Grupo Clarín Announces Nine Months and Third Quarter 2024 Results
BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 8, 2024 / Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - BCBA:GCLA), the largest media company in Argentina, announced today its Nine Months and Third Quarter 2024 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of September 30, 2024 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 (9M24 vs. 9M23):
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For the purposes of the analysis, it should be noted that the results presented in a comparative manner (9M23) include the effect of year over year inflation as of September 30, 2024, which amounted to 209.0%.
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Total Revenues reached Ps. 231,818.0 million, a decrease of 31.6% in real terms compared to 9M23, mainly due to lower revenues in Digital and Printed Publications and Broadcasting and Programming segments.
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Adjusted EBITDA (1) reached Ps. 17,922.3 million, a decrease of 51.0% compared to 36,599.7 for 9M23, mainly driven by lower EBITDA in the Digital and Printed Publications segment and, to a lesser extent, lower EBITDA in the Broadcasting and Programming segment registered in the first half of the year. Adjusted EBITDA (1) for the quarter increased by 80.0%, from Ps. 7,764.4 million in 3Q23 to Ps. 13,972.2 million, driven by costs and expenses efficiencies and a smaller YoY decline in revenues.
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Grupo Clarín's Adjusted EBITDA Margin (2) was 7.7% in 9M24, compared to 10.8% in 9M23.
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Net Income for the period resulted in a loss of Ps. 9,803.3 million, an increase of 109.7% compared to a loss of Ps. 4,675.8 million reported in 9M23.
FINANCIAL HIGHLIGHTS
| (In millions of Ps.) | 9M24 | 9M23 | % Ch. | 3Q24 | 2Q24 | 3Q23 | QoQ | YoY | ||||||||||||||||||
| Total Revenues | 231,818.0 | 338,801.6 | (31.6 | %) | 87,739.7 | 77,734.9 | 108,341.0 | 12.9 | % | (19.0 | %) | |||||||||||||||
| Adjusted EBITDA (1) | 17,922.3 | 36,599.7 | (51.0 | %) | 13,972.2 | 3,146.1 | 7,764.4 | 344.1 | % | 80.0 | % | |||||||||||||||
| Adjusted EBITDA Margin (2) | 7.7 | % | 10.8 | % | (28.4 | %) | 15.9 | % | 4.0 | % | 7.2 | % | 293.5 | % | 122.2 | % | ||||||||||
| Profit/(Loss) for the period | (9,803.3 | ) | (4,675.8 | ) | 109.7 | % | 1,565.5 | (2,243.8 | ) | (8,684.7 | ) | (169.8 | %) | (118.0 | %) | |||||||||||
| Attributable to: | ||||||||||||||||||||||||||
| Equity Shareholders | (10,719.3 | ) | (4,255.4 | ) | 151.9 | % | 1,524.4 | (2,587.8 | ) | (8,404.7 | ) | (158.9 | %) | (118.1 | %) | |||||||||||
| Non-Controlling Interests | 916.0 | (420.4 | ) | (317.9 | %) | 41.1 | 344.0 | (280.0 | ) | (88.1 | %) | (114.7 | %) | |||||||||||||
(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.