Stmnt re Share Price Movement

22 Aug 2008 08:00



GRUPO CLARÍN S.A. 

Statement re Share Price Movement

On 21 August 2008, Grupo Clarín S.A. (the "Company") responded to a query by the Buenos Aires Stock Exchange ("BASE") concerning recent movements in the price of its shares and GDSs. In its response, the Company stated that it had no knowledge of any circumstances relating to the Company that would qualify as "relevant" under BASE disclosure regulations, which may be connected to such movements.

On 11 August 2008, the Company reported net revenues (in accordance with generally accepted accounting principles in Argentina ("Argentine GAAP")) of Ps.216.8 million for the first six months of 2008. Consolidated net sales for the first six months of 2008 increased by 32.6% compared to the same period in 2007, to Ps. 2,604.8 million. Adjusted EBITDA(1) increased by 24% compared to the same period in 2007, to Ps. 764.7 million.

(1) The Company defines Adjusted EBITDA as net sales minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). The Company believes that Adjusted EBITDA is a meaningful measure of its 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 the Company's financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Because Adjusted EBITDA is not an Argentine GAAP measure, 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 reported by the Company.

Enquiries:

In Buenos Aires:

Alfredo Marín/M. Julia Díaz Ardaya

Grupo Clarín

Email: investors@grupoclarin.com

In London:

Alex Money/Tom Allison

Temple Bar Advisory

Tel: +44 20 7002 1080

Email: clarin@templebaradvisory.com

In New York:

Melanie Carpenter/Peter Majeski

I-advize Corporate Communications

Tel: +1 212 406 3692

Email: clarin@i-advize.com