Grupo Clarín Announces its Nine Month and Third Quarter 2020 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / December 4, 2020 / Grupo Clarín S.A. (“Grupo Clarín” or the “Company”)(LSE:GCLA)(BCBA:GCLA), the largest media company in Argentina, announced today its Nine month and Third quarter 2020 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) (“IFRS”) as of September 30, 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 (9M20 vs.9M19):

  • Total Revenues reached Ps. 16,874.6 million, a decrease of 28.7% compared to 9M19, mainly due to lower advertising revenues in all segments and lower circulation in the Printing and Publishing segment.
  • Adjusted EBITDA (1) reached Ps. 1,364.3 million, a decrease of 33.2% compared to 9M19, mainly driven by lower results in the Broadcasting and Programming segment.
  • Grupo Clarín’s Adjusted EBITDA Margin (2) was 8.1% in 9M20, compared to 8.6% in 9M19.
  • Loss for the period totaled Ps. 883.8 million, compared to Ps. 979.8 million loss reported in 9M19. Loss for the period attributable to Equity Shareholders amounted Ps 708.7 million in 9M20.

FINANCIAL HIGHLIGHTS

(In millions of Ps.)
    9M20       9M19     % Ch.       3Q20       2Q20       3Q19     QoQ     YoY  
Total Revenues
    16,874.6       23,665.7       (28.7 %)     5,858.3       5,212.6       8,230.1       12.4 %     (28.8 %)
Adjusted EBITDA (1)
    1,364.3       2,041.4       (33.2 %)     842.4       669.6       880.1       25.8 %     (4.3 %)
Adjusted EBITDA Margin (2)
    8.1 %     8.6 %     (6.3 %)     14.4 %     12.8 %     10.7 %     11.9 %     34.5 %
Income (Loss) for the period
    (883.8 )     (979.8 )     (9.8 %)     (477.3 )     305.6       (624.8 )     (256.2 %)     (23.6 %)
Attributable to:
                                                               
Equity Shareholders
    (708.7 )     (865.9 )     (18.2 %)     (461.0 )     352.7       (598.4 )     (230.7 %)     23.0 %
Non-Controlling Interests
    (175.2 )     (113.9 )     53.8 %     (16.4 )     (47.1 )     (26.4 )     (65.1 %)     37.7 %

(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.

For a full version of this earnings release with financial statements, go to: https://grupoclarin.com/IR/

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 2020 Results

Date: Wednesday, December 6, 2020

Time: 3:00pm Buenos Aires Time/6:00pm London Time/1:00pm 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 3Q20 results will be accompanied by a webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla201209r0BN4pk0.html

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

Grupo Clarín S.A.
Agustín Medina Manson
Tel: +54 11 4309 7215
Email: investors@grupoclarin.com

In London:
Jasford IR
Alex Money
Tel: +44 20 3289 5300
E-mail: alex@jasford.com

In New York:
i-advize Corporate Communications
Melanie Carpenter
Tel: +1 212 406 3692
Email: clarin@i-advize.com

SOURCE: Grupo Clarín S.A. via EQS Newswire

View source version on accesswire.com:
https://www.accesswire.com/619616/Grupo-Clarn-Announces-its-Nine-Month-and-Third-Quarter-2020-Results

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