Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — Q1 2014 Earnings Presentation
29 slides from Grupo Clarin SA Class B's earnings presentation, May 12, 2014
Slide 1: First Quarter Results 2014
First Quarter Results 2014 May 12th, 2014
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 1Q Results - May 12th, 2014 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 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 5: Income Statement
Income Statement 1Q14 & 1Q13 yoy figures Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM 25.7 +32% 4,008 1,030 150 23.0 +48% 387 9 8 3,031 668 110 698 291 4 7 589 1,044 2,988 688 2,180 -5 3 -32 1 -140 -185 1Q13 1Q14 1Q Results - May 12th, 2014 1Q13 1Q14
Slide 6: Income Statement
Income Statement 1Q14 & 1Q13, yoy figures EBTIDA Margin (%) Exhibit 4: 1Q13 Exhibit 5: 1Q14 AR$ MM AR$ MM 4,008 3,031 32% 1,989 1,540 29% 25% 988 793 23.0 25.7 1Q Results - May 12th, 2014 48% 1,030 698 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expens
Slide 7: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 8: Financial Debt
Financial Debt Exhibit 6: Key Financial Ratios AR$ MM 560.5 MM at 8 ARS/ USD 1Q14 FY13 1Q13 QoQ YoY Total Gross Debt Outstanding* 4,484.3 4,048.5 3,185.3 10.8% 40.8% Total Gross Debt Incl. Interests* 4,541.4 4,168.6 3,227.4 8.9% 40.7% Total Net Debt 2,922.8 2,535.5 1,940.0 15.3% 50.7% Net Debt/ Adju
Slide 9: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 10: Cable TV & Internet Access I
Cable TV & Internet Access I Revenues & Costs EBTIDA Margin (%) Exhibit 8: 1Q13 Exhibit 9: 1Q14 AR$ MM AR$ MM 2,180 37% 2,988 32% 950 1,255 542 27% 689 34.9 31.6 52% 1,044 1Q Results - May 12th, 2014 688 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expe
Slide 11: Cable TV & Internet Access II
Cable TV & Internet Access II Key Ratios Exhibit 10: Cable & Internet Access Statistics ‘000s 1Q14 1Q13 % Ch. 4Q13 QoQ Homes Passed 7,509.5 7,457.8 0.7% 7,509.5 0.0% Bidirectional Homes Passed 66.8% 64.2% 4.1% 66.5% 0.5% Total CATV Subscribers 3,486.8 3,407.4 2.3% 3,492.5 (0.2%) Churn Rate 16.5% 16.
Slide 12: Cable TV & Internet Access III
Cable TV & Internet Access III Key Ratios Exhibit 11: Total Consolidated Cable Subscribers Exhibit 12: Total Equity Subscribers ‘000s ‘000s 2% 2% 3.407 3.487 3.527 3.613 +79 +86 1Q13 1Q14 1Q13 1Q14 Exhibit 13: Internet Subs Exhibit 14: Digital Subs Exhibit 15: Total ARPU ‘000s Other Internet Subs ’0
Slide 13: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 14: Printing & Publishing
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 16: 1Q13 Exhibit 17: 1Q14 AR$ MM AR$ MM 589 13% 668 19% 377 449 20% 1Q Results - May 12th, 2014 208 251 (4.7) 0.8 4 (806%) 32 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses
Slide 15: Printing & Publishing II
Printing & Publishing II Key Ratios Exhibit 18: Key Ratios -7% +3% 304 52.5 54.3 283 1Q13 1Q14 1Q13 1Q14 Circulation1 (‘000s) 0% Advertising Share2 (%) 38.7 38.8 1Q Results - May 12th, 2014 1Q13 1Q14 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diario Clarín and Ol
Slide 16: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 17: Broadcasting & Programming
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 19: 1Q13 Exhibit 20: 1Q14 AR$ MM AR$ MM 291 33% 387 224 27% 284 1Q Results - May 12th, 2014 31% 72 94 2.3 (1.7) 278% 5 9 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses
Slide 18: Broadcasting & Programming II
Broadcasting & Programming II Key Ratios Exhibit 21: Key Ratios 0% -22% 36.0 31.9 31.9 28.1 1Q13 1Q14 1Q13 1Q14 Prime Time1 (%) Advertising Share2 (%) -16% 27.8 23.5 1Q Results - May 12th, 2014 1Q13 1Q14 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time is de
Slide 19: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 20: Digital Content & Others
Digital Content & Others Revenues & Costs EBTIDA Margin (%) Exhibit 22: 1Q13 Exhibit 23: 1Q14 AR$ MM AR$ MM 36% 150 110 48 67% 80 10% 55 61 1Q Results - May 12th, 2014 6.0 5.4 7 24% 8 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. Expenses Expenses 20 Sou
Slide 21: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 22: Capex
Capex & Net Sales 1Q13 & 1Q14, YoY figures Exhibit 24: Capex & Net Sales 3,031 4,008 110 150 291 387 1Q14 CAPEX Breakdown 589 668 5.8% 1.5% 0.4% 2,180 2,988 11.6% 14.4% 3 2 350 4 577 9 6 34 92.2% 337 532 -140 -185 1Q Results - May 12th, 2014 1Q13 1Q13 1Q14 1Q14 Net Sales Capex Net Sales Capex Cable
Slide 23: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 24: Equity Participation at IPO and Shareholder Structure
Ownership Structure & Corporate Governance Exhibit 25: Equity Participation at IPO1 Exhibit 26: Shareholder Structure % Number of Shares4 Free Float Controlling Shareholders 204,030,227 20,3% GS Unidos, LLC (RB) 25,156,869 GS Unidos, 8,8% LLC (RB)3 Free Float 58,231,488 70,9% • International 27,385,
Slide 25: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing Broadcasting & Programming Digital Content & Others 1Q Results - May 12th, 2014 CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 26: Q & A Session
Q & A Session May 12th, 2014
Slide 27: Appendix: Voluntary Conforming Plan
Appendix VOLUNTARY CONFORMING PLAN
Slide 28: Latest Events: Voluntary Conforming Plan
Latest Events VOLUNTARY CONFORMING PLAN 1Q Results - May 12th, 2014 28
Slide 29: First Quarter Results 2014
First Quarter Results 2014 May 12th, 2014