9th Nov 2018 07:45
Grupo Clarín Announces Third Quarter and
Nine-Month 2018 Results
Buenos Aires, Argentina, November 8, 2018 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its third quarter and nine-month 2018 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards(*) ("IFRS") as of September 30, 2018, and are stated in Argentine Pesos, unless otherwise indicated.
(*) The Company's Management has not applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Decree No. 664/03 issued by the Executive Branch, whereby the CNV cannot accept the presentation of restated financial statements, is still in effect.
Highlights (9M18 vs. 9M17):
§ Total Revenues reached Ps. 11,171.5 million, an increase of 11.3% compared to 9M17, mainly due to higher circulation revenues in the Printing and Publishing segment.
§ Adjusted EBITDA (1) reached Ps. 1,064.5 million, an increase of 30.0% compared to 9M17, mainly driven by higher EBITDA in the Printing and Publishing segment.
§ Grupo Clarín's Adjusted EBITDA Margin (2) was 9.5% in 9M18, compared to 8.2% in 9M17.
§ Income for the period totaled Ps. 572.9 million, a decrease of 78.4% compared to Ps. 2,657.7 million reported in 9M17 (includes Cablevisión's results). Income for the period attributable to Equity Shareholders amounted Ps 600.3 million in 9M18 from Ps. 1,708.8 million in 9M17, a decrease of 64.9%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) | 9M18 | 9M17 | % Ch. | 3Q18 | 2Q18 | 3Q17 | QoQ | YoY |
Total Revenues | 11,171.5 | 10,041.1 | 11.3% | 4,091.1 | 4,007.1 | 3,759.2 | 2.1% | 8.8% |
Adjusted EBITDA (1) | 1,064.5 | 818.8 | 30.0% | 421.3 | 538.9 | 517.4 | (21.8%) | (18.6%) |
Adjusted EBITDA Margin (2) | 9.5% | 8.2% | 16.8% | 10.3% | 13.4% | 13.8% | (23.4%) | (25.2%) |
Income for the period | 572.9 | 2,657.7 | (78.4%) | 39.8 | 524.1 | 214.3 | (92.4%) | (81.4%) |
Attributable to: | ||||||||
Equity Shareholders | 600.3 | 1,708.8 | (64.9%) | 47.3 | 534.9 | 214.6 | (91.2%) | 78.0% |
Non-Controlling Interests | (27.4) | 949.0 | (102.9%) | (7.5) | (10.8) | (0.3) | (30.9%) | 2,550.5% |
(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. 11,171.5 million, an increase of 11.3% from Ps. 10,041.1 million in 9M17. Advertising revenues increased only 1% and represented approximately 45% of the Total Revenues of the Company. Circulation revenues increased 29% and represented approximately 27% of the Total.
Following is a breakdown of Total Revenues by business segment:
REVENUES
(In millions of Ps.) | 9M18 | 9M17 | YoY | 3Q18 | 2Q18 | 3Q17 | QoQ | YoY |
Printing and Publishing | 5,484.9 | 4,704.3 | 16.6% | 1,991.7 | 1,889.9 | 1,746.7 | 5.4% | 14.0% |
Broadcasting and Programming | 4,820.7 | 4,683.7 | 2.9% | 1,897.3 | 1,757.0 | 1,797.8 | 8.0% | 5.5% |
Digital Content and Others | 1,479.7 | 1,227.6 | 20.5% | 426.6 | 543.6 | 428.6 | (21.5%) | (0.5%) |
Subtotal | 11,785.3 | 10,615.6 | 11.0% | 4,315.5 | 4,190.5 | 3,973.2 | 3.0% | 8.6% |
Eliminations | (613.8) | (574.5) | 6.8% | (224.4) | (183.4) | (213.9) | 22.3% | 4.9% |
Total | 11,171.5 | 10,041.1 | 11.3% | 4,091.1 | 4,007.1 | 3,759.2 | 2.1% | 8.8% |
Cost of sales (Excluding Depreciation and Amortization) reached Ps. 6,804.5 million, an increase of 9.4% from Ps. 6,218.1 million reported in 9M17 due to higher costs across all business segments, mainly in Printing and Publishing segment due to salaries and printing costs.
Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 3,302.5 million, an increase of 9.9% from Ps. 3,004.1 million in 9M17. This increase was mainly due to higher distribution expenses in the Printing and Publishing segment and, to a lesser extent, driven by higher salaries for services in the Broadcasting and Programming segment.
Adjusted EBITDA reached Ps. 1,064.5 million, an increase of 30.0% from Ps. 818.8 million reported for 9M17. This result was driven by higher EBITDA and margin expansion in the Printing and Publishing and by the solid EBITDA and margin in the Broadcasting and Programming segment.
Following is a breakdown of adjusted EBITDA by business segment:
ADJUSTED EBITDA
(In millions of Ps.) | 9M18 | 9M17 | YoY | 3Q18 | 2Q18 | 3Q17 | QoQ | YoY |
Printing and Publishing | 74.8 | (248.0) | 130.2% | 39.9 | 69.9 | 21.5 | (42.9%) | 85.4% |
Broadcasting and Programming | 966.1 | 1,164.4 | (17.0%) | 376.8 | 474.9 | 535.2 | (20.7%) | (29.6%) |
Digital Content and Others | 23.6 | (97.5) | (124.2%) | 4.5 | (5.9) | (39.3) | 176.4% | 111.5% |
Total | 1,064.5 | 818.8 | 30.0% | 421.3 | 538.9 | 517.4 | (21.8%) | (18.6%) |
Financial results net totaled Ps. (638.5) million compared to Ps. (346.0) million in 9M17. 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 9M18 totaled Ps. 155.2 million, compared to Ps. 104.6 million in 9M17.
Other Income (expenses), net reached Ps. 338.2 million, compared to Ps. 93.6 million in 9M17.
Income tax as of 9M18 reached Ps. (109.6) million, from Ps. (202.9) million in 9M17.
Income from Discontinued Operations, reached Ps. 2,366.6 million in 9M17 (related with Cablevision's results).
Income for the period totaled Ps. 572.9 million, a decrease of 78.4% from Ps. 2,657.7 million reported in 9M17. This was mainly due to lower results of discontinued operations, since the results of Cablevisión were included as of discontinued operations in 9M17, while in 9M18 Cablevisión is no longer consolidated. The Equity Shareholders Income for the period amounted Ps. 600.3 million, a decrease of 64.9% YoY.
Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 386.2 million in 9M18, an increase of 44.7% from Ps. 266.9 million reported in 9M17. Out of the total CAPEX in 9M18, 71.5% was allocated towards the Broadcasting and Programming segment, 21.6% to the Printing and Publishing segment and the remaining 5.2% to other activities.
Debt profile (1): Debt coverage ratio for the period ended September 30, 2018 was 0.9x and the Net Debt at the end of this period totaled Ps. 205.7 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 - SEPTEMBER 2018
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Digital Content & Others | Eliminations | Total | % |
Advertising | 1,842.1 | 3,241.1 | 60.6 | (168.5) | 4,975.3 | 44.5% |
Circulation | 3,065.3 | - | 0.8 | - | 3,066.4 | 27.4% |
Printing | 107.4 | - | - | (4.8) | 102.6 | 0.9% |
Programming | - | 1,094.2 | - | (1.9) | 1,092.3 | 9.8% |
Other Sales
| 470.1 | 485.4 | 1,418.0 | (438.5) | 1,934.9 | 17.3% |
Total Sales | 5,484.9 | 4,820.7 | 1,479.7 | (613.8) | 11,171.5 | 100.0% |
SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2017
(In millions of Ps.) | Printing & Publishing | Broadcasting & Programming | Digital Content & Others | Eliminations | Total | % |
Advertising | 1,769.6 | 3,252.8 | 52.7 | (141.6) | 4,933.5 | 49.1% |
Circulation | 2,371.2 | - | - | - | 2,371.2 | 23.6% |
Printing | 149.9 | 15.7 | - | (3.2) | 146.7 | 1.5% |
Programming | - | 886.0 | - | - | 886.0 | 8.8% |
Other Sales
| 413.7 | 544.8 | 1,175.0 | (429.7) | 1,703.7 | 17.0% |
Total Sales | 4,704.3 | 4,683.7 | 1,227.6 | (574.5) | 10,041.1 | 100.0% |
RESULTS BY BUSINESS SEGMENT
BROADCASTING AND PROGRAMMING
Revenues
Revenues increased by 2.9% to Ps. 4,820.7 million in 9M18, compared to Ps. 4,683.7 million in 9M17 due to the higher programming sales in Channel 13 and advertising sales Radio Mitre.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 6.3% to Ps. 2,887.5 million in 9M18, compared to Ps. 2,715.4 million in 9M17. This is mainly attributable to higher programming costs and salaries.
Selling and Administrative Expenses (Excluding Depreciation and Amortization)
Selling and administrative expenses increased by 20.3% to Ps. 967.1 million in 9M18, compared to Ps. 804.0 million in 9M17. The increase was primarily the result of higher salaries, contingencies and fees for services.
Depreciation and Amortization
Depreciation and amortization expenses increased by 73.1% to Ps. 113.0 million in 9M18 compared to Ps. 65.3 million reported in 9M17.
PRINTING AND PUBLISHING
Revenues
Total revenues increased by 16.6% to Ps. 5,484.9 million in 9M18, mainly as a result of higher sales in circulation and advertising.
Cost of Sales (Excluding Depreciation and Amortization)
Cost of sales increased by 9.8% to Ps. 3,167.9 million in 9M18, compared to Ps. 2,885.1 million in 9M17. 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 8.5% to Ps. 2,242.2 million in 9M18, compared to the Ps. 2,067.2 million reported in 9M17. This was primarily the result of higher distribution costs and fees for services.
Depreciation and Amortization
Depreciation and amortization expenses increased by 11.4% to Ps. 97.1 million in 9M18 compared to Ps. 87.2 million in 9M17.
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 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 20.5% to Ps. 1,479.7 , from Ps. 1,227.6 million reported in 9M17, due to higher sales in digital content and revenues from Gestión Compartida. EBITDA resulted in Ps. 23.6 million.
OPERATING STATISTICS BY BUSINESS SEGMENT
PRINTING AND PUBLISHING
9M18 | 9M17 | YoY | 3Q18 | 2Q18 | 3Q17 | QoQ | YoY | |
Circulation (1) | 230.7 | 217.6 | 6.0% | 232.7 | 230.5 | 217.6 | 0.9% | 6.9% |
Circulation share % (2) | 38.9% | 39.5% | (1.5%) | 39.1% | 38.1% | 39.5% | 2.7% | (0.8%) |
Advertising share %(3) | 56.2% | 51.8% | 8.5% | 55.5% | 55.7% | 53.8% | (0.4%) | 3.0% |
(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
9M18 | 9M17 | YoY | 3Q18 | 2Q18 | 3Q17 | QoQ | YoY | |
Advertising Share % (1) | 37.6% | 38.7% | (2.9%) | 37.0% | 38.3% | 40.0% | (3.6%) | (7.7%) |
Audience Share % (2) | ||||||||
Prime Time | 35.0% | 37.5% | (6.6%) | 33.4% | 37.0% | 42.5% | (9.7%) | (21.2%) |
Total Time | 31.7% | 33.3% | (4.6%) | 31.9% | 32.9% | 35.7% | (3.3%) | (10.9%) |
(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
9M18 | 9M17
| YoY | |
Page Views (1) | 1,113.5 | 1,003.2
| 11.0% |
Mobile page Views | 687.0 | 580.1 | 18.4% |
(1)In millions. Average. Source DAX and Company Estimates.
DEBT AND LIQUIDITY
(In millions of Ps.) | September 2018 | September 2018 | % Change | June 2018 | % Change |
Short Term and Long Term Debt | |||||
Current Financial Debt | 1,193.7 | 637.8 | 87.2% | 950.8 | 25.6% |
Financial loans | 834.8 | 218.3 | 282.4% | 727.0 | 14.8% |
Accrued interest | 26.6 | 13.7 | 95.1% | 13.9 | 92.3% |
Acquisition of equipment | 6.5 | 4.6 | 42.1% | 8.2 | (20.7%) |
Sellers Financing Capital | - | 0.1 | (100.0%) | - | NA |
Related Parties Capital | - | - | NA | 0.0 | (100.0%) |
Bank overdraft | 325.8 | 401.2 | (18.8%) | 201.8 | 61.4% |
Non-Current Financial Debt | 323.6 | 607.9 | (46.8%) | 266.6 | 21.4% |
Financial loans | 305.9 | 592.1 | (48.3%) | 249.5 | 22.6% |
Acquisition of equipment | 6.1 | 5.6 | 9.3% | 6.1 | 0.1% |
Related Parties Capital | 6.8 | 10.2 | (33.5%) | 6.8 | - |
Total Financial Debt (A) | 1,517.3 | 1,245.7 | 21.8% | 1,217.4 | 24.6% |
Total Short Term and Long Term Debt | 1,517.3 | 1,245.7 | 21.8% | 1,217.4 | 24.6% |
Cash and Cash Equivalents (B) | 1,311.6 | 960.7 | 36.5% | 980.4 | 33.8% |
Net Debt (A) - (B) | 205.7 | 285.0 | 360.2% | 236.9 | 453.6% |
Net Debt/Adjusted Ebitda (1) | 0.12x | 0.14x | (11.4%) | 0.11x | 608.1% |
Total Financial Debt(1) increased 21.8% from Ps. 1,245.7 million to Ps. 1,517.3 million and Net Debt, decreased from Ps. 285.0 million to Ps. 1,311.6 million.
Debt coverage ratio (1) as of September 30, 2018 was 0.12x in the case of Net Debt and of 0.9x 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 at the Buenos Aires Stock Exchange (BCBA) and at the London Stock Exchange (LSE), in the form of shares and GDS's, respectively.
GCLA (BCBA) Price per Share (ARS)
| 59.6 |
GCLA (LSE) Price per GDS (USD) | 3.20 |
Total Shares | 106,776,004 |
Total GDSs | 53,388,002 |
Market Value (USD MM) | 170.8 |
Closing Price | November 8, 2018 |
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 Third Quarter 2018 Results, Friday, November 9, 2018
Time: 11:00am Buenos Aires Time/2:00pm London Time/9:00am 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: 1-785-424-1726Passcode: CLARIN
The 3Q18 results will be accompanied by a webcast presentation. Link for presentation only (slides with no audio); participants in the conference call via telephone:
https://webcasts.eqs.com/grupoclarin20181109/no-audio
Link for conference call via webcast only (live stream of audio and slide presentation):https://webcasts.eqs.com/grupoclarin20181109
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: 11021031
The webcast presentation will be archived at http://www.grupoclarin.com.ar/ir
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.
Investor Relations Contacts | ||
In Buenos Aires: | In London: | In New York: |
Agustín Medina Manson
| 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]
|
Disclaimer
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín. You can identify forward-looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. Grupo Clarín does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Grupo Clarín's projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE
NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2018 AND 2017, AND THE THREE-MONTH
PERIODS BEGINNING ON JULY 1 AND ENDING ON SEPTEMBER 30, 2018 AND 2017
In Argentine Pesos ($)
September 30, 2018 | September 30, 2017 |
July 1, 2018 through September 30, 2018 |
July 1, 2017 through September 30, 2017 | ||||
Revenues | 11,171,489,803 | 10,041,080,306 | 4,091,132,703 | 3,759,245,606 | |||
Cost of Sales (1) | (6,993,094,827) | (6,356,749,462) | (2,586,054,538) | (2,232,900,669) | |||
Subtotal - Gross Profit | 4,178,394,976 | 3,684,330,844 | 1,505,078,165 | 1,526,344,937 | |||
Selling Expenses (1) | (1,743,314,108) | (1,523,280,466) | (604,543,006) | (544,741,749) | |||
Administrative Expenses (1) | (1,607,546,174) | (1,519,227,521) | (563,448,374) | (526,769,250) | |||
Other Income and Expenses, net | 338,245,977 | 93,631,617 | 16,526,036 | 33,307,057 | |||
Financial Costs | (625,438,145) | (180,870,581) | (306,529,560) | (75,735,971) | |||
Other Financial Results, net | (13,072,614) | (165,082,841) | 19,486,175 | (65,229,827) | |||
Financial Income and Expense | (638,510,759) | (345,953,422) | (287,043,385) | (140,965,798) | |||
Equity in Earnings from Associates | 155,214,853 | 104,566,858 | 39,303,794 | 20,733,683 | |||
Income before Income Tax and Tax on Assets | 682,484,765 | 494,067,910 | 105,873,230 | 367,908,880 | |||
Income Tax and Tax on Assets | (109,564,442) | (202,885,600) | (66,044,424) | (153,610,842) | |||
Income for the period from continuing operations | 572,920,323 | 291,182,310 | 39,828,806 | 214,298,038 | |||
Discontinued Operations | |||||||
Net Income from Discontinued Operations | - | 2,366,560,702 | - | - | |||
Net Income for the Period | 572,920,323 | 2,657,743,012 | 39,828,806 | 214,298,038 | |||
Other Comprehensive Income | |||||||
Items which can be reclassified to net income | |||||||
Variation in Translation Differences of Foreign Operations from Continuing Operations | (39,733,466) | 2,825,472 | (25,267,496) | 553,501 | |||
Variation in Translation Differences of Foreign Operations from Discontinued Operations | - | (77,530,768) | - | - | |||
Other Comprehensive Income for the period | (39,733,466) | (74,705,296) | (25,267,496) | 553,501 | |||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 533,186,857 | 2,583,037,716 | 14,561,310 | 214,851,539 | |||
Profit Attributable to: | |||||||
Shareholders of the Parent Company | 600,348,361 | 1,708,753,540 | 47,288,992 | 214,579,500 | |||
Non-Controlling Interests | (27,428,038) | 948,989,472 | (7,460,186) | (281,462) | |||
Total Comprehensive Income Attributable to: | |||||||
Shareholders of the Parent Company | 616,742,124 | 1,679,658,216 | 55,106,442 | 215,847,777 | |||
Non-Controlling Interests | (83,555,267) | 903,379,500 | (40,545,132) | (996,238) | |||
Basic and Diluted Earnings per Share from Continuing Operations (See Note 10) | 5.62 | 1.62 | 0.44 | 2.01 | |||
Basic and Diluted Earnings per Share from Discontinued Operations (See Note 10) | - | 7.51 | - | - | |||
Basic and Diluted Earnings per Share - Total (See Note 10) | 5.62 | 9.13 | 0.44 | 2.01 | |||
(1) Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of $ 236,950,380 and $ 177,011,286 for the nine-month periods ended September 30, 2018 and 2017, respectively.
The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of September 30th, available at http://www.grupoclarin.com/ir.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF SEPTEMBER 30, 2018 AND DECEMBER 31, 2017
In Argentine Pesos ($)
September 30, 2018 | December 31, 2017 | ||
ASSETS | |||
NON-CURRENT ASSETS | |||
Property, Plant and Equipment | 1,215,775,978 | 992,612,264 | |
Intangible Assets | 264,823,600 | 233,562,017 | |
Goodwill | 262,641,391 | 269,817,944 | |
Deferred Tax Assets | 880,227,069 | 619,543,526 | |
Investments in Unconsolidated Affiliates | 456,787,902 | 375,989,230 | |
Inventories | 27,767,153 | 21,579,780 | |
Other Assets | 5,732,830 | 6,639,302 | |
Other Receivables | 707,976,066 | 210,579,583 | |
Trade Receivables | 104,210,599 | 90,581,080 | |
Total Non-Current Assets | 3,925,942,588 | 2,820,904,726 | |
CURRENT ASSETS | |||
Inventories | 853,264,965 | 677,237,703 | |
Other Assets | 71,832,505 | 68,198,975 | |
Other Receivables | 963,041,602 | 590,218,759 | |
Trade Receivables | 4,753,649,214 | 4,776,942,928 | |
Other Investments | 726,681,061 | 701,760,111 | |
Cash and Banks | 624,680,017 | 356,729,917 | |
Total Current Assets | 7,993,149,364 | 7,171,088,393 | |
Total Assets | 11,919,091,952 | 9,991,993,119 | |
EQUITY (as per the corresponding statement) | |||
Attributable to Shareholders of the Parent Company | |||
Shareholders' Contribution | 746,952,203 | 746,952,203 | |
Other Items | (15,245,660) | (23,046,305) | |
Retained Earnings | 4,051,484,999 | 3,465,192,314 | |
Total Attributable to Shareholders of the Parent Company | 4,783,191,542 | 4,189,098,212 | |
Attributable to Non-Controlling Interests | (43,881,389) | 39,531,594 | |
Total Equity | 4,739,310,153 | 4,228,629,806 | |
LIABILITIES | |||
NON-CURRENT LIABILITIES | |||
Provisions and Other Charges | 439,569,118 | 316,110,037 | |
Financial Debt | 323,592,095 | 546,818,756 | |
Taxes Payable | 46,001,929 | 54,841,073 | |
Other Liabilities | 132,395,340 | 65,394,982 | |
Trade and Other Payables | 66,793,544 | 60,504,175 | |
Total Non-Current Liabilities | 1,008,352,026 | 1,043,669,023 | |
CURRENT LIABILITIES | |||
Financial Debt | 1,193,698,558 | 487,080,017 | |
Seller Financings | - | 6,500 | |
Taxes Payable | 367,535,861 | 407,679,158 | |
Other Liabilities | 626,213,491 | 462,533,761 | |
Trade and Other Payables | 3,983,981,863 | 3,362,394,854 | |
Total Current Liabilities | 6,171,429,773 | 4,719,694,290 | |
Total Liabilities | 7,179,781,799 | 5,763,363,313 | |
Total Equity and Liabilities | 11,919,091,952 | 9,991,993,119 |
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2018 AND 2017
In Argentine Pesos ($)
Equity attributable to Shareholders of the Parent Company | Equity Attributable to Non-Controlling Interests | Total Equity | ||||||||||||||
Shareholders' Contribution | Other Items | Retained Earnings | ||||||||||||||
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 of Controlling Interests | |||||||
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 | - | - | - | - | - | - | - | - | - | - | (8,449,834) | (8,449,834) | ||||
Changes in Reserves for Acquisition of Investments | - | - | - | - | - | (8,593,118) | - | - | - | (8,593,118) | 8,592,118 | (1,000) | ||||
Net Income for the Period | - | - | - | - | - | - | - | - | 600,348,361 | 600,348,361 | (27,428,038) | 572,920,323 | ||||
Other Comprehensive Income: | ||||||||||||||||
Variation in Translation Differences of Foreign Operations | - | - | - | - | 16,393,763 | - | - | - | - | 16,393,763 | (56,127,229) | (39,733,466) | ||||
Balances as of September 30, 2018 | (1) 106,776,004 | 115,122,371 | 525,053,828 | 746,952,203 | 53,378,758 | (68,624,418) | 44,379,675 | (2) 3,420,812,639 | 586,292,685 | 4,783,191,542 | (43,881,389) | 4,739,310,153 | ||||
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 | - | - | - | - | - | (3,941,711) | - | 2,050,041,832 | (2,050,041,832) | (3,941,711) | - | (3,941,711) | ||||
Dividend Distribution | - | - | - | - | - | - | - | - | (480,000,000) | (480,000,000) | - | (480,000,000) | ||||
Dividends and Other Movements of Non-Controlling Interest | - | - | - | - | - | - | - | - | - | - | (659,031,187) | (659,031,187) | ||||
Exchange of Shares - Payment of fractions in cash (see Note 14 to the parent company only financial statements.) | - | - | - | - | - | (407,728) | - | - | - | (407,728) | - | (407,728) | ||||
Net Income for the Period | - | - | - | - | - | - | - | - | 1,708,753,540 | 1,708,753,540 | 948,989,472 | 2,657,743,012 | ||||
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 | - | - | - | - | (29,095,324) | - | - | - | - | (29,095,324) | (45,609,972) | (74,705,296) | ||||
Balances as of September 30, 2017 | (1) 106,776,004 | 115,122,371 | 525,053,828 | 746,952,203 | 35,957,449 | (60,031,300) | 44,379,675 | 2,569,078,899 | 874,395,481 | 4,210,732,407 | 35,527,773 | 4,246,260,180 | ||||
(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 $ 1,271,751,261; (ii) Judicial reserve for future dividend distribution of $ 387,028,756, (iii) Voluntary reserve for illiquidity of results of $ 759,692,900, (iv) Voluntary reserve to provide financial aid to subsidiaries and in connection with the Audiovisual Communication Services Law of $ 462,249,181, and (v) Voluntary reserve to ensure the liquidity of the Company and its subsidiaries of $ 540,090,541.
GRUPO CLARÍN S.A.
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2018 AND 2017
In Argentine Pesos ($)
September 30, 2018 | September 30, 2017 | |||
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES | ||||
Net Income for the Period | 572,920,323 | 2,657,743,012 | ||
Income Tax and Tax on Assets | 109,564,442 | 202,885,600 | ||
Accrued Interest, net | 163,310,396 | 141,996,945 | ||
Adjustments to reconcile net income for the period to cash provided by operating activities: | ||||
Depreciation of Property, Plant and Equipment | 162,899,913 | 112,971,856 | ||
Amortization of Intangible Assets and Film Library | 74,050,467 | 64,039,430 | ||
Net allowances | 140,898,041 | 116,698,972 | ||
Financial Income, except interest | 82,862,591 | (3,208,414) | ||
Equity in Earnings from Associates | (155,214,853) | (104,566,858) | ||
Other Income and Expenses | (350,776,068) | (12,530,117) | ||
Net Income from Discontinued Operations | - | (2,366,560,702) | ||
Changes in Assets and Liabilities: | ||||
Trade Receivables | 89,545,666 | (906,197,873) | ||
Other Receivables | (378,914,657) | (687,810,843) | ||
Inventories | (185,289,917) | 208,847,317 | ||
Other Assets | (2,727,058) | (28,378,011) | ||
Trade and Other Payables | 402,735,366 | 186,547,312 | ||
Taxes Payable | 36,244,911 | 17,605,558 | ||
Other Liabilities | 245,752,915 | 380,124,821 | ||
| Provisions | (47,652,376) | (58,899,433) | |
| Income Tax and Tax on Assets Payments | (457,651,576) | (356,427,620) | |
| Net Cash Flows provided by Discontinued Operating Activities | - | 3,398,556,976 | |
| ||||
| Net Cash Flows provided by Operating Activities | 502,558,526 | 2,963,437,928 | |
| ||||
| CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES | |||
| Payments for Acquisition of Property, Plant and Equipment, net | (386,218,762) | (266,850,903) | |
| Payments for Acquisition of Intangible Assets | (98,683,608) | (69,694,692) | |
| Dividends collected | 20,241,152 | 317,526,539 | |
| Payments for Acquisition of Subsidiaries, Net of Cash Acquired and Contributions in Associates | (15,432,000) | - | |
| Proceeds from Sale of Property, Plant and Equipment | 51,009,861 | 20,941,886 | |
| Transactions with Securities, Bonds and Other Placements, Net | (30,120,683) | 18,821,493 | |
| Net Cash Flows used in Discontinued Investment Activities | - | (3,185,408,150) | |
| ||||
| Net Cash Flows used in Investment Activities | (459,204,040) | (3,164,663,827) | |
| ||||
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | |||
| Loans Obtained | 460,508,021 | 1,248,310,041 | |
| Payment of Loans and Issuance Expenses | (456,370,944) | (495,316,152) | |
| Payment of Interest | (152,414,080) | (143,687,591) | |
| Payment of Dividends | - | (480,000,000) | |
| Payments to Non-Controlling Interests, net | (3,955,349) | (11,828,620) | |
| Payment of Fractions of Shares | - | (407,728) | |
| Net Cash Flows provided by Discontinued Financing Activities | - | (396,395,065) | |
| ||||
| Net Cash Flows used in Financing Activities | (152,232,352) | (279,325,115) | |
| ||||
| FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS FOR CONTINUING OPERATIONS | 368,364,502 | 56,223,555 | |
| ||||
| FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS FOR DISCONTINUED OPERATIONS | - | 36,860,464 | |
| ||||
| FINANCING RESULTS PROVIDED BY CASH AND CASH EQUIVALENTS | 368,364,502 | 93,084,019 | |
| ||||
| Net Increase / (Decrease) in cash flow | 259,486,636 |
| (387,466,995) |
| Cash and Cash Equivalents at the Beginning of the Year | 1,052,123,190 |
| 3,350,687,278 |
| Spun-off Balances of Cash and Cash Equivalents | - |
| (2,002,522,766) |
| Cash and Cash Equivalents at the End of the Period (Note 2.5) | 1,311,609,826 |
| 960,697,517 |
Related Shares:
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