BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 13, 2024 / Grupo Clarín S.A. ("Grupo Clarín" or the "Company") (BCBA:GCLA), the largest media company in Argentina, announced today its First Quarter 2024 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards (*) ("IFRS") as of March 31, 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 (1Q24 vs. 1Q23):
- For the purposes of the analysis, it should be noted that the results presented in a comparative manner (1Q23) include the effect of year over year inflation as of March 31, 2024, which amounted to 287.9%.
- Total Revenues reached Ps. 49,901.2 million, a decrease of 43.5% in real terms compared to 1Q23, mainly due to lower Circulation revenues in Digital and Printed Publications and lower Advertising and Programming revenues in real terms.
- Adjusted EBITDA(1) reached Ps. 604.7 million, a decrease of 95.1% compared to 12,431.2 for 1Q23, mainly driven by lower revenues in all segments, which couldn't be totally offset by lower costs.
- Grupo Clarín's Adjusted EBITDA Margin(2) was 1.2% in 1Q24, compared to 14.1% in 1Q23.
- Net Income for the period resulted in a loss of Ps. 6,863.5 million, a change of -268.2% compared to a profit of Ps. 4,080.0 million reported in 1Q23. Loss for the period attributable to Equity Shareholders amounted Ps 7,262.8 million in 1Q24 from a profit of Ps. 4,112.0 million in 1Q23, a change of -276.6%.
FINANCIAL HIGHLIGHTS
(In millions of Ps.) | 1Q24 | 1Q23 | % Ch. | 4Q23 | QoQ | |||||||||||||||
Total Revenues | 49,901.2 | 88,286.3 | (43.5 | %) | 73,379.3 | (32.0 | %) | |||||||||||||
Adjusted EBITDA (1) | 604.7 | 12,431.2 | (95.1 | %) | (1,303.5 | ) | (146.4 | %) | ||||||||||||
Adjusted EBITDA Margin (2) | 1.2 | % | 14.1 | % | (91.4 | %) | (1.8 | %) | (168.2 | %) | ||||||||||
Profit/(Loss) for the period | (6,863.5 | ) | 4,080.0 | (268.2 | %) | (13,709.6 | ) | (49.9 | %) | |||||||||||
Attributable to: | ||||||||||||||||||||
Equity Shareholders | (7,262.8 | ) | 4,112.0 | (276.6 | %) | (12,790.7 | ) | (43.2 | %) | |||||||||||
Non-Controlling Interests | 399.3 | (32.1 | ) | (1345.7 | %) | (918.9 | ) | (143.5 | %) | |||||||||||
(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.
STOCK AND MARKET INFORMATION
Grupo Clarín trades its stock in the Buenos Aires Stock Exchange (BCBA) and has a GDS's program.
GCLA (BCBA) Price per Share (ARS) | 2,224.00 | |||
Total Shares | 106,776,004 | |||
Shares per GDS | 2 | |||
Closing Price | May 13, 2024 | |||
CONFERENCE CALL AND WEBCAST INFORMATION
GRUPO CLARIN S.A.
(BCBA: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss its First Quarter 2024 Results
Date: Wednesday, May 15, 2024
Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time
To access the live stream and slide presentation, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=yKHqBf7a
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 and has the largest base of paid digital subscribers 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.
Disclaimer
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.
SOURCE: Grupo Clarín S.A.
View the original press release on accesswire.com
