Source - RNS
RNS Number : 4091X
Grupo Clarin S.A.
10 August 2018
 

                                                                                                                                                                                                                       

Grupo Clarín Announces First Half and

Second Quarter 2018 Results

 

Buenos Aires, Argentina, August 9, 2018 - 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 2018 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of June 30, 2018, and are stated in Argentine Pesos, unless otherwise indicated.

 

Highlights (1H18 vs. 1H17):

§ Total Revenues reached Ps. 7,080.4 million, an increase of 12.7% compared to 1H17, mainly due to higher circulation revenues in the Printing and Publishing segment and to a lesser extent, driven by higher advertising and programming sales in the Broadcasting and Programming segment.

§ Adjusted EBITDA (1) reached Ps. 643.2 million, an increase of 113.4% compared to 1H17, mainly driven by higher EBITDA in the Printing and Publishing segment, and to a lesser extent driven by solid margins in the Broadcasting and Programming segment.

§ Grupo Clarín's Adjusted EBITDA Margin (2) was 9.1% in 1H18, compared to 4.8% in 1H17.

§ Income for the period totaled Ps. 533.1 million, a decrease of 78.2% compared to Ps. 2,443.4 million reported in 1H17 (includes Ps. 2,367 million of Cablevisión's discontinued operations). Income for the period attributable to Equity Shareholders amounted Ps 553.1 million in 1H18 from Ps. 1,494.2 million in 1H17, a decrease of 63.0%.

 

FINANCIAL HIGHLIGHTS










(In millions of Ps.)

1H18

1H17

% Ch.

2Q18

1Q18

2Q17

QoQ

YoY

Total Revenues

 7,080.4

 6,281.8

 12.7%

 4,007.1

 3,073.3

 3,606.0

 30.4%

11.1%

Adjusted EBITDA (1)

 643.2

 301.4

 113.4%

 538.9

104.3

 388.5

 416.7%

38.7%

Adjusted EBITDA Margin (2)

9.1%

4.8%

 89.3%

13.4%

 3.4%

10.8%

 296.3%

24.8%

Income for the period

 533.1

 2,443.4

 (78.2%)

 524.1

 9.0

 637.0

 5,708.0%

 (17.7%)

Attributable to:









Equity Shareholders

 553.1

 1,494.2

 (63.0%)

 534.9

18.2

 445.5

 2,840.3%

 20.1%

Non-Controlling Interests

 (20.0)

 949.3

(102.1%)

(10.8)

(9.2)

 191.4

 17.8%

 105.6%

 

(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. 7,080.4 million, an increase of 12.7% from Ps. 6,281.8 million in 1H17. Advertising revenues increased 7% and represented around 45% of the total Revenues of the Company, while Circulation revenues increased 32% and represented around 28% of the Total.

 

Following is a breakdown of Total Revenues by business segment:

 

REVENUES

 

(In millions of Ps.)

1H18

1H17

YoY

2Q18

1Q18

2Q17

QoQ

YoY

Printing and Publishing

 3,493.3

 2,957.6

 18.1%

 1,889.9

 1,603.4

 1,578.1

 17.9%

 19.8%

Broadcasting and Programming

 2,923.4

 2,885.8

 1.3%

 1,757.0

 1,166.4

 1,819.2

 50.6%

 (3.4%)

Digital Content and Others

 1,053.1

 799.0

 31.8%

 543.6

 509.5

 396.4

 6.7%

 37.1%

Subtotal

 7,469.8

 6,642.5

 12.5%

 4,190.5

 3,279.3

 3,793.8

 27.8%

 10.5%

Eliminations

 (389.4)

 (360.6)

 8.0%

 (183.4)

 (206.0)

 (187.8)

 (11.0%)

 (2.3%)

Total

 7,080.4

 6,281.8

 12.7%

 4,007.1

 3,073.3

 3,606.0

 30.4%

 11.1%

 

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 4,284.8 million, an increase of 6.2% from Ps. 4,036.0 million reported in 1H17 due to higher costs in the Printing and Publishing segment.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 2,152.4 million, an increase of 10.7% from Ps. 1,944.4 million in 1H17. This increase was mainly due to higher Printing and Broadcasting expenses.

 

Adjusted EBITDA reached Ps. 643.2 million, an increase of 113.4% from Ps. 301.4 million reported for 1H17. This result was driven by higher EBITDA and margin expansion in the Printing and Publishing and by the solid EBITDA in the Broadcasting and Programming segment.

 

Following is a breakdown of adjusted EBITDA by business segment:

 

ADJUSTED EBITDA

(In millions of Ps.)

1H18

1H17

YoY

2Q18

1Q18

2Q17

QoQ

YoY

Printing and Publishing

 34.9

 (269.5)

 (113.0%)

 69.9

 (35.0)

 10.8

(299.8%)

 548.3%

Broadcasting and Programming

 589.2

 629.2

 (6.3%)

 474.9

 114.3

 414.8

 315.5%

 14.5%

Digital Content and Others

 19.0

 (58.3)

 (132.7%)

 (5.9)

 25.0

 (37.0)

123.8%

 84.0%

Total

                   643.2

 

                     301.4

 

                  113.4%

 

                    538.9

 

              104.3

 

             388.5

 

             416.7%

 

               38.7%

 

 

 

Financial results net totaled Ps. (351.5) million compared to Ps. (205.0) million in 1H17. This increase of the negative result was mainly due to the impact of the peso depreciation on dollar denominated debt.

 

Equity in earnings from unconsolidated affiliates in 1H18 totaled Ps. 115.9 million, compared to Ps. 83.8 million in 1H17.

 

Other Income (expenses), net reached Ps. 321.7 million, compared to Ps. 60.3 million in 1H17.

 

Income tax as of 1H18 reached Ps. (43.5) million, from Ps. (49.3) million in 1H17.

 

Income from Discontinued Operations, reached Ps. 2,366.6 million in 1H17 (related with Cablevision's results).

 

Income for the period totaled Ps. 533.1 million, a decrease of 78.2% from Ps. 2,443.4 million reported in 1H17. This was mainly due to lower results of discontinued operations, since the results of Cablevisión were included as of discontinued operations in 1H17, while in 1H18 Cablevisión is no longer consolidated. The Equity Shareholders Income for the period amounted Ps. 553.1million, a decrease of 63.0% YoY.

 

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 247.3 million in 1H18, an increase of 65.8% from Ps. 149.2 million reported in 1H17. Out of the total CAPEX in 1H18, 73.8% was allocated towards the Broadcasting and Programming segment, 21.6% to the Printing and Publishing segment and the remaining 4.6% to other activities.  

 

Debt profile (1): Debt coverage ratio for the period ended June 30, 2018 was .56x and the Net Debt at the end of this period totaled Ps. 236.9 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 2018

 

(In millions of Ps.)

Printing & Publishing

Broadcasting

& Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

 1,181.8

 2,051.0

 42.8

 (102.4)

 3,173.2

44.8%

Circulation

 1,982.6

-

0.8

 -  

 1,983.5

28.0%

Printing

 20.6

 -  

75.2

 (1.2)

 94.6

1.3%

Programming

-

 680.4

-

 -  

 680.4

9.6%

Other Sales

 

 308.3

 192.0

 934.2

 (285.8)

 1,148.7

16.2%

Total Sales

 3,493.3

 2,923.4

 1,053.1

 (389.4)

 7,080.4

100.0%

 

 

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

-

-

 -  

 1,499.3

23.9%

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

 (274.8)

 1,142.7

18.2%

Total Sales

 2,957.6  259.9

 2,885.8  395.8

 799.0  

 (360.6)

 6,281.8  1,261.8

100.0%

 

 

 

RESULTS BY BUSINESS SEGMENT

 

BROADCASTING AND PROGRAMMING

 

Revenues

Revenues increased by 1.3% to Ps. 2,923.4 million in 1H18, compared to Ps. 2,885.8 million in 1H17 due to higher advertising sales in Channel 13 and Radio Mitre.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales decreased by 1.8% to Ps. 1,704.6 million in 1H18, compared to Ps. 1,736.7 million in 1H17. This is mainly attributable to lower programming costs partially offset by higher salaries.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses increased by 21.1% to Ps. 629.5 million in 1H18, compared to Ps. 519.9 million in 1H17. The increase was primarily the result of higher salaries and Contingencies.

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 85.0% to Ps. 71.9 million in 1H18 compared to Ps. 38.9 million reported in 1H17.

 

PRINTING AND PUBLISHING

 

Revenues

Total revenues increased by 18.1% to Ps. 3,493.3 million in 1H18, mainly as a result of higher sales in circulation and advertising.  

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales increased by 6.1% to Ps. 2,009.1 million in 1H18, compared to Ps. 1,893.3 million in 1H17. The increase was mainly the result of higher salaries and distribution and printing costs.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses increased by 8.7% to Ps. 1,449.3 million in 1H18, compared to the Ps. 1,333.8 million reported in 1H17. This was primarily the result of higher distribution and marketing expenses, salaries and fees for services.

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 9.8% to Ps. 63.8 million in 1H18 compared to Ps. 58.1 million in 1H17.

 

DIGITAL CONTENT AND 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). 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) was mainly the result of salaries and professional consulting fees.

 

In this period, total revenues increased 31.8% to Ps. 1,053.1, from Ps. 799.0 million reported in 1H17, due to higher sales in digital content, e-commerce and revenues from Gestión Compartida. EBITDA resulted in Ps. 19.0 million.  

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

 

 

BROADCASTING AND PROGRAMMING


1H18

1H17

YoY

2Q18

1Q18

2Q17

QoQ

YoY

Advertising Share % (1)

38.0%

37.8%

 0.5%

37.8%

38.3%

38.9%

 (1.4%)

 (2.9%)

Audience Share % (2)









Prime Time

35.9%

34.8%

 3.2%

34.9%

37.0%

37.2%

 (5.8%)

 (6.2%)

Total Time

31.8%

32.0%

 (0.7%)

30.7%

32.9%

33.4%

 (6.8%)

 (8.1%)

 

(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


1H18

1H17

YoY

2Q18

1Q18

2Q17

QoQ

YoY

Circulation (1)

 229.7

 214.1

 7.3%

 230.5

 228.9

 216.7

 0.7%

 6.4%

Circulation share % (2)

38.7%

39.5%

 (1.9%)

38.1%

39.3%

 (3.0%)

 (1.7%)

Advertising  share %(3)

56.6%

50.6%

 11.8%

55.7%

57.4%

 (3.1%)

 11.7%

 

(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


1H18

1H17

 

YoY

Page Views (1)

1,117.4

1,09.8

2.4%

Mobile page Views

584.8

566.1

21.0%

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

 

 

DEBT AND LIQUIDITY

 

(In millions of Ps.)

June

2018

June 2017

% Change

March 2018

% Change

 

Short Term and Long Term Debt






Current Financial Debt

 950.8

 580.5

 63.8%

 616.1

 54.3%

 

Non-Current Financial Debt

 266.6

 502.2

 (46.9%)

 553.2

 (51.8%)

 

Total Financial Debt (A)

 1,217.4

1,082.7

12.4%

 1,169.3

 4.1%

 

Cash and Cash Equivalents (B)

 980.4

 656.4

 49.4%

 1,361.8

 (28.0%)

 

Net Debt (A) - (B)

 236.9

 426.4

 (44.4%)

 (192.5)

 223.1%

 

Net Debt/Adjusted Ebitda (1)

0.11x

0.27x

 (59.9%)

(0.46x)

 123.8%

 

 

Total Financial Debt(1) increased 12.4% from Ps. 1,082.7 million to Ps. 1,217.4 million and Net Debt decreased from Ps. 426.4 million to Ps. 236.9 million.

 

Debt coverage ratio (1) as of June 30, 2018 was 0.11x in the case of Net Debt and of 0.6x 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.

 

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)

 

 47.0

GCLA (LSE) Price per GDS (USD)

 4.22

Total Shares

106,776,004

Total GDSs

53,388,002

Market Value (USD MM)

225.3

Closing Price

August 9, 2018

 

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 2018 on Friday, August 10, 2018.

 

Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time

 

 

To access the conference call, please dial:
Argentina Participants: 0-800-666-0250

U.S. Participants: 1-877-830-2576

All other countries: 1-785-424-1726
Passcode: CLARIN

 

To access the simultaneous webcast presentation, please go to:
https://www.webcaster4.com/Webcast/Page/1117/26932

 

There will be a replay available, for 7 days, starting four hours after the conclusion of the conference call. To access the replay, please dial 1-844-488-7474 toll free from the U.S., or 1-862-902-0129 from anywhere outside the U.S. The replay passcode is: 87135166

 

The webcast presentation will be archived at http://www.grupoclarin.com.ar/ir 

 

 

 

 

 

 

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]

 

 

 

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, 2018 AND 2017, AND THE

THREE-MONTH PERIODS BEGINNING ON APRIL 1 AND ENDED ON JUNE 30, 2018 AND 2017

 In Argentine Pesos (Ps)

 


June 30, 2018


June 30, 2017


 

April 1, 2018 through June 30, 2018


 

April 1, 2017 through June 30, 2017

























Revenues

7,080,357,100


6,281,834,700


4,007,055,995


3,606,014,916









Cost of Sales (1)

(4,407,040,289)


(4,123,848,793)


(2,321,126,114)


(2,219,224,361)









Subtotal - Gross Profit

2,673,316,811


2,157,985,907


1,685,929,881


1,386,790,555









Selling Expenses (1)

(1,138,771,102)


(978,538,717)


(635,367,358)


(523,784,045)

Administrative Expenses (1)

(1,044,097,800)


(992,458,271)


(589,695,489)


(529,422,953)









Other Income and Expenses, net

321,719,941


60,324,560


306,877,137


26,880,803









Financial Costs

(318,908,585)


(105,134,610)


(230,286,400)


(54,273,260)

Other Financial Results, net

(32,558,789)


(99,853,014)


11,102,102


(58,972,807)

Financial Income and Expense

(351,467,374)


(204,987,624)


(219,184,298)


(113,246,067)









Equity in Earnings from Associates

115,911,059


83,833,175


61,472,761


26,690,598









Income before Income Tax and Tax on Assets

576,611,535


126,159,030


610,032,634


273,908,891









Income Tax and Tax on Assets

(43,520,018)


(49,274,758)


(85,964,312)


(99,433,609)









Income for the period from continuing operations

533,091,517


76,884,272


524,068,322


174,475,282









Discontinued Operations
















Net Income from Discontinued Operations

-


2,366,560,702


-


462,487,207









Net Income for the Period

533,091,517


2,443,444,974


524,068,322


636,962,489

















Other Comprehensive Income
















Items which can be reclassified to net income








Variation in Translation Differences of Foreign Operations from Continuing Operations

(14,465,970)


2,271,971


(14,015,756)


1,603,393

Variation in Translation Differences of Foreign Operations from Discontinued Operations

-


(77,530,768)


-


27,217,660

Other Comprehensive Income for the period

(14,465,970)


(75,258,797)


(14,015,756)


28,821,053









TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

518,625,547


2,368,186,177


510,052,566


665,783,542









Profit Attributable to:
















Shareholders of the Parent Company

553,059,369


1,494,174,040


534,868,486


445,517,396









Non-Controlling Interests

(19,967,852)


949,270,934


(10,800,164)


191,445,093









Total Comprehensive Income Attributable to:
















Shareholders of the Parent Company

561,635,682


1,463,810,439


541,091,784


462,115,034









Non-Controlling Interests

(43,010,135)


904,375,738


(31,039,218)


203,668,508









Basic and Diluted Earnings per Share from Continuing Operations

5.18


0.39


5.01


1.02









Basic and Diluted Earnings per Share from Discontinued Operations

-


6.19


-


1.65









Basic and Diluted Earnings per Share - Total

5.18


6.58


5.01


2.67









 

(1)        Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of Ps. 152,757,415 and Ps. 114,411,984 for the six-month periods ended June 30, 2018 and 2017, respectively.

 

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 STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2018 AND DECEMBER 31, 2017

 In Argentine Pesos (Ps)

 

 


June 30, 2018


December 31, 2017

ASSETS




NON-CURRENT ASSETS




Property, Plant and Equipment

1,133,862,795


992,612,264

Intangible Assets

246,253,899


233,562,017

Goodwill

263,912,304


269,817,944

Deferred Tax Assets

788,007,595


619,543,526

Investments in Unconsolidated Affiliates

501,240,831


375,989,230

Inventories

33,284,070


21,579,780

Other Assets

5,634,842


6,639,302

Other Receivables

487,682,562


210,579,583

Trade Receivables

101,891,105


90,581,080

Total Non-Current Assets

3,561,770,003


2,820,904,726





CURRENT ASSETS




Inventories

1,051,461,971


677,237,703

Other Assets

63,280,374


68,198,975

Other Receivables

877,099,895


590,218,759

Trade Receivables

4,779,172,448


4,776,942,928

Other Investments

621,283,236


701,760,111

Cash and Banks

359,204,998


356,729,917

Total Current Assets

7,751,502,922


7,171,088,393





Total Assets

11,313,272,925


9,991,993,119

EQUITY (as per the corresponding statement)




Attributable to Shareholders of the Parent Company




Owners' Contribution

746,952,203


746,952,203

Other Items

(14,469,992)


(23,046,305)

Retained Earnings

4,004,196,007


3,465,192,314

Total Attributable to Shareholders of the Parent Company

4,736,678,218


4,189,098,212





Attributable to Non-Controlling Interests

(10,408,045)


39,531,594

Total Equity

4,726,270,173


4,228,629,806

LIABILITIES




NON-CURRENT LIABILITIES




Provisions and Other Charges

406,056,283


316,110,037

Financial Debt

266,605,111


546,818,756

Taxes Payable

43,156,746


54,841,073

Other Liabilities

95,435,973


65,394,982

Trade and Other Payables

67,838,635


60,504,175

Total Non-Current Liabilities

879,092,748


1,043,669,023





CURRENT LIABILITIES




Financial Debt

950,757,229


487,080,017

Seller Financings

-


6,500

Taxes Payable

302,162,608


407,679,158

Other Liabilities

604,240,528


462,533,761

Trade and Other Payables

3,850,749,639


3,362,394,854

Total Current Liabilities

5,707,910,004


4,719,694,290





Total Liabilities

6,587,002,752


5,763,363,313





Total Equity and Liabilities

11,313,272,925


9,991,993,119

 

 

 


 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2018 AND 2017

In Argentine Pesos (Ps)

 


Equity attributable to Shareholders of the Parent Company


Equity Attributable to Non-Controlling Interests



 


Owners' Contribution


Other Items


Retained Earnings

Total Equity of Controlling Interests




 


Capital Stock

Inflation Adjust. on Capital Stock

Additional Paid-in Capital

Subtotal


Translation of Foreign Operations

Other Reserves


Legal Reserve

Voluntary Reserves

Retained Earnings



Total Equity

Balances as of January 1, 2018

106,776,004

115,122,371

525,053,828

746,952,203


36,984,995

(60,031,300)


44,379,675

2,569,078,899

851,733,740

4,189,098,212


39,531,594


4,228,629,806

Change in Accounting Policy (Note 2.3)

-

-

-

-


-

-


-

-

(14,055,676)

(14,055,676)


-


(14,055,676)

Balances as of January 1, 2018, restated

106,776,004

115,122,371

525,053,828

746,952,203


36,984,995

(60,031,300)


44,379,675

2,569,078,899

837,678,064

4,175,042,536


39,531,594


4,214,574,130

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

-

-

-

-


-

-


-

851,733,740

(851,733,740)

-


-


-

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-

-


(6,929,504)


(6,929,504)

Net Income for the Period

-

-

-

-


-

-


-

-

553,059,369

553,059,369


(19,967,852)


533,091,517

Other Comprehensive Income:

















Variation in Translation Differences of Foreign Operations

-

-

-

-


8,576,313

-


-

-

-

8,576,313


(23,042,283)


(14,465,970)

Balances as of June 30, 2018

(1) 106,776,004

115,122,371

525,053,828

746,952,203


45,561,308

(60,031,300)


44,379,675

  (2) 3.420.812.639

539,003,693

4,736,678,218


(10,408,045)


4,726,270,173

Balances as of January 1, 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

-

-

-

-


-

-


-

2,050,041,832

(2,050,041,832)

-


-


-

Dividend Distribution

-

-

-

-


-

-


-

-

(480,000,000)

(480,000,000)


-


(480,000,000)

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-

-


(662,836,071)


(662,836,071)

Net Income for the Period

-

-

-

-


-

-


-

-

1,494,174,040

1,494,174,040


949,270,934


2,443,444,974

Spun-off Balances

(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

(1) Includes 1,485 treasury shares. See Note 14 to the Interim Condensed Individual Financial Statements. 

(2)  Broken down as follows: (i) Voluntary reserve for future dividends of Ps. 1,271,751,261; (ii) Judicial reserve for future dividend distribution of Ps. 387,028,756, (iii) Voluntary reserve for illiquidity of results of Ps. 759,692,900, (iv) Voluntary reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of Ps. 462,249,181, and (v) Voluntary reserve to ensure the liquidity of the Company and its subsidiaries of Ps. 540,090,541.

 

 


GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2018 AND 2017

 In Argentine Pesos (Ps)

 


June 30, 2018


June 30, 2017

CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES




Net Income for the Period

533,091,517


2,443,444,974

Income Tax and Tax on Assets

43,520,018


49,274,758

Accrued Interest, net

91,054,443


90,221,540

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




Depreciation of Property, Plant and Equipment

105,247,641


69,792,148

Amortization of Intangible Assets and Film Library

47,509,774


44,619,837

Net allowances

95,669,549


74,165,165

Financial Income, except interest

63,225,043


(3,610,471)

Equity in Earnings from Associates

(115,911,059)


(83,833,175)

Other Income and Expenses

(336,139,263)


(13,197,524)

Net Income from Discontinued Operations

-


(2,366,560,702)

Changes in Assets and Liabilities:




Trade Receivables

18,367,924


(276,611,794)

Other Receivables

(248,930,094)


(704,727,435)

Inventories

(388,352,521)


175,497,682

Other Assets

5,923,061


(32,126,409)

Trade and Other Payables

388,832,496


15,706,895

Taxes Payable

32,471,522


(73,946,089)

Other Liabilities

183,670,004


311,438,012

 

Provisions

(32,409,130)


(45,361,521)

 

Income Tax and Tax on Assets Payments

(355,720,371)


(169,891,904)

 

Net Cash Flows provided by Discontinued Operating Activities

-


3,398,556,976

 





 

Net Cash Flows provided by Operating Activities

131,120,552


2,902,850,963

 





 

CASH PROVIDED BY INVESTMENT ACTIVITIES




 

Acquisition of Property, Plant and Equipment, net

(245,491,639)


(149,166,223)

 

Acquisition of Intangible Assets

(50,872,761)


(42,923,370)

 

Dividends collected

-


17,000,000

 

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

(15,432,000)


-

 

Collection from disposal of other investments

58,520


-

 

Proceeds from Sale of Property, Plant and Equipment

32,188,291


16,435,050

 

Transactions with Securities, Bonds and Other Placements, Net

6,171,316


4,262,471

 

Net Cash Flows used in Discontinued Investment Activities

-


(3,185,408,150)

 





 

Net Cash Flows used in Investment Activities

(273,378,273)


(3,339,800,222)

 





 

CASH PROVIDED BY FINANCING ACTIVITIES




 

Loans Obtained

281,161,388


935,917,196

 

Repayment of Loans and Issuance Expenses

(305,929,785)


(337,166,793)

 

Payment of Interest

(100,228,047)


(61,439,176)

 

Payment of Dividends

-


(480,000,000)

 

Payments to Non-Controlling Interests, net

(6,929,504)


(7,649,539)

 

Net Cash Flows provided by Discontinued Financing Activities

-


(396,395,065)

 





 

Net Cash Flows used in Financing Activities

(131,925,948)


(346,733,377)

 





 

FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS FOR CONTINUING OPERATIONS

202,481,627


55,029,029

 





 

FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS FOR DISCONTINUED OPERATIONS

-


36,860,464

 





 

FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS

202,481,627


91,889,493

 





 

Net decrease in cash flow

(71,702,042)

 

(691,793,143)

 

Cash and Cash Equivalents at the Closing of the Period

980,421,148

 

656,371,369

 

 


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