Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — Q2 2019 Earnings Presentation
20 slides from Grupo Clarin SA Class B's earnings presentation, Aug 15, 2019
Slide 1: Second Quarter Results 2019
Second Quarter Results 2019 August 15th, 2019
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 Income Statement & Financial Debt Business Segments Ownership Structure & Corporate Governance Q & A Session 2Q19 Results - August 15th, 2019
Slide 4: Macroeconomic Environment: Key Indicators
Macroeconomic Environment Key Indicators Consumer Price Index(1) Central Bank Reference Rate(2) % yoy % yoy 56.2 65.0 68.2 54.8 62.7 59.3 47.3 35.2 35.4 40.0 26.6 26.1 27.9 24.5 24.5 26.3 26.3 28.8 27.3 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-1
Slide 5: Agenda
Agenda Argentina – Latest Events Income Statement & Financial Debt Business Segments Ownership Structure & Corporate Governance Q & A Session 2Q19 Results - August 15th, 2019
Slide 6: Income Statement: 1H19 & 1H18 yoy figures
Income Statement 1H19 & 1H18 yoy figures Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM -15% 8.4 11,836 7.5 +31% 9,281 10,044 998 -24% 763 7.5 1,116 4,755 +9% 698 7,080 355 756 9.1 1,053 643 57 4,105 19 2,923 9,281 7,080 816 643 698 4,588 589 3,493 -38
Slide 7: Income Statement: 2Q19 & 2Q18 yoy figures
Income Statement 2Q19 & 2Q18 yoy figures Exhibit 4: Net Sales Exhibit 5: Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM -13% 11.3 6,367 8.9 8.7 +33% 5,544 -13% 5,342 721 -32% 202 474 2,360 467 13.4 29 182 4,007 539 491 544 2,534 24 1,757 5,342 475 595 4,007 539 467 2,557 1,890 70 -18
Slide 8: Income Statement: 2Q19 & 2Q18 yoy figures
Income Statement 2Q19 & 2Q18, yoy figures EBTIDA Margin (%) Exhibit 7: 2Q18 Exhibit 8: 2Q19 AR$ MM AR$ MM 5,544 6,367 (12.9) (7.4%) 3,698 3,425 2Q19 Results - August 15th, 2019 1,949 (16.4%) 1,628 11.3 8.9 721 (31.9%) 491 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Ad
Slide 9: Financial Debt
Financial Debt Exhibit 9: Key Financial Ratios AR$ MM 31.7 MM at 42.4 ARS/ USD 2Q19 2Q18 YoY Total Gross Debt Outstanding* 1,345.9 1,192.5 (11.4%) Total Gross Debt Incl. Interests** 1,361.5 1,206.4 (11.4%) Total Net Debt (56,7) 236.9 (517.7%) Net Debt/ Adjusted EBITDA1 (0.03x) 0.11x (480.7%) % US$ D
Slide 10: Agenda
Agenda Argentina – Latest Events Income Statement & Financial Debt Business Segments Ownership Structure & Corporate Governance Q & A Session 2Q19 Results - August 15th, 2019
Slide 11: Broadcasting & Programming: Revenues & Costs
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 11: 2Q18 Exhibit 12: 2Q19 AR$ MM AR$ MM 2,810 (6%) 2,648 1% 1,549 1,568 578 (22%) 2Q19 Results - August 15th, 2019 24.3 450 23.8 683 630 (8%) Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales A
Slide 12: Broadcasting & Programming II: Key Ratios
Broadcasting & Programming II Key Ratios Exhibit 13: Key Ratios +2% +7% 33.4 34.2 37.0 39.5 2Q18 2Q19 2Q18 2Q19 Prime Time1 (%) Advertising Share2 (%) +4% 31.9 33.0 2Q19 Results - August 15th, 2019 2Q18 2Q19 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time i
Slide 13: Printing & Publishing: Revenues & Costs
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 14: 2Q18 Exhibit 15: 2Q19 AR$ MM AR$ MM 2,972 (11%) 2,645 1,662 1,706 3% 2Q19 Results - August 15th, 2019 (12%) 1,263 1,112 (6.5) 1.6 47 173 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Ex
Slide 14: Printing & Publishing II: Key Ratios
Printing & Publishing II Key Ratios Exhibit 16: Key Ratios +1% -4% 233 234 55.5 53.3 2Q18 2Q19 2Q18 2Q19 Circulation1 (‘000s) +4% Advertising Share2 (%) 39.1 40.6 2Q19 Results - August 15th, 2019 2Q18 2Q19 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diario Clarín
Slide 15: Digital Content & Others: Revenues & Costs
Digital Content & Others Revenues & Costs EBTIDA Margin (%) Exhibit 17: 2Q18 Exhibit 18: 2Q19 AR$ MM AR$ MM (46%) 474 874 242 599 (60%) 2Q19 Results - August 15th, 2019 199 (30%) 283 7.1 (1.0) 34 9 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses E
Slide 16: Agenda
Agenda Argentina – Latest Events Income Statement & Financial Debt Business Segments Ownership Structure & Corporate Governance Q & A Session 2Q19 Results - August 15th, 2019
Slide 17: Ownership Structure & Corporate Governance
Ownership Structure & Corporate Governance Equity Participation at IPO1 Shareholder Structure3 % Number of Shares4 Free Float Controlling Shareholders2 85.1 MM 20,3% Free Float 21.6 MM • International (44%) • Local (56%) 79,7% Total 106.776 MM Controlling Shareholders2 2Q19 Results - August 15th, 20
Slide 18: Agenda
Agenda Argentina – Latest Events Income Statement & Financial Debt Business Segments Ownership Structure & Corporate Governance Q & A Session 2Q19 Results - August 15th, 2019
Slide 19: Q & A Session
Q & A Session August 15th, 2019
Slide 20: Second Quarter Results
Second Quarter Results 2019 August 15th, 2019