12th Mar 2021 07:00
Grupo Clarín Announces Full Year and Fourth Quarter 2020 Results
Buenos Aires, Argentina, March 11, 2021 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its Full Year and Fourth quarter 2020 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of December 31, 2020 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) because Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the financial statements.
Highlights (2020 vs.2019):
§ Total Revenues reached Ps. 26,639.7 million, a decrease of 23.1% compared to 2019, mainly due to lower advertising revenues in all segments and lower circulation revenues in the Printing and Publishing segment.
§ Adjusted EBITDA (1) reached Ps. 3,245.5 million, an increase of 44.3% compared to 2019, mainly driven by costs reductions in real terms greater than the decrease in revenues, especially in Printing and Publishing and Broadcasting and Programming segments.
§ Grupo Clarín's Adjusted EBITDA Margin (2) was 12.2% in 2020, compared to 6.5% in 2019.
§ Loss for the period totaled Ps. 465.1 million, a decrease of 76.6% compared to a loss of Ps. 1,986.4 million reported in 2019. Loss for the period attributable to Equity Shareholders amounted Ps 274.4 million in 2020 from a loss Ps. 2,052.1 million in 2019, a decrease of 86.6%.
FINANCIAL HIGHLIGHTS
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(In millions of Ps.) |
| 2020 | 2019 | % Ch. | 4Q20 | 3Q20 | 4Q19 | QoQ | YoY | ||||||||
Total Revenues |
| 26,639.7 | 34,619.7 | (23.1%) | 7,853.7 | 6,521.9 | 8,273.4 | 20.4% | (5.1%) | ||||||||
Adjusted EBITDA (1) |
| 3,245.5 | 2,249.1 | 44.3% | 1,726.7 | 937.8 | (23.5) | 84.1% | N/A | ||||||||
Adjusted EBITDA Margin (2) |
| 12.2% | 6.5% | 87.5% | 22.0% | 14.4% | (0.3%) | 52.9% | N/A | ||||||||
Loss for the period |
| (465.1) | (1,986.4) | (76.6%) | 518.9 | (531.4) | (895.7) | (197.6%) | (157.9%) | ||||||||
Attributable to: |
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Equity Shareholders |
| (274.4) | (2,052.1) | (86.6%) | 514.6 | (513.2) | (1,088.1) | (200.3%) | 147.3% | ||||||||
Non-Controlling Interests |
| (190.7) | 65.6 | (390.5%) | 4.3 | (18.2) | 192.5 | (123.6%) | 97.8% | ||||||||
(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. 26,639.7 million, a decrease of 23.1% from Ps. 34,619.7 million in 2019. Advertising revenues decreased 30.2% and represented around 40.4% of the Total Revenues of the Company. Circulation revenues decreased 20.5% and represented 28.0% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES (In millions of Ps.) | 2020 | 2019 | YoY | 4Q20 | 3Q20 | 4Q19 | QoQ | YoY |
Printing and Publishing | 12,544.3 | 17,041.6 | (26.4%) | 3,310.2 | 3,002.2 | 3,957.1 | 10.3% | (16.3%) |
Broadcasting and Programming | 13,127.1 | 15,748.0 | (16.6%) | 4,298.1 | 3,236.5 | 3,953.2 | 32.8% | 8.7% |
Others | 2,356.1 | 3,660.1 | (35.6%) | 562.0 | 615.1 | 704.7 | (8.6%) | (20.3%) |
Subtotal | 28,027.6 | 36,449.7 | (23.1%) | 8,170.3 | 6,853.8 | 8,615.0 | 19.2% | (5.2%) |
Eliminations | (1,387.9) | (1,830.0) | (24.2%) | (316.6) | (331.9) | (341.6) | (4.6%) | (7.3%) |
Total | 26,639.7 | 34,619.7 | (23.1%) | 7,853.7 | 6,521.9 | 8,273.4 | 20.4% | (5.1%) |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 15,561.2 million, a decrease of 28.5% from Ps. 21,775.0 million reported in 2019 due to lower costs across all business segments, mainly related to lower printing costs in Printing and Publishing and lower programing costs in Broadcasting and Programing.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 7,833.0 million, a decrease of 26.1% from Ps. 10,595.6 million in 2019. This decrease was mainly due to lower expenses in all segments, especially in Printing and Publishing and Other segments.
Adjusted EBITDA reached Ps. 3,245.5 million, an increase of 44.3% from Ps. 2,249.1 million reported for 2019. This increase was driven by higher advertising revenues in Broadcasting and Programming for the 4Q20 as compared to 4Q19 and costs reduction initiatives across all segments to accompany the reduction in revenues derived from the impact of the COVID - 19 pandemic.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) | 2020 | 2019 | YoY | 4Q20 | 3Q20 | 4Q19 | QoQ | YoY | |
Printing and Publishing | 539.2 | (127.4) | (523.3%) | 355.3 | 232.0 | (173.1) | 53.1% | (305.2%) | |
Broadcasting and Programming | 2,787.6 | 2,740.3 | 1.7% | 1,478.7 | 693.3 | 436.3 | 113.3% | 238.9% | |
Others | (81.3) | (363.9) | (77.7%) | (107.3) | 12.5 | (286.8) | 955.9% | 62.6% | |
Total | 3,245.5 | 2,249.1 | 44.3% | 1,726.7 | 937.8 | (23.5) | 84.1% | N/A | |
Financial results net totaled Ps. (1,012.5) million compared to Ps. (1,931.4) million in 2019. This decrease was mainly due to lower negative interests, foreign exchange and inflation adjustments results.
Equity in earnings from unconsolidated affiliates in 2020 totaled Ps. 579.4 million, compared to Ps. 239.3 million in 2019.
Other Income (expenses), net reached Ps. (1,220.8) million, compared to Ps. (109.7) million in 2019.
Income tax as of 2020 reached Ps. (701.1) million, from Ps. (908.9) million in 2019.
Loss for the period totaled Ps. 465.1 million, a decrease of 76.6% from a loss of Ps. 1,986.4 million reported in 2019. The Equity Shareholders Loss for the period amounted Ps. 274.4 million, a decrease of 86.6% YoY.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 445.8 million in 2020, a decrease of 56.3% from Ps. 1,020.3 million reported in 2019. Out of the total CAPEX in 2020, 48.6% was allocated towards the Broadcasting and Programming segment, 41.7% to the Printing and Publishing segment and the remaining 9.7% to other activities.
SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2020
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Digital Content & Others | Eliminations | Total | % |
Advertising | 2,983.8 | 7,853.9 | 68.2 | (132.8) | 10,773.1 | 40.4% |
Circulation | 7,456.8 | - | - -
| - | 7,456.8 | 28.0% |
Printing | 815.2 | - | - -
| (40.4) | 774.7 | 2.9% |
Programming | - | 5,074.8 | - | - | 5,074.8 | 19.0% |
Other Sales
| 1,288.5 | 198.4 | 2,287.9 | (1,214.7) | 2,560.1 | 9.6% |
Total Sales | 12,544.3 | 13,127.1 | 2,356.1 | (1,387.9) | 26,639.7 | 100.0% |
SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2019
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Digital Content & Others | Eliminations | Total | % |
Advertising | 5,163.3 | 10,366.9 | 125.7 | (217.7) | 15,438.3 | 44.6% |
Circulation | 9,380.7 | - | - | - | 9,380.7 | 27.1% |
Printing | 853.3 |
| - | (80.7) | 772.7 | 2.2% |
Programming | - | 5,197.0 | - | - | 5,197.0 | 15.0% |
Other Sales
| 1,644.3 | 184.0 | 2,987.1 | (1,531.7) | 3,283.7 | 9.5% |
Total Sales | 17,041.6 1,644.3 | 15,748.0 184.0 | 3,660.1 2,987.1 | (1,830.0) | 34,619.7 3,283.7 | 100.0% |
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues decreased by 16.6% to Ps. 13,127.1 million in 2020, compared to Ps. 15,748.0 million in 2019 due to the lower advertising sales in Channel 13 and Radio Mitre.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 24.6% to Ps. 7,560.4 million in 2020, compared to Ps. 10,021.2 million in 2019. This is mainly attributable to lower programming costs in Channel 13.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 6.9% to Ps. 2,779.2 million in 2020, compared to Ps. 2,986.5 million in 2019. The decrease was primarily the result of lower marketing and advertising expenses, commissions, and fees for services.
Depreciation and Amortization
Depreciation and amortization expenses increased by 1.6% to Ps. 636.5 million in 2020 compared to Ps. 626.6 million reported in 2019.
PRINTING AND PUBLISHING
Revenues
Total revenues decreased by 26.4% to Ps. 12,544.3 million in 2020, mainly as a result of lower circulation and advertising sales.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales decreased by 31.2% to Ps. 6,799.7 million in 2020, compared to Ps. 9,884.9 million in 2019. The decrease was mainly the result of lower salaries and severance payments as well as lower distribution and printing costs.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses decreased by 28.5% to Ps.5,205.5 million in 2020, compared to the Ps. 7,284.1 million reported in 2019. This was primarily the result of lower distribution costs, marketing and advertising costs and fees for services.
Depreciation and Amortization
Depreciation and amortization expenses decreased by 23.4% to Ps. 434.2 million in 2020 compared to Ps. 566.7 million in 2019.
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 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 decreased 35.6% to Ps. 2,356.1, from Ps. 3,660.1 million reported in 2019, due to lower revenues from Gestión Compartida. EBITDA resulted in Ps. (81.3) million.
OPERATING STATISTICS BY BUSINESS SEGMENT
PRINTING AND PUBLISHING
| 2020 | 2019 | YoY |
Circulation (1) | 259.1 | 235.9 | 9.8% |
Circulation share % (2) | 43.3% | 43.7% | (0.9%) |
(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
| 2020 | 2019 | YoY |
Advertising Share % (1) | 36.4% | 38.8% | (6.2%) |
Audience Share % (2) |
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Prime Time | 31.3% | 36.2% | (13.5%) |
Total Time | 30.7% | 32.9% | (6.7%) |
(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. 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 KPIs
| 2020 | 2019
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Page Views (1) | 1,042.2 | 1,089.2 | (4.3%) |
Mobile page Views | 746.3 | 756.8 | (1.4%) |
(1) In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) | December 2020 | December 2019 | % Change |
Short Term and Long Term Debt |
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Current Financial Debt | 273.8 | 1,323.5 | (79.3%) |
Financial loans | 112.2 | 865.3 | (87.0%) |
Accrued interest | 16.2 | 25.6 | (36.5%) |
Acquisition of equipment | 10.1 | 9.3 | 9.3% |
Related Parties Accrued Interest
| 10,3 | 19,9 | (48,2%) |
Related Parties Capital | 6.8 | - | NA |
Bank overdraft | 118.1 | 403.5 | (70.7%) |
Non-Current Financial Debt | 1,439.2 | 1,224.1 | 17.6% |
Financial loans | 1,426.9 | 1,223.4 | 16.6% |
Acquisition of equipment | 12.3 | 0.7 | 1,626.5% |
Total Financial Debt (A) | 1,713.0 | 2,547.6 | (32.8%) |
Total Short Term and Long Term Debt | 1,713.0 | 2,547.6 | (32.8%) |
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Cash and Cash Equivalents (B) | 2,787.2 | 3,011.8 | (7.5%) |
Net Debt (A) - (B) | (1,074.2) | (464.2) | 131.4% |
Net Debt/Adjusted Ebitda (1) | (0,33x) | (0,21x) | (24.6%) |
Total Financial Debt(1) and Net Debt, decreased 32.8% to Ps. 1,713.0 million from Ps. 2,547.6 million and to Ps. (1,074.2) million from Ps. (464.2) million, respectively.
Debt coverage ratio (1) as of December 31, 2020 was (0.3x) in the case of Net Debt and of 0.5x in terms of Total Financial Debt.
(1) Debt Coverage Ratio is defined as Total Financial Debt divided by Annual 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.) | 2020 | 2019 | YoY | 2020 ex IAS 29 | IAS 29 Adjustment | 2020as reported | 2019 ex IAS 29 | IAS 29 Adjustment | 2019as reported |
Printing and Publishing | 12,544.3 | 17,041.6 | (26.4%) | 10,745.3 | 1,799.0 | 12,544.3 | 10,278.9 | 6,762.7 | 17,041.6 |
Broadcasting and Programming | 13,127.1 | 15,748.0 | (16.6%) | 11,244.5 | 1,882.6 | 13,127.1 | 9,498.6 | 6,249.3 | 15,748.0 |
Others | 2,356.1 | 3,660.1 | (35.6%) | 2,018.2 | 337.9 | 2,356.1 | 2,207.6 | 1,452.4 | 3,660.1 |
Subtotal | 28,027.6 | 36,449.7 | (23.1%) | 24,008.0 | 4,019.5 | 28,027.6 | 21,985.2 | 14,464.5 | 36,449.7 |
Eliminations | (1,387.9) | (1,830.0) | (24.2%) | (1,188.9) | (199.0) | (1,387.9) | (1,103.8) | (726.2) | (1,830.0) |
Total | 26,639.7 | 34,619.7 | (23.1%) | 22,819.2 | 3,820.5 | 26,639.7 | 20,881.4 | 13,738.3 | 34,619.7 |
(In millions of Ps.) | 4Q20 | 4Q19 | YoY | 4Q20 ex IAS 29 | IAS 29 Adjustment | 4Q20as reported | 4Q19 ex IAS 29 | IAS 29 Adjustment | 4Q19as reported |
Printing and Publishing | 3,310.2 | 3,957.1 | (16.3%) | 3,167.7 | 142.5 | 3,310.2 | 3,005.5 | 1,116.4 | 3,957.1 |
Broadcasting and Programming | 4,298.1 | 3,953.2 | 8.7% | 3,999.3 | 298.8 | 4,298.1 | 2,608.5 | 1,159.6 | 3,953.2 |
Digital Content and Others | 562.0 | 704.7 | (20.3%) | 545.9 | 16.1 | 562.0 | 621.4 | 177.1 | 704.7 |
Subtotal | 8,170.3 | 8,615.0 | (5.2%) | 7,712.9 | 457.4 | 8,170.3 | 6,235.5 | 2,453.2 | 8,615.0 |
Eliminations | (316.6) | (341.6) | (7.3%) | (226.5) | (90.0) | (316.6) | (374.6) | (83.9) | (341.6) |
Total | 7,853.7 | 8,273.4 | (5.1%) | 7,486.4 | 367.3 | 7,853.7 | 5,860.9 | 2,369.2 | 8,273.4 |
EBITDA
(In millions of Ps.) | 2020 | 2019 | YoY | 2020 ex IAS 29 | IAS 29 Adjustment | 2020as reported | 2019 ex IAS 29 | IAS 29 Adjustment | 2019as reported |
Printing and Publishing | 539.2 | (127.4) | (523.3%) | 461.9 | 77.3 | 539.2 | (173.3) | 45.9 | (127.4) |
Broadcasting and Programming | 2,787.6 | 2,740.3 | 1.7% | 2,387.8 | 399.8 | 2,787.6 | 1,647.1 | 1,093.2 | 2,740.3 |
Digital Content and Others | (81.3) | (363.9) | 78% | (69.6) | (11.7) | (81.3) | (219.5) | (144.4) | (363.9) |
Total | 3,245.5 | 2,249.1 | 44% | 2,780.1 | 465.5 | 3,245.5 | 1,254.3 | 994.7 | 2,249.1 |
(In millions of Ps.) | 4Q20 | 4Q19 | YoY | 4Q20 ex IAS 29 | IAS 29 Adjustment | 4Q20as reported | 4Q19 ex IAS 29 | IAS 29 Adjustment | 4Q19as reported |
Printing and Publishing | 355.3 | (173.1) | 305.2% | 310.9 | 44.3 | 355.3 | (199.3) | 26.2 | (173.1) |
Broadcasting and Programming | 1,478.7 | 436.3 | 239.9% | 1,313.7 | 165.0 | 1,478.7 | 337.3 | 99.0 | 436.3 |
Digital Content and Others | (107.3) | (286.8) | 62.6% | (91.0) | (16.3) | (107.3) | (175.6) | (111.1) | (286.8) |
Subtotal | 1,726.7 | (23.5) | N/A | 1,533.7 | 193.0 | 1,726.7 | (37.6) | 14.1 | (23.5) |
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.
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GCLA (BCBA) Price per Share (ARS)
| 39.2 |
GCLA (LSE) Price per GDS (USD) | 1.5 |
Total Shares | 106,776,004 |
Total GDSs | 53,388,002 |
Closing Price | March 11, 2021 |
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its conference call and webcast presentation
to discuss Fourth Quarter 2020 Results
Date: Friday, March 19, 2021
Time: 2:00 pm Buenos Aires Time/5:00 pm London Time/1:00 pm 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: +1-785-424-1726Passcode: CLARIN
The 4Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla210312fFB3HLWZ.html
NOTE: Grupo Clarín will release its Fourth Quarter 2020 Earnings on Thursday, March 11, 2021
after the markets close.
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: 65322621
The webcast presentation will be archived at http://www.grupoclarin.com/ir/
Investor Relations Contacts |
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In Buenos Aires: | In London: | In New York: |
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Agustín Medina Manson
| Alex Money
| Melanie Carpenter
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Grupo Clarín S.A. | Jasford IR | I-advize Corporate Communications |
Tel: +54 11 4309 7215 | Tel: +44 20 3289 5300 | Tel: +1 212 406 3692 |
Email: [email protected] | E-mail: [email protected] | E-mail: [email protected]
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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 YEARS ENDED DECEMBER 31, 2020 AND 2019
(Amounts stated in Argentine Pesos)
| December 31, 2020 |
| December 31, 2019 |
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Revenues | 26,639,658,889 |
| 34,619,659,621 |
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Cost of Sales (1) | (16,687,410,185) |
| (23,028,827,234) |
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Subtotal - Gross Profit | 9,952,248,704 |
| 11,590,832,387 |
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Selling Expenses (1) | (3,809,674,129) |
| (5,703,425,400) |
Administrative Expenses (1) | (4,252,524,971) |
| (5,163,040,884) |
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Other Income and Expenses, net | (1,220,820,137) |
| (109,696,062) |
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Gain (Loss) on Net Monetary Position | (181,632,242) |
| (257,693,476) |
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Financial Expenses on Debt | (786,702,632) |
| (1,508,238,150) |
Other Financial Results, net | (44,206,620) |
| (165,477,976) |
Financial Results | (1,012,541,494) |
| (1,931,409,602) |
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Equity in Earnings from Associates | 579,392,288 |
| 239,258,524 |
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Income (Loss) before Income Tax | 236,080,261 |
| (1,077,481,037) |
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Income Tax | (701,130,812) |
| (908,949,994) |
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Loss for the year | (465,050,551) |
| (1,986,431,031) |
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Other Comprehensive Income |
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Items which can be reclassified to Net Income (Loss) |
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Variation in Translation Differences of Foreign Operations | 3,309,578 |
| (5,783,358) |
Other Comprehensive Income (Loss) for the Year | 3,309,578 |
| (5,783,358) |
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TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR | (461,740,973) |
| (1,992,214,389) |
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(Loss) Income Attributable to: |
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Shareholders of the Parent Company | (274,351,674) |
| (2,052,076,145) |
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Non-Controlling Interests | (190,698,877) |
| 65,645,114 |
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Total Comprehensive Income (Loss) Attributable to: |
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Shareholders of the Parent Company | (271,055,276) |
| (2,051,119,821) |
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Non-Controlling Interests | (190,685,697) |
| 58,905,432 |
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Basic and Diluted Net Income (Loss) per Share - Total (2) | (2.57) |
| (19.22) |
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(1) Includes amortization of intangible assets and film library, right-of-use assets and depreciation of property, plant and equipment in the amount of $ 1,355,461,677 and $ 1,524,687,533 for the years ended December 31, 2020 and 2019, respectively.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of December 31th, available at http://www.grupoclarin.com/ir.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2020 AND 2019
(Amounts stated in Argentine Pesos)
| December 31, 2020 |
| December 31, 2019 |
ASSETS |
|
|
|
NON-CURRENT ASSETS |
|
|
|
Property, Plant and Equipment | 7,034,951,442 |
| 7,584,905,019 |
Intangible Assets | 457,786,092 |
| 577,182,539 |
Goodwill | 22,073,350 |
| 1,267,776,613 |
Deferred Tax Assets | 861,337,185 |
| 671,544,344 |
Right-of-Use Assets | 83,204,737 |
| 128,135,489 |
Investments in Unconsolidated Affiliates | 2,688,625,846 |
| 2,263,691,825 |
Other Investments | 13,437,910 |
| - |
Inventories | 23,431,318 |
| 24,474,982 |
Other Assets | 45,399,578 |
| 46,626,927 |
Other Receivables | 106,925,558 |
| 358,011,863 |
Trade Receivables | 7,208,574 |
| 56,852,857 |
Total Non-Current Assets | 11,344,381,590 |
| 12,979,202,458 |
|
|
|
|
CURRENT ASSETS |
|
|
|
Inventories | 1,113,655,977 |
| 1,786,492,580 |
Other Assets | 112,763,146 |
| 162,151,304 |
Other Receivables | 2,109,348,630 |
| 2,085,342,404 |
Trade Receivables | 7,876,187,848 |
| 7,897,963,136 |
Other Investments | 1,944,102,079 |
| 962,047,749 |
Cash and Banks | 1,294,110,858 |
| 2,049,884,020 |
Total Current Assets | 14,450,168,538 |
| 14,943,881,193 |
|
|
|
|
Total Assets | 25,794,550,128 |
| 27,923,083,651 |
|
|
|
|
EQUITY (as per the corresponding statement) |
|
|
|
Attributable to Shareholders of the Parent Company |
|
|
|
Shareholders' Contribution | 12,452,719,357 |
| 14,504,795,502 |
Other Items | 24,536,186 |
| 31,585,828 |
Retained Earnings | 1,217,814,141 |
| (558,599,521) |
Total Attributable to Shareholders of the Parent Company | 13,695,069,684 |
| 13,977,781,809 |
|
|
|
|
Attributable to Non-Controlling Interests | 95,982,672 |
| 281,175,171 |
Total Equity | 13,791,052,356 |
| 14,258,956,980 |
|
|
|
|
LIABILITIES |
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
Provisions and Other Charges | 1,082,994,975 |
| 1,085,311,593 |
Financial Debt | 1,439,684,762 |
| 1,224,119,263 |
Lease Liabilities | 16,635,842 |
| 36,168,882 |
Deferred Tax Liabilities | 188,971,780 |
| 384,021,786 |
Taxes Payable | 14,443,308 |
| 39,398,171 |
Other Liabilities | 256,607,296 |
| 249,250,730 |
Trade and Other Payables | 36,580,036 |
| 92,107,107 |
Total Non-Current Liabilities | 3,035,917,999 |
| 3,110,377,532 |
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Financial Debt | 273,336,699 |
| 1,323,511,626 |
Lease Liabilities | 69,870,293 |
| 91,634,655 |
Taxes Payable | 978,135,939 |
| 717,112,406 |
Other Liabilities | 901,425,336 |
| 1,109,177,689 |
Trade and Other Payables | 6,744,811,506 |
| 7,312,312,763 |
Total Current Liabilities | 8,967,579,773 |
| 10,553,749,139 |
|
|
|
|
Total Liabilities | 12,003,497,772 |
| 13,664,126,671 |
|
|
|
|
Total Equity and Liabilities | 25,794,550,128 |
| 27,923,083,651 |
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
(Amounts stated in Argentine Pesos)
| Equity attributable to Shareholders of the Parent Company |
|
|
|
| |||||||||||||
| Shareholders' Contribution |
| Other Items |
| Retained Earnings |
| Total Equity of Controlling Interests |
| Equity Attributable to Non-Controlling Interests |
|
| |||||||
| Capital Stock | Inflation Adjustment on Capital Stock | Additional Paid-in Capital | Subtotal |
| Translation of Foreign Operations | Other Reserves |
| Legal Reserve | Voluntary Reserves | Retained Earnings |
|
| Total Equity | ||||
|
|
|
|
|
|
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|
|
|
|
|
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|
|
|
| |
Balances as of December 31, 2018 | 106,776,004 | 5,008,319,256 | 12,028,623,327 | 17,143,718,587 |
| 192,100,028 | (161,470,524) |
| 171,253,444 | 12,547,288,854 | (13,863,988,759) |
| 16,028,901,630 |
| 255,346,645 |
| 16,284,248,275 | |
Set-up of Reserves (Note 13) | - | - | (2,638,923,085) | (2,638,923,085) |
| - | - |
| (171,253,444) | (11,053,812,230) | 13,863,988,759 |
| - |
| - |
| - | |
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - |
| - | - |
| - | - | - |
| - |
| (33,076,906) |
| (33,076,906) | |
Loss for the year | - | - | - | - |
| - | - |
| - | - | (2,052,076,145) |
| (2,052,076,145) |
| 65,645,114 |
| (1,986,431,031) | |
Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Variation in Translation Differences of Foreign Operations | - | - | - | - |
| 956,324 | - |
| - | - | - |
| 956,324 |
| (6,739,682) |
| (5,783,358) | |
Balances as of December 31, 2019 | 106,776,004 | 5,008,319,256 | 9,389,700,242 | 14,504,795,502 |
| 193,056,352 | (161,470,524) |
| - | 1,493,476,624 | (2,052,076,145) |
| 13,977,781,809 |
| 281,175,171 |
| 14,258,956,980 | |
Changes in minority interest in a subsidiary (Note 13) | - | - | - | - |
| - | (11,709,643) |
| - | - | - |
| (11,709,643) |
| 11,709,643 |
| - | |
Set-up of Reserves (Note 13) | - | - | (2,052,076,145) | (2,052,076,145) |
| - | - |
| - | - | 2,052,076,145 |
| - |
| - |
| - | |
Sale of Treasury Stock | - | - | - | - |
| - | 1,363,603 |
| - | - | (1,310,809) |
| 52,794 |
| - |
| 52,794 | |
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - |
| - | - |
| - | - | - |
| - |
| (6,216,445) |
| (6,216,445) | |
Loss for the year | - | - | - | - |
| - | - |
| - | - | (274,351,674) |
| (274,351,674) |
| (190,698,877) |
| (465,050,551) | |
Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Variation in Translation Differences of Foreign Operations | - | - | - | - |
| 3,296,398 | - |
| - | - | - |
| 3,296,398 |
| 13,180 |
| 3,309,578 | |
Balances as of December 31, 2020 | 106,776,004 | 5,008,319,256 | 7,337,624,097 | 12,452,719,357 |
| 196,352,750 | (171,816,564) |
| - | (1) 1,493,476,624 | (275,662,483) |
| 13,695,069,684 |
| 95,982,672 |
| 13,791,052,356 | |
(1) Corresponds to Judicial Reserve for Future Dividends Distribution as of December 31, 2020.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019
(Amounts stated in Argentine Pesos)
| December 31, 2020 |
| December 31, 2019 | |
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES |
|
|
| |
Loss for the year | (465,050,551) |
| (1,986,431,031) | |
Income Tax | 701,130,812 |
| 908,949,994 | |
Accrued Interest, net | 179,585,396 |
| 732,694,673 | |
Adjustments to reconcile Net Loss for the Year to Cash provided by Operating Activities: |
|
|
| |
Depreciation of Property, Plant and Equipment | 924,465,523 |
| 975,862,572 | |
Amortization of Intangible Assets and Film Library | 321,669,554 |
| 382,003,116 | |
Amortization of Right-of-Use Assets | 109,326,600 |
| 166,821,845 | |
Net Allowances | 543,761,556 |
| 683,186,755 | |
Financial Income, except Interest | 198,412,585 |
| 210,833,856 | |
Equity in Earnings from Associates | (579,392,288) |
| (239,258,524) | |
Impairment of Goodwill | 1,295,703,263 |
| - | |
Gain (Loss) on Net Monetary Position | 181,632,242 |
| 257,693,476 | |
Other Income and Expenses | (32,961,954) |
| (45,099,949) | |
Changes in Assets and Liabilities: |
|
|
| |
Trade Receivables | (2,768,557,470) |
| (1,821,487,772) | |
Other Receivables | (494,934,707) |
| (1,144,477,558) | |
Inventories | 465,303,528 |
| 335,473,796 | |
Other Assets | 51,963,743 |
| (22,808,319) | |
Trade and Other Payables | 2,077,599,958 |
| 2,935,954,454 | |
Taxes Payable | (198,034,911) |
| (367,136,373) | |
Other Liabilities | 184,314,391 |
| 614,506,759 | |
| Provisions | (132,708,758) |
| (188,998,658) |
| Payments of Income tax | (487,581,443) |
| (468,554,375) |
|
|
|
|
|
| Net Cash Flows provided by Operating Activities | 2,075,647,069 |
| 1,919,728,737 |
|
|
|
|
|
| CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES |
|
|
|
| Payments for Acquisition of Property, Plant and Equipment | (445,751,031) |
| (1,020,295,536) |
| Payments for Acquisition of Intangible Assets | (173,137,868) |
| (168,322,530) |
| Payments for Acquisition of Subsidiaries, Net of Cash Acquired and Contributions in Associates | (64,666) |
| (219,682) |
| Proceeds from Sale of Property, Plant and Equipment and Intangible Assets | 2,049,422 |
| 31,332,101 |
| Dividends Collected from Investments in Unconsolidated Affiliates | 110,124,818 |
| 188,397,976 |
| Acquisition of Government Securities | (416,710,265) |
| (85,751,014) |
| Loans Granted | - |
| (83,228,938) |
| Collections of Loans | 36,079,695 |
| - |
| Collections of Interest | 15,476,642 |
| - |
| Proceeds from Sale of Other Assets | 1,768,067 |
| 8,349,105 |
| Transactions with Notes, Bonds and Other Placements, Net | 165,913,056 |
| 298,783,046 |
|
|
|
|
|
| Net Cash Flows used in Investment Activities | (704,252,130) |
| (830,955,472) |
|
|
|
|
|
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES |
|
|
|
| Sale of Treasury Shares | 52,794 |
| - |
| Loans Obtained | 933,398,590 |
| 3,148,261,279 |
| Payment of Financial Debt | (1,619,051,951) |
| (2,449,903,271) |
| Payment of Interest | (283,191,742) |
| (838,791,091) |
| Payment of Lease Liabilities | (87,309,542) |
| (185,770,947) |
| Payments to Non-Controlling Interests, net | (6,174,959) |
| (16,519,967) |
|
|
|
|
|
| Net Cash Flows used in Financing Activities | (1,062,276,810) |
| (342,723,997) |
|
|
|
|
|
| FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS | (533,716,318) |
| (328,439,508) |
|
|
|
|
|
|
|
|
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| (Decrease) / Increase in cash flow, net | (224,598,189) |
| 417,609,760 |
| Cash and Cash Equivalents at the Beginning of the Year (Note 2.24) | 3,011,841,018 |
| 2,594,231,258 |
| Cash and Cash Equivalents at the Closing of the Year (Note 2.24) | 2,787,242,829 |
| 3,011,841,018 |
Related Shares:
GCLA.L