RNS Number : 3355H
Grupo Clarin S.A.
12 March 2018
 

                                                                                                                                                                                                                       

Grupo Clarín Announces Fourth Quarter and

Full Year 2017 Results

 

Buenos Aires, Argentina, March 9, 2018 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its fourth quarter and full year 2017 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of December 31, 2017, and are stated in Argentine Pesos, unless otherwise indicated.

 

Highlights ( FY17 vs. FY16):

§ Total Revenues reached Ps. 14,157.8   million, an increase of 24.4% compared to 2016 , mainly due to higher advertising and programming sales in the Broadcasting and Programming segment and, to a lesser extent, driven by higher circulation and advertising revenues in the Printing and Publishing segment.

§ Adjusted EBITDA (1) reached Ps. 1,325.9 million, an increase of 37.3% compared to 2016 , mainly driven by higher EBITDA in the Broadcasting and Programming segment, partially offset by higher printing and distribution costs and severance payments in the Printing and Publishing segment.

§ Grupo Clarín's Adjusted EBITDA Margin (2) was 9.4% in 2017, compared to 8.5% in 2016 .

§ Income for the period totaled Ps. 2,641.1 million, a decrease of 36.8% compared to Ps. 4,179.6 million reported in 2016. Income for the period attributable to Equity Shareholders amounted Ps. 1,686.1 million in 2017 from Ps. 2,530.0 million in 2016, a decrease of 33.4%.

 

FINANCIAL HIGHLIGHTS










(In millions of Ps.)

2017

2016

% Ch.

4Q17

3Q17

4Q16

QoQ

YoY

Total Revenues

  14,157.8

 11,378.9

 24.4%

 4,116.8

  3,759.2

 3,461.4

 9.5%

18.9%

Adjusted EBITDA (1)

 1,325.9

 965.7

  37.3%

 507.1

517.4

 255.9

 (2.0% )

98.2%

Adjusted EBITDA Margin (2)

9.4%

8.5%

  10.4%

12.3%

 13.8 %

7.4%

 (10.5% )

66.7%

Income for the period

 2,641.1

 4,179.6

(36.8%)

 (16.7 )

 214.3

 887.9

 (107.8% )

(101.9%)

Attributable to:









Equity Shareholders

 1,686.1

 2,530.0

(33.4%)

  (22.7)

214.6

 534.6

 (110.6% )

 104.2%

Non-Controlling Interests

955.0

 1,649.6

(42.1%)

6.0

(-0.3)

 353.3

( 2,226.4%)

 98.3%

 

(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. 14,157.8 million, an increase of 24.4% from Ps. 11,378.9 million in 2016. Advertising revenues increased 23.5% and represented around 50% of the Total Revenues of the Company .

 

Following is a breakdown of Total Revenues by business segment:

 

REVENUES

 

(In millions of Ps.)

2017

2016

YoY

4Q17

4Q16

QoQ

YoY

Printing and Publishing

 6,669.1

 5,775.8

 15.5%

 1,964.8

 1,746.7

 1,655.1

 12.5%

 18.7%

Broadcasting and Programming

 6,560.7

 4,899.9

 33.9%

 1,877.0

 1,797.8

 1,614.6

 4.4%

 16.3%

Digital Content and Others

 1,738.0

 1,268.0

 37.1%

 510.4

 428.6

 409.3

 19.1%

 24.7%

Subtotal

 14,967.8

11,943.6

 25.3%

 4,352.2

 3,973.2

 3,679.0

 9.5%

 18.3%

Eliminations

 (810.0)

 (564.7)

 43.4%

 (235.5)

 (213.9)

 (217.6)

 10.1%

 8.2%

Total

 14,157.8

11,378.9

 24.4%

 4,116.8

 3,759.2

 3,461.4

 9.5%

 18.9%

 

Cost of sales   (Excluding Depreciation and Amortization)   reached Ps. 8,574.8 million, an increase of 25.0% from Ps. 6,861.4 million reported in 2016 due to higher costs across all business segments, mainly in Broadcasting and Programming segment due to programming costs.

 

Selling and Administrative Expenses   (Excluding Depreciation and Amortization)   reached Ps. 4,257.1 million, an increase of 19.9% from Ps. 3,551.8 million in 2016. This increase was mainly due to higher salaries costs across all business segments, mainly in Printing and Publishing and in Broadcasting and Programming.

 

Adjusted EBITDA reached Ps. 1,325.9 million, an increase of 37.3% from Ps. 965.7 million reported for 2016. This result was driven by higher EBITDA and margin expansion in the Broadcasting and Programming segment, partially offset by negative EBITDA in in the Printing and Publishing segment, as result of the strategic cost reduction plan implemented this year.

 

Following is a breakdown of adjusted EBITDA by business segment:

 

ADJUSTED EBITDA

(In millions of Ps.)

2017

2016

YoY

4Q17

3Q17

4Q16

QoQ

YoY

Printing and Publishing

 (205.3)

 (104.7)

 96.0%

 42.7

 21.5

 (91.6)

 98.3%

(146.6%)

Broadcasting and Programming

 1,659.6

 1,201.6

 38.1%

 495.3

 535.2

 424.6

 (7.5%)

 16.6%

Digital Content and Others

 (128.3)

 (131.1)

 (2.1%)

 (30.8)

 (39.3)

 (77.1)

21.5%

 60.0%

Total

1,325.9

 

965.7

 

37.3 %

 

507.1

 

517.4

 

255.9

 

 (2.0 %)

 

98.2%

 

 

 

Financial results net totaled Ps. (455.4) million compared to Ps. (398.2) million in 2016. T his increase of the negative result was mainly due to the impact of the peso depreciation on higher dollar denominated debt.

 

Equity in earnings from unconsolidated affiliates in 2017 totaled Ps. 48.1 million, compared to Ps. 48.7 million in 2016.

 

Other Income (expenses), net reached Ps. 77.8 million, compared to Ps. 55.5 million in 2016.

 

Income tax as of December 2017 reached Ps. (477.8 ) million, from Ps. (264.2) million in 2016.

 

Income from Discontinued Operations, reached Ps. 2,366.6 million in 2017 (four months of Cablevision's results are included), compared to Ps. 3,955.5 million in 2016. 

 

Income for the period totaled Ps. 2,641.1 million, a decrease of 36.8% from Ps.  4,179.6   million reported in 2016. This was mainly a consequence of lower results of discontinued operations, four months of Cablevisión S.A.'s results were considered in 2017, while in the same period of 2016, this line item reflected the results of twelve months. The Equity Shareholders Income for the period amounted to Ps. 1,686.1million, a decrease of 33.4% compared with December 2016 .

 

Cash used in acquisitions of property, plant and equipment (CAPEX)   totaled Ps. 383.9 million in 2017, an increase of 23.3%   from Ps. 311.4 million reported in 2016. Out of the total CAPEX in 2017, 75.4% was allocated towards the Broadcasting and Programming segment, 17.8% to the Printing and Publishing segment and the remaining 6.9% to other activities.

 

Debt profile (1):   Debt coverage ratio for the period ended December 31, 2017 was .51x and the Net Debt at the end of this period totaled Ps. (18.2 ) 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 - DECEMBER 2017

 

(In millions of Ps.)

Printing & Publishing

Broadcasting

& Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

 2,614.1

 4,684.6

 53.1

 (201.0)

 7,150.8

50.5%

Circulation

 3,462.7

-

-

 -  

 3,462.7

24.5%

Printing

 275.1

 -  

-

 (4.3)

 270.8

1.9%

Programming

-

 1,229.4

-

 (0.3)

 1,229.1

8.7%

Other Sales

 

 317.2

 646.7

 1,684.9

 (604.4)

 2,044.4

14.4%

Total Sales

6,669.1

6,560.7

1,738.0

 (810.0)

 14,157.8

100.0%

 

SALES BREAKDOWN BY SOURCE OF REVENUE - DECEMBER 2016

 

(In millions of Ps.)

Printing & Publishing

Broadcasting & Programming

Digital Content

& Others

Eliminations

Total

%

Advertising

 2,374.8

 3,513.1

 103.9

 (201.4)

 5,790.4

50.9%

Circulation

 2,548.3

-

-

 (17.1)

 2,531.2

22.2%

Printing

 361.5

-

-

 (0.6)

 361.0

3.2%

Programming

-

 942.5

-

 -  

 942.5

8.3%

Other Sales

 

 491.1

 444.3

 1,164.1

 (345.6)

 1,753.8

15.4%

Total Sales

 5,775.8  491.1

 4,899.9  444.3

 1,268.0  1,164.1

 (564.7) (345.6)

 11,378.9  1,753.8

100.0%

 

   

RESULTS BY BUSINESS SEGMENT

 

BROADCASTING AND PROGRAMMING

 

Revenues

Revenues increased by 33.9% to Ps. 6,560.7 million in 2017, compared to Ps. 4,899.9 million in 2016 due to the strong performance of Channel 13 and Radio Mitre. Advertising revenues increased 33% compared to the 2016 period reflecting higher ratings in our TV signals, the Company was able to capture the growth in the advertising market due to its value-added proposal.

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales increased by 37.4% to Ps. 3,752.0 million in 2017, compared to Ps. 2,731.0 million in 2016. This is mainly attributable to higher programming costs, salaries and co-productions. The Company's efforts to produce superior content derived in higher revenues.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses increased by 18.8% to Ps. 1,149.0 million in 2017, compared to Ps. 967.3 million in 2016. The increase was primarily the result of higher salaries and fees for services.  

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 47.9% to Ps. 98.0 million in 2017 compared to Ps. 66.3 million reported in 2016.

 

PRINTING AND PUBLISHING

 

Revenues

Total revenues increased by 15.5% to Ps. 6,669.1 million in 2017, mainly as a result of higher sales in circulation and advertising.  

 

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales increased by 14.3% to Ps. 3,950.6 million in 2017, compared to Ps. 3,455.9 million in 2016. The increase was mainly the result of higher printing costs and severance payments.

 

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses increased by 20.6% to Ps. 2,923.9   million in 2017, compared to the Ps. 2,424.6 million reported in 2016. This was primarily the result of higher distribution and marketing costs and fees for services.

 

Depreciation and Amortization

Depreciation and amortization expenses increased by 27.4% to Ps. 113.0 million in 2017 compared to                  Ps. 88.7 million in 2016.

 

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 37.1% to Ps. 1,738.0, from Ps. 1,268.0 million reported in 2016, due to higher sales in digital content, e-commerce, Gestión Compartida and revenues from trade fairs and exhibitions business.  EBITDA resulted in Ps.  (128.3 ) million.  

 

OPERATING STATISTICS BY BUSINESS SEGMENT

 

BROADCASTING AND PROGRAMMING


2017

2016

YoY

4Q17

3Q17

4Q16

QoQ

YoY

Advertising Share % (1)

40.0%

39.5%

 1.3%

42.8%

40.0%

39.4%

 7.0%

 8.8%

Audience Share % (2)









Prime Time

38.3%

34.8%

 10.1%

40.8%

42.5%

38.9%

 (3.9% )

 5.0%

Total Time

33.7%

32.0%

 5.6%

35.2%

35.7%

33.6%

 (1.4% )

 4.9%

 

(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.

 

PRINTING AND PUBLISHING


2017

2016

YoY

4Q17

3Q17

4Q16

QoQ

YoY

Circulation (1)

 219.8

 237.1

 (7.3%)

 233.2

 217.6

 230.3

 7.1%

 1.2%

Circulation share % (2)

39.5%

40.7%

 (3.0 %)

39.7%

39.5%

41.0%

 0.7%

 (3.0 %)

Advertising  share %(3)

52.2%

52.6%

 (0.9 %)

53.1%

53.8%

51.2%

 (1.3% )

 3.8%

 

(1)   Average number of copies according to IVC (including Diario Clarín and Olé)

(2)   Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: AGEA and IVC.

(3)   Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: Monitor de Medios Publicitarios S.A.

 

DIGITAL CONTENT AND OTHERS


2017

2016

 

YoY

Page Views (1)

1,140.9

938.5

21.6%

Mobile page Views

599.7

397.3

50.1%

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

 

DEBT AND LIQUIDITY

(In millions of Ps.)

December 2017

December  2016

% Change

September  2017

% Change

Short Term and Long Term Debt 






Current Financial Debt

 487.1

 354.0

 37.6%

 637.8

 (23.6% )

Financial loans

 309.1

 134.1

 130.6%

 218.3

 41.6%

Accrued interest

 10.3

 3.5

 193.9%

 13.7

 (24.8% )

Acquisition of equipment

 4.6

 3.6

 29.6%

 4.6

 2.0%

Sellers Financing Capital

 0.0

 14.3

 (100.0% )

 0.1

 (87.0% )

Related Parties Capital

 -  

 -  

 NA

 -  

 NA

Bank overdraft

 163.0

 198.6

 (17.9% )

 401.2

 (59.4% )

Non-Current Financial Debt

 546.8

 469.2

 16.5%

 607.9

 (10.1% )

Financial loans

 531.6

 83.4

 537.5%

 592.1

 (10.2% )

Acquisition of equipment

 4.4

 8.5

 (48.7% )

 5.6

 (21.8% )

Related Parties Capital

 10.8

 377.3

 (97.1 %)

 10.2

 5.9%

Total Financial Debt (A)

 1,033.9

 823.2

 25.6%

 1,245.7

 (17.0% )

Total Short Term and Long Term Debt

 1,033.9

 823.2

 25.6%

 1,245.7

 (17.0% )







Cash and Cash Equivalents (B)

 1,052.1

 721.8

 45.8%

 960.7

 9.5%

Net Debt (A) - (B)

 (18.2 )

 101.4

 (118.0% )

 285.0

 (106.4% )

Net Debt/Adjusted Ebitda (1)

( 0.01x)

0.10x

 (109.1% )

0.14x

 (106.5% )

 

Total Financial Debt(1), increased from Ps . 823.2 million to Ps. 1,033.9 million. This represents an increase of 25.6% in the Total Debt.

 

Debt coverage ratio (1) as of December 31, 2017 was 0.5x 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)

 

 62.6

GCLA (LSE) Price per GDS (USD)

 6.0

Total Shares

106,776,004

Total GDSs

53,388,002

Market Value (USD MM)

 320.3

Closing Price

March 9th, 2018

 

CONFERENCE CALL AND WEBCAST INFORMATION

 

Grupo Clarín S.A. will host a conference call and webcast presentation to discuss its results for the fourth Quarter of 2017 on Monday, March 12, 2018.

 

Time: 12:00pm Buenos Aires Time/3:00pm London Time/11:00am New York Time

 

To access the conference call, please dial:

Argentina Participants: 0-800-666-0250

U.S. Participants: 1-877-888-4312

All other countries: 1-785-424-1876

Passcode: CLARIN

 

To access the simultaneous webcast presentation, please go to:

https://www.webcaster4.com/Webcast/Page/1117/24826

 

 

There will be a replay available, for two weeks, starting five 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: 10140289

 

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: investors@grupoclarin.com

E-mail: alexm@jasford.com

E-mail: clarin@i-advize.com

 

 

 

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, 2017 AND 20 16

In Argentine Pesos (Ps.)


December 31, 2017


December 31, 2016













Revenues

14,157,841,372


11,378,887,347





Cost of Sales (1)

(8,766,746,469)


(7,003,551,922)





Subtotal - Gross Profit

5,391,094,903


4,375,335,425





Selling Expenses (1)

(2,173,277,875)


(1,728,968,802)

Administrative Expenses (1)

(2,135,953,570)


(1,864,144,211)





Other Income and Expenses, net

77,752,601


55,465,753





Financial Costs

(255,977,492)


(267,623,007)

Other Financial Results, net

(199,467,469)


(130,553,073)

Financial Results

(455,444,961)


(398,176,080)





Equity in Earnings from Associates

48,107,430


48,725,499





Income before Income Tax and Tax on Assets

752,278,528


488,237,584





Income Tax and Tax on Assets

(477,772,896)


(264,157,883)





Income for the period from continuing operations

274,505,632


224,079,701





Discontinued Operations








Net Income from Discontinued Operations

2,366,560,702


3,955,531,485





Net Income for the Year

2,641,066,334


4,179,611,186









Other Comprehensive Income








Items which can be reclassified to net income




Variation in Translation Differences of Foreign Operations from Continuing Operations

1,983,567


8,803,638

Variation in Translation Differences of Foreign Operations from Discontinued Operations

(77,530,768)


422,449,177

Other Comprehensive Income for the Year

(75,547,201)


431,252,815





TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,565,519,133


4,610,864,001





Profit Attributable to:








Shareholders of the Parent Company

1,686,091,799


2,530,041,832





Non-Controlling Interests

954,974,535


1,649,569,354





Total Comprehensive Income Attributable to:








Shareholders of the Parent Company

1,658,024,021


2,748,667,739





Non-Controlling Interests

907,495,112


1,862,196,262





Basic and Diluted Earnings per Share from Continuing Operations (2)

                      1.68


0.82





Basic and Diluted Earnings per Share from Discontinued Operations (2)

                      8.42


7.98





Basic and Diluted Earnings per Share - Total (2)

                      10.10


8.80





 

 

(1) Includes amortization of intangible assets and film library, and depreciation of property, plant and equipment in the amount of Ps. 244,077,545 and
Ps. 183,484,509 for the years ended December 31, 2017 and 2016, respectively.

(2) See Note 17.

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of December 31, available at http://www.grupoclarin.com/ir .

 

 

GRUPO CLARÍN S.A.

CONSOLIDATED BALANCE SHEET

AS OF DECEMBER 31, 2017 AND 2016

In Argentine Pesos (Ps.)

 


December 31, 2017


December 31, 2016

ASSETS




NON-CURRENT ASSETS




Property, Plant and Equipment

992,612,264


780,775,774

Intangible Assets

233,562,017


221,713,090

Goodwill

269,817,944


270,923,529

Deferred Tax Assets

619,543,526


532,896,812

Investments in Unconsolidated Affiliates

375,989,230


368,314,257

Other Investments

-


7,412,878

Inventories

21,579,780


15,805,039

Other Assets

6,639,302


2,122,552

Other Receivables

210,579,583


159,206,993

Trade Receivables

90,581,080


99,857,137

Total Non-Current Assets

2,820,904,726


2,459,028,061





CURRENT ASSETS




Inventories

677,237,703


901,013,829

Other Assets

68,198,975


11,838,743

Other Receivables

590,218,759


486,550,805

Trade Receivables

4,776,942,928


3,582,782,739

Other Investments

701,760,111


328,346,695

Cash and Banks

356,729,917


416,006,084

Total Current Assets

7,171,088,393


5,726,538,895





Assets Held for Distribution to Shareholders

-


28,082,220,838





Total Assets

9,991,993,119


36,267,787,794





EQUITY (as per the corresponding statement)




Attributable to Shareholders of the Parent Company




Shareholders' Contributions

746,952,203


2,010,638,503

Other Items

(23,046,305)


755,638,189

Accumulated Income

3,465,192,314


6,860,110,364

Total Attributable to Shareholders of the Parent Company

4,189,098,212


9,626,387,056





Attributable to Non-Controlling Interests

39,531,594


4,416,373,963

Total Shareholders' Equity

4,228,629,806


14,042,761,019





LIABILITIES




NON-CURRENT LIABILITIES




Provisions and Other Charges

316,110,037


228,252,293

Debt

546,818,756


469,172,621

Deferred Tax Liabilities

-


209,849

Taxes Payable

54,841,073


59,188,405

Other Liabilities

65,394,982


61,662,068

Trade Payables and Other

60,504,175


27,347,968

Total Non-Current Liabilities

1,043,669,023


845,833,204





CURRENT LIABILITIES




Debt

487,080,017


339,731,089

Seller Financings

6,500


14,256,467

Taxes Payable

407,679,158


296,868,894

Other Liabilities

462,533,761


508,464,913

Trade Payables and Other

3,362,394,854


2,958,209,807

Total Current Liabilities

4,719,694,290


4,117,531,170





Liabilities Held for Distribution to Shareholders

-


17,261,662,401





Total Liabilities

5,763,363,313


22,225,026,775





Total Equity and Liabilities

9,991,993,119


36,267,787,794

 

 


 

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 201 6

In Argentine Pesos (Ps.)

 


Equity attributable to Shareholders of the Parent Company






Shareholders' Contributions


Other Items


Accumulated Income


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

Optional Reserves

Retained Earnings



Total Equity



















Balances as of 1.1.2016

287,418,584

309,885,253

1,413,334,666

2,010,638,503


595,897,405

(3,653,767)


119,460,767

2,625,678,396

1,884,929,369


7,232,950,673


3,175,288,997


10,408,239,670

Set-up of Reserves (Note 14)

-

-

-

-


-

-


-

1,584,929,369

(1,584,929,369)


-


-


-

Dividend Distribution

-

-

-

-


-

-


-

-

(300,000,000)


(300,000,000)


-


(300,000,000)

Dividends and Other Movements of Non-Controlling Interest

-

-

-

-


-

-


-

-

-


-


(621,111,296)


(621,111,296)

Changes in Reserves for Acquisition of Investments

-

-

-

-


-

(55,231,356)


-

-

-


(55,231,356)


-


(55,231,356)

Net Income for the Year

-

-

-

-


-

-


-

-

2,530,041,832


2,530,041,832


1,649,569,354


4,179,611,186

Other Comprehensive Income:


















Variation in Translation Differences of Foreign Operations

-

-

-

-


218,625,907

-


-

-

-


218,625,907


212,626,908


431,252,815

Balances as of 12.31.2016

287,418,584

309,885,253

1,413,334,666

2,010,638,503


814,523,312

(58,885,123)


119,460,767

4,210,607,765

2,530,041,832


9,626,387,056


4,416,373,963


14,042,761,019



















Set-up of Reserves (Note 14)

-

-

-

-



(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

-

-

-

-


-

-


-

-

-


-


(659,142,978)


(659,142,978)

Exchange of Shares - Payment of fractions in cash (see Note 12 to the parent company only financial statements.)

-

-

-

-



(407,728)


-

-

-


(407,728)


-


(407,728)

Net Income for the Year

-

-

-

-


-

-


-

-

1,686,091,799


1,686,091,799


954,974,535


2,641,066,334

Spun-off Balances (See Note 13)

(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

-

-

-

-


(28,067,778)

-


-

-

-


(28,067,778)


(47,479,423)


(75,547,201)

Balances as of 12.31.2017

(1) 106,776,004

115,122,371

525,053,828

746,952,203


36,984,995

(60,031,300)


44,379,675

(2) 2,569,078,899

851,733,740


4,189,098,212


39,531,594


4,228,629,806

 

(1) Includes 1,485 treasury shares. See Note 12 to the parent company only financial statements.

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

 

 


GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

In Argentine Pesos (Ps.)

 


December 31, 2017


December 31, 2016

CASH PROVIDED BY OPERATING ACTIVITIES




Net Income for the Year

2,641,066,334


4,179,611,186

Income Tax and Tax on Assets

477,772,896


264,157,883

Accrued Interest, net

169,620,701


183,031,249

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




Depreciation of Property, Plant and Equipment

159,142,222


118,227,554

Amortization of Intangible Assets and Film Library

84,935,323


65,256,955

Net allowances

201,800,967


159,793,058

Financial Income, except interest

(34,295,136)


(68,031,076)

Equity in Earnings from Associates

(48,107,430)


(48,725,499)

Other Income and Expenses

(13,704,777)


(11,052,911)

Net Income from Discontinued Operations

(2,366,560,702)


(3,955,531,485)

Changes in Assets and Liabilities:




Trade Receivables

(1,370,743,057)


(983,842,991)

Other Receivables

(536,228,733)


(63,198,167)

Inventories

211,981,732


(414,465,667)

Other Assets

(61,847,357)


(631,805)

Trade Payables and Other

542,465,589


442,781,306

Taxes Payable

19,714,844


(39,095,491)

Other Liabilities

446,516,188


221,036,747

 

Provisions

(71,987,072)


(67,620,230)

 

Income Tax and Tax on Assets Payments

(461,921,215)


(446,226,374)

 

Net Cash Flows Provided by Discontinued Operating Activities

3,398,556,976


9,967,706,300

 





 

Net Cash Flows Provided by Operating Activities

3,388,178,293


9,503,180,542

 





 

CASH PROVIDED BY INVESTMENT ACTIVITIES




 

Acquisition of Property, Plant and Equipment, net

(383,889,786)


(311,359,194)

 

Acquisition of Intangible Assets

(88,573,930)


(144,909,009)

 

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

(19,646,213)


(17,992,376)

 

Proceeds from Sale of Property, Plant and Equipment

29,422,647


36,987,689

 

Dividends collected

340,364,599


35,625,464

 

Collections of Loans

38,093,000


-

 

Transactions with Securities, Bonds and Other Financial Instruments, Net

25,572,700


15,722,985

 

Collections of Certificates of Deposit

-


10,199,505

 

Net Cash Flows used in Discontinued Investment Activities

(3,185,408,150)


(11,042,912,576)

 





 

Net Cash Flows used in Investment Activities

(3,244,065,133)


(11,418,637,512)

 





 

CASH PROVIDED BY FINANCING ACTIVITIES




 

Loans Obtained

1,360,310,243


1,232,757,451

 

Repayment of Loans and Issue Expenses

(836,351,288)


(755,903,702)

 

Payment of Interest

(223,898,962)


(177,912,086)

 

Collections on Derivatives

-


59,303,370

 

Payment of Fractions of Shares

(407,728)


-

 

Payment of Dividends

(480,000,000)


(300,000,000)

 

Payments to Non-Controlling Interests, net

(13,508,521)


(14,501,085)

 

Net Cash Flows used in Discontinued Financing Activities

(396,395,064)


(532,001,955)

 





 

Net Cash Flows used in Financing Activities

(590,251,320)


(488,258,007)

 





 

FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS FOR CONTINUING OPERATIONS

113,236,367


89,775,694

 





 

FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS FOR DISCONTINUED OPERATIONS

36,860,464


905,840,410

 





 

FINANCING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS

150,096,831


995,616,104

 





 

Net decrease in cash flow

(296,041,329)

 

(1,408,098,873)

 

Cash and Cash Equivalents at the Beginning of the Year (Note 2.24)

3,350,687,285

 

2,705,563,078

 

Effect of (Deconsolidation) / Consolidation of Companies

(2,002,522,766)

 

2,053,223,080

 

Cash and Cash Equivalents at the Closing of the Year (Note 2.24)

1,052,123,190

 

3,350,687,285

 

 


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