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):
- 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.
- 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.
- Grupo Clarín's Adjusted EBITDA Margin(2) was 13.6% in 1Q22, compared to 18.9% in 1Q21.
- 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%.
(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.
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss its First Quarter 2022 Results
Date: Monday, May 16, 2022
Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time
To access the live stream and slide presentation, visit:
The webcast presentation will also be available at https://ir.grupoclarin.com
ABOUT THE COMPANY
Grupo Clarín is the largest media company in Argentina and a leading company in Digital and Printed Publications and broadcasting and programming markets. Its flagship newspaper -Diario Clarín- is one of the highest circulation newspapers in Latin America. Grupo Clarín is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age.
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín. You can identify forward-looking statements by terms such as 'expect', 'believe', 'anticipate', 'estimate', 'intend', 'will', 'could', 'may' or 'might' the negative of such terms or other similar expressions. These statements are only predictions and actual events, or results may differ materially. Grupo Clarín does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Grupo Clarín's projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín's competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations.
Investor Relations Contacts:
In Buenos Aires:
Grupo Clarín S.A.
Tel: +54 11 4309 7104
Tel: +44 20 3289 5300
In New York:
Fig Corporate Communications
Camilla Ferreira/Marcella Ewerton
Tel: +1 917 691 4047
SOURCE: Grupo Clarín S.A.
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