Grupo Clarín Announces Nine Months and Third Quarter 2023 Results
*BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 10, 2023 /* Grupo Clarín S.A. ("Grupo Clarín" or the "Company") - (LSE:GCLA)(BCBA:GCLA), the largest media company in Argentina, announced today its Nine months and Third Quarter 2023 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards^ (*) ("IFRS") as of September 30, 2023 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) as per Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), that establishes that the restatement must be applied to the financial statements.
*Highlights (9M23 vs. 9M22):*
· Total Revenues reached Ps. 109,644.1 million, a decrease of 2.3% in real terms compared to 9M22, mainly due to lower revenues in the Broadcasting and Programming segment, partially offset by higher revenues in Digital and Printed Publications.
· Adjusted EBITDA^(1) reached Ps. 11,844.5 million, a decrease of 29.4% compared to 16,766.0 for 9M22, mainly driven by lower EBITDA in Broadcasting and Programming and Others segments.
· Grupo Clarín's Adjusted EBITDA Margin^(2) was 10.8% in 9M23, compared to 14.9% in 9M22.
· Net Income for the period resulted in a loss of Ps. 1,513.2 million, an increase of 35.8% compared to a loss of Ps. 1,114.3 million reported in 9M22. Loss for the period attributable to Equity Shareholders amounted Ps 1,377.2 million in 9M23 from a loss of Ps. 1,181.9 million in 9M22, an increase of 16.5%.
*FINANCIAL HIGHLIGHTS*
*(In millions of Ps.)*
*9M23* *9M22* *% Ch.* *3Q23* *2Q23* *3Q22* *QoQ* *YoY*
*Total Revenues*
109,644.1 112,266.9 (2.3 %) 35,061.7 36,596.7 37,313.2 (4.2 %) (6.0 %)
*Adjusted EBITDA ^(1)*
11,844.5 16,766.0 (29.4 %) 2,512.7 3,983.2 6,292.2 (36.9 %) (60.1 %)
*Adjusted EBITDA Margin ^(2)*
10.8 % 14.9 % (27.7 %) 7.2 % 10.9 % 16.9 % (34.2 %) (57.5 %)
*Profit/(Loss) for the period*
(1,513.2 ) (1,114.3 ) 35.8 % (2,810.6 ) (458.0 ) (1,647.8 ) 513.6 % 70.6 %
Attributable to:
*Equity Shareholders*
(1,377.2 ) (1,181.9 ) 16.5 % (2,720.0 ) (426.4 ) (1,565.5 ) 537.9 % 73.7 %
*Non-Controlling Interests*
(136.0 ) 67.5 (301.4 %) (90.6 ) (31.6 ) (82.3 ) 186.4 % 10.1 %
(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.
*CONFERENCE CALL AND WEBCAST INFORMATION*
*GRUPO CLARIN S.A.*
*(BCBA: GCLA; LSE: GCLA)*
cordially invites you to participate in its Webcast Presentation
to discuss its Nine months and Third Quarter 2023 Results
*Date: Tuesday, November 14, 2023*
*Time: 1:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time*
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=Zn6aVaSq
The webcast presentation will also be available at https://ir.grupoclarin.com
*ABOUT THE COMPANY*
Grupo Clarín is the largest media company in Argentina and a leading company in Digital and Printed Publications and broadcasting and programming markets. Its flagship newspaper -Diario Clarín- is one of the highest circulation newspapers and has the largest base of paid digital subscribers 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.
*Investor Relations Contacts*
In Buenos Aires:
Grupo Clarín S.A.
Samantha Olivieri
Tel: +54 11 4309 7104
Email: investors@grupoclarin.com In London:
Jasford IR
Alex Money
Tel: +44 20 3289 5300
E-mail: alex@jasford.com
In New York:
Fig Corporate Communications
Camilla Ferreira/Marcella Ewerton
Tel: +1 917 691 4047
Email: fig@fig.ooo
*SOURCE: *Grupo Clarín S.A.
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