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Grupo Clarin S.A. (GCLA)

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Friday 11 August, 2017

Grupo Clarin S.A.

Results for First Half and Second Quarter of 2017

RNS Number : 7892N
Grupo Clarin S.A.
11 August 2017
 

           

Grupo Clarín announces its

 Results for the First Half (1H17) and Second Quarter of 2017 (2Q17)

 

Buenos Aires, Argentina, August 11th, 2017 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first half and second quarter results for 2017. 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.

 

The Effective Date of the Spin-off was May 1, 2017. As from this date, Cablevisión Holding S.A. began activities on its own, and the accounting effects of the Spin-off became effective. For further information about CVH, please see the appendix of this report.

 

Highlights (1H17 vs. 1H16):

 

§ Net Sales totaled Ps. 6,281.8 million, an increase of 30.0% from 1H16, mainly due to higher advertising and programming sales in the Broadcasting and Programming segment and, to a lesser extent, driven by higher circulation and advertising revenues in the Printing and Publishing segment.

§ Adjusted EBITDA (1) reached Ps. 301.4 million, a decrease of 21.1% from 1H16, mainly driven by the implementation of a strategic cost reduction plan, focused on rightsizing the company in order to reach a more flexible structure. Grupo Clarín's Adjusted EBITDA Margin (2) for 2016 was 4.8%, compared to 7.9% in 1H16.

§ Income for the period totaled Ps. 2,443.4 million, an increase of 18.4% from 1H16, and the Income for the period attributable to Equity Shareholders amount to Ps 1,494.2 million.

 

FINANCIAL HIGHLIGHTS










(In millions of Ps.)

1H17

1H16

% Ch.

2Q17

1Q17

2Q16

QoQ

YoY

Net Sales

 6,281.8

 4,832.1

 30.0%

 3,606.0

 2,675.8

 2,746.2

 34.8%

31.3%

Adjusted EBITDA (1)

 301.4

 382.2

(21.1%)

 388.5

(87.1)

 315.5

 (545.9%)

23.1%

Adjusted EBITDA Margin (2)

4.8%

7.9%

(39.3%)

10.8%

 (3.3%)

11.5%

 (430.9%)

 (6.2%)

Income for the period

 2,443.4

 2,062.9

 18.4%

 637.0

 1,806.5

 949.7

 (64.7%)

 32.9%

Attributable to:









Equity Shareholders

 1,494.2

 1,227.8

 21.7%

445.5

1,048.7

 595.0

 (57.5%)

 25.1%

Non-Controlling Interests

949.3

 835.1

 13.7%

191.4

757.8

 354.7

 (74.7%)

 46.0%

 

(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. 6,281.8 million, an increase of 30.0% from Ps. 4,832.1 million in 1H16 mainly due to advertising and programming sales in the Broadcasting and Programming segment and, to a lesser extent, driven by higher circulation and advertising revenues in the Printing and Publishing segment.

 

 

Following is a breakdown of Net Sales by business segment:

 

 

NET SALES

 

 

 

(In millions of Ps.)

1H17

1H16

YoY

2Q17

1Q17

2Q16

QoQ

YoY

Printing and Publishing

 2,957.6

 2,608.7

 13.4%

 1,578.1

 1,379.5

 1,394.9

 14.4%

 13.1%

Broadcasting and Programming

 2,885.8

 1,914.8

 50.7%

 1,819.2

 1,066.6

 1,202.9

 70.6%

 51.2%

Digital Content and Others

 799.0

 523.7

 52.6%

 396.4

 402.6

 249.5

 (1.5%)

 58.9%

Subtotal

 6,642.5

 5,047.2

 31.6%

 3,793.8

 2,848.7

 2,847.4

 33.2%

 33.2%

Eliminations

 (360.6)

 (215.1)

 67.6%

 (187.8)

 (172.9)

 (101.2)

 8.6%

 85.5%

Total

 6,281.8

 4,832.1

 30.0%

 3,606.0

 2,675.8

 2,746.2

 34.8%

 31.3%

 

 

 

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 4,036.0 million, an increase of 38.3% from Ps. 2,918.1 million reported for 1H16 due to higher costs across all business segments, mainly in the Broadcasting and Programming segment due to programming costs.

 

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 1,944.4 million, an increase of 26.9% from Ps. 1,531.8 million in 1H16. This increase was mainly due to higher salaries costs across all business segments, mainly in Printing and Publishing.

 

 

 

Adjusted EBITDA reached Ps. 301.4 million, a decrease of 21.1% from Ps. 382.2 million reported for 1H16. Facing the challenge of the digital transformation and the development of a new business model in the Printing and Publishing segment, we launched a strategic cost reduction plan that had an impact in Company results in this six months.

 

 

 



 

Following is a breakdown of adjusted EBITDA by business segment:

 

 

ADJUSTED EBITDA

(In millions of Ps.)

1H17

1H16

YoY

2Q17

1Q17

2Q16

QoQ

YoY

Printing and Publishing

 (269.5)

 (3.9)

 6,799.1%

 10.8

 (280.3)

 3.6

(103.8%)

 202.3%

Broadcasting and Programming

 629.2

 405.6

 55.1%

 414.8

 214.4

 332.8

 93.5%

 24.6%

Digital Content and Others

 (58.3)

 (19.5)

 199%

 (37.0)

 (21.2)

 (20.8)

74.5%

 78.0%

Total

301.4

 

382.2

 

 (21.1%)

 

388.5

 

 (87.1)

 

315.5

 

(545.9%)

 

23.1%

 

 

 

Financial results net totaled Ps. (205.0) million compared to Ps. (159.9) million for 1H16. The increase of the negative result was mainly due to the impact of the peso depreciation on higher dollar denominated debt.

 

Equity in earnings from unconsolidated affiliates in 1H17 totaled Ps. 83.8 million, compared to Ps. 30.4 million for 1H16.

 

Other Income (expenses), net reached Ps. 60.3 million, compared to Ps. 13.9 million in 1H16.

 

Income tax as of June 2017 reached Ps. (49.3) million, from Ps. (101.2) million in 1H16.

 

Income from Discontinued Operations, reached Ps. 2,366,6 million in 1H17, compared to Ps. 1.978 million for 1H16.

 

Income for the period totaled Ps. 2,443.4 million, an increase of 18.4% from Ps. 2,062.9 million reported for 1H16. This was mainly a consequence of higher Income from Discontinued Operations. The Equity Shareholders Income for the period amounted to Ps.1,494.2million, an increase of 21.7% compared with June 2016.

 

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 149.2 million in 2017, an increase of 18.2% from Ps. 126.2 million reported for 1H16. Out of the total CAPEX in 1H17, 70.7% was allocated to the Broadcasting and Programming segment, 29.3% to the Printing and Publishing segment and the remaining 7.2% to other activities.

 

Debt profile (1): Debt coverage ratio for the period ended June 30th, 2017 was .7x and the Net Debt at the end of this period totaled Ps. 426.4 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 - JUNE 2017

 

(In millions of Ps.)

Printing & Publishing

Broadcasting

& Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

 1,097.7

 1,916.2

 37.3

(83.7)

 2,967.5

47.2%

Circulation

 1,499.3

-

-

(119.1)

 1,380.1

22.0%

Printing

 100.8

 15.7

-

(2.2)

 114.3

1.8%

Programming

-

 558.2

-

 -  

 558.2

8.9%

Other Sales

 

 259.9

 395.8

 761.7

(155.6)

 1,261.8

20.1%

Total Sales

 2,957.6

 2,885.8

 799.0

(360.6)

 6,281.8

100.0%

 

SALES BREAKDOWN BY SOURCE OF REVENUE - JUNE 2016

 

(In millions of Ps.)

Printing & Publishing

Broadcasting & Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

 994.2

 1,330.6

 35.2

(54.4)

 2,305.5

47.7%

Circulation

 1,357.8

-

-

(3.6)

 1,354.3

28.0%

Printing

 179.4

-

-

(0.0)

 179.4

3.7%

Programming

-

 281.6

-

 -  

 281.6

5.8%

Other Sales

 

 77.3

 302.6

 488.5

(157.1)

 711.3

14.7%

Total Sales

 2,608.7

 1,914.8

 523.7

(215.1)

 4,832.1

100.0%

 

RESULTS BY BUSINESS SEGMENT

BROADCASTING AND PROGRAMMING

 

Net Sales

Net sales increased by 50.7% to Ps. 2,885.8 million in 1H17, compared to Ps. 1,914.8 million in 1H16. 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 57.8% to Ps. 1,736.7 million in 1H17, compared to Ps. 1,100.6 million in 1H16. This is attributable mainly to higher programming costs and salaries.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) increased by 27.3% to Ps. 519.9 million in 1H17, compared to Ps. 408.6 million in 1H16. The increase was primarily the result of higher salaries and fees for services. 

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 37.3% to Ps. 38.9 million in 1H17 compared to Ps. 28.3 million reported in 1H16.

 

PRINTING AND PUBLISHING

 

Net Sales

The 13.4% increase of Net Sales to Ps. 2,957.6 million in 1H17, was the result of higher sales in circulation and advertising.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 21.6% to Ps. 1,893.3 million in 1H17, compared to Ps. 1,557.6 million in 1H16. The increase was mainly the result of higher severance payments, printing and distribution costs.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) increased by 26.4% to                Ps. 1,333.8 million in 1H17, compared to the Ps. 1,055.0 million reported for 1H16. This was primarily the result of higher salaries, distribution costs and fees for services.

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 42.2% to Ps. 58.1 million in 1H17 compared to                  Ps. 40.9 million in 1H16.

 

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, e-commerce 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 52.6% to Ps. 799.0 , from Ps. 523.7 million reported in 1H16, due to higher sales in digital content, e-commerce and Gestión Compartida. EBITDA resulted in Ps. (58.3) million.  

 

 



 

OPERATING STATISTICS BY BUSINESS SEGMENT

PRINTING AND PUBLISHING


1H17

1H16

YoY

2Q17

1Q17

2Q16

QoQ

YoY

Circulation (1)

 214.1

 242.3

(11.6%)

 216.7

 211.6

 237.3

 2.4%

 (8.7%)

Circulation share % (2)

39.5%

40.5%

 (2.6%)

38.8%

40.1%

40.5%

 (3.2%)

 (4.1%)

Advertising  share %(3)

50.6%

52.7%

 (3.9%)

49.9%

51.3%

50.3%

 (2.8%)

 (0.8%)

 

(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.

 

BROADCASTING AND PROGRAMMING


1H17

1H16

YoY

2Q17

1Q17

2Q16

QoQ

YoY

Advertising Share % (1)

37.9%

38.2%

 (0.7%)

38.9%

36.2%

38.6%

 7.5%

 0.7%

Audience Share % (2)









Prime Time

34.8%

31.8%

 9.2%

37.2%

32.1%

31.4%

 15.7%

 18.4%

Total Time

32.0%

30.1%

 6.1%

33.4%

30.4%

31.1%

 10.0%

 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.

 

DIGITAL CONTENT AND OTHERS


1H17

1H16

YoY

Page Views (1)

 979.7

 880.2

 11.3%

Unique Visitors(1)

 66.8

 62.5

 6.8%

 

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

DEBT AND LIQUIDITY

(In millions of Ps.)

June 2017

March 2017

% Change

December 2017

% Change

Short Term and Long Term Debt 






Current Financial Debt

 580.5

627

(7%)

354.0

64%

Financial loans

 196.5

120.9

63%

134.1

47%

Accrued interest

 8.3

3.7

128%

3.5

138%

Acquisition of equipment

 4.1

3.8

9%

3.6

15%

Sellers Financing Capital

 13.0

13.1

0%

14.3

-9%

Related Parties Capital

 1.2

-  

NA

-  

NA

Bank overdraft

 357.4

485.8

63%

198.6

80%

 

Non-Current Financial Debt

 502.2

442.6

13%

469.2

7%

Financial loans

 486.2

63.2

669%

83.4

483%

Acquisition of equipment

 6.3

7.4

(14%)

8.5

(26%)

 

Related Parties Capital

 9.6

371.9

(97%)

377.3

(97%)

 

Total Financial Debt (A)

 1,082.7

  1,069.8

 

1%

823.2

 

32%

 







Cash and Cash Equivalents (B)

 656.4

780.4

(16%)

101.4

(9%)

Net Debt (A) - (B)

 426.4

289.4 

47%

721.8

321%

Net Debt/Adjusted Ebitda (1)

0.27x

NA

 (51.7%)

0.1x

 (36.9%)

Total Financial Debt(1) and Net Debt, increased 1% from Ps. 1,070 million to Ps. 1,083 million and 47% from Ps. 289.4 million to Ps. 426.4 million respectively.

 

Debt coverage ratio (1) as of June 30th, 2017 was 0.27x in the case of Net Debt and of 0.7x 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.

 

Investor Relations Contacts



In Buenos Aires:

In London:

In New York:




Agustín Medina Manson

Patricio Gentile

Alex Money

 

Melanie Carpenter

 




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: [email protected]

E-mail: [email protected]

E-mail: [email protected]

 

 

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)

 

 238.9

GCLA (LSE) Price per GDS (USD)

 27.4

Total Shares

287,418,584

Total GDSs

143,709,292

Market Value (USD MM)

 3,937.6

Closing Price

August 10th, 2017

CONFERENCE CALL AND WEBCAST INFORMATION

 

Grupo Clarín S.A. will host a conference call and webcast presentation to discuss its results for the Second Quarter of 2017 on Friday, August 11, 2017.

 

Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am 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/1117/22067

 

There will be a two weeks replay available starting one hour after the conclusion of the conference call. To access the replay, please dial 1-877-919-4059 toll free from the U.S., or 1-334-323-0140 from anywhere outside the U.S. The replay passcode is: 82365434

 

The PDF version of the webcast presentation will be available at http://www.grupoclarin.com/ir prior to the call, on August 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 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 SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016,  
AND FOR THE THREE-MONTH PERIODS BEGINNING ON APRIL 1

AND ENDED ON JUNE 30, 2017 AND 2016

In Argentine Pesos (Ps.)

 


June 30, 2017


June 30, 2016


 

April 1, 2017 through June 30, 2017


 

April 1, 2016 through June 30, 2016

























Revenues

6,281,834,700


4,832,119,144


3,606,014,916


2,746,230,471









Cost of Sales (1)

(4,123,848,793)


(2,993,057,969)


(2,219,224,361)


(1,621,499,661)









Subtotal - Gross Profit

2,157,985,907


1,839,061,175


1,386,790,555


1,124,730,810









Selling Expenses (1)

(978,538,717)


(754,339,124)


(523,784,045)


(400,711,696)

Administrative Expenses (1)

(992,458,271)


(782,990,811)


(529,422,953)


(448,715,423)









Other Income and Expenses, net

60,324,560


13,889,141


26,880,803


6,896,904









Financial Costs

(105,134,610)


(117,778,689)


(54,273,260)


(64,663,104)

Other Financial Results, net

(99,853,014)


(42,142,836)


(58,972,807)


(16,755,328)

Financial Results

(204,987,624)


(159,921,525)


(113,246,067)


(81,418,432)









Equity in Earnings from Affiliates and Subsidiaries

83,833,175


30,360,179


26,690,598


7,529,607









Income before Income Tax and Tax on Assets

126,159,030


186,059,035


273,908,891


208,311,770









Income Tax and Tax on Assets

(49,274,758)


(101,150,309)


(99,433,609)


(94,126,211)









Income for the period from continuing operations

76,884,272


84,908,726


174,475,282


114,185,559









Discontinued Operations
















Net Income from Discontinued Operations

2,366,560,702


1,977,983,637


462,487,207


835,536,508









Income for the period

2,443,444,974


2,062,892,363


636,962,489


949,722,067

















Other Comprehensive Income
















Items which may be reclassified to net income








Variation in Translation Differences of Foreign Operations from Continuing Operations

2,271,971


6,409,830


1,603,393


(1,254,006)

Variation in Translation Differences of Foreign Operations from Discontinued Operations

(77,530,768)


55,023,184


27,217,660


13,359,639

Other Comprehensive Income for the period

(75,258,797)


61,433,014


28,821,053


12,105,633









TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

2,368,186,177


2,124,325,377


665,783,542


961,827,700









Profit Attributable to:
















Shareholders of the Parent Company

1,494,174,040


1,227,753,295


445,517,396


595,043,467









Non-Controlling Interests

949,270,934


835,139,068


191,445,093


354,678,600









Total Comprehensive Income Attributable to:
















Shareholders of the Parent Company

1,463,810,439


1,277,202,305


462,115,034


602,739,301









Non-Controlling Interests

904,375,738


847,123,072


203,668,508


359,088,399









Basic and Diluted Earnings per Share from Continuing Operations (See Note 10)

0.39


0.30


1.02


0.40









Basic and Diluted Earnings per Share from Discontinued Operations (See Note 10)

6.19


3.97


1.65


1.67









Basic and Diluted Earnings per Share - Total (See Note 10)

6.58


4.27


2.67


2.07









(1)        Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of Ps. 114,411,984 and Ps. 80,463,516 for the six-month periods ended June 30, 2017 and 2016, respectively.

 

The notes are an integral part of these interim condensed consolidated financial statements.

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of June 30th, available at http://www.grupoclarin.com/ir.

 

GRUPO CLARÍN S.A.

CONSOLIDATED BALANCE SHEET

AS OF JUNE 30, 2017 AND DECEMBER 31, 2016

In Argentine Pesos (Ps.)

 

 


June 30,

2017


December 31, 2016

ASSETS




NON-CURRENT ASSETS




Property, Plant and Equipment

857,874,806


780,775,774

Intangible Assets

222,071,203


221,713,090

Goodwill

270,923,529


270,923,529

Deferred Tax Assets

715,464,918


532,896,812

Investments in Unconsolidated Affiliates

391,646,359


368,314,257

Other Investments

-


7,412,878

Inventories

33,572,882


15,805,039

Other Assets

1,948,925


2,122,552

Other Receivables

168,049,632


159,206,993

Trade Receivables

97,648,264


99,857,137

Total Non-Current Assets

2,759,200,518


2,459,028,061





CURRENT ASSETS




Inventories

705,817,447


901,013,829

Other Assets

43,168,404


11,838,743

Other Receivables

1,116,820,567


486,550,805

Trade Receivables

3,692,746,317


3,582,782,739

Other Investments

415,229,964


328,346,695

Cash and Banks

260,100,235


416,006,084

Total Current Assets

6,233,882,934


5,726,538,895




Assets Held for Distribution to Shareholders

-


28,082,220,838





Total Assets

8,993,083,452


36,267,787,794





EQUITY (as per the corresponding statement)




Attributable to Shareholders of the Parent Company




Shareholders' Contributions

746,952,203


2,010,638,503

Other Items

(20,992,689)


755,638,189

Accumulated Income

3,273,274,555


6,860,110,364

Total Attributable to Shareholders of the Parent Company

3,999,234,069


9,626,387,056





Attributable to Non-Controlling Interests

32,719,127


4,416,373,963

Total Shareholders' Equity

4,031,953,196


14,042,761,019





LIABILITIES




NON-CURRENT LIABILITIES




Provisions and Other

255,105,860


228,252,293

Debt

502,193,110


469,172,621

Deferred Tax Liabilities

838,256


209,849

Taxes Payable

63,094,762


59,188,405

Other Liabilities

61,343,577


61,662,068

Trade Payables and Other

36,079,777


27,347,968

Total Non-Current Liabilities

918,655,342


845,833,204





CURRENT LIABILITIES




Debt

567,555,298


339,731,089

Seller Financings

12,992,225


14,256,467

Taxes Payable

270,871,510


296,868,894

Other Liabilities

356,492,966


508,464,913

Trade Payables and Other

2,834,562,915


2,958,209,807

Total Current Liabilities

4,042,474,914


4,117,531,170





Liabilities Held for Distribution to Shareholders

-


17,261,662,401





Total Liabilities

4,961,130,256


22,225,026,775





Total Equity and Liabilities

8,993,083,452


36,267,787,794

 


 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016

In Argentine Pesos (Ps.)

 


Equity attributable to Shareholders of the Parent Company


Equity Attributable to Non-Controlling Interests




Shareholders' Contributions


Other Items


Accumulated Income

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, 2017

287,418,584

309,885,253

1,413,334,666

2,010,638,503


814,523,312

(58,885,123)


119,460,767

4,210,607,765

2,530,041,832

9,626,387,056


4,416,373,963


14,042,761,019

Set-up of reserves (Note 9.a.)

-

-

-

-


-

-


-

2,050,041,832

(2,050,041,832)

-


-


-

Dividend Distribution (Note 9.a.)

-

-

-

-


-

-


-

-

(480,000,000)

(480,000,000)


-


(480,000,000)

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-

-


(662,836,071)


(662,836,071)

Income for the period

-

-

-

-


-

-


-

-

1,494,174,040

1,494,174,040


949,270,934


2,443,444,974

Spun-off Balances (See Note 14)

(180,642,580)

(194,762,882)

(888,280,838)

(1,263,686,300)


(749,470,539)

3,203,262


(75,081,092)

(3,691,570,698)

(834,358,059)

(6,610,963,426)


(4,625,194,503)


(11,236,157,929)

Other Comprehensive Income:

















Variation in Translation Differences of Foreign Operations

-

-

-

-


(30,363,601)

-


-

-

-

(30,363,601)


(44,895,196)


(75,258,797)

Balances as of June 30, 2017

106,776,004

115,122,371

525,053,828

746,952,203


34,689,172

(55,681,861)


44,379,675

2,569,078,899

659,815,981

3,999,234,069


32,719,127


4,031,953,196


















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

-

-

-

-


-

-


-

1,584,929,369

(1,584,929,369)

-


-


-

Dividend Distribution

-

-

-

-


-

-


-

-

(300,000,000)

(300,000,000)


-


(300,000,000)

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-

-


(614,031,016)


(614,031,016)

Income for the period

-

-

-

-


-

-


-

-

1,227,753,295

1,227,753,295


835,139,068


2,062,892,363

Other Comprehensive Income:

















Variation in Translation Differences of Foreign Operations

-

-

-

-


49,449,010

-


-

-

-

49,449,010


11,984,004


61,433,014

Balances as of June 30, 2016

287,418,584

309,885,253

1,413,334,666

2,010,638,503


645,346,415

(3,653,767)


119,460,767

4,210,607,765

1,227,753,295

8,210,152,978


3,408,381,053


11,618,534,031

 

(1)  Broken down as follows: (i) Optional reserve for future dividends of Ps. 1,071,751,261; (ii) Judicial reserve for future dividend distribution of Ps. 387,028,756, (iii) Optional reserve for illiquidity of results of Ps. 257,959,160, (iv) Optional reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of Ps. 462,249,181, and (v) Optional reserve to ensure the liquidity of the Company and its subsidiaries of Ps. 390,090,541.

 

 


GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2017 AND 2016

In Argentine Pesos (Ps.)


June 30, 2017


June 30, 2016

CASH PROVIDED BY OPERATING ACTIVITIES




Income for the period

2,443,444,974


2,062,892,363

Income Tax and Tax on Assets

49,274,758


101,150,309

Accrued Interest, net

90,221,540


66,614,664

Adjustments to reconcile net income for the period to cash provided by operating activities:




Depreciation of Property, Plant and Equipment

69,792,148


50,588,753

Amortization of Intangible Assets and Film Library

44,619,837


29,874,763

Net allowances

74,165,165


55,710,956

Financial Income, except interest

(3,610,471)


(53,008,412)

Equity in Earnings from Affiliates and Subsidiaries

(83,833,175)


(30,360,179)

Other Income and Expenses

(13,197,524)


(6,005,548)

Net Income from Discontinued Operations

(2,366,560,702)


(1,977,983,637)

Changes in Assets and Liabilities:




Trade Receivables

(276,611,794)


(211,432,228)

Other Receivables

(704,727,435)


(354,281,318)

Inventories

175,497,682


(232,335,098)

Other Assets

(32,126,409)


1,897,477

Trade Payables and Other

15,706,895


(70,110,750)

Taxes Payable

(73,946,089)


6,076,363

Other Liabilities

311,438,012


181,697,731

 

Provisions

(45,361,521)


(41,866,817)

 

Income Tax and Tax on Assets Payments

(169,891,904)


(39,763,280)

 

Net Cash Flows Provided by Discontinued Operating Activities

3,398,556,976


3,734,775,859

 





 

Net Cash Flows Provided by Operating Activities

2,902,850,963


3,274,131,971

 





 

CASH PROVIDED BY INVESTMENT ACTIVITIES




 

Acquisition of Property, Plant and Equipment, net

(149,166,223)


(126,202,334)

 

Acquisition of Intangible Assets

(42,923,370)


(43,455,529)

 

Payments for Acquisition of Subsidiaries, Net of Cash Acquired and Contributions in Associates

-


(964,250)

 

Dividends collected

17,000,000


500,000

 

Collection of Interest

-


50,547,297

 

Proceeds from Sale of Property, Plant and Equipment

16,435,050


25,986,896

 

Transactions with Securities, Bonds and Other Financial Instruments, Net

4,262,471


70,102

 

Collections of Certificates of Deposit

-


10,417,602

 

Net Cash Flows used in Discontinued Investment Activities

(3,185,408,150)


(5,515,331,853)

 





 

Net Cash Flows used in Investment Activities

(3,339,800,222)


(5,598,432,069)

 





 

CASH PROVIDED BY FINANCING ACTIVITIES




 

Loans Obtained

935,917,196


463,903,747

 

Repayment of Loans and Issue Expenses

(337,166,793)


(106,948,003)

 

Payment of Interest

(61,439,176)


(63,408,755)

 

Payment of Dividends

(480,000,000)


(300,000,000)

 

Payments to Non-Controlling Interests, net

(7,649,539)


(10,471,721)

 

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

(396,395,065)


1,477,187,364

 





 

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

(346,733,377)


1,460,262,632

 





 

FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS FOR CONTINUING OPERATIONS

55,029,029


54,388,441

 





 

FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS FOR DISCONTINUED OPERATIONS

36,860,464


642,980,463

 





 

FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS

91,889,493


697,368,904

 





 

Net decrease in cash flow

(691,793,143)

 

(166,668,562)

 

Cash and Cash Equivalents at the Beginning of the Year

3,350,687,278

 

   2,705,563,078

 

Spun-off Balances of Cash and Cash Equivalents (See Note 14)

(2,002,522,766)

 

-

 

Effect of Consolidation of Companies

-

 

2,052,951,267

 

Cash and Cash Equivalents at the Closing of the Period (Note 2.4)

656,371,369

 

4,591,845,783

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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