In This Article:
BUENOS AIRES, ARGENTINA / ACCESSWIRE / August 11, 2022 / Grupo Clarín S.A. ("Grupo Clarín" or the "Company") - (LSE:GCLA); (BCBA:GCLA), the largest media company in Argentina, announced today its First Half and Second Quarter 2022 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of June 30, 2022 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 (1H22 vs. 1H21):
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Total Revenues reached Ps. 25,788.4 million, an increase of 1.3% in real terms compared to 1H21, mainly due to higher revenues in Digital and Printed Publications, partially offset by lower revenues in the Broadcasting and Programming segment.
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Adjusted EBITDA (1) reached Ps. 3,603.6 million, a decrease of 15.7% compared to 4,273.3 for 1H21, mainly driven by lower EBITDA in Broadcasting and Programming, partially compensated by a higher EBITDA in the Digital and Printed Publications and Others segments.
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Grupo Clarín's Adjusted EBITDA Margin(2) was 14.0% in 1H22, compared to 16.8% in 1H21.
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Profit for the period totaled Ps. 183.6 million, a decrease of 87.9% compared to a profit of Ps. 1,522.6 million reported in 1H21. Net Income for the period attributable to Equity Shareholders amounted Ps 132.0 million in 1H22 from a loss Ps. 1,499.5 million in 1H21, a decrease of 91.2%.
FINANCIAL HIGHLIGHTS
| (In millions of Ps.) | 1H22 | 1H21 | % Ch. | 2Q22 | 1Q22 | 2Q21 | QoQ | YoY | |||||||||||||||||
| Total Revenues | 25,788.4 | 25,449.2 | 1.3% | 13,443.0 | 12,345.4 | 12,920.7 | 8.9% | 4.0% | |||||||||||||||||
| Adjusted EBITDA (1) | 3,603.6 | 4,273.3 | (15.7%) | 1,927.8 | 1,675.8 | 1,900.8 | 15.0% | 1.4% | |||||||||||||||||
| Adjusted EBITDA Margin (2) | 14.0% | 16.8% | (16.8%) | 14.3% | 13.6% | 14.7% | 5.6% | (2.5%) | |||||||||||||||||
| Profit/(Loss) for the period | 183.6 | 1,522.6 | (87.9%) | 117.5 | 66.0 | 304.4 | 78.0% | (61.4%) | |||||||||||||||||
| Attributable to: | |||||||||||||||||||||||||
| Equity Shareholders | 132.0 | 1,499.5 | (91.2%) | 68.8 | 63.2 | 260.6 | 8.9% | (73.6%) | |||||||||||||||||
| Non-Controlling Interests | 51.6 | 23.2 | 122.5% | 48.7 | 2.9 | 43.8 | 1602.0% | 11.1% | |||||||||||||||||
(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.