Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — FY2009 Earnings Presentation
31 slides from Grupo Clarin SA Class B's earnings presentation, Mar 11, 2010
Slide 1: Fourth Quarter & FY Results 2009
Fourth Quarter & FY Results 2009 March 11th, 2010
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, 2010 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, 2010 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 5: Income Statement FY09 & FY08
Income Statement FY09 & FY08, yoy figures EBTIDA Margin (%) Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM 29.7 +16% +19% 6,679 1,986 192 29.2 162 9 5,736 1,098 1,675 166 297 1,038 159 1 1,599 320 1,520 1,518 4,219 1,196 3,418 4Q & FY Results – March 11th, 2010 ‐405 ‐42
Slide 6: Income Statement 4Q09 & 4Q08
Income Statement 4Q09 & 4Q08, yoy figures Exhibit 4: Net Sales Exhibit 5: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +10% +13% 29.1 1,783 519 1,626 57 28.2 18 458 42 284 101 324 51 461 100 432 400 1,084 311 4Q & FY Results – March 11th, 2010 938 ‐0 ‐109 ‐102 ‐4 4Q08 4Q09 4Q08 4Q09 Cable TV & Inter
Slide 7: Income Statement FY09 & FY08
Income Statement FY09 & FY08, yoy figures EBTIDA Margin (%) Exhibit 6: FY08 Exhibit 7: FY09 AR$ MM AR$ MM 5,736 16% 6,679 2,800 16% 3,261 1,262 14% 1,433 4Q & FY Results – March 11th, 2010 29.2 29.7 1,675 19% 1,986 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sale
Slide 8: Income Statement 4Q09 & 4Q08
Income Statement 4Q09 & 4Q08, yoy figures EBTIDA Margin (%) Exhibit 8: 4Q08 Exhibit 9: 4Q09 AR$ MM AR$ MM 1,625 10% 1,783 784 839 7% 383 11% 426 4Q & FY Results – March 11th, 2010 28.2 29.1 458 13% 519 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expens
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, 2010 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 10: Financial Debt
Financial Debt Exhibit 10: Key Financial Ratios AR$ MM 679.2 MM at 3.80 ARS/ USD FY09 9M09 FY08 QoQ YoY Total Gross Debt Outstanding* 2.580,9 2.739,9 3025,8 -5.8% -14.7% Total Gross Debt Incl. Interests 2.612,9 2.799,8 3.067,9 -6.7% -14.8% Total Net Debt (Incl. Reserve Accounts)** 2.098.6 2.315,4 2.
Slide 11: Financial Debt
Financial Debt Exhibit 12: 1Q10 Debt Profile as of March 11th, 2010 US$ MM, Balance Sheet IQ10 Debt 11 7 Cancelled Forward Contracts: ARS & USD 2010: 22.0 MM USD Total Forward Contracts: 22.0 MM USD 4 IQ10 USD ARS & USD Exhibit 13: 2010 Debt Profile as of March 11th, 2010 US$ MM, Balance Sheet FRN G
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, 2010 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 14: 4Q08 Exhibit 15: 4Q09 AR$ MM AR$ MM 938 16% 1,084 401 11% 444 6% 240 36.9 225 33.2 312 28% 400 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 4Q & FY Results – M
Slide 14: Cable TV & Internet Access II
Cable TV & Internet Access II Key Ratios Exhibit 18: Cable & Internet Access Statistics ‘000s FY09 FY08 % Ch. 4Q09 3Q09 4Q08 QoQ YoY Homes Passed 7.457,0 6.753,6 10,4% 7.457,0 7.422,9 6.753,6 0,5% 10,4% Bidirectional Homes Passed 56,6% 47,0% 20,3% 56,6% 55,4% 47,0% 2,1% 20,3% Total CATV Consolidated
Slide 15: Cable TV & Internet Access III
Cable TV & Internet Access III Key Ratios Exhibit 19: Total Consolidated Cable Subscribers Exhibit 20: Total Equity Subscribers ‘000s ‘000s +0% +3% 3,191 3,193 3,168 3,262 +2 +94 4Q08 4Q09 4Q08 4Q09 Exhibit 21: Internet Subs Exhibit 22: Digital Subs Exhibit 23: Total ARPU ‘000s Cablemodem ’000s Arge
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, 2010 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 17: Printing & Publishing
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 24: 4Q08 Exhibit 25: 4Q09 AR$ MM AR$ MM 432 7% 461 229 2% 233 104 23.0 23% 127 21.9 99 1% 101 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 4Q & FY Results – March 11th, 2
Slide 18: Printing & Publishing II
Printing & Publishing II Key Ratios Exhibit 28: Key Ratios ‐9% ‐2% 427 61.7 60.6 389 4Q08 4Q09 4Q08 4Q09 Circulation1 (‘000s) Advertising Share2 (%) ‐5% 48.7 46.5 4Q & FY Results – March 11th, 2010 4Q08 4Q09 Circulation Share2 (%) (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, 2010 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 20: Broadcasting & Programming
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 29: 4Q08 Exhibit 30: 4Q09 AR$ MM AR$ MM 324 ‐12% 284 216 ‐17% 179 15.8 53% 57 87 6.4 51 ‐65% 18 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 4Q & FY Results – March
Slide 21: Broadcasting & Programming II
Broadcasting & Programming II Key Ratios Exhibit 33: Key Ratios +10% ‐5% 41.5 41.5 39.6 37.8 4Q08 4Q09 4Q08 4Q09 Prime Time1 (%) Advertising Share2 (%) ‐4% 30.8 29.6 4Q & FY Results – March 11th, 2010 4Q08 4Q09 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime tim
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, 2010 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 23: Digital Content & Others
Digital Content & Others I Revenues & Costs EBTIDA Margin (%) Exhibit 34: 4Q08 Exhibit 35: 4Q09 AR$ MM AR$ MM 42 35% 57 19 13% 21 32% 36 27 -0.8 -9.4 ‐89% 4 0 Net Sales Cost of Selling & EBITDA Sales Adm. Net Sales Cost of Selling & EBITDA Sales Adm. 4Q & FY Results – March 11th, 2010 Expenses Expen
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, 2010 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 25: Capex 4Q08 & 4Q09
Capex & Net Sales 4Q08 & 4Q09, QoQ figures Exhibit 38: Capex & Net Sales 1,783 56 4Q09 CAPEX Breakdown 284 1,625 42 324 461 3% 12% 2% 432 12.4% 3 1,084 4 8.2% 937 12 3 202 16 146 17 84% 4Q & FY Results – March 11th, 2010 170 122 ‐109 ‐102 4Q08 4Q08 3Q09 4Q09 Net Sales Capex Net Sales Capex Cable TV
Slide 26: Capex FY08 & FY09
Capex & Net Sales FY08 & FY09, YoY figures Exhibit 39: Capex & Net Sales 6,679 192 FY09 CAPEX Breakdown 1,097 5,736 166 1,038 1,599 11% 4% 1,520 1% 4,219 10 14.8% 10 10.3% 3,417 29 29 847 687 75 83% 62 4Q & FY Results – March 11th, 2010 746 572 ‐405 ‐429 FY08 FY08 Capex FY09 FY09 Net Sales 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, 2010 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 40: Equity Participation at IPO1 Exhibit 41: 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 23,349,274 (41%) 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, 2010 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 30: Q&A Session
YF) Grupo Clarin Q&A Session March 11%, 2010 Investor Relations: http:/hwww.grupoclarin.com/ir
Slide 31: Fourth Quarter Results 2009
Fourth Quarter Results 2009 March 11th, 2010