Grupo Clarin Sa Class B · BCBA:GCLA
Grupo Clarin Sa Class B — FY2010 Earnings Presentation
31 slides from Grupo Clarin Sa Class B's earnings presentation, Mar 11, 2011
Slide 1: Fourth Quarter & FY Results 2010
Fourth Quarter & FY Results 2010 March 11th, 2011
Slide 2: Disclaimer
Disclaimer Forward Looking Statements Certain information included in this presentation 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”, “bel
Slide 3: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 4: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 5: Income Statement FY10 & FY09
Income Statement FY10 & FY09, yoy figures EBTIDA Margin (%) Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +14% +18% 30.8 7,632 2,351 7 241 29.7 6,679 211 192 1,125 1,986 9 303 1,098 162 1,804 297 1,599 78% 1,830 4,885 1,518 4,219 4Q & FY Results - March 11th, 2011 -429
Slide 6: Income Statement FY10 & FY09
Income Statement FY10 & FY09, yoy figures EBTIDA Margin (%) Exhibit 4: FY09 Exhibit 5: FY10 AR$ MM AR$ MM 6,679 14% 7,632 3,261 3,597 10% 1,433 17% 1,683 30.8 4Q & FY Results - March 11th, 2011 29.7 1,986 18% 2,352 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sale
Slide 7: Income Statement 4Q10 & 4Q09
Income Statement 4Q10 & 4Q09, yoy figures EBTIDA Margin (%) Exhibit 6: Net Sales Exhibit 7: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +16% 28.3 +19% 2,130 603 73 4 1,784 350 519 29.1 80 57 18 80 284 101 507 461 400 438 73% 1,323 1,084 4Q & FY Results - March 11th, 2011 0 -102 -123 4Q09 4Q10 4Q09
Slide 8: Income Statement 4Q10 & 4Q09
Income Statement 4Q10 & 4Q09, yoy figures EBTIDA Margin (%) Exhibit 9: 4Q09 Exhibit 10: 4Q10 AR$ MM AR$ MM 1,783 19% 2,130 839 1,016 21% 426 20% 511 28.3 4Q & FY Results - March 11th, 2011 29.1 519 16% 603 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Ex
Slide 9: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 10: Financial Debt
Financial Debt Exhibit 11: Key Financial Ratios AR$ MM 590.3 MM at 3.98 ARS/ USD FY10 9M10 FY09 QoQ YoY -9.8% Total Gross Debt Outstanding* 2,349.4 2,605.7 2,580.9 -9.0% -11.1% Total Gross Debt Incl. Interests* 2,386.3 2,682.8 2,612.9 -8.7% -10.0% -20.0% Total Net Debt (Incl. Reserve Accounts)** 1,6
Slide 11: Financial Debt
Financial Debt Exhibit 13: New Debt Profile as March 11th, 2011 * US$ MM, Balance Sheet 606 170 123 90 89 55 44 19 15 2011 2012 2013 2014 2015 2016 2017 2018 Exhibit 14: 2011 Debt Payment Schedule as March 11th, 2011 AR$ MM 55 4Q & FY Results - March 11th, 2011 3 13 34 5 IQ11 IIQ11 IIIQ11 IVQ11 2011
Slide 12: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 13: Cable TV & Internet Access I
Cable TV & Internet Access I Revenues & Costs EBTIDA Margin (%) Exhibit 15: 4Q09 Exhibit 16: 4Q10 AR$ MM AR$ MM 1,084 22% 1,323 444 29% 573 240 36.9 30% 33.1 312 400 10% 438 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 4Q & FY Results
Slide 14: Cable TV & Internet Access II
Cable TV & Internet Access II Key Ratios Exhibit 19: Cable & Internet Access Statistics ‘000s FY10 FY09 % Ch. 4Q10 3Q10 4Q09 QoQ YoY Homes Passed 7,488.9 7,457.0 0.4% 7,488.9 7,468.8 7,457.0 0.3% 0.4% Bidirectional Homes Passed 59.9% 56.6% 5.9% 59.9% 58.2% 56.6% 2.9% 5.9% Total CATV Subscribers 3,35
Slide 15: Cable TV & Internet Access III
Cable TV & Internet Access III Key Ratios Exhibit 20: Total Consolidated Cable Subscribers Exhibit 21: Total Equity Subscribers ‘000s ‘000s 5,2% 5% 3.358 3.262 3.434 3.193 +165 +171 4Q09 4Q10 4Q09 4Q10 Exhibit 22: Internet Subs Exhibit 23: Digital Subs Exhibit 24: Total ARPU ‘000s Cablemodem ’000s A
Slide 16: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 17: Printing & Publishing
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 25: 4Q09 Exhibit 26: 4Q10 AR$ MM AR$ MM 461 10% 507 233 18% 276 19% 127 21.9 152 15.8 101 -21% 80 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 4Q & FY Results - March 11t
Slide 18: Printing & Publishing II
Printing & Publishing II Key Ratios Exhibit 29: Key Ratios -10% 0% 389 55.0 54.9 349 4Q09 4Q10 4Q09 4Q10 Circulation1 (‘000s) -5% Advertising Share2 (%) 45.7 43.2 4Q & FY Results - March 11th, 2011 4Q09 4Q10 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diario Clarí
Slide 19: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 20: Broadcasting & Programming
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 30: 4Q09 Exhibit 31: 4Q10 AR$ MM AR$ MM 284 23% 350 6% 179 190 -8% 19.2 80 87 11.0 343% 80 18 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 4Q & FY Results - March 11
Slide 21: Broadcasting & Programming II
Broadcasting & Programming II Key Ratios Exhibit 34: Key Ratios +13% -9% 46.7 39.6 41.5 36.1 4Q09 4Q10 4Q09 4Q10 Prime Time1 (%) Advertising Share2 (%) +18% 34.8 4Q & FY Results - March 11th, 2011 29.6 4Q09 4Q10 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime ti
Slide 22: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 23: Digital Content & Others: Revenues & Costs
Digital Content & Others Revenues & Costs EBTIDA Margin (%) Exhibit 35: 4Q09 Exhibit 36: 4Q10 AR$ MM AR$ MM 57 29% 73 21 25% 27 18% 36 -0.8 42 5.6 1016% 4 0 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Adm.Sales Expenses 4Q & FY Results - March 11th, 2011 Expenses
Slide 24: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 25: Capex 4Q09 & 4Q10
Capex & Net Sales 4Q09 & 4Q10, QoQ figures Exhibit 39: Capex & Net Sales 2,130 73 4Q10 CAPEX Breakdown 350 1,783 56 284 507 5% 8% 1% 461 11.3% 4 1,323 2 8.2% 1,084 3 13 242 20 146 17 86% 4Q & FY Results - March 11th, 2011 122 207 -123 -102 4Q09 4Q09 4Q10 4Q10 Net Sales Capex Net Sales Capex Cable TV
Slide 26: Capex FY09 & FY10
Capex & Net Sales FY09 & FY10, YoY figures Exhibit 40: Capex & Net Sales 7,632 241 FY10 CAPEX Breakdown 1,125 6,679 192 1,097 1,804 2% 5% 3% 1,599 4,885 12.7% 10.3% 10 19 4,219 29 29 968 687 75 52 90% 4Q & FY Results - March 11th, 2011 572 867 -429 -423 FY09 FY09 FY10 FY10 Net Sales Capex Net Sales
Slide 27: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 28: Equity Participation at IPO and Shareholder Structure
Ownership Structure & Corporate Governance Exhibit 41: Equity Participation at IPO1 Exhibit 42: Shareholder Structure % Number of Shares4 Free Float Controlling Shareholders 204,030,227 20% Goldman Sachs 26,198,157 GS3 9% Free Float 57,190,200 • International 24,848,504 (43%) 71% Controlling • Local
Slide 29: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming 4Q & FY Results - March 11th, 2011 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 30: Q & A Session
Investor Relations: hitp://www.grupoclarin.com/ir
Slide 31: Fourth Quarter & FY Results 2010
Fourth Quarter & FY Results 2010 March 11th, 2011