11 Nov 2016 12:00
Grupo Clarín announces its
Results for the Nine Months (9M16) and Third Quarter of 2016 (3Q16)
Buenos Aires, Argentina, November 11th, 2016 - 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 results for 2016. Figures are stated in Argentine Pesos, unless otherwise indicated.
On September 28, 2016, Grupo Clarín's Shareholders approved a split-up of Grupo Clarín's equity interest in Cablevisión S.A, the subsidiary that operates Grupo Clarín's cable television, internet and telephony segment, into a new Argentine corporation under the name of Cablevisión Holding S.A. ("CVH"). After the split-up is complete, CVH will own directly and indirectly, 60% equity interest in Cablevision.
Grupo Clarín will retain substantially all assets and liabilities, and continue with substantially all the activities and operations of its remaining business segments that are not be specifically allocated to CVH.
Accordingly, the Company Financial Statements as of September 2016 presented the figures of the Cable, Internet Access and Telephony segment as discontinued operations for all periods; all the activities and operations of its remaining business segments are consolidated as continued operations. This is the result of the implementation of International Financial Reporting Standards ("IFRS") number 5.
In spite of that, for the purpose of this presentation, figures have been prepared including continued and discontinued operations. For further information about continued and discontinued operations, see the appendix of this presentation or our Financial Statements as of September 2016.
Highlights (9M16 vs. 9M15):
§ Net Sales totaled Ps. 29,597.6 million, an increase of 48.1% from 9M15, mainly due to ARPU and subscriber growth in the Cable TV, Internet access and Telephony segment and, to a lesser extent, driven by the consolidation of Nextel Argentina in the Cable TV, Internet access and Telephony segment.
§ Adjusted EBITDA reached Ps. 8,887.4 million, an increase of 38.7% from 9M15, mainly driven by higher sales in the Cable and Internet access and Telephony segment.
§ Grupo Clarín's Adjusted EBITDA Margin for 9M16 was 30.0%, compared to 32.1% in 9M15.
§ Income for the period totaled Ps. 3,291.7 million, an increase of 20.1% from the Ps. 2,740.2 million reported in 9M15, and the Income for the period attributable to Equity Shareholders amount to Ps 1,995.5 million from Ps. 1,744.2 million, an increase of 14.4%.
Investor Relations Contacts |
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In Buenos Aires: | In London: | In New York: |
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Agustín Medina Manson Patricio Gentile | Alex Money
| Melanie Carpenter
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Grupo Clarín S.A. | Jasford IR | I-advize Corporate Communications |
Tel: +54 11 4309 7215 | Tel: +44 20 3289 5300 | Tel: +1 212 406 3692 |
Email: investors@grupoclarin.com | E-mail: alex@jasford.com | E-mail: clarin@i-advize.com
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FINANCIAL HIGHLIGHTS
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(In millions of Ps.) | 9M16 | 9M15 | % Ch. | 3Q16 | 2Q16 | 3Q15 | QoQ | YoY |
Net Sales | 29,597.6 | 19,981.5 | 48.1% | 10,873.3 | 9,738.7 | 7,425.9 | 11.7% | 46.4% |
Adjusted EBITDA (1) | 8,887.4 | 6,406.8 | 38.7% | 3,165.9 | 2,876.8 | 2,443.6 | 10.1% | 29.6% |
Adjusted EBITDA Margin (2) | 30.0% | 32.1% | (6.4%) | 29.1% | 29.5% | 32.9% | (1.4%) | (11.5%) |
Income for the period | 3,291.7 | 2,740.2 | 20.1% | 1,228.8 | 949.7 | 1,063.2 | 29.4% | 15.6% |
Attributable to: |
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Equity Shareholders | 1,995.5 | 1,744.2 | 14.4% | 767.7 | 595.0 | 709.9 | 29.0% | 8.2% |
Non-Controlling Interests | 1,296.2 | 996.0 | 30.1% | 461.1 | 354.7 | 353.3 | 30.0% | 30.5% |
(1) We define Adjusted EBITDA as net sales 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 on the basis of 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 Net Sales.
OPERATING RESULTS
Net sales reached Ps. 29,597.6 million, an increase of 48.1% from Ps. 19,981.5 million in 9M15 mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, driven by the consolidation of Nextel Argentina in this segment.
Following is a breakdown of Net Sales by business segment:
NET SALES
(In millions of Ps.) | 9M16 | 9M15 | YoY | 3Q16 | 2Q16 | 3Q15 | QoQ | YoY |
Cable TV, Internet access and Telephony | 22,237.4 | 14,623.6 | 52.1% | 7,994.7 | 7,174.2 | 5,391.9 | 11.4% | 48.3% |
Broadcasting and Programming | 3,285.3 | 2,457.2 | 33.7% | 1,370.5 | 1,202.9 | 983.6 | 13.9% | 39.3% |
Printing and Publishing | 4,120.6 | 3,102.9 | 32.8% | 1,511.9 | 1,394.9 | 1,131.0 | 8.4% | 33.7% |
Digital Content and Others | 858.7 | 535.8 | 60.2% | 334.9 | 249.5 | 198.0 | 34.2% | 69.2% |
Subtotal | 30,502.0 | 20,719.4 | 47.2% | 11,212.1 | 10,021.6 | 7,704.6 | 11.9% | 45.5% |
Eliminations | (904.3) | (738.0) | 22.5% | (338.8) | (282.9) | (278.7) | 19.7% | 21.6% |
Total | 29,597.6 | 19,981.5 | 48.1% | 10,873.3 | 9,738.7 | 7,425.9 | 11.7% | 46.4% |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 12,991.0 million, an increase of 48.6% from Ps. 8,744.5 million reported for 9M15 due to higher costs across all business segments, mainly in Cable TV, Internet access and Telephony that was also impacted by the consolidation of the Mobile Argentine operation (Nextel Argentina).
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 7,719.2 million, an increase of 59.8% from Ps. 4,830.2 million in 9M15. This increase was mainly due to higher costs and the consolidation of Nextel in the Cable TV, Internet access and Telephony segment.
Adjusted EBITDA reached Ps. 8,887.4 million, an increase of 38.7% from Ps. 6,406.8 million reported for 9M15, driven by higher sales in Cable TV, Internet access and Telephony and to a lesser extent, to higher EBITDA in the Broadcasting and Programming segment.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) | 9M16 | 9M15 | YoY | 3Q16 | 2Q16 | 3Q15 | QoQ | YoY |
Cable TV, Internet access and Telephony | 8,177.6 | 5,651.4 | 44.7% | 2,838.3 | 2,561.3 | 2,049.7 | 10.8% | 38.5% |
Broadcasting and Programming | 777.0 | 632.8 | 22.8% | 371.4 | 332.8 | 312.1 | 11.6% | 19.0% |
Printing and Publishing | (13.1) | 107.5 | (112.2%) | (9.2) | 3.6 | 65.2 | (358.3%) | (114.1%) |
Digital Content and Others | (54.0) | 15.1 | (456.8%) | (34.5) | (20.8) | 16.6 | 65.8% | (307.5%) |
Subtotal | 8,887.4 | 6,406.8 | 38.7% | 3,165.9 | 2,876.8 | 2,443.6 | 10.1% | 29.6% |
Eliminations | -
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Total | 8,887.4
| 6,406.8
| 38.7%
| 3,165.9
| 2,876.8
| 2,443.6
| 10.1%
| 29.6%
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Financial results net totaled Ps. (2,173.0) million compared to Ps. (1,175.4) million for 9M15. The increase was mainly due to higher peso depreciation during 9M16, which went from Ps 13.04 per dollar at the end of December 2015, to Ps 15.31 per dollar as of September 30th, 2016; compared with the 9M15 with went from Ps 8.55 per dollar at the end of December 2014 to Ps. 9.42 per dollar as of September 30th, 2015.
Equity in earnings from unconsolidated affiliates in 9M15 totaled Ps. 109.3 million, compared to Ps. 96.0 million for 9M15.
Other Income (expenses), net reached Ps. 131.2 million, compared to Ps. 3.4 million in 9M15.
Income tax as of September 2016 reached Ps. (1,748.5) million, from Ps. (1,297.9) million in September 2015.
Income for the period totaled Ps. 3,291.7 million, an increase of 20.1% from Ps. 2,740.2 million reported for 9M15. This was mainly a consequence of higher EBITDA in the Cable TV, Internet access and Telephony and Broadcasting and Programming segments, and it was partially offset by higher peso depreciation. The Equity Shareholders Income for the period amounted to Ps. 1,995.5 million, an increase of 14.4% compared with September 2015.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 6,535.3 million in 9M16, an increase of 123.6% from Ps. 2,922.3 million reported for 9M15. Out of the total CAPEX in 9M16, 96.4% was allocated to the Cable TV, Internet access and Telephony segment, 2.4% to the Broadcasting and Programming segment and the remaining 1.2% to other activities. Capex in the Cable TV, Internet access and Telephony segment pertains to subscriber growth, network upgrades and digitalization.
Debt profile (1): Debt coverage ratio for the period ended September 30th, 2016 was .78x and the Net Debt at the end of this period totaled Ps. 6.624,0 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 - SEPTEMBER 2016
(In millions of Ps.) | Cable TV, Internet access and Telephony | Printing & Publishing | Broadcasting & Programming | Digital Content & Others | Eliminations | Total | % |
Advertising | 80.1 | 1,639.0 | 2,322.2 | 67.8 | (143.9) | 3,965.1 | 13.4% |
Circulation | - | 2,089.5 | - | - | (129.4) | 1,960.2 | 6.6% |
Printing | - | 273.1 | - | - | (41.2) | 231.9 | 0.8% |
Video Subscriptions | 13,752.8 | - | - | - | - | 13,752.8 | 46.5% |
Internet Subscriptions | 5,349.5 | - | - | - | (21.5) | 5,328.1 | 18.0% |
Programming | - | - | 414.1 | - | (158.6) | 255.5 | 0.9% |
IDEN Telecommun. | 2,121.8 | - | - | - | - | 2,112.8 | 7.2% |
Other Sales
| 933.2 | 119.0 | 549.1 | 790.8 | (409.8) | 1,982.3 | 6.7% |
Total Sales | 22,237.4 | 4,120.6 | 3,285.3 | 858.7 | (904.3) | 29,597.6 | 100.0% |
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2015
(In millions of Ps.) | Cable TV, Internet access and Telephony | Printing & Publishing | Broadcasting & Programming | Digital Content & Others | Eliminations | Total | % | |
Advertising | 82.7 | 1,233.9 | 1,819.2 | 165.9 | (156.9) | 3,144.8 | 15.7% | |
Circulation | - | 1,468.4 | - | - | - | 1,468.4 | 7.3% | |
Printing | - | 243.6 | - | - | (35.4) | 208.2 | 1.0% | |
Video Subscriptions | 10,561.6 | - | - | - | - | 10,561.6 | 52.9% | |
Internet Subscriptions | 3,436.5 | - | - | - | (11.3) | 3,425.2 | 17.1% | |
Programming | - | - | 279.6 | - | (121.7) | 157.9 | 0.8% | |
IDEN Telecommun. | - | - | - | - | - | - | 0,0% | |
Other Sales
| 542.8 | 157.0 | 358.4 | 370.0 | (412.8) | 1,015.3 | 5.1% | |
Total Sales | 14,623.6 | 3,102.9 | 2,457.2 | 535.8 | (738.0) | 19,981.5 | 100.0% | |
RESULTS BY BUSINESS SEGMENT
CABLE TV AND INTERNET ACCESS AND TELEPHONY
Net Sales
Net sales increased by 52.1% to Ps. 22,237.4 million for 9M16 compared to Ps. 14,623.6 million for 9M15. The increase is mostly attributable to an increase in subscription charges (Cable TV and Internet) registered during the last twelve months and also reflects the growth in Cable, Broadband and Digital subscribers and the consolidation of Nextel Argentina. Total Consolidated Cable TV basic subscribers reached 3,526,212 as of September 2016, compared to the 3,535,047 reported for the same date in 2015. Internet subscribers reached 2,148,879 in September 2016, compared to the 1,982,007 of September 2015.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased (including the consolidation of Nextel Argentina) by 52.6% to Ps. 8,578.0 million for September 2016, compared to Ps. 5,622.4 million in September 2015. This was mainly due to higher programming costs, network expenses and fixed assets maintenance costs.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization) increased (including the consolidation of Nextel Argentina) by 63.6% to Ps. 5,481.8 million for 9M16, compared to Ps. 3,349.8 million reported in 9M15. This was mainly due to higher programming costs, network expenses and fixed assets maintenance costs.
Depreciation and Amortization
Depreciation and amortization expenses increased by 49.0% to Ps. 1,786.3 million for 9M16 from Ps. 1,198.6 million reported in 9M15.
BROADCASTING AND PROGRAMMING
Net Sales
Net sales increased by 33.7% to Ps. 3,285.3 million in 9M16, compared to Ps. 2,457.2 million in 9M15. The increase was primarily the result of higher advertising and programming sales related to Canal Trece and Radio Mitre.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 34.1% to Ps. 1,866.8 million in 9M16, compared to Ps. 1,391.8 million in 9M15. This is attributable mainly to higher salaries, rights, programming costs and fees for services.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization) increased by 48.3% to Ps. 641.5 million in 9M16, compared to Ps. 432.6 million in 9M15. The increase was primarily the result of higher fees for services and salaries.
Depreciation and Amortization
Depreciation and amortization expenses increased by 45.6% to Ps. 46.0 million in 9M16 compared to Ps. 31.6 million reported in 9M15.
PRINTING AND PUBLISHING
Net Sales
The 32.8% increase of Net Sales to Ps. 4,120.6 million in 9M16, was the result of higher sales in circulation, advertising and printing services.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales (excluding depreciation and amortization) increased by 37.6% to Ps. 2,434.8 million in 9M16, compared to Ps. 1,769.8 million in 9M15. The increase was mainly the result of higher salaries, printing costs and Severance Payments.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses (excluding depreciation and amortization) increased by 38.6% to Ps. 1,698.9 million in 9M16, compared to the Ps. 1,225.6 million reported for 9M15. This was primarily the result of higher fees for services and salaries, distribution costs and marketing expenses.
Depreciation and Amortization
Depreciation and amortization expenses increased by 27.2% to Ps. 62.9 million in 9M16 compared to Ps. 49.5 million in 9M15.
DIGITAL CONTENT AND OTHERS
Net sales in this segment are derived from administrative and corporate services rendered by the Company and by our 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) is driven mainly by salaries and professional fees paid to advisers.
In this period, net sales increased 60.2% to Ps. 858.7, from Ps. 535.8 million reported in 9M16, due to higher sales in digital content, Gestión Compartida and revenues from trade fairs and exhibitions business. EBITDA resulted in Ps. (54.0) million.
OPERATING STATISTICS BY BUSINESS SEGMENT
CABLE TV AND INTERNET ACCESS
| 9M16 | 9M15 | YoY | 3Q16 | 2Q16 | 3Q15 | QoQ | YoY | ||||||||
Homes Passed (1) | 7,822.5 | 7,753.8 | 0.9% | 7,822.5 | 7,815.4 | 7,753.8 | 0.1% | 0.9% |
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Bidirectional Homes Passed | 74.2% | 70.2% | 5.7% | 74.2% | 73.4% | 70.2% | 1.1% | 5.7% |
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Unique Subscribers | 3,911.2
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| 1.0%
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| 0.3%
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Cable TV |
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Total Consolidated Subscribers (1)(3) | 3,526.2 | 3,535.0 | (0.2%) | 3,526.2 | 3,522.1 | 3,535.0 | 0.1% | (0.2%) |
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Subscribers - Argentina | 3,383.9 | 3,398.5 | (0.4%) | 3,383.9 | 3,380.3 | 3,398.5 | 0.1% | (0.4%) |
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Subscribers - International (Uruguay) | 142.3 | 136.5 | 4.2% | 142.3 | 141.8 | 136.5 | 0.4% | 4.2% |
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% over Homes Passed | 45.1% | 45.6% | (1.1%) | 45.1% | 45.1% | 45.6% | 0.0% | (1.1%) |
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Total Equity Subscribers(4) | 3,659.0 | 3,666.3 | (0.2%) | 3,659.0 | 3,654.1 | 3,666.3 | 0.1% | (0.2%) |
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Churn Rate % | 13.6% | 12.4% | 9.3% | 12.8% | 12.8% | 11.5% | (0.4%) | 11.6% |
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Digital Video |
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Digital Ready Pay TV Subs | 3,016.7 | 3,118.1 | (3.3%) | 3,016.7 | 3,012.8 | 3,118.1 | 0.1% | (3.3%) |
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Total Digital Decoders | 1,789.9 | 1,584.4 | 13.0% | 1,789.9 | 1,727.8 | 1,584.4 | 3.6% | 13.0% |
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Argentina | 1,570.5 | 1,391.7 | 12.8% | 1,570.5 | 1,513.9 | 1,391.7 | 3.7% | 12.8% |
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International | 219.4 | 192.7 | 13.9% | 219.4 | 214.0 | 192.7 | 2.6% | 13.9% |
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Penetration over Digital Ready TV Subs | 59.3% | 50.8% | 16.8% | 59.3% | 57.3% | 50.8% | 3.5% | 16.8% |
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Internet Subscribers |
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Total Internet Subscribers (1) | 2,148.9 | 1,982.0 | 8.4% | 2,148.9 | 2,101.4 | 1,982.0 | 2.3% | 8.4% |
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Cablemodem(1) | 2,145.8 | 1,973.9 | 8.7% | 2,145.8 | 2,094.3 | 1,973.9 | 2.5% | 8.7% |
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ADSL(1) | 2.62 | 3.5 | (25.5%) | 2.6 | 2.8 | 3.5 | (7.0%) | (25.5%) |
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Dial Up (1) | 0.4 | 4.6 | (90.5%) | 0.4 | 4.3 | 4.6 | (89.9%) | (90.5%) |
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% over Bidirectional Homes Passed | 35.9% | 36.4% | (1.4%) | 35.9% | 35.5% | 36.4% | 1.2% | (1.4%) |
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Total ARPU(2) | 621.5 | 462.5 | 34.4% | 677.2 | 602.3 | 510.2 | 12.4% | 32.7% |
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TELEPHONY
| 9M16 | 3Q16 | 2Q16 | QoQ |
Mobile Postpaid Subs(1) | 807.5
| 807.5 | 852.6 | (5.3%) |
Postpaid ARPU(2) | 237.3 | 251.3 | 238.9 | 5.2% |
(1) Figures in thousands
(2) Net Sales/ Average Pay TV Subscribers
(3) Total subscribers consolidated following the same consolidation methods used in the financial statements as of each year end.
(4) Total subscribers considering the equity share in each subsidiary.
BROADCASTING AND PROGRAMMING
| 9M16 | 9M15 | YoY | 3Q16 | 2Q16 | 3Q15 | QoQ | YoY |
Advertising Share % (1) | 39.5% | 38.8% | 2.0% | 41.4% | 38.6% | 40.2% | 7.0% | 2.9% |
Audience Share % (2) |
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Prime Time | 33.4% | 37.3% | (10.5%) | 36.3% | 31.4% | 39.3% | 15.6% | (7.6%) |
Total Time | 31.4% | 30.1% | 4.4% | 33.9% | 31.1% | 31.5% | 9.0% | 7.6% |
(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.
PRINTING AND PUBLISHING
| 9M16 | 9M15 | YoY | 3Q16 | 2Q16 | 3Q15 | QoQ | YoY |
Circulation (1) | 239.4 | 264.1 | (9.4%) | 233.7 | 237.3 | 259.1 | (1.5%) | (9.8%) |
Circulation share % (2) | 40.6% | 39.4% | 3.2% | 40.9% | 40.5% | 39.9% | 1.1% | 2.5% |
Advertising share %(3) | 53.1% | 51.5% | 3.2% | 53.0% | 51.5% | 51.1% | 2.9% | 3.8% |
(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.
DIGITAL CONTENT AND OTHERS
| 9M16 | 9M15 | YoY |
Page Views (1) | 898.1 | 778.8 | 15.3% |
Unique Visitors(1) | 63.7 | 64.6 | (1.4%) |
(1)In millions. Average. Source IAB and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) | September 2016 | September 2015 | % Change | June 2016 | % Change |
Short Term and Long Term Debt |
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Current Financial Debt | 1,357.6 | 2,736.1 | (50.4%) | 2,639.6 | (48.6%) |
Financial loans | 220.1 | 769.5 | (71.4%) | 140.0 | 57.2% |
Negotiable obligations | - | 1,200.5 | (100.0%) | 1,208.1 | (100.0%) |
Accrued interest | 166.2 | 76.7 | 116.7% | 37.2 | 346.4% |
Acquisition of equipment | 755.0 | 239.7 | 215.0% | 646.6 | 16.8% |
Sellers Financing Capital | 16.3 | 177.8 | (90.8%) | 149.5 | (89.1%) |
Sellers Financing accrued interest | - | - | NA | - | NA |
Related Parties Capital | 3.4 | 15.3 | (77.7%) | 5.4 | (37.5%) |
Related Parties accrued interest | 0.1 | 3.9 | (97.7%) | 2.0 | (95.7%) |
Bank overdraft | 196.5 | 252.9 | (22.3%) | 450.6 | (56.4%) |
Non-Current Financial Debt | 8,577.8 | 2,816.3 | 204.6% | 8,484.2 | 1.1% |
Financial loans | 108.2 | 22.8 | 375.2% | 133.0 | (18.7%) |
Negotiable obligations | 7,655.0 | 2,400.1 | 218.9% | 7,520.0 | 1.8% |
Accrued interest | - | - | NA | - | NA |
Acquisition of equipment | 805.8 | 393.5 | 104.8% | 818.1 | (1.5%) |
Sellers Financing Capital | - | - | NA | - | NA |
Sellers Financing accrued interest | - | - | NA | - | NA |
Related Parties Capital | 8.8 | - | NA | 12.8 | (30.7%) |
Related accrued interest | - | - | NA | 0.2 | (100.0%) |
Bank overdraft | - | - | NA | - | NA |
Total Financial Debt (A) | 9,935.4 | 5,552.5 | 78.9% | 11,123.8 | (10.7%) |
Measurement at fair Value | (47.3) | (28.2) | (67.7%) | (47.5) | 0.5% |
Total Short Term and Long Term Debt | 9,888.1 | 5,524.3 | 79.0% | 11,076.3 | (10.7%) |
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Cash and Cash Equivalents (B) | 3,311.4 | 1,935.6 | 71.1% | 4,591.8 | (27.9%) |
Net Debt (A) - (B) | 6,624.0 | 3,616.9 | 83.1% | 6,532.0 | 1.4% |
Net Debt/Adjusted Ebitda (1) | 0.52x | 0.37x | 41.4% | 0.57x | (7.9%) |
% USD Debt | 95.1% | 80.6% | 17.9% | 6.5% | 1,354.1% |
% Ar. Ps Debt | 4.9% | 19.4% | (74.6%) | 93.5% | (94.7%) |
Total Financial Debt(1) and Net Debt, increased from Ps. 5,552.5 million to Ps. 9,935.4 million and from Ps. 3,616.9 million to Ps. 6,624.0 million respectively. This represents an increase of 92.2% in the Total Debt and an increase of 103.6% in the Net Debt.
Debt coverage ratio (1) as of September 30th, 2016 was 0.52x in the case of Net Debt and of 0.78x 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.
APPENDIX
NET SALES
(In millions of Ps.) | 9M16 | 9M15 | YoY | 3Q16 | 2Q16 | 3Q15 | QoQ | YoY | |
Discontinued Operations | Cable TV, Internet access and Telephony | 22,237.4 | 14,623.6 | 52.1% | 7,994.7 | 7,174.2 | 5,391.9 | 11.4% | 48.3% |
Continued Operations | Printing and Publishing | 4,120.6 | 3,102.9 | 32.8% | 1,511.9 | 1,394.9 | 1,131.0 | 8.4% | 33.7% |
Broadcasting and Programming | 3,285.3 | 2,457.2 | 33.7% | 1,370.5 | 1,202.9 | 983.6 | 13.9% | 39.3% | |
Digital Content and Others | 858.7 | 535.8 | 60.2% | 334.9 | 249.5 | 198.0 | 34.2% | 69.2% | |
Eliminations | (347.1) | (270.0) | 28.6% | (132.0) | (101.2) | (88.2) | 30.5% | 49.7% | |
Subtotal Continued Operations | 7,917.4 | 5,825.8 | 35.9% | 3,085.3 | 2,746.2 | 2,224.5 | 12.3% | 38.7% | |
| Eliminations | (557.2) | (467.9) | 19.1% | (206.7) | (181.7) | (190.5) | 13.8% | 8.5% |
| Total | 29,597.6 | 19,981.5 | 48.1% | 10,873.3 | 9,738.7 | 7,425.9 | 11.7% | 46.4% |
ADJUSTED EBITDA
(In millions of Ps.) | 9M16 | 9M15 | YoY | 3Q16 | 2Q16 | 3Q15 | QoQ | YoY | |
Discontinued Operations | Cable TV, Internet access and Telephony | 8,177.6 | 5,651.4 | 44.7% | 2,838.3 | 2,561.3 | 2,049.7 | 10.8% | 38.5% |
Continued Operations | Printing and Publishing | (13.1) | 107.5 | (112.2%) | (9.2) | 3.6 | 65.2 | (358.3%) | (114.1%) |
Broadcasting and Programming | 777.0 | 632.8 | 22.8% | 371.4 | 332.8 | 312.1 | 11.6% | 19.0% | |
Digital Content and Others | (54.0) | 15.1 | (456.8%) | (34.5) | (20.8) | 16.6 | 65.8% | (307.5%) | |
Subtotal Continued Operations | 709.9 | 755.4 | (6.0%) | 327.7 | 315.5 | 393.9 | 3.8% | (16.8%) | |
| Total | 8,887.4 | 6,406.8 | 38.7% | 3,165.9 | 2,876.8 | 2,443.6 | 10.1% | 29.6% |
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)
| 183.0 |
GCLA (LSE) Price per GDS (USD) | 23.95 |
Total Shares | 287,418,584 |
Total GDSs | 143,709,292 |
Market Value (USD MM) | 3,442 |
Closing Price | Nov 10th, 2016 |
CONFERENCE CALL AND WEBCAST INFORMATION
Grupo Clarín will host a conference call and webcast to discuss Third Quarter Results for 2016, on Friday, November 11th, 2016.
Time: 12:00pm Buenos Aires Time/3:00pm London Time/10:00am New York Time.
Those interested in connecting via conference call are invited to please dial 1-800-311-9404 toll free from the U.S., 0-800-444-7657 from Argentina, or 1 (334) 323-7224 from elsewhere 5-10 minutes prior to the start time. The Conference ID is 9011.
To access the simultaneous webcast presentation, please direct your browser to:
https://www.webcaster4.com/Webcast/Page/1117/18157
A replay of the conference call will be available one hour after its conclusion, and will remain available for two weeks. To access the replay, please dial from the within the U.S. 1-877-919-4059, or from anywhere outside the U.S. 1-334-323-0140. The passcode is: 25476409.
The PDF version of the webcast presentation will be available at http://www.grupoclarin.com.ar/ir prior to the call, on November 11th, and archived in our Website after its conclusion.
ABOUT THE COMPANY
Grupo Clarín is the largest media company in Argentina and a leading company in the cable television and Internet access, printing and publishing, and broadcasting and programming markets. Its cable television network is one of the largest in Latin America in term of subscribers, and is a leading broadband provider in Argentina. 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, 2016 AND 2015, AND FOR
THE THREE-MONTH PERIODS BEGINNING JULY 1 AND ENDED SEPTEMBER 30, 2016 AND 2015
In Argentine Pesos (Ps.)
| September 30, 2016 |
| September 30, 2015 |
|
July 1, 2016 through September 30, 2016 |
|
July 1, 2015 through September 30, 2015 |
|
|
|
|
|
|
|
|
Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues | 7,917,444,360 |
| 5,825,812,407 |
| 3,085,325,216 |
| 2,224,480,137 |
|
|
|
|
|
|
|
|
Cost of Sales (1) | (4,858,758,670) |
| (3,458,855,558) |
| (1,865,700,701) |
| (1,271,613,687) |
|
|
|
|
|
|
|
|
Subtotal - Gross Profit | 3,058,685,690 |
| 2,366,956,849 |
| 1,219,624,515 |
| 952,866,450 |
|
|
|
|
|
|
|
|
Selling Expenses (1) | (1,219,398,367) |
| (855,962,761) |
| (465,059,243) |
| (327,682,622) |
Administrative Expenses (1) | (1,257,795,456) |
| (849,545,176) |
| (474,804,645) |
| (264,930,123) |
|
|
|
|
|
|
|
|
Other Income and Expense, net | 19,478,034 |
| 1,481,223 |
| 5,588,893 |
| (5,193,864) |
|
|
|
|
|
|
|
|
Financial Costs | (172,826,431) |
| (113,439,583) |
| (55,047,742) |
| (33,295,777) |
Other Financial Results, net | (82,568,842) |
| (1,753,345) |
| (40,426,006) |
| 11,602,928 |
Financial Results | (255,395,273) |
| (115,192,928) |
| (95,473,748) |
| (21,692,849) |
|
|
|
|
|
|
|
|
Equity in Earnings from Affiliates and Subsidiaries | 38,666,583 |
| 38,653,378 |
| 8,306,404 |
| 16,168,138 |
|
|
|
|
|
|
|
|
Income before Income Tax and Tax on Assets | 384,241,211 |
| 586,390,585 |
| 198,182,176 |
| 349,535,130 |
|
|
|
|
|
|
|
|
Income Tax and Tax on Assets | (193,454,717) |
| (191,985,402) |
| (92,304,408) |
| (117,842,395) |
|
|
|
|
|
|
|
|
Income for the period from continuing operations | 190,786,494 |
| 394,405,183 |
| 105,877,768 |
| 231,692,735 |
|
|
|
|
|
|
|
|
Discontinued Operations |
|
|
|
|
|
|
|
Net Income from Discontinued Operations | 3,100,944,609 |
| 2,345,817,785 |
| 1,122,960,972 |
| 831,468,331 |
|
|
|
|
|
|
|
|
Income for the period | 3,291,731,103 |
| 2,740,222,968 |
| 1,228,838,740 |
| 1,063,161,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Comprehensive Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items which may be reclassified to net income |
|
|
|
|
|
|
|
Variation in Translation Differences of Foreign Operations from Continuing Operations | 8,027,822 |
| 1,782,848 |
| 1,617,992 |
| 525,759 |
Variation in Translation Differences of Discontinued Operations | 265,661,869 |
| (128,999,907) |
| 210,638,685 |
| 92,156,103 |
Other Comprehensive Income for the period | 273,689,691 |
| (127,217,059) |
| 212,256,677 |
| 92,681,862 |
|
|
|
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 3,565,420,794 |
| 2,613,005,909 |
| 1,441,095,417 |
| 1,155,842,928 |
|
|
|
|
|
|
|
|
Profit Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Parent Company | 1,995,483,835 |
| 1,744,216,422 |
| 767,730,540 |
| 709,873,133 |
|
|
|
|
|
|
|
|
Non-Controlling Interests | 1,296,247,268 |
| 996,006,546 |
| 461,108,200 |
| 353,287,933 |
|
|
|
|
|
|
|
|
Total Comprehensive Income Attributable to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders of the Parent Company | 2,143,591,764 |
| 1,673,868,745 |
| 866,389,459 |
| 745,889,716 |
|
|
|
|
|
|
|
|
Non-Controlling Interests | 1,421,829,030 |
| 939,137,164 |
| 574,705,958 |
| 409,953,212 |
|
|
|
|
|
|
|
|
Basic and Diluted Earnings per Share from Continuing Operations | 0.68 |
| 1.32 |
| 0.38 |
| 0.78 |
|
|
|
|
|
|
|
|
Basic and Diluted Earnings per Share from Discontinued Operations | 6.26 |
| 4.75 |
| 2.29 |
| 1.69 |
|
|
|
|
|
|
|
|
Basic and Diluted Earnings per Share - Total | 6.94 |
| 6.07 |
| 2.67 |
| 2.47 |
|
|
|
|
|
|
|
|
(1) Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of Ps. 128,361,588 and Ps. 93,959,918 for the nine-month periods ended September 30, 2016 and 2015, respectively.
The notes are an integral part of these interim condensed consolidated financial statements.
GRUPO CLARÍN S.A.CONSOLIDATED BALANCE SHEETAS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015 In Argentine Pesos (Ps.)
| September 30, 2016 |
| December 31, 2015 |
ASSETS |
|
|
|
NON-CURRENT ASSETS |
|
|
|
Property, Plant and Equipment | 743,930,191 |
| 9,026,866,357 |
Intangible Assets | 212,104,455 |
| 258,146,566 |
Goodwill | 274,348,582 |
| 2,907,928,844 |
Deferred Tax Assets | 452,967,204 |
| 374,890,670 |
Investments in Unconsolidated Affiliates | 384,603,895 |
| 1,721,354,821 |
Other Investments | 11,377,118 |
| 458,789,781 |
Inventories | 25,042,789 |
| 23,626,229 |
Other Assets | 2,907,114 |
| 2,627,301 |
Other Receivables | 136,324,337 |
| 1,389,317,682 |
Trade Receivables | 94,623,407 |
| 82,905,052 |
Total Non-Current Assets | 2,338,229,092 |
| 16,246,453,303 |
|
|
|
|
CURRENT ASSETS |
|
|
|
Inventories | 822,909,554 |
| 490,692,852 |
Other Assets | 8,007,446 |
| 11,456,124 |
Other Receivables | 577,883,929 |
| 949,442,104 |
Trade Receivables | 3,261,161,237 |
| 3,790,626,735 |
Other Investments | 310,204,722 |
| 1,186,552,013 |
Cash and Banks | 253,894,759 |
| 2,025,780,934 |
Total Current Assets | 5,234,061,647 |
| 8,454,550,762 |
|
|
|
|
Assets Held for Distribution to Shareholders | 26,035,297,913 |
| - |
|
|
|
|
Total Assets | 33,607,588,652 |
| 24,701,004,065 |
|
|
|
|
EQUITY (as per the corresponding statement) |
|
|
|
Attributable to Shareholders of the Parent Company |
|
|
|
Shareholders' Contributions | 2,010,638,503 |
| 2,010,638,503 |
Other Items | 740,351,567 |
| 592,243,638 |
Retained Earnings | 6,325,552,367 |
| 4,630,068,532 |
Total Attributable to Shareholders of the Parent Company | 9,076,542,437 |
| 7,232,950,673 |
|
|
|
|
Attributable to Non-Controlling Interests | 3,981,787,004 |
| 3,175,288,997 |
Total Shareholders' Equity | 13,058,329,441 |
| 10,408,239,670 |
|
|
|
|
LIABILITIES |
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
Provisions and Other | 151,316,801 |
| 432,475,314 |
Debt | 123,457,574 |
| 4,033,351,896 |
Taxes Payable | 65,272,208 |
| 90,524,218 |
Other Liabilities | 63,153,543 |
| 142,185,237 |
Trade Payables and Other | 24,770,985 |
| 19,557,018 |
Total Non-Current Liabilities | 427,971,111 |
| 4,718,093,683 |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Debt | 319,169,418 |
| 2,901,737,366 |
Seller Financings | 16,300,560 |
| 1,874,191 |
Taxes Payable | 219,796,940 |
| 1,152,994,701 |
Other Liabilities | 536,993,138 |
| 465,161,856 |
Trade Payables and Other | 2,832,882,302 |
| 5,052,902,598 |
Total Current Liabilities | 3,925,142,358 |
| 9,574,670,712 |
|
|
|
|
Liabilities Held for Distribution to Shareholders | 16,196,145,742 |
| - |
|
|
|
|
Total Liabilities | 20,549,259,211 |
| 14,292,764,395 |
|
|
|
|
Total Equity and Liabilities | 33,607,588,652 |
| 24,701,004,065 |
The notes are an integral part of these interim condensed consolidated financial statements.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2016 AND 2015
In Argentine Pesos (Ps.)
| Equity attributable to Shareholders of the Parent Company |
| Equity Attributable to Non-Controlling Interests |
|
| |||||||||||
| Shareholders' Contributions |
| Other Items |
| Retained Earnings | Total Equity of Controlling Interests |
|
|
| |||||||
| Capital Stock | Inflation Adjustment on Capital Stock | Additional Paid-in Capital | Subtotal |
| Translation of Foreign Operations | Other Reserves |
| Legal Reserve | Optional reserves (1) | Retained Earnings |
|
| Total Equity | ||
Balances as of January 1st, 2016 | 287,418,584 | 309,885,253 | 1,413,334,666 | 2,010,638,503 |
| 595,897,405 | (3,653,767) |
| 119,460,767 | 2,625,678,396 | 1,884,929,369 | 7,232,950,673 |
| 3,175,288,997 |
| 10,408,239,670 |
Set-up of reserves (Note 10.a.) | - | - | - | - |
| - | - |
| - | 1,584,929,369 | (1,584,929,369) | - |
| - |
| - |
Dividend Distribution (Note 10.a.) | - | - | - | - |
| - | - |
| - | - | (300,000,000) | (300,000,000) |
| - |
| (300,000,000) |
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - |
| - | - |
| - | - | - | - |
| (615,331,023) |
| (615,331,023) |
Income for the period | - | - | - | - |
| - | - |
| - | - | 1,995,483,835 | 1,995,483,835 |
| 1,296,247,268 |
| 3,291,731,103 |
Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variation in Translation Differences of Foreign Operations | - | - | - | - |
| 148,107,929 | - |
| - | - | - | 148,107,929 |
| 125,581,762 |
| 273,689,691 |
Balances as of September 30, 2016 | 287,418,584 | 309,885,253 | 1,413,334,666 | 2,010,638,503 |
| 744,005,334 | (3,653,767) |
| 119,460,767 | 4,210,607,765 | 1,995,483,835 | 9,076,542,437 |
| 3,981,787,004 |
| 13,058,329,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances as of January 1st, 2015 | 287,418,584 | 309,885,253 | 1,413,334,666 | 2,010,638,503 |
| 477,454,394 | (209,686) |
| 119,460,767 | 2,071,576,709 | 804,101,687 | 5,483,022,374 |
| 2,282,464,286 |
| 7,765,486,660 |
Set-up of reserves | - | - | - | - |
| - | - |
| - | 554,101,687 | (554,101,687) | - |
| - |
| - |
Dividend Distribution | - | - | - | - |
| - | - |
| - | - | (250,000,000) | (250,000,000) |
| - |
| (250,000,000) |
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - |
| - | - |
| - | - | - | - |
| (188,217,137) |
| (188,217,137) |
Income for the period | - | - | - | - |
| - | - |
| - | - | 1,744,216,422 | 1,744,216,422 |
| 996,006,546 |
| 2,740,222,968 |
Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variation in Translation Differences of Foreign Operations | - | - | - | - |
| (70,347,677) | - |
| - | - | - | (70,347,677) |
| (56,869,382) |
| (127,217,059) |
Balances as of September 30, 2015 | 287,418,584 | 309,885,253 | 1,413,334,666 | 2,010,638,503 |
| 407,106,717 | (209,686) |
| 119,460,767 | 2,625,678,396 | 1,744,216,422 | 6,906,891,119 |
| 3,033,384,313 |
| 9,940,275,432 |
(1) Broken down as follows: (i) Optional reserve for future dividends of Ps. 1,884,929,369; (ii) Judicial reserve for future dividend distribution of Ps. 387,028,756, (iii) Optional reserve for illiquidity of results of Ps. 694,371,899 and (iv) Optional reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of Ps. 1,244,277,741.
The notes are an integral part of these interim condensed consolidated financial statements.
| September 30, 2016 |
| September 30, 2015 | |
CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
| |
Income for the period | 3,291,731,103 |
| 2,740,222,968 | |
Income Tax and Tax on Assets | 193,454,717 |
| 191,985,402 | |
Accrued Interest, net | 106,016,954 |
| 113,239,108 | |
Adjustments to reconcile net income for the period to cash provided by operating activities: |
|
|
| |
Depreciation of Property, Plant and Equipment | 81,531,250 |
| 61,038,456 | |
Amortization of Intangible Assets and Film Library | 46,830,338 |
| 32,921,462 | |
Net of allowances | 89,283,267 |
| 52,613,133 | |
Financial Income, except interest | (55,736,422) |
| (89,968,308) | |
Equity in Earnings from Affiliates and Subsidiaries | (38,666,583) |
| (38,653,378) | |
Other Income and Expense | (34,263,512) |
| (13,100,087) | |
Net Income from Discontinued Operations | (3,100,944,609) |
| (2,345,817,785) | |
Changes in Assets and Liabilities: |
|
|
| |
Trade Receivables | (658,702,227) |
| (532,048,543) | |
Other Receivables | (130,028,093) |
| (73,107,561) | |
Inventories | (340,834,871) |
| (151,126,485) | |
Other Assets | 3,168,865 |
| 1,874,208 | |
Trade Payables and Other | 371,864,979 |
| 344,691,467 | |
Taxes Payable | (45,623,276) |
| (43,035,609) | |
Other Liabilities | 267,820,744 |
| 145,611,244 | |
Provisions | (63,435,958) |
| (27,542,098) | |
| Income Tax and Tax on Assets Payments | (358,969,148) |
| (168,997,110) |
| Net Cash Flows Provided by Discontinued Operating Activities (See Note 5.16) | 6,626,367,640 |
| 4,395,091,363 |
|
|
|
|
|
| Net Cash Flows Provided by Operating Activities | 6,250,865,158 |
| 4,595,891,847 |
|
|
|
|
|
| CASH PROVIDED BY INVESTMENT ACTIVITIES |
|
|
|
| Acquisition of Property, Plant and Equipment, net | (236,114,334) |
| (94,282,347) |
| Acquisition of Intangible Assets | (121,628,457) |
| (39,168,909) |
| Payments for Acquisition of Subsidiaries, Net of Cash Acquired | (1,572,823) |
| (10,597,033) |
| Proceeds from Sale of Property, Plant and Equipment and other | 35,680,366 |
| 14,408,086 |
| Dividends collected | 2,375,400 |
| 41,444,068 |
| Transactions with Securities, Bonds and Other Financial Instruments, Net | 2,359,421 |
| 73,278,485 |
| Collections of Certificates of Deposit | 10,199,505 |
| 211,196,549 |
| Net Cash Flows used in Discontinued Investment Activities (See Note 5.16) | (8,205,592,681) |
| (4,512,303,735) |
|
|
|
|
|
| Net Cash Flows used in Investment Activities | (8,514,293,603) |
| (4,316,024,836) |
|
|
|
|
|
| CASH PROVIDED BY FINANCING ACTIVITIES |
|
|
|
| Loans Obtained | 606,581,796 |
| 204,438,886 |
| Repayment of Loans and Issue Expenses | (522,515,201) |
| (288,694,517) |
| Payment of Interest | (107,286,037) |
| (70,334,262) |
| Collections on Derivatives | 59,303,370 |
| - |
| Payment of Dividends | (300,000,000) |
| (125,000,000) |
| Payments to Non-Controlling Interests, net | (11,916,721) |
| (8,880,806) |
| Net Cash Flows provided by Discontinued Financing Activities (See Note 5.16) | 230,083,295 |
| (209,148,772) |
|
|
|
|
|
| Net Cash Flows used in Financing Activities | (45,749,498) |
| (497,619,471) |
|
|
|
|
|
| Financing Results Generated by Cash and Cash Equivalents for Continuing Operations | 68,630,182 |
| 43,478,265 |
| Financing Results Generated by Cash and Cash Equivalents for Discontinued Operations | 793,474,356 |
| 364,929,765 |
|
|
|
|
|
| FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS | 862,104,538 |
| 408,408,030 |
|
|
|
|
|
| (Decrease) / Increase in cash flow, net | (1,447,073,405) |
| 190,655,570 |
| Cash and Cash Equivalents at the Beginning of the Year | 2,705,563,078 |
| 1,744,978,426 |
| Cash and Cash Equivalents from Acquisition of Companies | 2,052,951,267 |
| - |
| Cash and Cash Equivalents at the Closing of the Period (See Note 2.5) | 3,311,440,940 |
| 1,935,633,996 |
|
|
|
|
|
The notes are an integral part of these interim condensed consolidated financial statements.