Grupo Clarín Announces Nine Months and Third Quarter 2023 Results
In This Article:
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):
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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.
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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.
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Grupo Clarín's Adjusted EBITDA Margin(2) was 10.8% in 9M23, compared to 14.9% in 9M22.
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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.