Grupo Clarin SA Class B · BCBA:GCLA
Grupo Clarin SA Class B — Q3 2016 Earnings Presentation
32 slides from Grupo Clarin SA Class B's earnings presentation, Nov 11, 2016
Slide 1: Nine Months and Third Quarter Results 2016
Nine Months and Third Quarter Results 2016 November 11th, 2016
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 9M and 3Q Results - November 11th, 2016 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 & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 5: Income Statement 9M16 & 9M15
Income Statement 9M16 & 9M15 yoy figures Exhibit 1: Net Sales Exhibit 2: Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM 30.0 +48% 29,598 32.1 +39% 8,887 3,285 859 777 4,121 6,407 19,981 536 633 15 2,457 107 3,103 8,178 92% 22,237 5,651 14,624 9M and 3Q Results - November 11th, 2016 0
Slide 6: Income Statement 3Q16 & 3Q15
Income Statement 3Q16 & 3Q15, yoy figures Exhibit 4: Net Sales Exhibit 5: Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM 29.1 +46% 10,873 +30% 32.9 3,166 335 1,371 371 2,444 1,512 7,426 17 198 312 984 65 1,131 2,838 90% 7,995 2,050 5,392 9M and 3Q Results - November 11th, 2016 0 -35
Slide 7: Income Statement 3Q16 & 3Q15
Income Statement 3Q16 & 3Q15, yoy figures EBTIDA Margin (%) Exhibit 7: 3Q15 Exhibit 8: 3Q16 AR$ MM AR$ MM 10,873 7,426 46% 3,225 4,839 50% 9M and 3Q Results - November 11th, 2016 1,757 63% 2,869 32.9 29.1 2,444 3,166 30% Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm
Slide 8: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 9: Financial Debt
Financial Debt Exhibit 9: Key Financial Ratios AR$ MM 637 MM at 15.31 ARS/ USD 9M16 6M16 9M15 QoQ YoY Total Gross Debt Outstanding* 9,756.9 11,066.1 5,456.7 (11.8%) 78.8% Total Gross Debt Incl. Interests** 9,923.1 11,103.3 5,533.4 (10.6%) 79.3% Total Net Debt 6,624.0 6,532.0 3,616.9 1.4% 83.1% Net D
Slide 10: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 11: Cable TV & Internet: Revenues & Costs
Cable TV, Internet Access & Telephony I Revenues & Costs EBTIDA Margin (%) Exhibit 11: 3Q15 Exhibit 12: 3Q16(*) AR$ MM AR$ MM 5,392 48% 7,995 2,079 50% 3,123 61% 1,263 38.0 2,034 35.5 2,050 38% 2,838 9M and 3Q Results - November 11th, 2016 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling
Slide 12: Key Ratios: Cable & Internet Access Statistics
Cable TV, Internet Access & Telephony II Key Ratios Exhibit 15: Cable & Internet Access Statistics ‘000s 9M16 9M15 % Ch. 3Q16 2Q16 3Q15 QoQ YoY Homes Passed(*) 7,822.5 7,753.8 0.9% 7,822.5 7,815.4 7,753.8 0.1% 0.9% Bidirectional Homes Passed 74.2% 70.2% 5.7% 74.2% 73.4% 70.2% 1.1% 5.7% Total CATV Su
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 17: Unique Subs(1) Exhibit 18: Total Cable Subs Exhibit 19: Total Equity Subs(1) ‘000s ‘000s ‘000s 1% 0% 0% 3.871 3.911 3.535 3.526 3.666 3.659 +40 -9 -7 3Q15 3Q16 3Q15 3Q16 3Q15 3Q16 Exhibit 20: Internet S
Slide 14: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 15: Broadcasting: Revenues & Costs
Broadcasting & Programming Revenues & Costs EBTIDA Margin (%) Exhibit 23: 3Q15 Exhibit 24: 3Q16 AR$ MM AR$ MM 984 39% 1,371 45% 528 766 62% 144 31.7 27.1 233 312 19% 371 9M and 3Q Results - November 11th, 2016 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm
Slide 16: Key Ratios
Broadcasting & Programming II Key Ratios Exhibit 27: Key Ratios -8% +3% 39.3 40.2 41.4 36.3 3Q15 3Q16 3Q15 3Q16 Prime Time1 (%) Advertising Share2 (%) 9M and 3Q Results - November 11th, 2016 +8% 33.9 31.5 3Q15 3Q16 Total Time1 (%) (1) Share of broadcast TV audience according to IBOPE for AMBA. Prime
Slide 17: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 18: Printing & Publishing: Revenues & Costs
Printing & Publishing Revenues & Costs EBTIDA Margin (%) Exhibit 28: 3Q15 Exhibit 29: 3Q16 AR$ MM AR$ MM 1,131 34% 1,512 38% 636 877 50% 430 5.8 644 (0.6) (114%) 65 9 9M and 3Q Results - November 11th, 2016 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. E
Slide 19: Key Ratios
Printing & Publishing II Key Ratios Exhibit 32: Key Ratios -10% +4% 259 51.1 53.0 234 3Q15 3Q16 3Q15 3Q16 Circulation1 (‘000s) +2% Advertising Share2 (%) 9M and 3Q Results - November 11th, 2016 39.9 40.9 3Q15 3Q16 Circulation Share3 (%) (1) Average number of copies according to IVC (including Diario
Slide 20: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others 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 33: 3Q15 Exhibit 34: 3Q16 AR$ MM AR$ MM 69% 335 198 142% 93 225 63% 89 8.4 145 (10.3) (308%) 17 35 9M and 3Q Results - November 11th, 2016 Net Sales Cost of Selling & EBITDA Net Sales Cost of Selling & EBITDA Sales Adm. Sales Adm. E
Slide 22: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 23: Capex 9M15 & 9M16
Capex & Net Sales 9M15 & 9M16, YoY figures Exhibit 37: Capex & Net Sales 19,981 29,598 536 859 2,457 3,285 9M16 CAPEX Breakdown 3,103 4,121 1.2% 2.0% 0.2% 14,624 22,237 22.1% 14.6% 4 6,535 15 9M and 3Q Results - November 11th, 2016 2,922 52 158 63 38 96.6% 2,828 6,299 -738 -904 9M15 9M15 9M16 9M16 N
Slide 24: Capex 3Q15 & 3Q16
Capex & Net Sales 3Q15 & 3Q16, YoY figures Exhibit 38: Capex & Net Sales 7,426 10,873 198 335 984 1,371 3Q16 CAPEX Breakdown 1,131 1,512 1% 3% 0% 25.7% 5,392 18.8% 7,995 2,789 7 3 85 9M and 3Q Results - November 11th, 2016 1,396 23 18 16 2,679 96% 1,353 -279 -339 3Q15 3Q15 3Q16 3Q16 Net Sales Capex
Slide 25: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 26: Ownership Structure & Corporate Governance
Ownership Structure & Corporate Governance Exhibit 39: Equity Participation at IPO1 Exhibit 40: 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% Free Float 58,231,488 LLC (RB)3 70,9% • International (47%) C
Slide 27: Agenda
Agenda Argentina – Latest Events Sales & EBITDA Growth Financial Debt Cable TV, Internet Access & Telephony Broadcasting & Programming Printing & Publishing 9M and 3Q Results - November 11th, 2016 Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Slide 28: Appendix: Income Statement Continued and Discontinued Operations
Appendix Income Statement Continued and Discontinued Operations 9M16 & 9M15 yoy figures EBTIDA Margin (%) Net Sales Adjusted EBITDA1 % yoy, AR$ MM % yoy, AR$ MM 30.0 +48% 29,598 32.1 +39% 8,887 710 7,917 19,981 6,407 755 5,826 8,178 22,237 5,651 9M and 3Q Results - November 11th, 2016 14,624 -468 -5
Slide 29: Appendix: Income Statement Continued Operations
Appendix Income Statement Continued Operations 9M16 & 9M15 yoy figures Net Sales Adjusted EBITDA1 EBTIDA Margin (%) % yoy, AR$ MM % yoy, AR$ MM +36% 7,917 13.0 9.0 -6% 859 710 755 5,826 15 536 3,285 2,457 633 777 9M and 3Q Results - November 11th, 2016 4,121 3,103 107 0 -54 0 -270 -347 -13 9M15 9M16
Slide 30: Appendix: Net Sales and Adjusted EBITDA by Segment
Appendix NET SALES (In millions of Ps.) 9M16 9M15 YoY 3Q16 2Q16 3Q15 QoQ YoY Discontinued Cable TV, Internet access and 22,237.4 14,623.6 52.1% 7,994.7 7,174.2 5,391.9 11.4% 48.3% Operations Telephony Printing and 4,120.6 3,102.9 32.8% 1,511.9 1,394.9 1,131.0 8.4% 33.7% Publishing Broadcasting and 3
Slide 31: Q & A Session
Q & A Session November 11th, 2016
Slide 32: Nine Months and Third Quarter Results 2016
Nine Months and Third Quarter Results 2016 November 11th, 2016