Grupo Clarín Announces Third Quarter and Nine-Month 2017 Results

BUENOS AIRES, Argentina, Nov. 9, 2017 /PRNewswire/ -- Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its third quarter and nine-month 2017 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards ("IFRS") as of September 30, 2017, and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (9M17 vs. 9M16):

• Total Revenues reached Ps. 10,041.1 million, an increase of 26.8% compared to 9M16, mainly due to higher advertising and programming sales in the Broadcasting and Programming segment and, to a lesser extent, driven by higher circulation and advertising revenues in the Printing and Publishing segment.
• Adjusted EBITDA ⁽¹⁾ reached Ps. 818.8 million, an increase of 15.4% compared to 9M16, mainly driven by higher EBITDA in the Broadcasting and Programming segment, partially offset by higher severance payments in the Printing and Publishing segment.
• Grupo Clarín's Adjusted EBITDA Margin ⁽²⁾ was 8.2% in 9M17, compared to 9.0% in 9M16.
• Income for the period totaled Ps. 2,657.7 million, a decrease of 19.3% compared to Ps. 3,291.7 million reported in 9M16. Income for the period attributable to Equity Shareholders amounted Ps 1,708.8 million in 9M17 from Ps. 1,995.5 million in 9M16, a decrease of 14.4%.

(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.

SOURCE Grupo Clarin

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