Grupo Clarín Announces First Quarter 2019 Results (1Q19)

BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 23, 2019 / Grupo Clarín S.A. (“Grupo Clarín” or the “Company”) (LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first quarter 2019 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards(*) (“IFRS”) as of March 31, 2019, 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 (1Q19 vs.1Q18):

Total Revenues reached Ps. 4,108.7 million, a decrease of 17.7% compared to 1Q18, mainly due to lower advertising revenues in the Broadcasting and Programming and the Printing and Publishing segments.

Adjusted EBITDA (1) reached Ps. 241.4 million, a decrease of 4.6% compared to 1Q18, mainly driven by a lower EBITDA in the Digital Content and Other segment.

Grupo Clarín’s Adjusted EBITDA Margin (2) was 5.9% in March 2019, compared to 5.1% in 1Q18.

Income for the period totaled Ps. (285.9) million, a decrease compared to Ps. (63.7) million reported in 1Q18. Income for the period attributable to Equity Shareholders amounted Ps (221.1) million in March 2019 from Ps. (35.5) million in 1Q18, a decrease of 522.0%.

FINANCIAL HIGHLIGHTS

(millions of Ps)

1Q19

1Q18

% Ch.

Total Revenues

4,108.7

4,993.5

(17.7%)

Adjusted EBITDA (1)

241.4

253.0

(4.6%)

Adjusted EBITDA Margin (2)

5.9%

5.1%

16.0%

Income for the period

(285.9)

(63.7)

(349.1% )

Attributable to:

Equity Shareholders

(221.1)

(35.5)

(522.0%)

Non-Controlling Interests

(64.8)

(28.1)

(130.4% )

(1) We define Adjusted EBITDA is defined in this report 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://www.grupoclarin.com/ir.

CONTACT:

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.

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