Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — Q2 2010 Earnings Presentation
29 slides from Grupo Clarin SA Class B's earnings presentation, Aug 11, 2010
Slide 1: Second Quarter Results 2010
Second Quarter Results 2010 August 11th, 2010
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 2Q Results - August 11th, 2010 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 Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 5: Income Statement 1H10 & 1H09
Income Statement 1H10 & 1H09, yoy figures EBTIDA Margin (%) Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +9% +20% 32.8 3,516 1,153 4 3,227 109 86 473 29.8 73 963 158 560 6 849 116 750 137 918 80% 2,055 2,280 704 2Q Results - August 11th, 2010 -225 -195 1H09 1H10 1H09
Slide 6: Income Statement 2Q10 & 2Q09
Income Statement 2Q10 & 2Q09, yoy figures EBTIDA Margin (%) Exhibit 4: Net Sales Exhibit 5: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +9% +18% 33.3 1,873 623 1,717 56 3 43 291 527 30.7 60 335 2 100 91 457 394 78 460 74% 1,060 1,168 357 2Q Results - August 11th, 2010 -115 -99 2Q09 2Q10 2Q09 2Q10 E
Slide 7: Income Statement 2Q10 & 2Q09
Income Statement 2Q10 & 2Q09, yoy figures EBTIDA Margin (%) Exhibit 7: 2Q09 Exhibit 8: 2Q10 AR$ MM AR$ MM 1,717 9% 1,873 846 875 3% 375 344 9% 33.3 30.7 2Q Results - August 11th, 2010 527 623 8% Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expe
Slide 8: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 9: Financial Debt
Financial Debt Exhibit 9: Key Financial Ratios AR$ MM 654.5 MM at 3.93 ARS/ USD 6M10 3M10 6M09 QoQ YoY Total Gross Debt Outstanding* 2,572.3 2,602.3 2,989.0 (1.2%) (13.9%) Total Gross Debt Incl. Interests* 2,605.5 2,671.4 3,029.0 (2.5%) (14.0%) Total Net Debt (Incl. Reserve Accounts)** 2,113.8 2,024
Slide 10: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 11: Cable TV & Internet Access I
Cable TV & Internet Access I Revenues & Costs EBTIDA Margin (%) Exhibit 11: 2Q09 Exhibit 12: 2Q10 AR$ MM AR$ MM 1,060 10% 1,168 491 -5% 468 33.7 13% 240 39.4 212 357 29% 460 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 2Q Results - Aug
Slide 12: Cable TV & Internet Access II
Cable TV & Internet Access II Key Ratios Exhibit 15: Cable & Internet Access Statistics ‘000s 1H10 1H09 % Ch. 2Q10 2Q09 1Q10 QoQ YoY Homes Passed 7,453.6 7,242.6 2.9% 7,453.6 7,242.6 7,445.8 0.1% 2.9% Bidirectional Homes Passed 56.8% 54.5% 4.2% 56.8% 54.5% 56.5% 0.5% 4.2% Total CATV Subscribers 3,31
Slide 13: Cable TV & Internet Access III
Cable TV & Internet Access III Key Ratios Exhibit 16: Total Consolidated Cable Subscribers Exhibit 17: Total Equity Subscribers ‘000s ‘000s 1,9% 5% 3.250 3.312 3.226 3.386 +63 +160 2Q09 2Q10 2Q09 2Q10 Exhibit 18: Internet Subs Exhibit 19: Digital Subs Exhibit 20: Total ARPU ‘000s Cablemodem ’000s Ar
Slide 14: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 15: Printing & Publishing
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 21: 2Q09 Exhibit 22: 2Q10 AR$ MM AR$ MM 394 16% 457 11% 213 237 16% 120 21.8 104 19.7 28% 78 100 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 2Q Results - August 11th, 20
Slide 16: Printing & Publishing II
Printing & Publishing II Key Ratios Exhibit 25: Key Ratios -7% -5% 393 57.5 54.9 367 2Q09 2Q10 2Q09 2Q10 Circulation1 (‘000s) Advertising Share2 (%) -9% 47.4 42.9 2Q Results - August 11th, 2010 2Q09 2Q10 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diario Clarín an
Slide 17: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 18: Broadcasting & Programming
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 26: 2Q09 Exhibit 27: 2Q10 AR$ MM AR$ MM 335 -13% 291 -2% 192 188 -20% 53 27.0 20.8 42 91 -33% 60 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 2Q Results - August 11t
Slide 19: Broadcasting & Programming II
Broadcasting & Programming II Key Ratios Exhibit 30: Key Ratios -8% +6% 41.5 34.1 36.2 38.0 2Q09 2Q10 2Q09 2Q10 Prime Time1 (%) Advertising Share2 (%) -12% 30.9 27.1 2Q Results - August 11th, 2010 2Q09 2Q10 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time is
Slide 20: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 21: Digital Content & Others
Digital Content & Others Revenues & Costs EBTIDA Margin (%) Exhibit 31: 2Q09 Exhibit 32: 2Q10 AR$ MM AR$ MM 43 29% 56 16 30% 21 29% 25 32 5.1 5.0 32% 2 3 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 2Q Results - August 11th, 2010 Exhib
Slide 22: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 23: Capex 1H09 & 1H10
Capex & Net Sales 1H09 & 1H10, QoQ figures Exhibit 35: Capex & Net Sales 3,516 109 1H10 CAPEX Breakdown 473 3,227 86 560 849 2% 5% 750 3% 2,280 14.3% 11.3% 3 9 2,055 13 20 503 363 44 24 91% 296 457 2Q Results - August 11th, 2010 -225 -195 1H09 1H09 1H10 1H10 Net Sales Capex Net Sales Capex Cable TV
Slide 24: Capex 2Q09 & 2Q10
Capex & Net Sales 2Q09 & 2Q10, QoQ figures Exhibit 36: Capex & Net Sales 1,873 56 2Q10 CAPEX Breakdown 291 1,717 43 335 457 2% 4% 3% 394 15.3% 2 1,168 7 1,060 8.2% 7 286 8 141 26 12 91% 107 259 2Q Results - August 11th, 2010 -115 -99 2Q09 2Q09 2Q10 2Q10 Net Sales Capex Net Sales Capex Cable TV & Int
Slide 25: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 26: Equity Participation at IPO and Shareholder Structure
Ownership Structure & Corporate Governance Exhibit 37: Equity Participation at IPO1 Exhibit 38: 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 23,890,874 (42%) 71% Controlling • Local
Slide 27: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 2Q Results - August 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 28: Q & A Session
Q & A Session August 11th, 2010
Slide 29: Second Quarter Results 2010
Second Quarter Results 2010 August 11th, 2010