Grupo Clarin announces its Results for the Fourth Quarter (4Q14) and Full Year of 2014 (FY14)

News provided by

Grupo Clarin

Mar 11, 2015, 08:09 ET

BUENOS AIRES, Argentina, March 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 fourth quarter and full year results for 2014. Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of December 31th, 2014 and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (FY14 vs. FY13):

  • Net Sales totaled Ps. 19,616.2 million, an increase of 39.1% from 2013, mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, to higher advertising sales in the Broadcasting and Programming segment.
  • Adjusted EBITDA (1) reached Ps. 5,024.5 million, an increase of 53.5% from 2013, mainly driven by higher sales and margin expansion in the Cable TV and Internet access.
  • Grupo Clarin's Adjusted EBITDA Margin (2) for 2014 was 25.6%, compared to 23.2% in 2013.
  • Income for the period totaled Ps. 1,345.5 million, an increase of 68.0% from the Ps. 800.7 million reported in 2013, and the Income for the period attributable to Equity Shareholders amount to Ps 804.1 million from Ps. 479.8 million, a rise of 67.6%.

FINANCIAL HIGHLIGHTS










(In millions of Ps.)

2014

2013

% Ch.

4Q14

3Q14

4Q13

QoQ

YoY

Net Sales

19,616.2

14,100.2

39.1%

5,707.1

5,141.9

4,020.9

11.0%

41.9%

Adjusted EBITDA (1)

5,024.5

3,272.8

53.5%

1,465.4

1,335.9

975.0

9.7%

50.3%

Adjusted EBITDA Margin (2)

25.6%

23.2%

10.4%

25.7%

26.0%

24.2%

(1.2%)

5.9%

Income for the period

1,345.5

800.7

68.0%

584.9

452.9

321.2

29.1%

82.1%

Attributable to:







Equity Shareholders

804.1

479.8

67.6%

357.2

260.8

212.4

36.9%

68.2%

Non-Controlling Interests

541.4

320.8

68.7%

227.7

192.1

108.8

18.5%

109.2%

(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.

SOURCE Grupo Clarin

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