first half and second quarter 2021 results august 13th, 2021 · 2021. 8. 13. · 1 grupo clarín...
TRANSCRIPT
First Half and Second Quarter 2021 Results
August 13th, 2021Investor Relations: http://www.grupoclarin.com/ir
DisclaimerForward 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”, “believe”,
“anticipate”, “estimate”, “intend”, “will”, “could”, “may” or “might” the negative of such terms
or other similar expressions. These statements are only predictions and actual events or
results may differ materially. Grupo Clarín does not undertake or intend to undertake any
obligation to update these statements to reflect events and circumstances occurring after the
date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the
actual results to differ materially from those contained in Grupo Clarín’s projections or
forward-looking statements, including, among others, general economic conditions, Grupo
Clarín’s competitive environment, risks associated with operating in Argentina, rapid
technological and market change, and other factors specifically related to Grupo Clarín and its
operations.2
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
Agenda
Argentina – Latest Events
Income Statement & Financial Debt
Business Segments
Q & A Session
Ownership Structure & Corporate Governance
4.5
19.4 19.6
43.5
2021e 2022e 2023e Total
Macroeconomic EnvironmentKey Indicators
4
GDP Argentina and Region(1)
Rebased IVQ’17=100
90.7
103.7
105.7
100.0
97.9
2Q
18
4Q
18
3Q
20
2Q
19
1Q
19
4Q
17
2Q
20
1Q
18
3Q
18
1Q
21
3Q
19
4Q
19
1Q
20
4Q
20
2Q
21
e
3Q
21
e
09
-18
01
-19
11
-18
40
03
-19
01
-21
05
-19
07
-19
01
-20
09
-19
11
-19
120
07
-21
11
-20
80
05
-20
07
-20
09
-20
140
03
-21
60
05
-21
0
20
11
-17
01
-18
07
-18
100
05
-18
03
-18
03
-20
37.0%
35.8%
50.2%
(1) Source of estimates: REM, Focus, JPM & GS
Consumer Price Index(2)
% yoy variation
(2) (3) Source: INDEC, Mecon & BCRA
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
Argentina Brazil Chile Uruguay
Inflation
Wages
Utilities
Official FX Rate
External and Fiscal Balances(3)
As % GDP
-4.2%
2021 e
-2.7%
-6.4%
-2.7%
2015
-3.8%
-0.8%
2016
-3.8%
-4.8%
2017
-2.3%
-5.2%
2018
-0.4%
2019
0.9%
2020
-3.5%
0.6%
IMF Debt Profile 2021-2023
0
10
20
30
40
50
BCRA Current Gross Reserves
Primary Fiscal Balance
Current Account Balance
USD Bn
Agenda
Argentina – Latest Events
Income Statement & Financial Debt
Business Segments
Q & A Session
Ownership Structure & Corporate Governance
6
Income Statement
Exhibit 1: Net Sales
% yoy, AR$ MM
1 We define Adjusted EBITDA as net sales minus costs of sales (excluding
depreciation and amortization) and selling and administrative expenses
(excluding depreciation and amortization)
5,0126,313
4,440
7,471
-357 -508
641
1H20
947
9,736
1H21
14,223
+46%
Exhibit 3: Income for the period 1H21 vs. 1H20
AR$ MM
-222
14
9291H21
-3461H20 -567
914
Equity Shareholders Non-Controlling Interests
9,736
14,223
5,634
1H21
1,297
1H20
15,370 15,519
+1%
Historical Pesos
IAS 29 Adjustment
Exhibit 2: Adjusted Ebitda
% yoy, AR$ MM
379489
1,965
8
461
45
-35
1H20 1H21
2,388
461
2,388
267
1H20
218
728
1H21
2,606
1H21 & 1H20 yoy figures
4.7
16.8
EBTIDA Margin (%)
Others
Eliminations
Broadcasting & Programming
Printing & Publishing
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
7
Income Statement
Exhibit 4: Net Sales
% yoy, AR$ MM
1 We define Adjusted EBITDA as net sales minus costs of sales (excluding
depreciation and amortization) and selling and administrative expenses
(excluding depreciation and amortization)
2,3973,252
2,219
4,136
-161 -282
7,623
2Q20
308
517
2Q21
4,763
+60%
Exhibit 6: Income for the period 2Q21 vs. 2Q20
AR$ MM
27
186
426-66 492
1592Q21
2Q20
Equity Shareholders Non-Controlling Interests
4,763
7,623
2,510
2Q20
2567,273
2Q21
7,879+8%
IAS 29 Adjustment
Historical Pesos
Exhibit 5: Adjusted Ebitda
% yoy, AR$ MM
1,107
527
2Q20
16
45 70-38
2Q21
588
1,138
+94%
588
1,138
346
2Q20
21
2Q21
934
1,159+24%
2Q21 & 2Q20 yoy figures
12.8
14.7
EBTIDA Margin (%)
Eliminations
Others
Broadcasting & Programming
Printing & Publishing
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
8
Income Statement
Exhibit 7: 2Q20
AR$ MM
Exhibit 8: 2Q21
AR$ MM
Source: Company Information
7,273
934
4,093
2,245
Net Sales Cost of Sales Selling &
Adm.
Expenses
EBITDA
7,879
1,159
4,460
2,261
Cost of SalesNet Sales EBITDASelling & Adm.
Expenses
8.3%
12.8 14.7
EBTIDA Margin (%)
24.1%
9.0%
0.7%
2Q21 & 2Q20 yoy figures
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
9
Financial Debt
Exhibit 9: Key Financial Ratios
AR$ MM
Source: Company Information
June 2021 June 2020 YoY
Total Gross Debt Outstanding* 1,894.8 2,338.3 (19.0%)
Total Gross Debt Incl. Interests** 1,921.1 2,353.3 (18.4%)
Total Net Debt (1,551.3) (1,135.3) 36.6%
Net Debt/ Adjusted EBITDA1 -.26x -.59x 55.7%
% US$ Debt 83.0% 77.1% 7.6%
USD 19.80 MM at 95.72 ARS/ USD
Exhibit 10: Debt Profile as of June 30, 2021
US$ MM, Balance Sheet
* Includes Bank Overdraft and does not include Interests and Related Parties.
** Includes Bank Overdraft and does not include Related Parties. (1) LTM EBITDA. Exchange Rate: 95,72 ARS/USD
3
1720
Total2021 2022
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
Argentina – Latest Events
Income Statement & Financial Debt
Business Segments
Q & A Session
Ownership Structure & Corporate Governance
Agenda
11
Broadcasting & Programming
Exhibit 12: 2Q20
AR$ MM
Exhibit 13: 2Q21
AR$ MM
Source: Company Information
EBTIDA Margin (%)
51%
3,392
835
1,841
716
Net Sales Cost of Sales Selling & Adm.
ExpensesEBITDA
4,292
1,151
2,270
870
Selling & Adm. Expenses
Net Sales EBITDACost of Sales
26.5%
24.626.8
23.3%
21.5%
29.4 29.1
2Q20 2Q21
-1%
28.8 27.0
2Q20 2Q21
-6%36.1 37.1
2Q20 2Q21
+3%
Exhibit 11: Key Ratios
Prime Time1 (%) Total Time1 (%)
Advertising Share2 (%)
(1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time
is defined as Monday through Sunday from 8pm to 12am.
Total time is defined as Monday through Sunday from 12pm to 12am(2) Company estimate, over ad spend in Ps. in broadcast TV for AMBA region
2Q21 & 2Q20 yoy figures
Audience Share1 (%)
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
12
Printing & Publishing
Exhibit 15: 2Q20
AR$ MM
Exhibit 16: 2Q21
AR$ MM
(5)Un-audited proforma un-consolidation of the postal business.
EBTIDA Margin (%)
43%
3,343
1,731
1,541
312
Net Sales
3,655
304
Cost of Sales
4
Selling & Adm.
Expenses
75
EBITDA
-2,036
-1,545
3,345
1,869
1,421
56
Cost of SalesNet Sales Selling & Adm. Expenses
EBITDA
0.1%5
2.0 1.7
(7.9%)5
(7.8%)5
152.8
1H20
224.4
1HQ212Q20
220.2 215.8
2Q21
Circulation & Paywall
(1) Digital Advertising Revenues as % of Advertising Revenues, AGEA.(2) Average number of copies according to IVC (including Diario Clarín and
Olé), thousands per day,(3) Share in Buenos Aires and greater Buenos Aires Area (AMBA) Diario Clarín.
Source: IVC and AGEA(4) Paywall Revenues as % of Paywall + Traditional Newspaper Circulation
Revenues, AGEA.
2Q21 & 2Q20 yoy figures
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
Exhibit 14: Key Ratios
69%
1H20
55%
1H21
Digital Advertising Revenues
Digital/Total Advertising (%)1
46.7%40.5%
Average Copies ´000
and Share (%)2 3Paywall paying subs ‘000
Paywall/Newspaper Circ
Revenues(%)4
22.9%
14.3%
(8.5%)Postal Business
Source: Company Information
Others
Exhibit 18: 2Q20
AR$ MM
Exhibit 19: 2Q21
AR$ MM EBTIDA Margin (%)
6%
470
237
208
Cost of Sales
25
Net Sales Selling & Adm.
ExpensesEBITDA
535
324
EBITDANet Sales
258
Cost of Sales Selling & Adm.
Expenses
47
13.9%
5.3 (8.8)
36.8%
24.3%
13Source: Company Information
2Q21 & 2Q20 yoy figuresExhibit 17: GCGC third party revenues
% Over total GCGC Revenues
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
Argentina – Latest Events
Income Statement & Financial Debt
Business Segments
Q & A Session
Ownership Structure & Corporate Governance
Agenda
15
Ownership Structure & Corporate
Governance Equity Participation at IPO1
%
Source: Company Information
Shareholder Structure3
Number of Shares
1 Grupo Clarín shareholders and management acquired approximately 22% of the free float2 Main Shareholders: ELHN Grupo Clarín New York Trust, HHM Grupo Clarín New York Trust, LRP Grupo Clarín New York Trust, GC Dominio S.A and José Antonio Aranda.3 As of July 31st, 2021.
Total 106.776 MM
Float 21.3 MM
• International (41%)
• Local (59%)Controlling Shareholders
80%
Float20%
Controlling Shareholders2 85.4 MM
1H
an
d 2
Q 2
02
1 R
esu
lts -
Au
gu
st
13
th,
20
21
Argentina – Latest Events
Income Statement & Financial Debt
Business Segments
Q & A Session
Ownership Structure & Corporate Governance
Agenda