Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — Q1 2017 Earnings Presentation
31 slides from Grupo Clarin SA Class B's earnings presentation, May 12, 2017
Slide 1: First Quarter Results 2017
First Quarter Results 2017 May 12th, 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 Digital Content & Others 1Q Results - May 12th, 2017 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 4: Macroeconomic Environment: Key Indicators
Macroeconomic Environment Key Indicators Consumer Price Index(1) Central Bank Reference Rate(*) % yoy % yoy 45% 44% 38,0 40% 33,0 36% 30,8 34% 26,8 26,3 28% 29% 24,8 24,8 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Apr-17 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Apr-17 Consumer Price Index(2) GDP Arg
Slide 5: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 6: Income Statement
Income Statement 1Q17 & 1Q16 yoy figures Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM 31.1 +32% 11,876 31.7 1,067 403 +30% 3,694 214 8,986 1,379 274 2,845 712 1,214 73 1 9,433 3,781 7,068 2,778 0 -7 0 -283 -406 -280 -21 1Q Results - May 12th, 2017 1Q
Slide 7: Income Statement
Income Statement 1Q17 & 1Q16, yoy figures EBTIDA Margin (%) Exhibit 4: 1Q16 Exhibit 5: 1Q17 AR$ MM AR$ MM 11,876 8,986 32% 5,031 3,841 31% 2,300 37% 3,152 31.1 31.7 1Q Results - May 12th, 2017 2,845 3,694 30% Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm.
Slide 8: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 9: Financial Debt
Financial Debt Exhibit 6: Key Financial Ratios AR$ MM 652 MM at 15.39 ARS/ USD 3M17 FY16 3M16 QoQ YoY Total Gross Debt Outstanding* 10,032.6 9,999.1 7,605.7 0.3% 31.9% Total Gross Debt Incl. Interests** 10,196.1 10,043.8 7,720.2 1.5% 32.1% Total Net Debt 6,427.5 6,711.1 3,449.6 (4.2%) 86.3% Net Debt
Slide 10: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 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 8: 1Q16 Exhibit 9: 1Q17(*) AR$ MM AR$ MM 7,068 33% 9,433 2,613 28% 3,339 38% 2,313 1,678 40.1 39.3 2,778 36% 3,781 1Q Results - May 12th, 2017 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sale
Slide 12: Key Ratios: Cable, Internet and Mobile Statistics
Cable TV, Internet Access & Telephony II Key Ratios Exhibit 10: Cable & Internet Access Statistics ‘000s 1Q17 1Q16 % Ch. 4Q16 QoQ Homes Passed(*) 7,833.7 7,812.9 0.3% 7,832.9 0.0% Bidirectional Homes Passed 76.0% 73.1% 4.1% 75.1% 1.2% Total CATV Subscribers 3,510.4 3,506.6 0.1% 3,527.7 (0.5%) Churn
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 12: Unique Subs(1) Exhibit 13: Total Cable Subs Exhibit 14: Total Equity Subs(1) ‘000s ‘000s ‘000s 1% 0% 0% 3.871 3.902 3.507 3.510 3.638 3.642 +31 +4 +4 1Q16 1Q17 1Q16 1Q17 1Q16 1Q17 Exhibit 15: Internet S
Slide 14: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 15: Broadcasting & Programming: Revenues & Costs
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 18: 1Q16 Exhibit 19: 1Q17 AR$ MM AR$ MM 712 50% 1,067 35% 635 469 27% 217 20.1 170 1Q Results - May 12th, 2017 10.2 194% 214 73 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses E
Slide 16: Broadcasting Key Ratios
Broadcasting & Programming II Key Ratios Exhibit 20: Key Ratios -1% -3% 32.3 32.1 37.2 36.2 1Q16 1Q17 1Q16 1Q17 Prime Time1 (%) Advertising Share2 (%) +4% 29.1 30.4 1Q Results - May 12th, 2017 1Q16 1Q17 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time is def
Slide 17: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 18: Printing & Publishing: Revenues & Costs
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 21: 1Q16 Exhibit 22: 1Q17 AR$ MM AR$ MM 1,214 14% 1,379 739 38% 1,018 (20.3) 33% 1Q Results - May 12th, 2017 482 641 (0.6) 7 280 Net Sales Cost of Selling & EBITDA Sales Adm. Net Sales Cost of Selling & EBITDA Expenses Sales Adm. Expen
Slide 19: Printing & Publishing Key Ratios
Printing & Publishing II Key Ratios Exhibit 23: Key Ratios -14% -7% 247 55.0 51.3 212 1Q16 1Q17 1Q16 1Q17 Circulation1 (‘000s) -1% Advertising Share2 (%) 40.6 40.1 1Q Results - May 12th, 2017 1Q16 1Q17 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diario Clarín and
Slide 20: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 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 24: 1Q16 Exhibit 25: 1Q17 AR$ MM AR$ MM 47% 403 274 148 252 70% 1Q Results - May 12th, 2017 125 38% 172 (5.3) 0.5 21 1 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 21
Slide 22: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 23: Capex
Capex & Net Sales 1Q17 & 1Q16, YoY figures Exhibit 26: Capex & Net Sales 8,986 11,876 274 403 712 1,067 1,214 1,379 1Q17 CAPEX Breakdown 0.9% 1.8% 0.2% 7,068 18.7% 9,433 21.8% 1,685 2,588 6 7 46 39 17 24 1,622 2,513 97.1% -283 -406 1Q Results - May 12th, 2017 1Q16 1Q16 1Q17 1Q17 Net Sales Capex Net
Slide 24: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 25: Equity Participation at IPO and Shareholder Structure
Ownership Structure & Corporate Governance Exhibit 27: Equity Participation at IPO1 Exhibit 28: 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 26: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing Digital Content & Others 1Q Results - May 12th, 2017 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 27: Appendix: Income Statement Continued and Discontinued Operations
Appendix Income Statement Continued and Discontinued Operations 1Q17 & 1Q16 yoy figures EBTIDA Margin (%) Net Sales Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM +32% 11,876 31.7 31.1 +30% 3,694 2,676 8,986 2,845 2,086 67 3,781 9,433 2,778 7,068 -169 -233 -87 1Q Results - May 12th, 2017 1Q16 1Q17 1Q1
Slide 28: Appendix: Income Statement Continued Operations
Appendix Income Statement Continued Operations 1Q17 & 1Q16 yoy figures Net Sales Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM +28% 2,676 (3.3) 403 2,086 3.2 274 1,067 67 214 1 712 73 -7 -21 1,214 1,379 -280 -114 -173 1Q Results - May 12th, 2017 1Q16 1Q17 -87 1Q16 1Q17 Broadcasting
Slide 29: Appendix: Net Sales and Adjusted EBITDA
Appendix NET SALES (In millions of Ps.) 1Q17 1Q16 YoY 4Q16 QoQ Discontinued Cable TV, Internet 9.433,1 7.068,5 33,5% 8.333,8 13,2% access and Telephony Operations Printing and Publishing 1.379,5 1.213,8 13,7% 1.655,1 (16,7%) Broadcasting and 1.066,6 711,9 49,8% 1.614,6 (33,9%) Programming Digital Co
Slide 30: Q & A Session
Q & A Session May 12th, 2017
Slide 31: First Quarter Results 2017
First Quarter Results 2017 May 12th, 2017