Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — FY2016 Earnings Presentation
32 slides from Grupo Clarin SA Class B's earnings presentation, Mar 13, 2017
Slide 1: Full Year and Fourth Quarter Results 2016
Full Year and Fourth Quarter Results 2016 March 13th, 2017
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 & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 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 & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 5: Income Statement FY16 & FY15
Income Statement FY16 & FY15 yoy figures Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM 28.9 +48% 41,178 30.1 +42% 11,897 1,268 1,202 4,900 5,776 27,792 8,361 761 1 3,601 952 113 4,303 10,931 92% 30,571 7,295 FY and 4Q Results 2016 - March 13th, 2017 2
Slide 6: Income Statement 4Q16 & 4Q15
Income Statement 4Q16 & 4Q15, yoy figures Exhibit 4: Net Sales Exhibit 5: Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM 26.0 +48% 11,580 25.0 +54% 3,009 409 1,615 425 1,655 7,810 225 1,954 1,144 319 1,201 5 2,753 91% 8,334 1,643 FY and 4Q Results 2016 - March 13th, 2017 5,502 -14 -9
Slide 7: Income Statement 4Q16 & 4Q15
Income Statement 4Q16 & 4Q15, yoy figures EBTIDA Margin (%) Exhibit 7: 4Q15 Exhibit 8: 4Q16 AR$ MM AR$ MM 11,580 7,810 48% 3,514 5,237 49% FY and 4Q Results 2016 - March 13th, 2017 42% 2,342 3,335 25.0 26.0 1,954 54% 3,009 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales A
Slide 8: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 9: Financial Debt
Financial Debt Exhibit 9: Key Financial Ratios AR$ MM 629 MM at 15.89 ARS/ USD FY16 9M16 FY15 QoQ YoY Total Gross Debt Outstanding* 9,999.1 9,756.9 6,741.7 2.5% 48.3% Total Gross Debt Incl. Interests** 10,043.8 9,923.1 6,937.7 1.2% 44.8% Total Net Debt 6,711.1 6,624.0 4,264.1 1.3% 57.4% Net Debt/ Ad
Slide 10: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 11: Cable TV, Internet Access & Telephony: Revenues & Costs
Cable TV, Internet Access & Telephony I Revenues & Costs EBTIDA Margin (%) Exhibit 11: 4Q15 Exhibit 12: 4Q16(*) AR$ MM AR$ MM 5,502 51% 8,334 2,169 51% 3,271 37% 1,689 29.9 2,310 33.0 68% 2,753 1,643 FY and 4Q Results 2016 - March 13th, 2017 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selli
Slide 12: Key Ratios: Cable & Internet Access Statistics
Cable TV, Internet Access & Telephony II Key Ratios Exhibit 15: Cable & Internet Access Statistics ‘000s FY16 FY15 % Ch. 4Q16 3Q16 4Q15 QoQ YoY Homes Passed(*) 7,832.9 7,795.4 0.5% 7,832.9 7,822.5 7,795.4 0.1% 0.5% Bidirectional Homes Passed 75.1% 72.1% 4.2% 75.1% 74.2% 72.1% 1.2% 4.2% Total CATV Su
Slide 13: Key Ratios for Cable TV and Internet Access
Cable TV, Internet Access & Telephony III Key Ratios for Cable TV and Internet Access Exhibit 17: Unique Subs(1) Exhibit 18: Total Cable Subs Exhibit 19: Total Equity Subs(1) ‘000s ‘000s ‘000s 1% 0% 0% 3.874 3.912 3.533 3.528 3.664 3.658 +38 -5 -6 4Q15 4Q16 4Q15 4Q16 4Q15 4Q16 FY and 4Q Results 2016
Slide 14: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 15: Broadcasting & Programming: Revenues & Costs
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 23: 4Q15 Exhibit 24: 4Q16 AR$ MM AR$ MM 1,144 41% 1,615 616 40% 864 27.9 56% 26.3 209 326 319 33% 425 FY and 4Q Results 2016 - March 13th, 2017 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales
Slide 16: Key Ratios: Audience and Advertising Share
Broadcasting & Programming II Key Ratios Exhibit 27: Key Ratios +4% 0% 37.3 38.9 39.5 39.4 4Q15 4Q16 4Q15 4Q16 Prime Time1 (%) Advertising Share2 (%) FY and 4Q Results 2016 - March 13th, 2017 +6% 31.6 33.6 4Q15 4Q16 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prim
Slide 17: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 18: Printing & Publishing: Revenues & Costs
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 28: 4Q15 Exhibit 29: 4Q16 AR$ MM AR$ MM 1,201 38% 1,655 45% 703 1,021 47% 493 0.4 726 (5.5) 5 FY and 4Q Results 2016 - March 13th, 2017 92 Net Sales Cost of Selling & EBITDA Sales Adm. Net Sales Cost of Selling & EBITDA Expenses Sales
Slide 19: Key Ratios: Circulation and Advertising Share
Printing & Publishing II Key Ratios Exhibit 32: Key Ratios -9% +1% 254 50.4 51.2 230 4Q15 4Q16 4Q15 4Q16 Circulation1 (‘000s) Advertising Share2 (%) FY and 4Q Results 2016 - March 13th, 2017 +5% 39.5 41.6 4Q15 4Q16 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diari
Slide 20: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 21: Digital Content & Others: Revenues & Costs
Digital Content & Others Revenues & Costs EBTIDA Margin (%) Exhibit 33: 4Q15 Exhibit 34: 4Q16 AR$ MM AR$ MM 82% 409 225 135 103% 274 105% (18.8) 104 (6.2) 212 77 14 FY and 4Q Results 2016 - March 13th, 2017 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. E
Slide 22: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 23: Capex FY16 & FY15
Capex & Net Sales FY16 & FY15, YoY figures Exhibit 37: Capex & Net Sales 27,792 41,178 761 1,268 3,601 4,900 FY16 CAPEX Breakdown 4,303 5,776 0.9% 2.2% 0.3% 20,125 30,571 21.9% 15.5% 24 FY and 4Q Results 2016 - March 13th, 2017 5 9,024 4,307 76 203 53 85 8,713 96.5% 4,173 -1,000 -1,337 FY15 Net FY15
Slide 24: Capex 4Q16 & 4Q15
Capex & Net Sales 4Q16 & 4Q15, YoY figures Exhibit 38: Capex & Net Sales 7,810 11,580 225 1,144 1,615 409 4Q16 CAPEX Breakdown 1,201 1,655 1% 2% 0% 21.5% 5,502 17.7% 8,334 9 FY and 4Q Results 2016 - March 13th, 2017 1 2,489 1,384 44 24 15 21 2,413 97% 1,345 -262 -432 4Q15 4Q15 4Q16 4Q16 Net Sales Ca
Slide 25: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 26: Ownership Structure & Corporate Governance
Ownership Structure & Corporate Governance Exhibit 39: Equity Participation at IPO1 Exhibit 40: Shareholder Structure % Number of Shares4 Free Float Controlling Shareholders 204,030,227 20,3% GS Unidos, LLC 25,156,869 GS Unidos, 8,8% Free Float 58,231,488 LLC 3 70,9% • International (49%) Controllin
Slide 27: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing FY and 4Q Results 2016 - March 13th, 2017 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 28: Appendix: Income Statement Continued and Discontinued Operations
Appendix Income Statement Continued and Discontinued Operations FY16 & FY15 yoy figures EBTIDA Margin (%) Net Sales Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +48% 41,178 28.9 30.1 +42% 11,897 11,379 966 27,792 8,361 8,292 1,066 10,931 30,571 FY and 4Q Results 2016 - March 13th, 2017 7,295 20,125
Slide 29: Appendix: Income Statement Continued Operations
Appendix Income Statement Continued Operations FY16 & FY15 yoy figures Net Sales Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM +37% 11,379 12.9 8.5 1,268 -9% 966 1,066 8,292 1 761 4,900 3,601 952 1,202 FY and 4Q Results 2016 - March 13th, 2017 5,776 4,303 113 -131 -374 -565 -105 FY1
Slide 30: Appendix: Net Sales and Adjusted EBITDA by Segment
Appendix NET SALES (In millions of Ps.) FY16 FY15 YoY 4Q16 3Q16 4Q15 QoQ YoY Discontinued Cable TV, Internet access and 30.571,2 20.125,4 51,9% 8.333,8 7.994,7 5.501,8 4,2% 51,5% Operations Telephony Printing and 5.775,8 4.303,4 34,2% 1.655,1 1.511,9 1.200,5 9,5% 37,9% Publishing Broadcasting and 4.
Slide 31: Q & A Session
Q & A Session March 13th, 2017
Slide 32: Full Year and Fourth Quarter Results 2016
Full Year and Fourth Quarter Results 2016 March 13th, 2017