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Grupo Clarín announces its Results for the Nine Months (9M16) and Third Quarter of 2016 (3Q16)
[November 11, 2016]

Grupo Clarín announces its Results for the Nine Months (9M16) and Third Quarter of 2016 (3Q16)


BUENOS AIRES, Argentina, Nov. 11, 2016 /PRNewswire/ -- 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 results for 2016. Figures are stated in Argentine Pesos, unless otherwise indicated.

On September 28, 2016, Grupo Clarín's Shareholders approved a split-up of Grupo Clarín's equity interest in Cablevisión S.A, the subsidiary that operates Grupo Clarín's cable television, internet and telephony segment, into a new Argentine corporation under the name of Cablevisión Holding S.A. ("CVH"). After the split-up is complete, CVH will own directly and indirectly, 60% equity interest in Cablevision. Grupo Clarín will retain substantially all assets and liabilities, and continue with substantially all the activities and operations of its remaining business segments that are not be specifically allocated to CVH.

Accordingly, the Company Financial Statements as of September 2016 presented the figures of the Cable, Internet Access and Telephony segment as discontinued operations for all periods; all the activities and operations of its remaining business segments are consolidated as continued operations. This is the result of the implementation of International Financial Reporting Standards ("IFRS") number 5. In spite of that, for the purpose of this presentation, figures have been prepared including continued and discontinued operations. For further information about continued and discontinued operations, see the appendix of this presentation or our Financial Statements as of September 2016.

Highlights (9M16 vs. 9M15):

  • Net Sales totaled Ps. 29,597.6 million, an increase of 48.1% from 9M15, mainly due to ARPU and subscriber growth in the Cable TV, Internet access and Telephony segment and, to a lesser extent, driven by the consolidation of Nextel Argentina in the Cable TV, Internet access and Telephony segment.
  • Adjusted EBITDA reached Ps. 8,887.4 million, an increase of 38.7% from 9M15, mainly driven by higher sales in the Cable and Internet access and Telephony segment.
  • Grupo Clarín's Adjusted EBITDA Margin for 9M16 was 30.0%, compared to 32.1% in 9M15.
  • Income for the period totaled Ps. 3,291.7 million, an increase of 20.1% from the Ps. 2,740.2 million reported in 9M15, and the Income for the period attributable to Equity Shareholders amount to Ps 1,995.5 million from Ps. 1,744.2 million, an increase of 14.4%.

 





FINANCIAL HIGHLIGHTS










(In millions of Ps.)

9M16

9M15

% Ch.

3Q16

2Q16

3Q15

QoQ

YoY

Net Sales

29,597.6

19,981.5

48.1%

10,873.3

9,738.7

7,425.9

11.7%

46.4%

Adjusted EBITDA (1)

8,887.4

6,406.8

38.7%

3,165.9

2,876.8

2,443.6

10.1%

29.6%

Adjusted EBITDA Margin (2)

30.0%

32.1%

(6.4%)

29.1%

29.5%

32.9%

(1.4%)

(11.5%)

Income for the period

3,291.7

2,740.2

20.1%

1,228.8

949.7

1,063.2

29.4%

15.6%

Attributable to:









Equity Shareholders

1,995.5

1,744.2

14.4%

767.7

595.0

709.9

29.0%

8.2%

Non-Controlling Interests

1,296.2

996.0

30.1%

461.1

354.7

353.3

30.0%

30.5%



(1) We define Adjusted EBITDA as net sales 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 on the basis of 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 Net Sales.

 

Investor Relations Contacts





In Buenos Aires:


In London:


In New York:






Agustín Medina Manson


Alex Money


Melanie Carpenter

Patricio Gentile


Jasford IR








Grupo Clarín S.A.




I-advize Corporate Communications

Tel: +54 11 4309 7215


Tel: +44 20 3289 5300


Tel: +1 212 406 3692

Email: [email protected]


E-mail: [email protected] 


E-mail: [email protected]

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/grupo-clarin-announces-its-results-for-the-nine-months-9m16-and-third-quarter-of-2016-3q16-300361335.html

SOURCE Grupo Clarin


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