Grupo Clarin Announces its First Quarter 2021 Results

Published

May 13, 2021

BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 13, 2021 / Grupo Clarin S.A. ("Grupo Clarin" or the "Company") – (LSE:GCLA); (BCBA:GCLA), the largest media company in Argentina, announced today its First quarter 2021 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards^(*) ("IFRS") as of March 31, 2021 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 (1Q21 vs. 1Q20):

Total Revenues reached Ps. 6,885.9 million, a decrease of 5.6% compared to 1Q20, mainly due to lower programming revenues in the Broadcasting and Programming segment (partially offset by higher advertising revenues), the un-consolidation of the postal business and lower circulation revenues in the Printing and Publishing segment.
Adjusted EBITDA⁽¹⁾reached Ps. 1,304.0 million, compared to (185.7) for 1Q20, mainly driven higher revenues with lower costs in the Broadcasting and Programming segment, and by costs reductions in real terms greater than the decrease in revenues in Printing and Publishing.
Grupo Clarin's Adjusted EBITDA Margin ⁽²⁾ was 18.9% in 1Q21, compared to (2.5%) in 1Q20.
Net Income for the period totaled Ps. 669.5 million, compared to a loss of Ps. 895.5 million reported in 1Q20. Net Income for the period attributable to Equity Shareholders amounted Ps 680.9 million in 1Q21 from a loss of Ps. 755.0 million in 1Q20.

FINANCIAL HIGHLIGHTS

*(In millions of Ps.)*	1Q21		1Q20		% Ch.			4Q20		QoQ
Total Revenues	6,885.9		7,297.9			(5.6	%)	8,871.0			(22.4	%)
Adjusted EBITDA ⁽¹⁾	1,304.0		(185.7	)		(802.2	%)	1,950.4			(33.1	%)
Adjusted EBITDA Margin ⁽²⁾	18.9	%	(2.5	%)		(844.2	%)	22.0	%		(13.9	%)
Net Income for the period	669.5		(895.5	)		(174.8	%)	586.1			14.2	%
Attributable to:
Equity Shareholders	680.9		(755.0	)		(190.2	%)	581.3			17.1	%
Non-Controlling Interests	(11.3	)	(140.4	)		(91.9	%)	4.8			(334.0	%)

(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.

For a full version of this earnings release with financial statements, go to: http://www.grupoclarin.com/ir/.

LIVE WEBCAST INFORMATION

GRUPO CLARIN S.A.
(BCBA: GCLA; LSE: GCLA)
cordially invites you to participate in its Webcast Presentation
to discuss First Quarter 2021 Results

Date: Thursday, May 20, 2021
Time: 2:00pm Buenos Aires Time/6:00pm London Time/1:00pm New York Time

The 1Q21 results will be presented via webcast presentation. To access the live stream and slide presentation, visit: https://services.choruscall.com/links/gcla210520LkHjgTj9.html

The webcast presentation will also be available at http://www.grupoclarin.com/ir/

About the Company

Grupo Clarín is the largest media company in Argentina and a leading company in printing and publishing 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.

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.

Investor Relations Contacts:
In Buenos Aires:	In London:	In New York:

Samantha Olivieri Valentina Lopez	Alex Money Jasford IR	Camilla Ferreira and Marcella Ewerton Dragone

Grupo Clarin S.A.		Fig Corporate Communications
Tel: +54 11 4309 7215	Tel: +44 20 3289 5300	Tel: +1 917 691-4047
Email: investors@grupoclarin.com	E-mail: alex@jasford.com	E-mail: fig@fig.ooo