RNS Number : 0773S
Grupo Clarin S.A.
12 March 2021
 

                                                                                                                       

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

 

 

 

 

 

 

 

 

 

 

 

(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:

 

 

 

 

 

 

 

 

 

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)

 

 

Prime Time

31.3%

 (13.5%)

Total Time

30.7%

 (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

 

YoY

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 

 

 

 

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%)

 

 

 

 

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

2020
as reported

2019 ex IAS 29

IAS 29 Adjustment

2019
as 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

4Q20
as reported

4Q19 ex IAS 29

IAS 29 Adjustment

4Q19
as 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

2020
as report
ed

2019 ex IAS 29

IAS 29 Adjustment

2019
as 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

4Q20
as reported

4Q19 ex IAS 29

IAS 29 Adjustment

4Q19
as 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.

 

 

 

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: +1-785-424-1726
Passcode: 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

 

 

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: investors@grupoclarin.com

E-mail: alex@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, 2020 AND 2019

(Amounts stated in Argentine Pesos)

 

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

26,639,658,889

 

34,619,659,621

 

 

 

 

Cost of Sales (1)

(16,687,410,185)

 

(23,028,827,234)

 

 

 

 

Subtotal - Gross Profit

9,952,248,704

 

11,590,832,387

 

 

 

 

Selling Expenses (1)

(3,809,674,129)

 

(5,703,425,400)

Administrative Expenses (1)

(4,252,524,971)

 

(5,163,040,884)

 

 

 

 

Other Income and Expenses, net

(1,220,820,137)

 

(109,696,062)

 

 

 

 

 

 

 

 

Gain (Loss) on Net Monetary Position

(181,632,242)

 

(257,693,476)

 

 

 

 

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)

 

 

 

 

Equity in Earnings from Associates

579,392,288

 

239,258,524

 

 

 

 

Income (Loss) before Income Tax

236,080,261

 

(1,077,481,037)

 

 

 

 

Income Tax

(701,130,812)

 

(908,949,994)

 

 

 

 

Loss for the year

(465,050,551)

 

(1,986,431,031)

 

 

 

 

 

 

 

 

Other Comprehensive Income

 

 

 

 

 

 

 

Items which can be reclassified to Net Income (Loss)

 

 

 

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)

 

 

 

 

TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR

(461,740,973)

 

(1,992,214,389)

 

 

 

 

(Loss) Income Attributable to:

 

 

 

 

 

 

 

Shareholders of the Parent Company

(274,351,674)

 

(2,052,076,145)

 

 

 

 

Non-Controlling Interests

(190,698,877)

 

65,645,114

 

 

 

 

 

 

 

 

Total Comprehensive Income (Loss) Attributable to:

 

 

 

 

 

 

 

Shareholders of the Parent Company

(271,055,276)

 

(2,051,119,821)

 

 

 

 

Non-Controlling Interests

(190,685,697)

 

58,905,432

 

 

 

 

Basic and Diluted Net Income (Loss) per Share - Total (2)

(2.57)

 

(19.22)

 

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

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)

 

 

 

 

 

 

 

 

 

 

 

(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

         

 

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