First Half and Second Quarter 2021 Results August 13th, 2021 · 2021. 8. 13. · 1 Grupo Clarín shareholders and management acquired approximately 22% of the free float 2 Main Shareholders:

First Half and Second Quarter 2021 Results

August 13th, 2021Investor Relations: http://www.grupoclarin.com/ir

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

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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

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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



Business Segments

Q & A Session


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

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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



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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%


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9

Financial Debt

Exhibit 9: Key Financial Ratios

AR$ MM


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

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Business Segments

Q & A Session


Agenda

11


Exhibit 12: 2Q20

AR$ MM

Exhibit 13: 2Q21

AR$ MM


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


Audience Share1 (%)

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12


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.


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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


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

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Business Segments

Q & A Session


Agenda

15

Ownership Structure & Corporate

Governance Equity Participation at IPO1

%


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

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Business Segments

Q & A Session


Agenda

Documents

First Half and Second Quarter 2021 Results August 13th, 2021 · 2021. 8. 13. · 1 Grupo Clarín shareholders and management acquired approximately 22% of the free float 2 Main Shareholders: