In This Article:
BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 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 Quarter 2022 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of March 31, 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) because Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), establishes that the restatement will be applied to the financial statements.
Highlights (1Q22 vs. 1Q21):
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Total Revenues reached Ps. 10,524.5 million, a decrease of 1.5% in real terms compared to 1Q21, mainly due to higher advertising revenues in the Broadcasting and Programming segment (partially offset by lower programming revenues) and lower circulation and printing revenues in the Digital and Printed Publications segment.
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Adjusted EBITDA (1) reached Ps. 1,428.6 million, a decrease of 29.4% compared to 2,022.5 for 1Q21, mainly driven by higher advertising revenues in Broadcasting and Programming and costs reductions in real terms greater than the decrease in revenues in the Digital and Printed Publications segment.
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Grupo Clarín's Adjusted EBITDA Margin(2) was 13.6% in 1Q22, compared to 18.9% in 1Q21.
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Profit for the period totaled Ps. 56.3 million, a decrease of 94.6% compared to a profit of Ps. 1,038.6 million reported in 1Q21. Net Income for the period attributable to Equity Shareholders amounted Ps 53.9 million in 1Q22 from a loss Ps. 1,056.1 million in 1Q21, a decrease of 94.9%.
FINANCIAL HIGHLIGHTS
| (In millions of Ps.) | 1Q22 | 1Q21 | % Ch. | 4Q21 | QoQ | |||||||||||||||
| Total Revenues | 10,524.5 | 10,680.5 | (1.5 | %) | 12,730.2 | (17.3 | %) | |||||||||||||
| Adjusted EBITDA (1) | 1,428.6 | 2,022.5 | (29.4 | %) | 1,280.2 | 11.6 | % | |||||||||||||
| Adjusted EBITDA Margin (2) | 13.6 | % | 18.9 | % | (28.3 | %) | 10.1 | % | 35.0 | % | ||||||||||
| Profit/(Loss) for the period | 56.3 | 1,038.6 | (94.6 | %) | (485.6 | ) | (111.6 | %) | ||||||||||||
| Attributable to: | ||||||||||||||||||||
| Equity Shareholders | 53.9 | 1,056.1 | (94.9 | %) | (480.7 | ) | (111.2 | %) | ||||||||||||
| Non-Controlling Interests | 2.4 | (17.6 | ) | (113.9 | %) | (4.8 | ) | (150.3 | %) | |||||||||||
(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.