3rd Quarter and 9 Month Results

Grupo Clarin S.A.
12 November 2023
 

 

Grupo Clarín Announces Nine months and Third Quarter 2023 Results

 

Buenos Aires, Argentina, November 10, 2023 - 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 2023 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of September 30, 2023 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) as per Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), that establishes that the restatement must be applied to the financial statements.

 

 

Highlights (9M23 vs. 9M22):

§ Total Revenues reached Ps. 109,644.1 million, a decrease of 2.3% in real terms compared to 9M22, mainly due to lower revenues in the Broadcasting and Programming segment, partially offset by higher revenues in Digital and Printed Publications.

§ Adjusted EBITDA(1) reached Ps. 11,844.5 million, a decrease of 29.4% compared to 16,766.0 for 9M22, mainly driven by lower EBITDA in Broadcasting and Programming and Others segments.

§ Grupo Clarín's Adjusted EBITDA Margin(2) was 10.8% in 9M23, compared to 14.9% in 9M22.

§ Net Income for the period resulted in  a loss of  Ps. 1,513.2 million, an increase of 35.8% compared to a loss of Ps. 1,114.3 million reported in 9M22. Loss for the period attributable to Equity Shareholders amounted Ps 1,377.2 million in 9M23 from a loss of Ps. 1,181.9 million in 9M22, an increase of 16.5%.

 

FINANCIAL HIGHLIGHTS

 

 

 

 

 

 

 

 

 

(In millions of Ps.)

9M23

9M22

% Ch.

3Q23

2Q23

3Q22

QoQ

YoY

Total Revenues

 109,644.1

 112,266.9

 (2.3%)

 35,061.7

 36,596.7

 37,313.2

(4.2%)

(6.0%)

Adjusted EBITDA (1)

 11,844.5

 16,766.0  

 (29.4%)

 2,512.7

 3,983.2

 6,292.2

(36.9%)

(60.1%)

Adjusted EBITDA Margin (2)

10.8%

14.9%

 (27.7%)

7.2%

10.9%

16.9%

(34.2%)

(57.5%)

Profit/(Loss) for the period

 (1,513.2)

 (1,114.3)

35.8%

 (2,810.6)

 (458.0)

 (1,647.8)

513.6%

70.6%

Attributable to:









Equity Shareholders

 (1,377.2)

 (1,181.9)

16.5%

 (2,720.0)

 (426.4)

 (1,565.5)

537.9%

73.7%

Non-Controlling Interests

 (136.0)

 67.5

(301.4%)

 (90.6)

 (31.6)

 (82.3)

186.4%

10.1%

 

(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. 109,644.1 million, a decrease of 2.3% in real terms from Ps. 112,266.9 million in 9M22, in a context of increasing inflation (which reached 138.3% interannually as of September and 115.0% on average). Advertising revenues decreased 5.7% in real terms and represented around 44.2% of the Total Revenues of the Company. Circulation revenues increased 4.5% YoY and represented 31.4% of the Total. Programming revenues decreased 19.0% YoY and represented 13.4% of the Total.

 

Following is a breakdown of Total Revenues by business segment:

 

REVENUES

(In millions of Ps.)

9M23

9M22

YoY

3Q23

2Q23

3Q22

QoQ

YoY

Digital and Printed Publications

 55,656.9

 51,368.9

8.3%

 17,178.1

 17,116.0

 16,207.6

0.4%

6.0%

Broadcasting and Programming

 50,165.6

 57,336.7

(12.5%)

 16,748.9

 18,209.5

 19,857.7

(8.0%)

(15.7%)

Others

 7,745.5

 8,088.8

(4.2%)

 2,247.9

 2,475.2

 2,339.4

(9.2%)

(3.9%)

Subtotal

 113,568.1

 116,794.3

(2.8%)

 36,174.9

 37,800.7

 38,404.7

(4.3%)

(5.8%)

Eliminations

 (3,924.0)

 (4,527.4)

(13.3%)

 (1,113.2)

 (1,203.9)

 (1,091.5)

(7.5%)

2.0%

Total

 109,644.1

 112,266.9

(2.3%)

 35,061.7

 36,596.7

 37,313.2

(4.2%)

(6.0%)

 

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 67,968.0 million, an increase of 2.3% from Ps. 66,422.8 million reported in 9M22, mainly due to higher costs in the Digital and Printed Publications segment related to the increase in schoolbooks sales and severance payments; partially offset by lower content production cost in Broadcasting and Programming and lower salaries in real terms, across all segments.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization) totaled Ps. 29,831.6 million, an increase of 2.6% from Ps. 29,078.1 million in 9M22. This increase was mainly due to higher contingencies, advertising and promotion costs.

 

Adjusted EBITDA amounted to Ps. 11,844.5 million, decrease of 29.4% from Ps. 16,766.0 million reported in 9M22. This decrease was driven by a lower EBITDA in Broadcasting and Programming, mainly as a result of lower advertising and programming revenues in real terms that couldn't be offset by lower costs.

 

Following is a breakdown of adjusted EBITDA by business segment:

 

ADJUSTED EBITDA

(In millions of Ps.)

9M23

9M22

YoY

3Q23

2Q23

3Q22

QoQ

YoY

Digital and Printed Publications

 4,127.2

 4,247.9

(2.8%)

 314.0

 490.4

 1,193.1

(36.0%)

(73.7%)

Broadcasting and Programming

 7,550.2

 11,822.3

(36.1%)

 2,688.3

 3,632.6

 5,146.5

(26.0%)

(47.8%)

Others

 167.1

 695.9

(76.0%)

 (489.6)

 (139.8)

 (47.4)

250.1%

932.4%

Total

 11,844.5

 16,766.0

(29.4%)

 2,512.7

 3,983.2

 6,292.2

(36.9%)

(60.1%)



Financial results net totaled Ps. (10,648.0) million compared to Ps. (11,096.1) million in 9M22. This decrease was mainly due to higher gained interests, lower net negative Foreign Exchange results and lower negative results of operations with notes and bonds, partially offset by higher interest on debts and higher negative inflation adjustment results versus 2022.

 

Equity in earnings from unconsolidated affiliates in 9M23 totaled Ps. 1,345.6 million, compared to Ps. 566.3  million in 9M22, mainly related to the suspension of operations in BIMO which had had negative results in 2022, partially offset by lower positive results in our subsidiary Papel Prensa higher negative results in TRISA versus a negative result in 2022.

 

Other Income (expenses), net reached Ps. 450.5 million, compared to Ps. (115.1) million in 9M22.

 

Income tax as of 9M23 reached Ps. (33.1) million, from Ps. Ps. (2,698.3) million in 9M22, mainly as a result of lower taxable income (after considering taxable Inflation Adjustment).

 

Income for the period totaled Ps. 1,513.2 million, an increase of 35.8% from a loss of Ps. 1,114.3 million reported in 9M22. The Equity Shareholders Loss for the period amounted Ps. 1,377.2 million, an increase of 16.5% YoY from a loss of  1,181.9 million.

 

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 3,355.5 million in 9M23, an increase of 2.0% from Ps. 3,288.4 million reported in 9M22. Out of the total CAPEX in 9M23, 74.3% was allocated towards the Broadcasting and Programming segment and 25.3% to the Digital and Printed Publications segment.  

 

SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2023

 

(In millions of Ps.)

Digital & Printed Publications

Broadcasting & Programming

Others

Eliminations

Total

%

Advertising

 13,779.5

 35,253.2

 -  

 (571.9)

 48,460.7

44.2%

Circulation

 34,437.2

 -  

 -  

 -  

 34,437.2

31.4%

Printing

 4,977.3

 -  

 -  

 (3.7)

 4,973.7

4.5%

Programming

 -  

 14,703.4

 -  

 -  

 14,703.4

13.4%

Other Sales

 

 2,462.9

 209.0

 7,745.5

 (3,348.4)

 7,069.1

6.4%

Total Sales

 55,656.9

 50,165.6

 7,745.5

 (3,924.0)

 109,644.1

100.0%

 

 

SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2022

 

(In millions of Ps.)

Digital & Printed Publications

Broadcasting & Programming

Others

Eliminations

Total

%

Advertising

 13,213.7

 38,733.3

 -  

 (583.0)

 51,363.9

45.8%

Circulation

 32,947.3

 -  

 -  

 -  

 32,947.3

29.3%

Printing

 2,598.9

 -  

 -  

 -  

 2,598.9

2.3%

Programming

 -  

 18,149.3

 -  

 -  

 18,149.3

16.2%

Other Sales

 

 2,609.0

 454.1

 8,088.8

 (3,944.4)

 7,207.4

6.4%

Total Sales

 51,368.9

 57,336.7

 8,088.8

 (4,527.4)

 112,266.9

100.0%

 

 

 

 

RESULTS BY BUSINESS SEGMENT

 

BROADCASTING AND PROGRAMMING

 

Revenues

Revenues decreased by 12.5% to Ps. 50,165.6 million in 9M23, compared to Ps. 57,336.7 million in 9M22 mainly as a result of lower programming and advertising revenues, in real terms.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) decreased by 7.8% to Ps. 31,469.0 million in 9M23, compared to Ps. 34,148.3 million in 9M22. This is mainly attributable to lower programming, content production and services and satellites costs, and lower salaries and severance payments in real terms.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) decreased by 1.9% to Ps. 11,146.5 million in 9M23, compared to Ps. 11,366.1 million in 9M22. The decrease was primarily the result of lower fees for services, partially offset by higher contingencies.

 

Depreciation and Amortization

Depreciation and amortization expenses decreased by 6.2% to Ps. 2,100.9 million in 9M23 compared to Ps.  2,240.6 million reported in 9M22.

 

DIGITAL AND PRINTED PUBLICATIONS

 

Revenues

Total revenues increased by 8.3% to Ps. 55,656.9 million in 9M23, mainly as a result of higher circulation and printing revenues from school textbooks and printing services related to biddings for school textbooks, mainly during 1Q23, and higher Optional Products and Paywall revenues, offset by lower traditional circulation revenues. In spite of the high interannual inflation, advertising revenues were higher than the figure registered during 9M22, driven by political advertising and higher digital advertising.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 13.9% to Ps. 31,717.6 million in 9M23, compared to Ps. 27,842.8 million in 9M22. The increase is mainly the result of higher costs related to the increase in schoolbooks sales and printing and other costs of editorial products and the effect of inflation adjustment over consumption of goods acquired during previous months; and severance payments related to the restructuring carried out in 2Q23; partially offset by lower salaries.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) increased by 2.8% to Ps. 19,812.1 million in 9M23, compared to the Ps.  19,278.2 million reported in 9M22. This was primarily the result of higher salaries and severance payments, contingencies, and bad debt, partially offset by lower distribution costs.

 

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 12.3% to Ps. 1,714.3 million in 9M23 compared to Ps. 1,526.5 million in 9M22.

 

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 4.2% to Ps. 7,745.5 , from Ps. 8,088.8 million reported in 9M22. EBITDA resulted in Ps. 167.1 million.

 

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

DIGITAL AND PRINTED PUBLICATIONS

 

 

9M23

9M22

YoY

3Q23

2Q23

3Q22

QoQ

YoY

Circulation (1)

 54.9

 67.3

-18.4%

 52.6

 55.6

 64.5

-1.3%

-18.6%

Circulation share % (2)

54.3%

56.4%

-3.8%

53.6%

54.0%

56.0%

0.6%

-4.2%

Total Digital Subs (3)

 691.8

 554.6

24.7%

 691.8

 657.9

 554.6

5.2%

24.7%

 

(1) Average number of paper copies, (newsstands, and subscriptions), according to IVC (including Diario Clarín and Olé) in thousands

(2) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín/Clarín+La Nación. Source: IVC.

(3) Total Clarin.com subs, in thousand, EOP. Company information.

 

BROADCASTING AND PROGRAMMING

 

 

9M23

9M22

YoY

3Q23

2Q23

3Q22

QoQ

YoY

Advertising Share % (1)

32.1%

35.0%

-8.4%

32.1%

33.5%

35.7%

-4.3%

-10.1%

Audience Share % (2)









Prime Time

28.0%

33.7%

-16.7%

29.2%

32.0%

34.3%

-12.4%

-14.9%

Total Time

26.6%

31.3%

-15.2%

28.0%

27.8%

32.0%

-4.3%

-12.5%

 

(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 Friday from 8pm to 12am. Total Time is defined as Monday through Sunday from 12 pm to 12 am.

 

DIGITAL KPIs

 

 

9M23

9M22

YoY

3Q23

2Q23

3Q22

QoQ

YoY

Page Views (1)

825.8

 896.5

-7.9%

 738.0

 808.9

 974.5

2.1%

-24.3%

Mobile page Views

620.1

 661.6

-6.3%

 524.0

 600.7

 731.7

3.2%

-28.4%

 

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

 



 

DEBT AND LIQUIDITY

(In millions of Ps.)

September 2023

September 2022

% Change

Short Term and Long-Term Debt 

 

 

 

Current Financial Debt

 6,724.0

 3,534.2

90.3%

Financial loans

 4,690.5

 1,921.3

144.1%

Accrued interest

 132.3

 387.2

(65.8%)

Acquisition of equipment

 8.7

 88.3

(90.1%)

Related Parties Accrued Interest

 

 -  

 -  

0.0%

Related Parties Capital

 -  

 -  

0.0%

Bank overdraft

 1,892.5

 1,137.3

66.4%

Non-Current Financial Debt

 526.9

 3,386.5

(84.4%)

Financial loans

 526.9

 3,365.7

(84.3%)

Acquisition of equipment

 -  

 20.8

(100.0%)

Total Financial Debt (A)

 7,250.9

 6,920.7

4.8%

Total Short Term and Long-Term Debt

 7,250.9

 6,920.7

4.8%


 



Cash and Cash Equivalents (B)

 16,514.6

 15,846.2

4.2%

Net Debt (A) - (B)

 (9,263.7)

 (8,925.4)

3.8%

Net Debt/Adjusted Ebitda (1)

 (0.62x)

 (0.42x)

46.1%

 

Total Financial Debt(1) and Net Debt, increased 4.8% to Ps. 7,250.9 million from Ps. 6,920.7 million and to Ps. (9,263.7) million from Ps. (8,925.4) million, respectively.

                                                                                                                                     

Debt coverage ratio (1) as of September 30, 2023 was (0.62x) in the case of Net Debt and of 0.48x 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.)

9M23

9M22

YoY

9M23 ex IAS 29

IAS 29 Adjust.

9M23
as reported

9M22 ex IAS 29

IAS 29 Adjust.

9M22
as reported

Digital and Printed Publications

 55,656.9

 51,368.9

8.3%

 39,854.7

 15,802.2

 55,656.9

 17,105.8

 34,263.1

 51,368.9

Broadcasting and Programming

 50,165.6

 57,336.7

(12.5%)

 35,922.5

 14,243.1

 50,165.6

 19,093.1

 38,243.6

 57,336.7

Others

 7,745.5

 8,088.8

(4.2%)

 5,546.4

 2,199.1

 7,745.5

 2,693.6

 5,395.2

 8,088.8

Subtotal

 113,568.1

 116,794.3

(2.8%)

 81,323.7

 32,244.5

 113,568.1

 38,892.4

 77,901.9

 116,794.3

Eliminations

 (3,924.0)

 (4,527.4)

(13.3%)

 (2,809.9)

 (1,114.1)

 (3,924.0)

 (1,507.6)

 (3,019.8)

 (4,527.4)

Total

 109,644.1

 112,266.9

(2.3%)

 78,513.8

 31,130.4

 109,644.1

 37,384.8

 74,882.1

 112,266.9

 



 

REVENUES

(In millions of Ps.)

3Q23

3Q22

YoY

3Q23 ex IAS 29

IAS 29 Adjust.

3Q23
as reported

3Q22 ex IAS 29

IAS 29 Adjust.

3Q22
as reported

Digital and Printed Publications

 17,178.1

 16,207.6

6.0%

 15,683.6

 1,494.5

 17,178.1

 6,484.2

 9,723.4

 16,207.6

Broadcasting and Programming

 16,748.9

 19,857.7

(15.7%)

 14,931.2

 1,817.7

 16,748.9

 7,771.4

 12,086.3

 19,857.7

Others

 2,247.9

 2,339.4

(3.9%)

 2,093.0

 154.9

 2,247.9

 956.8

 1,382.6

 2,339.4

Subtotal

 36,174.9

 38,404.7

(5.8%)

 32,707.8

 3,467.1

 36,174.9

 15,212.4

 23,192.3

 38,404.7

Eliminations

 (1,113.2)

 (1,091.5)

2.0%

 (1,044.2)

 (69.0)

 (1,113.2)

 (469.7)

 (621.8)

 (1,091.5)

Total

 35,061.7

 37,313.2

(6.0%)

 31,663.5

 3,398.1

 35,061.7

 14,742.7

 22,570.5

 37,313.2

 

EBITDA

(In millions of Ps.)

9M23

9M22

YoY

9M23 ex IAS 29

IAS 29 Adjust.

9M23
as reported

9M22 ex IAS 29

IAS 29 Adjust.

9M22
as reported

Digital and Printed Publications

 4,127.2

 4,247.9

(2.8%)

 2,955.4

 1,171.8

 4,127.2

 1,414.5

 2,833.3

 4,247.9

Broadcasting and Programming

 7,550.2

 11,822.3

(36.1%)

 5,406.5

 2,143.7

 7,550.2

 3,936.8

 7,885.5

 11,822.3

Others

 167.1

 695.9

(76.0%)

 119.7

 47.4

 167.1

 464.2

 695.9

Total

 11,844.5

 16,766.0

(29.4%)

 8,481.6

 3,362.9

 11,844.5

 5,583.1

 11,183.0

 16,766.0

 

EBITDA

(In millions of Ps.)

3Q23

3Q22

YoY

3Q23 ex IAS 29

IAS 29 Adjust.

3Q23
as reported

3Q22 ex IAS 29

IAS 29 Adjust.

3Q22
as reported

Digital and Printed Publications

 314.0

 1,193.1

(73.7%)

 560.1

 (246.1)

 314.0

 491.8

 701.4

 1,193.1

Broadcasting and Programming

 2,688.3

 5,146.5

(47.8%)

 2,352.4

 335.8

 2,688.3

 1,920.2

 3,226.3

 5,146.5

Others

 (489.6)

 (47.4)

932.4%

 (292.8)

 (196.7)

 (489.6)

 7.2

 (54.6)

 (47.4)

Subtotal

 2,512.7

 6,292.2

(60.1%)

 2,619.7

 (107.0)

 2,512.7

 2,419.1

 3,873.1

 6,292.2

 

 

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)

 

727.55

GCLA (LSE) Price per GDS (USD)

 1.33

Total Shares

106,776,004

Shares per GDS

2

Closing Price

November 10, 2023

 

 

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 2023 Results

 

 

            Date: Tuesday, November 14, 2023        

Time: 1:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time

 

 

To access the live stream and slide presentation, visit:

 https://event.choruscall.com/mediaframe/webcast.html?webcastid=Zn6aVaSq

 

 

The webcast presentation will also be available at https://ir.grupoclarin.com

 

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 Digital and Printed Publications and broadcasting and programming markets. Its flagship newspaper -Diario Clarín- is one of the highest circulation newspapers and has the largest base of paid digital subscribers 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, 2023 AND 2022,

AND THE THREE-MONTH PERIODS BEGINNING ON JULY 1 AND ENDING ON SEPTEMBER 30, 2023 AND 2022

 (Amounts stated in Argentine Pesos)

 


September 30, 2023


September 30, 2022

 

 

July 1, 2023 through September 30, 2023

 

 

July 1, 2022 through September 30, 2022









 








Revenues

109,644,137,625


112,266,920,105


35,061,670,546


37,313,235,356









Cost of Sales (1)

(71,650,168,409)


(69,986,667,203)


(23,788,518,943)


(22,197,269,375)









Subtotal - Gross Profit

37,993,969,216

 

42,280,252,902

 

11,273,151,603

 

15,115,965,981




 




 

Selling Expenses (1)

(13,541,790,211)


(13,647,428,685)


(4,316,434,940)


(4,678,670,851)

Administrative Expenses (1)

(17,080,293,979)


(16,403,906,002)


(5,920,310,172)


(5,658,078,689)









Other Income and Expenses, net

450,460,385


(115,111,811)


214,104,209


148,102,150









Financial Expenses on Debt

(5,079,620,829)


(2,469,091,898)


(2,349,933,659)


(1,174,518,007)

Gain (Loss) on Net Monetary Position

(7,534,553,078)


(6,775,170,536)


(3,307,266,573)


(3,004,326,420)

Other Financial Results, net

1,966,201,095


(1,851,881,092)


233,944,944


(309,771,994)

Financial Results

(10,647,972,812)


(11,096,143,526)


(5,423,255,288)


(4,488,616,421)









Equity in Earnings from Associates

1,345,573,294


566,303,093


335,892,312


(739,661,273)









Income (Loss) before Income Tax

(1,480,054,107)

 

1,583,965,971

 

(3,836,852,276)

 

(300,959,103)




 




 

Income Tax

(33,144,651)


(2,698,300,690)


1,026,264,389


(1,346,865,865)









Net Income (Loss) for the Period

(1,513,198,758)

 

(1,114,334,719)

 

(2,810,587,887)

 

(1,647,824,968)




 




 









Other Comprehensive Income
















Items which can be reclassified to Net Income (Loss)








Equity in Comprehensive Earnings from Associates

116,263,308


-


104,862,676


-

Variation in Translation Differences of Foreign Operations

(11,102,477)


(144,397,229)


(14,560,206)


(44,735,134)

Other Comprehensive Income (Loss) for the Period

105,160,831


(144,397,229)


90,302,470


(44,735,134)









TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD

(1,408,037,927)

 

(1,258,731,948)

 

(2,720,285,417)

 

(1,692,560,102)









(Loss) Income Attributable to:
















Shareholders of the Controlling Company

(1,377,153,316)


(1,181,880,427)


(2,719,972,075)


(1,565,536,902)









Non-Controlling Interests

(136,045,442)


67,545,708


(90,615,812)


(82,288,066)









Total Comprehensive Income (Loss) Attributable to:
















Shareholders of the Controlling Company

(1,271,992,485)


(1,326,277,656)


(2,629,669,605)


(1,610,272,036)









Non-Controlling Interests

(136,045,442)


67,545,708


(90,615,812)


(82,288,066)









Basic and Diluted Earnings per Share (Note 10)

(12.90)


(11.07)


(25.47)


(14.66)

















 

(1)        Includes amortization of intangible assets and film library, right-of-use assets, depreciation of property, plant and equipment and investment property in the amount of $ 4,472,642,706 and $ 4,537,109,715 for the nine-month periods ended September 30, 2023 and 2022, respectively.

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of September 30st, 2023 available at https://ir.grupoclarin.com

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022

 (Amounts stated in Argentine Pesos)

 

 

 

September 30, 2023


December 31, 2022

ASSETS


 

 

NON-CURRENT ASSETS

 

 

 

Property, Plant and Equipment

36,241,142,098


36,222,036,313

Intangible Assets

3,113,119,202


3,099,466,271

Goodwill

108,784,095


108,784,095

Investment Properties

3,729,948,105


3,784,034,269

Deferred Tax Assets

4,951,308,819


3,907,042,485

Right-of-Use Assets

323,633,797


162,705,342

Investments in Associates

20,481,816,519


19,187,334,497

Other Investments

895,319,914


918,949,450

Inventories

81,503,412


1,564,624,577

Other Assets

244,015,480


244,173,165

Other Receivables

771,526,499


265,726,126

Total Non-Current Assets

70,942,117,940


69,464,876,590

 




CURRENT ASSETS




Inventories

6,891,025,384


9,044,718,837

Other Assets

1,297,255,987


1,007,883,334

Other Receivables

6,861,176,898


10,510,537,337

Trade Receivables

28,909,037,826


37,167,203,491

Other Investments

13,461,572,775


12,297,546,425

Cash and Banks

3,926,996,320


4,351,485,385

Total Current Assets

61,347,065,190


74,379,374,809

 

 



Total Assets

132,289,183,130


143,844,251,399




EQUITY (as per the corresponding statement)




Attributable to Shareholders of the Controlling Company




Shareholders' Contribution

72,735,057,427


72,735,057,427

Other Items

(32,246,308)


(137,407,139)

Retained Earnings

8,867,759,489


10,244,912,805

Total Attributable to Shareholders of the Controlling Company

81,570,570,608


82,842,563,093

 




Attributable to Non-Controlling Interests

274,995,796


448,997,489

Total Equity

81,845,566,404


83,291,560,582




LIABILITIES




NON-CURRENT LIABILITIES




Provisions and Other Charges

3,939,486,995


5,678,405,305

Financial Debt

526,851,586


4,212,061,560

Lease Liabilities

41,720,569


27,282,717

Deferred Tax Liabilities

2,987,009,591


2,870,437,216

Taxes Payable

209,116,239


22,141,381

Other Liabilities

1,184,339,574


2,018,833,489

Trade and Other Payables

173,173,267


76,620,102

Total Non-Current Liabilities

9,061,697,821


14,905,781,770

 




CURRENT LIABILITIES




Financial Debt

6,724,023,379


2,896,300,597

Taxes Payable

1,839,065,378


1,527,507,050

Lease Liabilities

214,365,452


115,611,192

Other Liabilities

5,611,640,755


6,922,214,325

Trade and Other Payables

26,992,823,941


34,185,275,883

Total Current Liabilities

41,381,918,905


45,646,909,047

 




Total Liabilities

50,443,616,726


60,552,690,817

 

 



Total Equity and Liabilities

132,289,183,130


143,844,251,399

 


 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022

 (Amounts stated in Argentine Pesos - Note 2.1.1)


Shareholders' Contribution

Other Items

Retained Earnings


Total Equity of Controlling Company


Equity Attributable to Non-Controlling Interests




Capital Stock

Inflation Adjustment on Capital Stock

Additional Paid-in Capital

Subtotal

Other Comprehensive Income

Other Reserves

Legal Reserve

Voluntary Reserves (1)

Retained Earnings



Total Equity

















Balances as of January 1st 2023

106,776,004

30,446,316,699

42,181,964,724

72,735,057,427

888,874,315

(1,026,281,454)

4,111,744,074

8,920,719,452

(2,787,550,721)


82,842,563,093


448,997,489


83,291,560,582

Reversal of Reserve (Note 9.a)

-

-

-

-

-

-

(2,787,550,721)

-

2,787,550,721


-


-


-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-

-

-

-

-

-


-


(37,956,251)


(37,956,251)

Net Income (Loss) for the Period

-

-

-

-

-

-

-

-

(1,377,153,316)


(1,377,153,316)


(136,045,442)


(1,513,198,758)

Other Comprehensive Income:
















Changes in Other Comprehensive Income

-

-

-

-

105,160,831

-

-

-

-


105,160,831


-


105,160,831

Balances as of September 30, 2023

106,776,004

30,446,316,699

42,181,964,724

72,735,057,427

994,035,146

(1,026,281,454)

1,324,193,353

8,920,719,452

(1,377,153,316)

 

81,570,570,608

 

274,995,796

 

81,845,566,404

Balances as of January 1, 2022

106,776,004

30,446,316,699

42,181,964,724

72,735,057,427

982,186,544

(1,026,281,454)

-

8,920,719,452

4,111,744,061


85,723,426,030


575,601,453


86,299,027,483

Set-up of Reserves

-

-

-

-

-

-

4,111,744,061

-

(4,111,744,061)


-


-


-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-

-

-

-

-

-


-


(126,667,042)


(126,667,042)

Net Income (Loss) for the Period

-

-

-

-

-

-

-

-

(1,181,880,427)


(1,181,880,427)


67,545,708


(1,114,334,719)

Other Comprehensive Income:     
















Changes in Other Comprehensive Income

-

-

-

-

(144,397,229)

-

-

-

-


(144,397,229)


-


(144,397,229)

Balances as of September 30, 2022

106,776,004

30,446,316,699

42,181,964,724

72,735,057,427

837,789,315

(1,026,281,454)

4,111,744,061

8,920,719,452

(1,181,880,427)

 

84,397,148,374

 

516,480,119


84,913,628,493

(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, 2023 AND 2022

 (Amounts stated in Argentine Pesos)

 


September 30, 2023


September 30, 2022

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES




Net Income (Loss) for the Period

(1,513,198,758)


(1,114,334,719)

Income Tax

33,144,651


2,698,300,690

Accrued Interest, net

490,557,946


442,912,292

Adjustments to reconcile Net Loss for the Period to Cash provided by Operating Activities:




Depreciation of Property, Plant and Equipment

3,236,811,132


3,418,965,715

Amortization of Intangible Assets and Film Library

842,954,804


767,024,259

Amortization of Right-of-Use Assets

338,790,606


309,586,882

Depreciation of Investment Properties      

54,086,164


41,532,859

Net Allowances

2,043,742,085


1,316,446,556

Financial Income, except Interest

1,222,741,633


2,697,017,399

Gain (Loss) on Net Monetary Position

7,534,553,078


6,775,170,536

Equity in Earnings from Associates

(1,345,573,294)


(566,303,093)

Other Income and Expenses

(73,406,880)


81,442,859

Changes in Assets and Liabilities:




Trade Receivables

(19,250,203,173)


(14,224,031,550)

Other Receivables

(2,600,470,228)


(4,283,271,994)

Inventories

2,049,040,436


2,889,770,808

Other Assets

(324,563,030)


(86,160,766)

Trade and Other Payables

15,215,239,309


5,430,420,269

Taxes Payable

498,681,974


1,738,702,504

Other Liabilities

2,006,236,531


2,086,698,527

Provisions

(2,040,482,110)


(326,781,822)

Payments of Income tax

(388,120,568)


(2,177,834,447)





Net Cash Flows provided by Operating Activities

8,030,562,308

 

7,915,273,764





CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES


 


Payments for Acquisition of Property, Plant and Equipment

(3,355,545,045)


(3,288,358,277)

Payments for Acquisition of Intangible Assets

(870,606,968)


(720,084,159)

Acquisition of Government and Corporate Securities

12,178,856


(1,601,190,594)

Collection of Other Investments

-


32,431,959

Proceeds from Sale of Property, Plant and Equipment and Intangible Assets

166,953,824


38,785,724

Dividends Collected    

186,349,414


410,304,637

Proceeds from Disposal of Unconsolidated Affiliates

-


108,531,880

Transactions with Securities, Bonds and Other Placements, Net

(1,214,816,764)


(1,653,532,687)

Payment of capital contributions

(634,156)


(799,870,696)





Net Cash Flows used in Investing Activities

(5,076,120,839)

 

(7,472,982,213)





CASH FLOWS PROVIDED BY FINANCING ACTIVITIES


 


Loans Obtained

4,928,316,320


2,842,091,529

(Return) Collection of Counter Guarantee

(149,822,261)


1,083,305,462

Payment of Financial Debt

(2,842,666,011)


(1,193,139,253)

Payment of Interest

(1,719,833,734)


(507,754,148)

Payments to Non-Controlling Interests, net

-


(36,783,578)

Payment of Lease Liabilities

(258,426,579)


(276,726,063)





Net Cash Flows (used in) / provided by Financing Activities

(42,432,265)


1,910,993,949





Net Increase in Cash Flow

2,912,009,204

 

2,353,285,500





Cash and Cash Equivalents at the Beginning of the Year

15,734,383,039

 

16,953,181,329

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

(2,131,771,817)


(3,464,388,568)

Decrease in Cash Due to Deconsolidation of Subsidiaries (1)

-


4,082,467

Cash and Cash Equivalents at the End of the Period

16,514,620,426

 

15,846,160,728

(1)    Deconsolidation of cash flows, net, from Auto Sports S.A. as of September 30, 2022.

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