Grupo Clarín announces its Results for the Fourth Quarter (4Q16) and Full Year of 2016 (FY16)
BUENOS AIRES, Argentina, March 13, 2017 /PRNewswire/ -- Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its fourth quarter and full year 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 December 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 December 2016.
Highlights (FY16 vs. FY15):
- Net Sales totaled Ps. 41,178.1 million, an increase of 48.2% from 2015, mainly due to ARPU and subscriber growth in the Cable TV and Internet access segment and, to a lesser extent, driven by the consolidation of Nextel Argentina in the Cable TV, Internet access and Telephony segment.
- Adjusted EBITDA (1) reached Ps. 11,896.6 million, an increase of 42.3% from 2015, mainly driven by higher sales in the Cable and Internet access and Telephony segment.
- Grupo Clarín's Adjusted EBITDA Margin (2) for 2016 was 28.9%, compared to 30.1% in 2015.
- Income for the period totaled Ps. 4,179.6 million, an increase of 43.3% from the Ps. 2,915.9 million reported in 2015, and the Income for the period attributable to Equity Shareholders amount to Ps 2,530.0 million from Ps. 1,884.9 million, an increase of 34.2%.
FINANCIAL HIGHLIGHTS |
||||||||
(In millions of Ps.) |
2016 |
2015 |
% Ch. |
4Q16 |
3Q16 |
4Q15 |
QoQ |
YoY |
Net Sales |
41,178.1 |
27,791.5 |
48.2% |
11,580.5 |
10,873.3 |
7,810.1 |
6.5% |
48.3% |
Adjusted EBITDA (1) |
11,896.6 |
8,360.8 |
42.3% |
3,009.1 |
3,165.9 |
1,954.0 |
(5.0%) |
54.0% |
Adjusted EBITDA |
28.9% |
30.1% |
(4.0%) |
26.0% |
29.1% |
25.0% |
(10.8%) |
3.9% |
Income for the |
4,179.6 |
2,915.9 |
43.3% |
887.9 |
1,228.8 |
175.7 |
(27.7%) |
405.4% |
Attributable to: |
||||||||
Equity Shareholders |
2,530.0 |
1,884.9 |
34.2% |
534.6 |
767.7 |
140.7 |
(30.4%) |
279.9% |
Non-Controlling |
1,649.6 |
1,031.0 |
60.0% |
353.3 |
461.1 |
35.0 |
(23.4%) |
910.2% |
(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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