Grupo Clarin announces its Results for the First Half (1H15) and Second Quarter of 2015 (2Q15)

Aug 11, 2015, 08:05 ET from Grupo Clarin

BUENOS AIRES, Argentina, Aug. 11, 2015 /PRNewswire/ -- Grupo Clarin S.A. ("Grupo Clarin" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its first half and second quarter results for 2015. Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of June 30th, 2015 and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (1H15 vs. 1H14):

  • Net Sales totaled Ps. 12,521.9 million, an increase of 42.8% from 1H14, mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, to higher circulation sales in the Printing and Publishing, and advertising sales in Broadcasting and Programming segments.
  • Adjusted EBITDA (1) reached Ps. 3,946.4 million, an increase of 77.5% from 1H14, mainly driven by higher sales and margin expansion in the Cable TV and Internet access.
  • Grupo Clarin's Adjusted EBITDA Margin (2) for 1H15 was 31.5%, compared to 25.4% in 1H14.
  • Income for the period increase to Ps. 1,677.1 million from the Ps. 307.7 million reported in 1H14, and the Income for the period attributable to Equity Shareholders amount to Ps 1,034.3 million from Ps. 186.1 million.

FINANCIAL HIGHLIGHTS










(In millions of Ps.)

1H15

1H14

% Ch.

2Q15

1Q15

2Q14

QoQ

YoY

Net Sales

12,521.9

8,767.2

42.8%

6,557.6

5,964.3

4,759.4

9.9%

37.8%

Adjusted EBITDA (1)

3,946.4

2,223.2

77.5%

2,015.4

1,931.0

1,193.1

4.4%

68.9%

Adjusted EBITDA Margin (2)

31.5%

25.4%

24.3%

30.7%

32.4%

25.1%

(5.1%)

22.6%

Income for the period

1,677.1

307.7

445.0%

876.7

800.3

349.6

9.5%

150.8%

Attributable to:









Equity Shareholders

1,034.3

186.1

455.7%

565.1

469.2

217.6

20.4%

159.7%

Non-Controlling Interests

642.7

121.6

428.6%

311.6

331.1

132.0

(5.9%)

136.1%

(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.

GCLA: Ps.  85.50 / share (BCBA)
GCLA: USD  12.35   / GDS (LSE)
Total Shares: 287,418,584
Total GDSs: 143,709,292
Market Value: USD  1,774.8  MM
Closing Price: August 10th, 2015 

SOURCE Grupo Clarin