1st Quarter Results

Grupo Clarin S.A.

13 May 2023

 

Grupo Clarín Announces First Quarter 2023 Results

Buenos Aires, Argentina, May 12, 2023 - Grupo Clarín S.A. ("Grupo Clarín" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its First Quarter 2023 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards ^(*) ("IFRS") as of March 31, 2023 and are stated in Argentine Pesos ("Ps"), unless otherwise indicated.

^(*) The Company's Management has applied IAS 29 in the preparation of these financial statements (inflation adjustment) as per Resolution 777/18, issued by the Comisión Nacional de Valores ("CNV"), that establishes that the restatement must be applied to the financial statements.

Highlights (1Q23 vs. 1Q22):

§ Total Revenues reached Ps. 22,761.9 million, an increase of 5.9% in real terms compared to 1Q22, mainly due to higher revenues in Digital and Printed Publications partially offset by lower revenues in the Broadcasting and Programming segment.

§ Adjusted EBITDA⁽¹⁾ reached Ps. 3,205.0 million, an increase of 9.8% compared to 2,918.6 for 1Q22, mainly driven by a higher EBITDA in the Digital and Printed Publications and Others segments, partially offset by lower EBITDA in Broadcasting and Programming.

§ Grupo Clarín's Adjusted EBITDA Margin⁽²⁾ was 14.1% in 1Q23, compared to 13.6% in 1Q22.

§ Profit for the period resulted in  Ps. 1,051.9 million, an increase of 814.6% compared to a profit of Ps. 115.0 million reported in 1Q22. Net Income for the period attributable to Equity Shareholders amounted Ps 1,060.2 million in 1Q23 from a profit of Ps. 110.0 million in 1Q22, an increase of 863.6%.

FINANCIAL HIGHLIGHTS

(In millions of Ps.)	1Q23	1Q22	% Ch.	4Q22	QoQ
Total Revenues	22,761.9	21,501.1	5.9%	22,310.0	2.0%
Adjusted EBITDA (1)	3,205.0	2,918.6	9.8%	1,897.8	68.9%
Adjusted EBITDA Margin (2)	14.1%	13.6%	3.7%	8.5%	65.5%
Profit/(Loss) for the period	1,051.9	115.0	814.6%	(1,002.6)	(204.9%)
Attributable to:
Equity Shareholders	1,060.2	110.0	863.6%	(962.2)	(210.2%)
Non-Controlling Interests	(8.3)	5.0	(265.9%)	(40.4)	(79.6%)

(1)  We define Adjusted EBITDA as Total Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). We believe that Adjusted EBITDA is a meaningful measure of our performance. It is commonly used to analyze and compare media companies based on operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flow from operations and should not be considered as an alternative to net income, an indication of our financial performance, an alternative to cash flow from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not be comparable to Adjusted EBITDA as we report it.

(2) We define Adjusted EBITDA Margin as Adjusted EBITDA over Total Revenues.

OPERATING RESULTS

Total Revenues reached Ps. 22,761.9 million, an increase of 5.9% in real terms from Ps. 21,501.1 million in 1Q22, in a context of increasing inflation (which reached 104.3% interannually as of March and 102.0% on average). Advertising revenues decreased 6.5% in real terms and represented around 34.9% of the Total Revenues of the Company. Circulation revenues increased 19.9% YoY and represented 39.3% of the Total. Programming revenues decreased 6.2% YoY and represented 14.7% of the Total.

Following is a breakdown of Total Revenues by business segment:

REVENUES

(In millions of Ps.)	1Q23	1Q22	YoY	4Q22	QoQ
Digital and Printed Publications	12,801.1	10,826.5	18.2%	9,647.2	32.7%
Broadcasting and Programming	9,112.5	9,997.2	(8.8%)	12,225.2	(25.5%)
Others	1,811.1	1,836.2	(1.4%)	1,537.5	17.8%
Subtotal	23,724.7	22,660.0	4.7%	23,409.8	1.3%
Eliminations	(962.8)	(1,158.8)	(16.9%)	(1,099.9)	(12.5%)
Total	22,761.9	21,501.1	5.9%	22,310.0	2.0%

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 13,757.5 million, an increase of 3.8% from Ps. 13,252.7 million reported in 1Q22, mainly due to higher costs in the Digital and Printed Publications segment related to the increase in schoolbooks sales, partially offset by lower salaries and severance payments.

Selling and Administrative Expenses (Excluding Depreciation and Amortization) totaled Ps. 5,799.4 million, an increase of 8.8% from Ps. 5,329.9 million in 1Q22. This increase was mainly due to higher contingencies, distribution costs and advertising and promotion costs partially offset by lower salaries and severance payments.

Adjusted EBITDA amounted to Ps. 3,205.0 million, increase of 9.8% from Ps. 2,918.6 million reported in 1Q22. This increase was driven by a higher EBITDA in Digital and Printed Publications as a result of higher circulation and printing revenues, partially offset by lower EBITDA in Broadcasting and Programming, mainly as a result of lower advertising and programming revenues in real terms.

Following is a breakdown of adjusted EBITDA by business segment:

ADJUSTED EBITDA

(In millions of Ps.)	1Q23	1Q22	YoY	4Q22	QoQ
Digital and Printed Publications	1,991.1	1,344.4	48.1%	124.7	1496.6%
Broadcasting and Programming	736.6	1,152.0	(36.1%)	2,242.8	(67.2%)
Others	477.3	422.2	13.0%	(469.7)	(201.6%)
Total	3,205.0	2,918.6	9.8%	1,897.8	68.9%

Financial results net totaled Ps. (1,290.7) million compared to Ps. (2,052.4) million in 1Q22. This decrease was mainly due to lower negative results of operations with notes and bonds, higher gained interests and positive net FX results versus a negative figure in 2022, partially offset by higher interest on debts and higher negative inflation adjustment results versus 2022.

Equity in earnings from unconsolidated affiliates in 1Q23 totaled Ps. 743.4 million, compared to Ps. 462.7  million in 1Q22, mainly related to positive results in TRISA versus a negative result in 2022, the suspension of operations in BIMO which had had negative results in 2022 and higher net income in our subsidiary Papel Prensa.

Other Income (expenses), net reached Ps. 60.5 million, compared to Ps. (28.9) million in 1Q22.

Income tax as of 1Q23 reached Ps. (767.9) million, from Ps. Ps. (255.1) million in 1Q22, mainly as a result of higher taxable income (after considering taxable Inflation Adjustment).

Income for the period totaled Ps. 1,051.9 million, an increase of 814.6% from a gain of Ps. 115.0 million reported in 1Q22. The Equity Shareholders Net Income for the period amounted Ps. 1,060.2 million, an increase of 863.6% YoY from a profit of  110.0 million.

Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 705.3 million in 1Q23, an increase of 40.1% from Ps. 503.4 million reported in 1Q22, mainly explained by the acquisition of a new server in the Digital and Printed Publications segment. Out of the total CAPEX in 1Q23, 64.6% was allocated towards the Broadcasting and Programming segment and 35.4% to the Digital and Printed Publications segment.  

SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2023

(In millions of Ps.)	Digital & Printed Publications	Broadcasting & Programming	Others	Eliminations	Total	%
Advertising	2,291.7	5,746.6	-	(97.7)	7,940.6	34.9%
Circulation	8,936.6	-	-	-	8,936.6	39.3%
Printing	1,061.3	-	-	(2.8)	1,058.5	4.7%
Programming	-	3,353.0	-	-	3,353.0	14.7%
Other Sales	511.5	12.9	1,811.1	(862.3)	1,473.2	6.5%
Total Sales	12,801.1	9,112.5	1,811.1	(962.8)	22,761.9	100.0%

SALES BREAKDOWN BY SOURCE OF REVENUE - MARCH 2022

(In millions of Ps.)	Digital & Printed Publications	Broadcasting & Programming	Others	Eliminations	Total	%
Advertising	2,294.6	6,333.7	-	(133.4)	8,494.9	39.5%
Circulation	7,451.9	-	-	-	7,451.9	34.7%
Printing	550.8	-	-	-	550.8	2.6%
Programming	-	3,574.6	-	-	3,574.6	16.6%
Other Sales	529.3	88.9	1,836.2	(1,025.4)	1,429.0	6.6%
Total Sales	10,826.5	9,997.2	1,836.2	(1,158.8)	21,501.1	100.0%

RESULTS BY BUSINESS SEGMENT

BROADCASTING AND PROGRAMMING

Revenues

Revenues decreased by 8.8% to Ps. 9,112.5 million in 1Q23, compared to Ps. 9,997.2 million in 1Q22 mainly as a result of lower advertising and programming revenues, in real terms.

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) decreased by 5.6% to Ps. 6,241.2 million in 1Q23, compared to Ps. 6,613.4 million in 1Q22. This is mainly attributable to lower salaries and severance payments.

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) decreased by 4.4% to Ps. 2,134.7 million in 1Q23, compared to Ps. 2,231.8 million in 1Q22. The decrease was primarily the result of lower fees for services and lower salaries and severance payments partially offset by higher contingencies.

Depreciation and Amortization

Depreciation and amortization expenses decreased by 7.9% to Ps. 409.7 million in 1Q23 compared to Ps.  444.9 million reported in 1Q22.

DIGITAL AND PRINTED PUBLICATIONS

Revenues

Total revenues increased by 18.2% to Ps. 12,801.1 million in 1Q23, mainly as a result of higher circulation and printing revenues from school textbooks and printing services related to biddings for school textbooks and higher Paywall revenues, partially offset by lower traditional circulation revenues. In spite of the high interannual inflation, advertising revenues remained stable in similar levels registered during 1Q22, driven by higher digital advertising.

Cost of Sales (Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 15.8% to Ps. 6,687.7 million in 1Q23, compared to Ps. 5,772.9 million in 1Q22. The increase is the result of higher costs related to the increase in schoolbooks sales; partially offset by lower salaries.

Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and amortization) increased by 11.1% to Ps. 4,122.3 million in 1Q23, compared to the Ps.  3,709.3 million reported in 1Q22. This was primarily the result of higher distribution costs, salaries and severance payments, advertising and promotion costs contingencies.

Depreciation and Amortization

Depreciation and amortization expenses increased by 12.4% to Ps. 359.9 million in 1Q23 compared to Ps. 320.2 million in 1Q22.

OTHERS

Total revenues in this segment were driven by administrative and corporate services rendered by the Company and its subsidiary GC Gestión Compartida S.A. to third parties, as well as to other subsidiaries of the Company (which are eliminated in the consolidation). Cost of sales (excluding depreciation and amortization) was mainly the result of salaries and professional consulting fees.

In this period, total revenues decreased 1.4% to Ps. 1,811.1 , from Ps. 1,836.2 million reported in 1Q22. EBITDA resulted in Ps. 477.3 million.

OPERATING STATISTICS BY BUSINESS SEGMENT

DIGITAL AND PRINTED PUBLICATIONS

	1Q23	1Q22	YoY	4Q22	QoQ
Circulation (1)	152.0	183.2	-17.0%	164.2	-7.4%
Circulation share % (2)	55.3%	57.1%	-3.1%	55.4%	-0.1%
Total Digital Subs (3)	597.9	494.3	21.0%	549.3	8.9%

⁽¹⁾ Average number of copies according to IVC (including Diario Clarín and Olé) in thousands

⁽²⁾ Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín/Clarín+La Nación. Source: IVC.

⁽³⁾ Total Clarin.com subs, in thousand, EOP. Company information.

BROADCASTING AND PROGRAMMING

	1Q23	1Q22	YoY	4Q22	QoQ
Advertising Share % (1)	29.7%	33.5%	-11.3%	35.2%	-15.6%
Audience Share % (2)
Prime Time	23.1%	31.9%	-27.7%	26.7%	-13.5%
Total Time	23.8%	29.3%	-18.6%	25.0%	-4.9%

⁽¹⁾ Company estimates, over ad spend in Ps. In broadcast TV for AMBA region.

⁽²⁾ Share of broadcast TV audience according to IBOPE for AMBA. PrimeTime is defined as Monday through Friday from 8pm to 12am. Total Time is defined as Monday through Sunday from 12 pm to 12 am.

DIGITAL KPIs

	1Q23	1Q22	YoY	4Q22	QoQ
Page Views (1)	930.6	840.9	10.7%	1,020.4	-8.8%
Mobile page Views	735.5	629.2	16.9%	723.7	1.6%

⁽¹⁾ In millions. Average. Source DAX and Company Estimates.

REVENUES AND EBITDA - IAS 29 Adjustment

REVENUES (In millions of Ps.)	1Q23	1Q22	YoY	1Q23 ex IAS 29	IAS 29 Adjustment	1Q23 as reported	1Q22 ex IAS 29	IAS 29 Adjustment	1Q22 as reported
Digital and Printed Publications	12,801.1	10,826.5	18.2%	11,946.5	854.6	12,801.1	5,002.5	5,824.1	10,826.5
Broadcasting and Programming	9,112.5	9,997.2	(8.8%)	8,504.1	608.4	9,112.5	4,619.3	5,377.9	9,997.2
Others	1,811.1	1,836.2	(1.4%)	1,690.2	120.9	1,811.1	848.4	987.8	1,836.2
Subtotal	23,724.7	22,660.0	4.7%	22,140.8	1,583.9	23,724.7	10,470.2	12,189.8	22,660.0
Eliminations	(962.8)	(1,158.8)	(16.9%)	(898.6)	(64.3)	(962.8)	(535.4)	(623.4)	(1,158.8)
Total	22,761.9	21,501.1	5.9%	21,242.2	1,519.7	22,761.9	9,934.7	11,566.4	21,501.1

EBITDA (In millions of Ps.)	1Q23	1Q22	YoY	1Q23 ex IAS 29	IAS 29 Adjustment	1Q23 as reported	1Q22 ex IAS 29	IAS 29 Adjustment	1Q22 as reported
Digital and Printed Publications	1,991.1	1,344.4	48.1%	1,858.2	132.9	1,991.1	621.2	723.2	1,344.4
Broadcasting and Programming	736.6	1,152.0	(36.1%)	687.4	49.2	736.6	532.3	619.7	1,152.0
Others	477.3	422.2	13.0%	445.4	31.9	477.3	195.1	227.1	422.2
Total	3,205.0	2,918.6	9.8%	2,991.0	214.0	3,205.0	1,348.6	1,570.0	2,918.6

DEBT AND LIQUIDITY

(In millions of Ps.)	March 2023	March 2022	% Change
Short Term and Long-Term Debt
Current Financial Debt	1,525.7	3,607.9	(57.7%)
Financial loans	578.3	2,917.7	(80.2%)
Accrued interest	61.9	169.1	(63.4%)
Acquisition of equipment	19.5	84.1	(76.8%)
Related Parties Accrued Interest	-	-	0.0%
Related Parties Capital	-	(0.0)	(100.0%)
Bank overdraft	866.0	437.0	98.2%
Non-Current Financial Debt	2,386.0	170.1	1303.0%
Financial loans	2,385.1	143.3	1564.4%
Acquisition of equipment	0.9	26.8	(96.7%)
Total Financial Debt (A)	3,911.7	3,777.9	3.5%
Total Short Term and Long-Term Debt	3,911.7	3,777.9	3.5%
Cash and Cash Equivalents (B)	10,940.4	9,732.4	12.4%
Net Debt (A) - (B)	(7,028.7)	(5,954.5)	18.0%
Net Debt/Adjusted Ebitda (1)	(0.58x)	(0.44x)	32.6%

Total Financial Debt⁽¹⁾ and Net Debt, increased 3.5% to Ps. 3,911.7 million from Ps. 3,777.9 million and to Ps. (7,028.7) million from Ps. (5,954.5) million, respectively.

Debt coverage ratio ⁽¹⁾ as of March 31, 2023 was (0.58x) in the case of Net Debt and of 0.32x in terms of Total Financial Debt.

⁽¹⁾ Debt Coverage Ratio is defined as Total Financial Debt divided by Last Twelve Months Adjusted EBITDA. Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest.

STOCK AND MARKET INFORMATION

Grupo Clarín trades its stock in the Buenos Aires Stock Exchange (BCBA) and in the London Stock Exchange (LSE), in the form of shares and GDS's, respectively.

GCLA (BCBA) Price per Share (ARS)	274.00
GCLA (LSE) Price per GDS (USD)	1.08
Total Shares	106,776,004
Shares per GDS	2
Closing Price	May 12, 2023

CONFERENCE CALL AND WEBCAST INFORMATION

GRUPO CLARIN S.A.

(BCBA: GCLA; LSE: GCLA)

cordially invites you to participate in its Webcast Presentation

to discuss its First Quarter 2023 Results

                Date: Tuesday, May 16, 2023     

Time: 12:00pm Buenos Aires Time/4:00pm London Time/11:00am New York Time

To access the live stream and slide presentation, visit:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=ZWb06Fr7

The webcast presentation will also be available at https://ir.grupoclarin.com

Investor Relations Contacts
In Buenos Aires:	In London:	In New York:
Samantha Olivieri	Alex Money	Camilla Ferreira and Marcella Ewerton Dragone
Grupo Clarín S.A.	Jasford IR	Fig Corporate Communications
Tel: [phone]	Tel: [phone]	Tel: [phone]
Email: [e-mail]	E-mail: [e-mail]	E-mail: [e-mail]

ABOUT THE COMPANY

Grupo Clarín is the largest media company in Argentina and a leading company in Digital and Printed Publications and broadcasting and programming markets. Its flagship newspaper -Diario Clarín- is one of the highest circulation newspapers and has the largest base of paid digital subscribers in Latin America. Grupo Clarín is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age.

Disclaimer

Some of the information in this press release 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 intend to or 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 a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations.

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022,

AND THE THREE-MONTH PERIODS BEGINNING JANUARY 1 AND ENDING ON

MARCH 31, 2023 AND 2022

(Amounts stated in Argentine Pesos)

	March 31, 2023		March 31, 2022
Sales Revenues	22,761,882,557		21,501,129,986
Cost of Sales (1)	(14,499,610,636)		(13,973,844,588)
Subtotal - Gross Profit	8,262,271,921		7,527,285,398
Selling Expenses (1)	(2,855,688,302)		(2,677,733,976)
Administrative Expenses (1)	(3,099,900,458)		(2,860,918,227)
Other Income and Expenses, net	60,457,510		(28,871,188)
Financial Expenses on Debt	(718,897,326)		(326,102,345)
Gain (Loss) on Net Monetary Position	(1,146,839,997)		(1,017,933,531)
Other Financial Results, net	574,996,328		(708,365,090)
Financial Results	(1,290,740,995)		(2,052,400,966)
Equity in Earnings from Subsidiaries	743,411,601		462,721,766
Income (Loss) before Income Tax	1,819,811,277		370,082,807
Income Tax	(767,917,951)		(255,074,521)
Net Income (Loss) for the Period	1,051,893,326		115,008,286
Other Comprehensive Income
Items which can be reclassified to Net Income (Loss)
Variation in Translation Differences of Foreign Operations	(8,896,753)		48,095,037
Other Comprehensive Income (Loss) for the Period	(8,896,753)		48,095,037
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD	1,042,996,573		163,103,323
(Loss) Income Attributable to:
Shareholders of the Controlling Company	1,060,157,977		110,025,852
Non-Controlling Interests	(8,264,651)		4,982,434
Total Comprehensive Income (Loss) Attributable to:
Shareholders of the Controlling Company	1,051,261,224		158,120,889
Non-Controlling Interests	(8,264,651)		4,982,434
Basic and Diluted Earnings per Share	9.93		1.03

⁽¹⁾ Includes amortization of intangible assets and film library, right-of-use assets, depreciation of property, plant and equipment and investment property in the amount of $ 898,327,113 and $ 929,962,515 for the three-month periods ended March 31, 2023 and 2022, respectively.

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of March 31^st, 2023 available at https://ir.grupoclarin.com

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF MARCH 31, 2023 AND DECEMBER 31, 2022

(Amounts stated in Argentine Pesos)

	March 31, 2023		December 31, 2022
ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment	21,754,161,958		21,705,022,359
Intangible Assets	1,828,787,526		1,857,266,781
Goodwill	65,185,776		65,185,776
Investment Properties	2,256,671,435		2,267,474,633
Deferred Tax Assets	2,705,283,949		2,341,183,797
Right-of-Use Assets	296,105,611		97,496,536
Investments in Subsidiaries	12,194,980,848		11,497,463,054
Other Investments	533,908,433		550,654,254
Inventories	1,063,191,036		937,556,661
Other Assets	146,280,626		146,313,792
Other Receivables	134,414,775		159,228,804
Total Non-Current Assets	42,978,971,973		41,624,846,447
CURRENT ASSETS
Inventories	3,764,447,723		5,419,789,845
Other Assets	993,680,889		603,945,348
Other Receivables	6,182,832,974		6,298,139,782
Trade Receivables	19,022,233,340		22,271,386,838
Other Investments	8,066,464,159		7,368,954,020
Cash and Banks	3,403,351,035		2,607,503,531
Total Current Assets	41,433,010,120		44,569,719,364
Total Assets	84,411,982,093		86,194,565,811
EQUITY (as per the corresponding statement)
Attributable to Shareholders of the Controlling Company
Shareholders' Contribution	43,584,409,062		43,584,409,062
Other Items	(91,234,062)		(82,337,309)
Retained Earnings	7,199,129,833		6,138,971,856
Total Attributable to Shareholders of the Controlling Company	50,692,304,833		49,641,043,609
Attributable to Non-Controlling Interests	260,784,291		269,048,942
Total Equity	50,953,089,124		49,910,092,551
LIABILITIES
NON-CURRENT LIABILITIES
Provisions and Other Charges	3,085,349,170		3,402,622,454
Financial Debt	2,385,995,269		2,523,957,779
Lease Liabilities	84,816,674		16,348,390
Deferred Tax Liabilities	2,243,471,880		1,720,027,649
Taxes Payable	93,280,607		13,267,591
Other Liabilities	1,171,713,981		1,209,728,399
Trade and Other Payables	177,316,068		45,912,411
Total Non-Current Liabilities	9,241,943,649		8,931,864,673
CURRENT LIABILITIES
Financial Debt	1,525,727,427		1,735,525,542
Taxes Payable	1,250,221,366		915,315,055
Lease Liabilities	187,454,929		69,276,698
Other Liabilities	3,071,089,070		4,147,939,541
Trade and Other Payables	18,182,456,528		20,484,551,751
Total Current Liabilities	24,216,949,320		27,352,608,587
Total Liabilities	33,458,892,969		36,284,473,260
Total Equity and Liabilities	84,411,982,093		86,194,565,811

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Amounts stated in Argentine Pesos)

	Equity attributable to Shareholders of the Controlling Company
	Shareholders' Contribution				Other Items		Retained Earnings				Total Equity of Controlling Company		Equity Attributable to Non-Controlling Interests
	Capital Stock	Inflation Adjustment on Capital Stock	Additional Paid-in Capital	Subtotal	Translation of Foreign Operations	Other Reserves(1)	Legal Reserve	Voluntary Reserves	Retained Earnings						Total Equity
Balances as of January 1st 2023	106,776,004	18,201,293,551	25,276,339,507	43,584,409,062	532,632,587	(614,969,896)	2,463,845,386	5,345,486,750	(1,670,360,280)		49,641,043,609		269,048,942		49,910,092,551
Net Income (Loss) for the Period	-	-	-	-	-	-	-	-	1,060,157,977		1,060,157,977		(8,264,651)		1,051,893,326
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations	-	-	-	-	(8,896,753)	-	-	-	-		(8,896,753)		-		(8,896,753)
Balances as of March 31, 2023	106,776,004	18,201,293,551	25,276,339,507	43,584,409,062	523,735,834	(614,969,896)	2,463,845,386	5,345,486,750	(610,202,303)		50,692,304,833		260,784,291		50,953,089,124
Balances as of January 1, 2022	106,776,004	18,201,293,551	25,276,339,507	43,584,409,062	588,547,275	(614,969,896)	-	5,345,486,750	2,463,845,384		51,367,318,575		344,912,757		51,712,231,332
Changes in minority interest in a subsidiary	-	-	-	-	-	-	-	-	-		-		(20,324,353)		(20,324,353)
Net Income (Loss) for the Period	-	-	-	-	-	-	-	-	110,025,852		110,025,852		4,982,434		115,008,286
Other Comprehensive Income:
Variation in Translation Differences of Foreign Operations	-	-	-	-	48,095,037	-	-	-	-		48,095,037		-		48,095,037
Balances as of March 31, 2022	106,776,004	18,201,293,551	25,276,339,507	43,584,409,062	636,642,312	(614,969,896)	-	5,345,486,750	2,573,871,236		51,525,439,464		329,570,838		51,855,010,302

^{(1) Corresponds to Judicial Reserve for Future Dividends Distribution.}

GRUPO CLARÍN S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2023 AND 2022

(Amounts stated in Argentine Pesos)

	March 31, 2023		March 31, 2022
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (Loss) for the Period	1,051,893,326		115,008,286
Income Tax	767,917,951		255,074,521
Accrued Interest, net	(34,987,566)		(19,872,460)
Adjustments to reconcile Net Income (Loss) for the Period to Cash provided by Operating Activities:
Depreciation of Property, Plant and Equipment	644,862,501		712,416,723
Amortization of Intangible Assets and Film Library	175,731,600		156,279,785
Amortization of Right-of-Use Assets	66,929,814		61,266,007
Depreciation of Investment Properties	10,803,198		-
Net Allowances	356,099,815		181,042,974
Financial Income, except Interest	211,356,820		729,433,509
Gain (Loss) on Net Monetary Position	1,146,839,997		1,017,933,531
Equity in Earnings from Subsidiaries	(743,411,601)		(462,721,766)
Other Income and Expenses	3,721,139		(1,262,407)
Changes in Assets and Liabilities:
Trade Receivables	(1,254,946,937)		336,789,970
Other Receivables	(810,803,297)		(1,578,062,763)
Inventories	1,239,728,380		5,396,580
Other Assets	(386,792,243)		116,160,989
Trade and Other Payables	1,739,826,347		(307,427,057)
Taxes Payable	(39,132,934)		343,317,393
Other Liabilities	(411,220,859)		859,185,444
Provisions	(340,078,090)		(30,877,018)
Payments of Income tax	(139,505,072)		(595,118,017)
Net Cash Flows provided by Operating Activities	3,254,832,289		1,893,964,224
CASH FLOWS PROVIDED BY INVESTMENT ACTIVITIES
Payments for Acquisition of Property, Plant and Equipment	(705,319,263)		(503,410,393)
Payments for Acquisition of Intangible Assets	(155,513,902)		(94,977,280)
Collection of Other Investments	344,819		-
Proceeds from Sale of Property, Plant and Equipment and Intangible Assets	7,492,604		6,707,271
Proceeds from Disposal of Unconsolidated Affiliates	-		65,034,634
Transactions with Securities, Bonds and Other Placements, Net	(2,223,200)		(724,122,979)
Payment of capital contributions	(380,000)		(172,508,328)
Net Cash Flows used in Investing Activities	(855,598,942)		(1,423,277,075)
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
Loans Obtained	460,052,953		135,366,967
Return of Counter Guarantee	(31,692,800)		-
Payment of Financial Debt	(549,940,146)		(116,334,095)
Payment of Interest	(196,450,747)		(50,245,883)
Payment of Lease Liabilities	(58,207,033)		(57,207,269)
Net Cash Flows used in Financing Activities	(376,237,773)		(88,420,280)
Net Increase in Cash Flow	2,022,995,574		382,266,869
Cash and Cash Equivalents at the Beginning of the Year	9,428,380,357		10,158,710,477
FINANCIAL RESULTS (INCLUDING GAIN (LOSS) ON NET MONETARY POSITION) OF CASH AND CASH EQUIVALENTS	(510,979,784)		(791,254,273)
Decrease in Cash Due to Deconsolidation of Subsidiaries (1)	-		(17,316,847)
Cash and Cash Equivalents at the End of the Period	10,940,396,147		9,732,406,226

 

END