Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — Q1 2011 Earnings Presentation
27 slides from Grupo Clarin SA Class B's earnings presentation, May 12, 2011
Slide 1: First Quarter Results 2011
First Quarter Results 2011 May 12th, 2011
Slide 2: Disclaimer: Forward Looking Statements
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 Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 4: Sales & EBITDA Growth
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 5: Income Statement
Income Statement 1Q11 & 1Q10, yoy figures EBTIDA Margin (%) Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +17% 29.9 +26% 2,073 620 63 32.2 6 29 250 530 45 1,643 13 1 53 452 59 183 391 87% 540 457 1,420 1,112 1Q Results - May 12th, 2011 -96 -111 1Q10 1Q11 1Q10 1Q11 Exhi
Slide 6: Income Statement
Income Statement 1Q11 & 1Q10, yoy figures EBTIDA Margin (%) Exhibit 4: 1Q10 Exhibit 5: 1Q11 AR$ MM AR$ MM 1,643 26% 2,073 761 966 27% 38% 353 487 32.2 29.9 1Q Results - May 12th, 2011 530 620 17% Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Exp
Slide 7: Financial Debt
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 8: Financial Debt
Financial Debt Exhibit 6: Key Financial Ratios AR$ MM 610.8 MM at 4.05 ARS/ USD 3M11 FY10 3M10 QoQ YoY Total Gross Debt Outstanding* 2,473.8 2,349.4 2,602.3 5.3% -4.9% Total Gross Debt Incl. Interests* 2,514.1 2,386.3 2,671.4 5.4% -5.9% Total Net Debt (Incl. Reserve Accounts)** 1,644.9 1,679.1 2,024
Slide 9: Cable TV & Internet Access
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 10: Cable TV & Internet Access I
Cable TV & Internet Access I Revenues & Costs EBTIDA Margin (%) Exhibit 8: 1Q10 Exhibit 9: 1Q11 AR$ MM AR$ MM 1,112 28% 1,420 439 568 29% 45% 215 312 41.1 38.0 1Q Results - May 12th, 2011 18% 457 540 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses
Slide 11: Cable TV & Internet Access II
Cable TV & Internet Access II Key Ratios Exhibit 10: Cable & Internet Access Statistics „000s 1Q11 1Q10 % Ch. 4Q10 QoQ Homes Passed 7,498.0 7,445.8 0.7% 7,488.9 0.1% Bidirectional Homes Passed 60.0% 56.5% 6.2% 59.9% 0.2% Total CATV Subscribers 3,372.6 3,227.8 4.5% 3,357.9 0.4% Churn Rate 15.0% 13.9%
Slide 12: Cable TV & Internet Access III
Cable TV & Internet Access III Key Ratios Exhibit 11: Total Consolidated Cable Subscribers Exhibit 12: Total Equity Subscribers „000s „000s 4,5% 5% 3.228 3.373 3.299 3.450 +145 +151 1Q10 1Q11 1Q10 1Q11 Exhibit 13: Internet Subs Exhibit 14: Digital Subs Exhibit 15: Total ARPU „000s Other Internet Sub
Slide 13: Printing & Publishing
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 14: Printing & Publishing
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 16: 1Q10 Exhibit 17: 1Q11 AR$ MM AR$ MM 391 15% 452 23% 211 259 21% 122 147 1Q Results - May 12th, 2011 15.0 10.0 59 -23% 45 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses
Slide 15: Printing & Publishing II
Printing & Publishing II Key Ratios Exhibit 18: Key Ratios -11% +2% 379 54.5 55.7 337 1Q10 1Q11 1Q10 1Q11 Circulation1 („000s) Advertising Share2 (%) -10% 44.9 40.2 1Q Results - May 12th, 2011 1Q10 1Q11 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diario Clarín and
Slide 16: Broadcasting & Programming
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 17: Broadcasting & Programming
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 19: 1Q10 Exhibit 20: 1Q11 AR$ MM AR$ MM 183 37% 250 128 27% 163 38% 1Q Results - May 12th, 2011 57 42 11.7 7.0 130% 29 13 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expense
Slide 18: Broadcasting & Programming II
Broadcasting & Programming II Key Ratios Exhibit 21: Key Ratios 0% -11% 38.4 38.4 37.2 33.1 1Q10 1Q11 1Q10 1Q11 Prime Time1 (%) Advertising Share2 (%) +9% 31.4 28.9 1Q Results - May 12th, 2011 1Q10 1Q11 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time is def
Slide 19: Digital Content & Others
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 20: Digital Content & Others
Digital Content & Others Revenues & Costs EBTIDA Margin (%) Exhibit 22: 1Q10 Exhibit 23: 1Q11 AR$ MM AR$ MM 53 19% 63 21 22% 25 2% 32 31 1Q Results - May 12th, 2011 9.5 2.5 1 349% 6 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 20 Sourc
Slide 21: CAPEX & Net Sales
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 22: Capex & Net Sales
Capex & Net Sales 1Q10 & 1Q11, YoY figures Exhibit 24: Capex & Net Sales 1,643 2,073 53 63 183 250 1Q11 CAPEX Breakdown 391 452 2% 7% 1% 1,112 1,420 13.2% 15.8% 2 3 217 6 328 24 12 7 90% 198 294 0 -96 -111 1Q Results - May 12th, 2011 1Q10 1Q10 1Q11 1Q11 Net Sales Capex Net Sales Capex Cable TV & Int
Slide 23: Ownership Structure & Corporate Governance
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 24: Ownership Structure & Corporate Governance
Ownership Structure & Corporate Governance Exhibit 25: Equity Participation at IPO1 Exhibit 26: 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 25,220,966 (44%) 71% Controlling • Local
Slide 25: Q & A Session
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2011 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 26: Q & A Session
Q & A Session May 12th, 2011
Slide 27: First Quarter Results 2011
First Quarter Results 2011 May 12th, 2011