11 Nov 2021 07:41
Grupo Clarín Announces Nine months and Third Quarter 2021 Results
Buenos Aires, Argentina, November 10, 2021 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its Nine months and Third Quarter 2021 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of September 30, 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 (9M21 vs. 9M20):
§ Total Revenues reached Ps. 26,478.1 million, an increase of 2.9% in real terms compared to 9M20, mainly due to higher advertising revenues in the Broadcasting and Programming segment (partially offset by lower programming revenues) and lower circulation and printing revenues in the Printing and Publishing segment.
§ Adjusted EBITDA (1) reached Ps. 4,661.1 million, an increase of 124.1% compared to 2,080.1 for 9M20, mainly driven by higher advertising revenues in Broadcasting and Programming and costs reductions in real terms greater than the decrease in revenues in the Printing and Publishing segment.
§ Grupo Clarín's Adjusted EBITDA Margin(2) was 17.6% in 9M21, compared to 8.1% in 9M20.
§ Net Income for the period totaled Ps. 1,345.6 million, a change of -199.9% compared to a loss of Ps. 1,347.6 million reported in 9M20. Net Income for the period attributable to Equity Shareholders amounted Ps 1,318.6 million in 9M21 from a loss Ps. 1,080.5 million in 9M20, a change of -222.0%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) | 9M21 | 9M20 | % Ch. | 3Q21 | 2Q21 | 3Q20 | QoQ | YoY | |
Total Revenues | 26,478.1 | 25,728.9 | 2.9% | 9,518.0 | 8,610.8 | 8,932.3 | 10.5% | 6.6% | |
Adjusted EBITDA (1) | 4,661.1 | 2,080.1 | 124.1% | 1,813.2 | 1,266.7 | 1,284.4 | 43.1% | 41.2% | |
Adjusted EBITDA Margin (2) | 17.6% | 8.1% | 117.7% | 19.1% | 14.7% | 14.4% | 29.5% | 32.5% | |
Profit/(Loss) for the period | 1,345.6 | (1,347.6) | (199.9%) | 330.9 | 202.9 | (727.8) | 63.1% | (145.5%) | |
Attributable to: | |||||||||
Equity Shareholders | 1,318.6 | (1,080.5) | (222.0%) | 319.3 | 173.7 | (702.8) | 83.9% | (145.4%) | |
Non-Controlling Interests | 27.0 | (267.1) | (110.1%) | 11.6 | 29.2 | (24.9) | (60.2%) | (146.5%) |
(1) We define Adjusted EBITDA as Total Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.
(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Total Revenues.
OPERATINGRESULTS
Total Revenues reached Ps. 26,478.1 million, an increase of 2.9% from Ps. 25,728.9 million in 9M20. Advertising revenues increased 25.3% and represented around 45.6% of the Total Revenues of the Company. Circulation revenues decreased 5.0% and represented 27.1% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES (In millions of Ps.) | 9M21 | 9M20 | YoY | 3Q21 | 2Q21 | 3Q20 | QoQ | YoY |
Printing and Publishing | 11,513.6 | 12,876.6 | (10.6%) | 3,985.2 | 3,655.9 | 4,230.0 | 9.0% | (5.8%) |
Broadcasting and Programming | 14,315.5 | 12,092.1 | 18.4% | 5,406.8 | 4,689.9 | 4,432.6 | 15.3% | 22.0% |
Others | 1,788.5 | 1,661.4 | 7.7% | 659.2 | 584.7 | 554.8 | 12.7% | 18.8% |
Subtotal | 27,617.6 | 26,630.2 | 3.7% | 10,051.2 | 8,930.5 | 9,217.5 | 12.5% | 9.0% |
Eliminations | (1,139.5) | (901.3) | 26.4% | (533.2) | (319.8) | (285.3) | 66.7% | 86.9% |
Total | 26,478.1 | 25,728.9 | 2.9% | 9,518.0 | 8,610.8 | 8,932.3 | 10.5% | 6.6% |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 14,549.4 million, a decrease of 8.2% from Ps. 15,846.6 million reported in 9M20, mainly related to the un-consolidation of the postal business and lower salaries in real terms.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 7,267.7 million, a decrease of 6.9% from Ps. 7,802.2 million in 9M20. This decrease was mainly due to lower expenses in Printing and Publishing, partially offset by higher contingencies in Broadcasting and Programming.
Adjusted EBITDA reached Ps. 4,661.1 million, an increase of 124.1% from Ps. 2,080.1 million reported for 9M20. This increase was driven by higher advertising revenues in Broadcasting and Programming and lower distribution costs in Printing and Publishing.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA (In millions of Ps.) | 9M21 | 9M20 | YoY | 3Q21 | 2Q21 | 3Q20 | QoQ | YoY |
Printing and Publishing | 862.3 | 289.4 | 198.0% | 410.7 | 60.9 | 349.9 | 574.4% | 17.4% |
Broadcasting and Programming | 3,711.6 | 1,792.6 | 107.1% | 1,368.6 | 1,257.5 | 949.5 | 8.8% | 44.1% |
Others | 87.1 | (1.9) | (4805.0%) | 33.9 | (51.7) | (15.0) | (165.6%) | (326.1%) |
Total | 4,661.1 | 2,080.1 | 124.1% | 1,813.2 | 1,266.7 | 1,284.4 | 43.1% | 41.2% |
Financial results net totaled Ps. (1,838.1) million compared to Ps. (760.0) million in 9M20. This increase was mainly due to higher negative inflation adjustment results versus 2020, partially offset by lower negative interests, and negative result of operations with notes and bonds compared to a gain in 2020.
Equity in earnings from unconsolidated affiliates in 9M21 totaled Ps. 425.3 million, compared to Ps. 1,050.4 million in 9M20, mainly related to costs savings in 2020 of our subsidiary Tele Red Imagen attributable to sports events rights, since there were no major sport events during 2020 in response to the Covid-19 Pandemic.
Other Income (expenses), net reached Ps. 63.4 million, compared to Ps. (1,586.6) million in 9M20, mainly from impairment of Goodwill in 2020.
Income tax as of 9M21 reached Ps. (797.2) million, from Ps. Ps. (725.3) million in 9M20.
Income for the period totaled Ps. 1,345.6 million, a change of -199.9% from a loss of Ps. 1,347.6 million reported in 9M20. The Equity Shareholders Net Income for the period amounted Ps. 1,318.6 million, a change of -222.0% YoY from a loss of 1,080.5 million.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 655.4 million in 9M21, an increase of 50.6% from Ps. 435.1 million reported in 9M20. Out of the total CAPEX in 9M21, 86.0% was allocated towards the Broadcasting and Programming segment, 12.3% to the Printing and Publishing segment and the remaining 1.8% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2021
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Others | Eliminations | Total | % |
Advertising | 2,888.7 | 9,263.6 | - | (90.0) | 12,062.2 | 45.6% |
Circulation | 7,180.2 | - | - | - | 7,180.2 | 27.1% |
Printing | 681.6 | - | - | - | 681.6 | 2.6% |
Programming | - | 4,624.4 | - | - | 4,624.4 | 17.5% |
Other Sales
| 763.1 | 427.5 | 1,788.5 | (1,049.5) | 1,929.7 | 7.3% |
Total Sales | 11,513.6 | 14,315.5 | 1,788.5 | (1,139.5) | 26,478.1 | 100.0% |
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2020
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Others | Eliminations | Total | % |
Advertising | 2,830.9 | 6,877.1 | - | (83.5) | 9,624.5 | 37.4% |
Circulation | 7,554.2 | - | - | - | 7,554.2 | 29.4% |
Printing | 874.8 | - | - | - | 874.8 | 3.4% |
Programming | - | 5,108.0 | - | - | 5,108.0 | 19.9% |
Other Sales
| 1,616.8 | 107.0 | 1,661.4 | (817.8) | 2,567.4 | 10.0% |
Total Sales | 12,876.6 | 12,092.1 | 1,661.4 | (901.3) | 25,728.9 | 100.0% |
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues increased by 18.4% to Ps. 14,315.5 million in 9M21, compared to Ps. 12,092.1 million in 9M20 mainly due to higher advertising revenues in ARTEAR and Radio Mitre, and higher revenues from car race events, partially offset by lower programming revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 0.5% to Ps. 7,705.4 million in 9M21, compared to Ps. 7,664.7 million in 9M20. This is mainly attributable to lower programming costs in Channel 13 during the 1Q21 as compared to 1Q20, partially offset by higher costs from car race events.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses increased by 10.0% to Ps. 2,898.5 million in 9M21, compared to Ps. 2,634.9 million in 9M20. The increase was primarily the result of restructuring costs in 2021 and the Emergency Assistance for Work and Production Program (ATP) granted in 2020.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 11.2% to Ps. 589.8 million in 9M21 compared to Ps. 663.9 million reported in 9M20.
PRINTING AND PUBLISHING
Revenues
Total revenues decreased by 10.6% to Ps. 11,513.6 million in 9M21, mainly as a result of the un-consolidation of the postal business and lower circulation revenues.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 15.4% to Ps. 6,136.3 million in 9M21, compared to Ps. 7,254.1 million in 9M20. The decrease was mainly the result of the effect of the un-consolidation of the postal business and of lower raw materials consumption and salaries and severance payments in real terms.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 15.3% to Ps. 4,515.0 million in 9M21, compared to the Ps. 5,333.2 million reported in 9M20. This was primarily the result of lower distribution costs, bad debt, salaries, fees for services, and marketing and advertising costs.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 19.9% to Ps. 365.0 million in 9M21 compared to Ps. 455.8 million in 9M20.
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 increased 7.7% to Ps. 1,788.5 , from Ps. 1,661.4 million reported in 9M20. EBITDA resulted in Ps. 87.1 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
PRINTING AND PUBLISHING
9M21 | 9M20 | YoY | 3Q21 | 2Q21 | 3Q20 | QoQ | YoY | |
Circulation (1) | 217.2 | 262.0 | -17.1% | 206.8 | 215.8 | 271.6 | 0.7% | -23.9% |
Circulation share % (2) | 39.6% | 44.0% | -9.9% | 39.7% | 40.5% | 43.2% | -2.2% | -8.1% |
Total Digital Subs (3) | 414.4 | 267.3 | 55.1% | 414.4 | 348.3 | 267.3 | 19.0% | 55.1% |
(1) Average number of copies according to IVC (including Diario Clarín and Olé) in thousands
(2) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: AGEA and IVC.
(3) Total Clarin.com subs, in thousand, EOP. Company information.
BROADCASTING AND PROGRAMMING
9M21 | 9M20 | YoY | 3Q21 | 2Q21 | 3Q20 | QoQ | YoY | |
Advertising Share % (1) | 36.3% | 36.6% | -1.0% | 35.9% | 37.1% | 37.5% | -2.3% | -4.3% |
Audience Share % (2) | ||||||||
Prime Time | 28.3% | 31.1% | -8.9% | 27.7% | 27.0% | 32.8% | 5.0% | -15.6% |
Total Time | 29.6% | 30.3% | -2.4% | 29.0% | 29.1% | 31.4% | 1.8% | -7.7% |
(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. 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 KPIs
9M21 | 9M20 | YoY | 3Q21 | 2Q21 | 3Q20 | QoQ | YoY | |
Page Views (1) | 890.6 | 1,066.5 | -16.5% | 933.0 | 1,148.0 | 908.8 | -22.4% | 2.7% |
Mobile page Views | 587.2 | 764.0 | -23.1% | 606.1 | 829.6 | 636.5 | -29.2% | -4.8% |
(1) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) | September 2021 | September 2020 | % Change |
Short Term and Long-Term Debt | |||
Current Financial Debt | 1,841.5 | 535.5 | 243.9% |
Financial loans | 1,588.0 | 104.8 | 1414.9% |
Accrued interest | 41.1 | 16.7 | 145.3% |
Acquisition of equipment | 25.8 | 17.0 | 51.5% |
Related Parties Accrued Interest
| 11.6 | 14.6 | (20.8%) |
Related Parties Capital | 6.8 | 10.4 | (34.4%) |
Bank overdraft | 168.4 | 371.9 | (54.7%) |
Non-Current Financial Debt | 333.8 | 2,001.1 | (83.3%) |
Financial loans | 321.7 | 1,980.7 | (83.8%) |
Acquisition of equipment | 12.1 | 20.4 | (40.6%) |
Total Financial Debt (A) | 2,175.4 | 2,536.6 | (14.2%) |
Total Short Term and Long-Term Debt | 2,175.4 | 2,536.6 | (14.2%) |
Cash and Cash Equivalents (B) | 4,042.7 | 4,341.9 | (6.9%) |
Net Debt (A) - (B) | (1,867.3) | (1,805.3) | 3.4% |
Net Debt/Adjusted Ebitda (1) | (0.27x) | (0.88x) | (69.9%) |
Total Financial Debt(1) and Net Debt, decreased 14.2% to Ps. 2,175.4 million from Ps. 2,536.6 million and to Ps. (1,867.3) million from Ps. (1,805.3) million, respectively.
Debt coverage ratio (1) as of September 30, 2021 was (0.27x) in the case of Net Debt and of 0.31x 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.) | 9M21 | 9M20 | YoY | 9M21 ex IAS 29 | IAS 29 Adjustment | 9M21as reported | 9M20 ex IAS 29 | IAS 29 Adjustment | 9M20as reported |
Printing and Publishing | 11,513.6 | 12,876.6 | (10.6%) | 10,157.4 | 1,356.2 | 11,513.6 | 7,715.3 | 5,161.3 | 12,876.6 |
Broadcasting and Programming | 14,315.5 | 12,092.1 | 18.4% | 12,629.3 | 1,686.2 | 14,315.5 | 7,245.3 | 4,846.9 | 12,092.1 |
Others | 1,788.5 | 1,661.4 | 7.7% | 1,577.8 | 210.7 | 1,788.5 | 995.5 | 665.9 | 1,661.4 |
Subtotal | 27,617.6 | 26,630.2 | 3.7% | 24,364.5 | 3,253.1 | 27,617.6 | 15,956.0 | 10,674.1 | 26,630.2 |
Eliminations | (1,139.5) | (901.3) | 26.4% | (1,005.3) | (134.2) | (1,139.5) | (540.0) | (361.3) | (901.3) |
Total | 26,478.1 | 25,728.9 | 2.9% | 23,359.2 | 3,118.9 | 26,478.1 | 15,416.0 | 10,312.9 | 25,728.9 |
REVENUES (In millions of Ps.) | 3Q21 | 3Q20 | YoY | 3Q21 ex IAS 29 | IAS 29 Adjustment | 3Q21as reported | 3Q20 ex IAS 29 | IAS 29 Adjustment | 3Q20as reported |
Printing and Publishing | 3,985.2 | 4,230.0 | (5.8%) | 3,844.0 | 141.2 | 3,985.2 | 2,703.3 | 1,526.7 | 4,230.0 |
Broadcasting and Programming | 5,406.8 | 4,432.6 | 22.0% | 5,158.4 | 248.5 | 5,406.8 | 2,805.4 | 1,627.2 | 4,432.6 |
Others | 659.2 | 554.8 | 18.8% | 630.8 | 28.4 | 659.2 | 354.0 | 200.8 | 554.8 |
Subtotal | 10,051.2 | 9,217.5 | 9.0% | 9,633.2 | 418.0 | 10,051.2 | 5,862.8 | 3,354.7 | 9,217.5 |
Eliminations | (533.2) | (285.3) | 86.9% | (496.8) | (36.4) | (533.2) | (182.9) | (102.3) | (285.3) |
Total | 9,518.0 | 8,932.3 | 6.6% | 9,136.3 | 381.7 | 9,518.0 | 5,679.9 | 3,252.4 | 8,932.3 |
EBITDA (In millions of Ps.) | 9M21 | 9M20 | YoY | 9M21 ex IAS 29 | IAS 29 Adjustment | 9M21as reported | 9M20 ex IAS 29 | IAS 29 Adjustment | 9M20as reported |
Printing and Publishing | 862.3 | 289.4 | 198.0% | 760.8 | 101.6 | 862.3 | 173.4 | 116.0 | 289.4 |
Broadcasting and Programming | 3,711.6 | 1,792.6 | 107.1% | 3,274.5 | 437.2 | 3,711.6 | 1,074.1 | 718.5 | 1,792.6 |
Others | 87.1 | (1.9) | (4805.0%) | 76.8 | 10.3 | 87.1 | (1.1) | (0.7) | (1.9) |
Total | 4,661.1 | 2,080.1 | 124.1% | 4,112.0 | 549.0 | 4,661.1 | 1,246.4 | 833.8 | 2,080.1 |
EBITDA (In millions of Ps.) | 3Q21 | 3Q20 | YoY | 3Q21 ex IAS 29 | IAS 29 Adjustment | 3Q21as reported | 3Q20 ex IAS 29 | IAS 29 Adjustment | 3Q20as reported |
Printing and Publishing | 410.7 | 349.9 | 17.4% | 382.0 | 28.7 | 410.7 | 208.5 | 141.4 | 349.9 |
Broadcasting and Programming | 1,368.6 | 949.5 | 44.1% | 1,309.6 | 59.1 | 1,368.6 | 585.4 | 364.1 | 949.5 |
Others | 33.9 | (15.0) | (326.1%) | 32.3 | 1.7 | 33.9 | (8.7) | (6.3) | (15.0) |
Subtotal | 1,813.2 | 1,284.4 | 41.2% | 1,723.8 | 89.4 | 1,813.2 | 785.1 | 499.3 | 1,284.4 |
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)
| 119.0 |
GCLA (LSE) Price per GDS (USD) | 0.3 |
Total Shares | 106,776,004 |
Shares per GDS | 2 |
Closing Price | November 10, 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 its Nine months and Third Quarter 2021 Results
Date: Monday, November 15, 2021
Time: 12:00pm Buenos Aires Time/3:00pm London Time/10:00am New York Time
To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla211112onrtntFn.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 | Alex Money | Camilla Ferreira and Marcella Ewerton Dragone |
Grupo Clarín S.A. | Jasford IR | Fig Corporate Communications |
Tel: +54 11 4309 7104 | 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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020,
AND THE THREE-MONTH PERIODS BEGINNING ON JULY 1
AND ENDING ON SEPTEMBER 30, 2021 AND 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
September 30, 2021 | September 30, 2020 |
July 1, 2021 through September 30, 2021 |
July 1, 2020 through September 30, 2020 | ||||
Revenues | 26,478,094,209 | 25,728,870,477 | 9,518,016,225 | 8,932,250,567 | |||
Cost of Sales (1) | (15,480,305,965) | (17,005,667,344) | (5,520,372,580) | (5,459,542,584) | |||
Subtotal - Gross Profit | 10,997,788,244 | 8,723,203,133 | 3,997,643,645 | 3,472,707,983 | |||
Selling Expenses (1) | (3,321,381,606) | (3,998,673,992) | (1,160,725,400) | (1,224,824,699) | |||
Administrative Expenses (1) | (4,184,279,507) | (4,050,692,754) | (1,413,800,125) | (1,398,586,594) | |||
Other Income and Expenses, net | 63,429,583 | (1,586,584,971) | (11,039,318) | (1,223,179,899) | |||
Financial Expenses on Debt | (395,017,877) | (877,936,297) | (91,926,570) | (225,590,797) | |||
Gain (Loss) on Net Monetary Position | (867,151,337) | (51,882,072) | (241,952,217) | (64,142,697) | |||
Other Financial Results, net | (575,908,788) | 169,835,245 | (223,525,749) | 23,384,671 | |||
Financial Results | (1,838,078,002) | (759,983,124) | (557,404,536) | (266,348,823) | |||
Equity in Earnings from Associates | 425,315,811 | 1,050,427,040 | 34,807,089 | 366,371,282 | |||
Income (Loss) before Income Tax | 2,142,794,523 | (622,304,668) | 889,481,355 | (273,860,750) | |||
Income Tax | (797,153,898) | (725,278,795) | (558,569,862) | (453,926,028) | |||
Net Income (Loss) for the Period | 1,345,640,625 | (1,347,583,463) | 330,911,493 | (727,786,778) | |||
Other Comprehensive Income | |||||||
Items which can be reclassified to Net Income (Loss) | |||||||
Variation in Translation Differences of Foreign Operations | (33,722,661) | (6,017,004) | (18,189,264) | 7,300,549 | |||
Other Comprehensive Income (Loss) for the Period | (33,722,661) | (6,017,004) | (18,189,264) | 7,300,549 | |||
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD | 1,311,917,964 | (1,353,600,467) | 312,722,229 | (720,486,229) | |||
(Loss) Income Attributable to: | |||||||
Shareholders of the Parent Company | 1,318,592,727 | (1,080,527,706) | 319,301,796 | (702,837,359) | |||
Non-Controlling Interests | 27,047,898 | (267,055,757) | 11,609,697 | (24,949,419) | |||
Total Comprehensive Income (Loss) Attributable to: | |||||||
Shareholders of the Parent Company | 1,284,959,775 | (1,086,544,710) | 301,144,402 | (695,536,810) | |||
Non-Controlling Interests | 26,958,189 | (267,055,757) | 11,577,827 | (24,949,419) | |||
Basic and Diluted Earnings per Share (Note 10) | 12.35 | (10.12) | 2.99 | (6.58) | |||
(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 1,168,929,495 and $ 1,406,299,941 for the nine-month periods ended September 30, 2021 and 2020, respectively.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of September 30th, 2021 available at http://www.grupoclarin.com/ir.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
September 30, 2021 | December 31, 2020 | ||
ASSETS | |||
NON-CURRENT ASSETS | |||
Property, Plant and Equipment | 9,222,768,769 | 9,634,923,485 | |
Intangible Assets | 632,421,132 | 626,974,330 | |
Goodwill | 30,231,202 | 30,231,202 | |
Deferred Tax Assets | 1,414,299,367 | 1,179,669,532 | |
Investments in Unconsolidated Affiliates | 4,335,236,193 | 3,682,286,156 | |
Right-of-Use Assets | 47,500,301 | 113,955,481 | |
Other Investments | 6,334,422 | 18,404,283 | |
Inventories | 138,521,818 | 32,091,047 | |
Other Assets | 62,170,917 | 62,178,320 | |
Other Receivables | 151,885,596 | 146,443,025 | |
Trade Receivables | - | 9,872,713 | |
Total Non-Current Assets | 16,041,369,717 | 15,537,029,574 | |
CURRENT ASSETS | |||
Inventories | 1,981,815,316 | 1,525,240,112 | |
Other Assets | 87,510,789 | 154,438,064 | |
Other Receivables | 2,541,481,739 | 2,888,920,104 | |
Trade Receivables | 9,872,186,820 | 10,787,063,407 | |
Other Investments | 1,985,839,993 | 2,662,601,858 | |
Cash and Banks | 2,077,356,452 | 1,772,387,373 | |
Total Current Assets | 18,546,191,109 | 19,790,650,918 | |
Total Assets | 34,587,560,826 | 35,327,680,492 | |
EQUITY (as per the corresponding statement) | |||
Attributable to Shareholders of the Parent Company | |||
Shareholders' Contribution | 16,677,444,360 | 17,054,985,977 | |
Other Items | (28,702) | 33,604,250 | |
Retained Earnings | 3,364,027,318 | 1,667,892,974 | |
Total Attributable to Shareholders of the Parent Company | 20,041,442,976 | 18,756,483,201 | |
Attributable to Non-Controlling Interests | 116,158,685 | 131,455,874 | |
Total Equity | 20,157,601,661 | 18,887,939,075 | |
LIABILITIES | |||
NON-CURRENT LIABILITIES | |||
Provisions and Other Charges | 1,536,671,520 | 1,483,247,439 | |
Financial Debt | 333,849,438 | 1,971,762,370 | |
Deferred Tax Liabilities | 535,443,542 | 258,811,828 | |
Taxes Payable | 6,765,317 | 19,781,255 | |
Lease Liabilities | 7,266,675 | 22,784,104 | |
Other Liabilities | 310,138,959 | 351,444,027 | |
Trade and Other Payables | 28,703,050 | 50,099,258 | |
Total Non-Current Liabilities | 2,758,838,501 | 4,157,930,281 | |
CURRENT LIABILITIES | |||
Financial Debt | 1,841,542,810 | 374,356,270 | |
Taxes Payable | 474,504,764 | 1,339,634,681 | |
Lease Liabilities | 41,324,444 | 95,692,903 | |
Other Liabilities | 1,552,511,801 | 1,234,573,431 | |
Trade and Other Payables | 7,761,236,845 | 9,237,553,851 | |
Total Current Liabilities | 11,671,120,664 | 12,281,811,136 | |
Total Liabilities | 14,429,959,165 | 16,439,741,417 | |
Total Equity and Liabilities | 34,587,560,826 | 35,327,680,492 |
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 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 | Total Equity of Controlling Company | ||||||||||||
Capital Stock | Inflation Adjustment on Capital Stock | Additional Paid-in Capital | Subtotal | Translation of Foreign Operations | Other Reserves | Voluntary Reserves (1) | Retained Earnings | ||||||||
Balances as of January 1, 2021 | 106,776,004 | 6,898,752,301 | 10,049,457,672 | 17,054,985,977 | 268,920,650 | (235,316,400) | 2,045,434,591 | (377,541,617) | 18,756,483,201 | 131,455,874 | 18,887,939,075 | ||||
Reversal of Additional Paid-in Capital(Note 9.a) | - | - | (377,541,617) | (377,541,617) | - | - | - | 377,541,617 | - | - | - | ||||
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - | - | - | - | - | - | (42,255,378) | (42,255,378) | ||||
Net Income (Loss) for the Period | - | - | - | - | - | - | - | 1,318,592,727 | 1,318,592,727 | 27,047,898 | 1,345,640,625 | ||||
Other Comprehensive Income: | |||||||||||||||
Variation in Translation Differences of Foreign Operations | - | - | - | - | (33,632,952) | - | - | - | (33,632,952) | (89,709) | (33,722,661) | ||||
Balances as of September 30, 2021 | 106,776,004 | 6,898,752,301 | 9,671,916,055 | 16,677,444,360 | 235,287,698 | (235,316,400) | 2,045,434,591 | 1,318,592,727 | 20,041,442,976 | 116,158,685 | 20,157,601,661 | ||||
Balances as of January 1, 2020 | 106,776,004 | 6,898,752,301 | 12,859,938,571 | 19,865,466,876 | 264,405,971 | (221,146,679) | 2,045,434,591 | (2,810,480,899) | 19,143,679,860 | 385,091,676 | 19,528,771,536 | ||||
Reversal of Reserves and Additional Paid-in capital (Note 9.a) | - | (2,810,480,899) | (2,810,480,899) | - | - | - | 2,810,480,899 | - | - | - | |||||
Changes in minority interest in a subsidiary | - | - | - | - | - | (16,037,284) | - | - | (16,037,284) | 16,037,284 | - | ||||
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - | - | - | - | - | - | (5,031,593) | (5,031,593) | ||||
Net Income (Loss) for the Period | - | - | - | - | - | - | - | (1,080,527,706) | (1,080,527,706) | (267,055,757) | (1,347,583,463) | ||||
Other Comprehensive Income: | |||||||||||||||
Variation in Translation Differences of Foreign Operations | - | - | - | - | (6,017,004) | - | - | - | (6,017,004) | - | (6,017,004) | ||||
Balances as of September 30, 2020 | 106,776,004 | 6,898,752,301 | 10,049,457,672 | 17,054,985,977 | 258,388,967 | (237,183,963) | 2,045,434,591 | (1,080,527,706) | 18,041,097,866 | 129,041,610 | 18,170,139,476 | ||||
(1) Corresponds to Judicial Reserve for Future Dividends Distribution
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020
(Amounts stated in Argentine Pesos - Note 2.1.1)
September 30, 2021 | September 30, 2020 | ||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | |||
Net Income (Loss) for the Period | 1,345,640,625 | (1,347,583,463) | |
Income Tax | 797,153,898 | 725,278,795 | |
Accrued Interest, net | 8,245,850 | 269,776,836 | |
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities: | |||
Depreciation of Property, Plant and Equipment | 854,435,410 | 954,624,117 | |
Amortization of Intangible Assets and Film Library | 239,631,967 | 337,315,704 | |
Amortization of Right-of-Use Assets | 74,862,118 | 114,360,120 | |
Net Allowances | 501,336,523 | 438,449,943 | |
Financial Income, except Interest | 548,406,394 | 16,701,947 | |
Gain (Loss) on Net Monetary Position | 867,151,337 | 51,882,072 | |
Equity in Earnings from Associates | (425,315,811) | (1,050,427,040) | |
Impairment of Goodwill | - | 1,663,899,492 | |
Other Income and Expenses | (27,486,606) | (51,947,276) | |
Changes in Assets and Liabilities: | |||
Trade Receivables | (3,325,738,498) | (1,556,138,354) | |
Other Receivables | (624,812,371) | (727,352,925) | |
Inventories | (838,958,419) | 488,227,163 | |
Other Assets | 71,420,348 | 39,399,201 | |
Trade and Other Payables | 1,864,799,086 | 2,172,767,099 | |
Taxes Payable | 43,995,999 | (199,145,328) | |
Other Liabilities | 1,086,109,659 | 308,102,756 | |
Provisions | (147,293,737) | (132,644,282) | |
Payments of Income tax | (1,449,377,609) | (590,051,849) | |
Net Cash Flows provided by Operating Activities | 1,464,206,163 | 1,925,494,728 | |
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES | |||
Payments for Acquisition of Property, Plant and Equipment | (655,421,038) | (435,086,579) | |
Payments for Acquisition of Intangible Assets | (262,526,531) | (188,081,994) | |
Collection from Settlement of Government and Corporate Securities | 954,110,523 | - | |
Acquisition of Government and Corporate Securities | (394,884,773) | - | |
Capital Contributions in Associates | (160,026,550) | (88,566) | |
Loans Granted | (21,060,521) | - | |
Proceeds from Sale of Property, Plant and Equipment | 57,176,887 | 15,287,871 | |
Collection of granted loans | 36,305,486 | 49,052,365 | |
Proceeds from Sale of Other Assets | - | 2,421,508 | |
Proceeds from Disposal of Unconsolidated Affiliates | 55,948,159 | ||
Dividends Collected | 156,893,021 | 103,776,707 | |
Transactions with Notes, Bonds and Other Placements, Net | (506,001,555) | 136,502,033 | |
Net Cash Flows used in Investing Activities | (739,486,892) | (316,216,655) | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | |||
Loans Obtained | 515,093,040 | 1,154,220,073 | |
Payment of Financial Debt | (215,125,010) | (1,997,636,859) | |
Payment of Interest | (65,166,472) | (357,722,621) | |
Payment of Lease Liabilities | (66,546,483) | (90,296,368) | |
Payments to Non-Controlling Interests, net | (13,901,066) | (5,031,593) | |
Net Cash Flows provided by / (used in) Financing Activities | 154,354,009 | (1,296,467,368) | |
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS | (643,579,383) | (95,847,507) | |
Net Increase in Cash Flow | 235,493,897 |
| 216,963,198 |
Decrease in cash due to deconsolidation (1) | (10,166,516) |
| - |
Cash and Cash Equivalents at the Beginning of the Year | 3,817,349,930 |
| 4,124,954,948 |
Cash and Cash Equivalents at the End of the Period (Note 2.4) | 4,042,677,311 |
| 4,341,918,146 |
(1) Corresponds to the deconsolidation of UNIR and Bariloche TV (see Note 14.1.a) and 14.2.a) to these interim condensed consolidated financial statements))