Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — Q3 2010 Earnings Presentation
30 slides from Grupo Clarin SA Class B's earnings presentation, Nov 11, 2010
Slide 1: Third Quarter Results 2010
Third Quarter Results 2010 November 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 3Q Results - November 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 3Q Results - November 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 5: Income Statement 9M10 & 9M09
Income Statement 9M10 & 9M09, yoy figures EBTIDA Margin (%) Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +12% +19% 31.8 5,502 1,749 3 4,895 168 775 30.0 131 136 1,467 223 10 814 144 1,297 196 1,138 1,391 80% 3,562 1,118 3,135 3Q Results - November 11th, 2010 -327 -299
Slide 6: Income Statement 3Q10 & 3Q09
Income Statement 3Q10 & 3Q09, yoy figures EBTIDA Margin (%) Exhibit 4: Net Sales Exhibit 5: Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM 30.0 +19% 1,986 +18% 596 59 58 30.2 1,668 302 504 4 50 65 254 59 28 448 387 474 80% 414 1,282 1,080 3Q Results - November 11th, 2010 -1 -102 -105 3Q09 3Q10 3Q09 3Q
Slide 7: Income Statement 3Q10 & 3Q09
Income Statement 3Q10 & 3Q09, yoy figures EBTIDA Margin (%) Exhibit 7: 3Q09 Exhibit 8: 3Q10 AR$ MM AR$ MM 1,668 19% 1,986 819 15% 945 345 29% 445 30.0 30.2 3Q Results - November 11th, 2010 504 18% 596 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expense
Slide 8: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 3Q Results - November 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 658.0 MM at 3.96 ARS/ USD 9M10 6M10 9M09 QoQ YoY Total Gross Debt Outstanding* 2,605.7 2,572.3 2,739.8 1.3% (4.9%) Total Gross Debt Incl. Interests* 2,682.8 2,605.5 2,799.7 3.0% (4.2%) Total Net Debt (Incl. Reserve Accounts)** 1,865.3 2,113.8 2,3
Slide 10: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 3Q Results - November 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: 3Q09 Exhibit 12: 3Q10 AR$ MM AR$ MM 1,080 19% 1,282 458 16% 530 208 38.3 34% 278 36.9 414 15% 474 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 3Q Results - Nov
Slide 12: Cable TV & Internet Access II
Cable TV & Internet Access II Key Ratios Exhibit 15: Cable & Internet Access Statistics ‘000s 9M10 9M09 % Ch. 3Q10 2Q10 3Q09 QoQ YoY Homes Passed 7,468.8 7,422.9 0.6% 7,468.8 7,453.6 7,422.9 0.2% 0.6% Bidirectional Homes Passed 58.2% 55.4% 5.0% 58.2% 56.8% 55.4% 2.4% 5.0% Total CATV Subscribers 3,35
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% 3.289 3.351 3.265 3.427 +62 +162 3Q09 3Q10 3Q09 3Q10 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 3Q Results - November 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 15: Printing & Publishing
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 21: 3Q09 Exhibit 22: 3Q10 AR$ MM AR$ MM 387 16% 448 215 13% 244 23% 113 15.2 139 14.5 10% 59 65 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 3Q Results - November 11th, 2
Slide 16: Printing & Publishing II
Printing & Publishing II Key Ratios Exhibit 25: Key Ratios -10% -4% 389 57.3 55.0 350 3Q09 3Q10 3Q09 3Q10 Circulation1 (‘000s) Advertising Share2 (%) -8% 46.6 43.1 3Q Results - November 11th, 2010 3Q09 3Q10 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diario Clarín
Slide 17: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 3Q Results - November 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 18: Broadcasting & Programming
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 26: 3Q09 Exhibit 27: 3Q10 AR$ MM AR$ MM 254 19% 302 10% 173 189 2% 11.0 54 19.2 53 108% 58 28 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 3Q Results - November 11th
Slide 19: Broadcasting & Programming II
Broadcasting & Programming II Key Ratios Exhibit 30: Key Ratios +15% -4% 45.6 36.9 35.4 39.5 3Q09 3Q10 3Q09 3Q10 Prime Time1 (%) Advertising Share2 (%) +14% 33.2 29.0 3Q Results - November 11th, 2010 3Q09 3Q10 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time
Slide 20: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 3Q Results - November 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: 3Q09 Exhibit 32: 3Q10 AR$ MM AR$ MM 49 20% 59 19 30% 24 31% 27 36 7.2 -1.2 4 -121% 1 Net Sales Cost of Selling & EBITDA Sales Adm. Net Sales Cost of Selling & EBITDA Expenses Sales Adm. 3Q Results - November 11th, 2010 Expenses
Slide 22: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 3Q Results - November 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 23: Capex 9M09 & 9M10
Capex & Net Sales 9M09 & 9M10, QoQ figures Exhibit 35: Capex & Net Sales 5,502 168 775 9M10 CAPEX Breakdown 4,895 136 1,297 814 2% 4% 1,138 2% 6 3,562 13.2% 17 11.1% 3,135 17 26 726 541 58 32 91% 3Q Results - November 11th, 2010 451 660 -327 -299 9M09 9M09 9M10 9M10 Net Sales Capex Net Sales Capex C
Slide 24: Capex 3Q09 & 3Q10
Capex & Net Sales 3Q09 & 3Q10, QoQ figures Exhibit 36: Capex & Net Sales 1,986 59 3Q10 CAPEX Breakdown 302 1,668 49 254 448 4% 4% 387 2% 1,282 11.2% 8 3 1,080 10.7% 6 3 223 178 14 8 91% 3Q Results - November 11th, 2010 155 203 -102 -105 3Q09 3Q09 3Q10 3Q10 Net Sales Capex Net Sales Capex Cable TV &
Slide 25: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 3Q Results - November 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 24,369,676 (43%) 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 3Q Results - November 11th, 2010 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 28: Guidance
Guidance November 11th, 2010
Slide 29: Q & A Session
Q & A Session November 11th, 2010
Slide 30: Third Quarter Results 2010
Third Quarter Results 2010 November 11th, 2010