895,456,969) | |
Income Tax | 34,325,023 | 15,734,004 | |
Accrued Interest, net | (15,856,862) | 118,371,858 | |
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities: | |||
Depreciation of Property, Plant and Equipment | 231,703,233 | 265,199,101 | |
Amortization of Intangible Assets and Film Library | 65,929,059 | 117,969,992 | |
Amortization of Right-of-Use Assets | 22,842,163 | 32,944,875 | |
Net Allowances | 86,054,077 | 141,037,552 | |
Financial Income, except Interest | 147,907,082 | (48,610,664) | |
Gain (Loss) on Net Monetary Position | 255,114,902 | 14,563,415 | |
Equity in Earnings from Associates | (249,741,591) | (214,244,030) | |
Impairment of Goodwill | - | 342,995,359 | |
Other Income and Expenses | (15,011,512) | 5,203,463 | |
Changes in Assets and Liabilities: | |||
Trade Receivables | 110,243,712 | (194,275,229) | |
Other Receivables | (415,443,879) | (636,880,288) | |
Inventories | 38,749,276 | 337,899,711 | |
Other Assets | 59,669,805 | 4,049,274 | |
Trade and Other Payables | 12,778,961 | 845,177,648 | |
Taxes Payable | (113,480,884) | (159,966,775) | |
Other Liabilities | 23,762,176 | (33,828,548) | |
Provisions | (16,772,802) | (24,387,818) | |
Payments of Income tax | (105,204,674) | (15,895,625) | |
Net Cash Flows provided by Operating Activities | 827,140,112 | 17,600,306 | |
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES | |||
Payments for Acquisition of Property, Plant and Equipment | (181,587,468) | (227,818,726) | |
Payments for Acquisition of Intangible Assets | (42,165,468) | (113,742,122) | |
Acquisition of Government and Corporate Securities | (474,674,385) | - | |
Collection of Government Securities | 23,678,091 | - | |
Proceeds from Sale of Property, Plant and Equipment | 343,214 | 270,696 | |
Collection of loans - granted | 26,160,956 | 7,258,998 | |
Collection of Loans - interest | - | 8,842,276 | |
Proceeds from Sale of Other Assets | - | 1,997,084 | |
Loans Granted | (17,369,185) | - | |
Transactions with Notes, Bonds and Other Placements, Net | 299,218,750 | 121,096,531 | |
Payment of capital contributions | (11,459,113) | - | |
Net Cash Flows used in Investing Activities | (377,854,608) | (202,095,263) | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | |||
Loans Obtained | 134,317,403 | 669,659,765 | |
Payment of Financial Debt | (136,721,852) | (375,554,216) | |
Payment of Interest | (23,635,286) | (108,479,459) | |
Payment of Lease Liabilities | (20,218,268) | (37,373,725) | |
Net Cash Flows (used in) / provided by Financing Activities | (46,258,003) | 148,252,365 | |
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS | (163,189,009) | (51,146,683) | |
Net Increase (Decrease) in Cash Flow | 239,838,492 |
| (87,389,275) |
Decrease in cash due to deconsolidation (1) | (5,284,261) | - | |
Cash and Cash Equivalents at the Beginning of the Year | 3,148,272,419 |
| 3,401,962,653 |
Cash and Cash Equivalents at the End of the Period (Note 2.4) | 3,382,826,650 |
| 3,314,573,378 |
(1) Corresponds to the deconsolidation of UNIR (see Note 14.a) to these interim condensed consolidated financial statements)