Grupo Clarín · Grupo Clarín 2007 & 2008, qoq figures 244 332 168-73 -93 117 40 32 588 907 1Q07...
Transcript of Grupo Clarín · Grupo Clarín 2007 & 2008, qoq figures 244 332 168-73 -93 117 40 32 588 907 1Q07...
Grupo Clarín
First Quarter Results 2008May 12, 2008
Grupo Clarín
Disclaimer1
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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”, “believe”, “anticipate”,“estimate”, “intend”, “will”, “could”, “may” or “might” the negative of such terms or other similarexpressions. These statements are only predictions and actual events or results may differmaterially. Grupo Clarín does not undertake or intend to undertake any obligation to updatethese statements to reflect events and circumstances occurring after the date hereof or toreflect the occurrence of unanticipated events. Many factors could cause the actual results todiffer materially from those contained in Grupo Clarín’s projections or forward-lookingstatements, including, among others, general economic conditions, Grupo Clarín’s competitiveenvironment, risks associated with operating in Argentina, rapid technological and marketchange, and other factors specifically related to Grupo Clarín and its operations.
Grupo Clarín
Company Representatives1
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Alejandro UrricelquiChief Financial Officer
Alfredo MarínInvestor Relations Officer
Marcelo TrivarelliAccounting Manager
Grupo Clarín
Sales & EBITDA Growth
Printing & Publishing
Cable TV & Internet Access
Broadcasting & Programming
Digital Content & Others
Financial Debt
Highlights
Q & A Session
PROPOSED AGENDAProposed Agenda1
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Grupo Clarín 5
Highlights1
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Other Company News
Grupo Clarín becomes part of the MERVAL index
Dividends Payment – AR$ 48.0 MM
Acquisitions
• Date: April 2008• Price: US$ 64.25MM• EBITDA 2008E US$ 20.0MM, reflecting a multiple of 6.2 times, minus net debt (US$ 5.5MM cash)
CIMECO
AD 2000
• Date: November 2007• Price: US$ 1.5MM• EBITDA 2008E US$ 1.0MM, reflecting a multiple of 2.9 times
Carburando
• Date: January 2008• Price: US$ 9.5MM • EBITDA 2008E US$ 3.7MM, reflecting a multiple of 4.9 times, minus net debt (US$ 0.9MM cash)
Grupo Clarín
1 Since the IPO, our shareholders have bought approximately 1.9 MM shares2 Controlling Shareholders: Ernestina H. de Noble, Hector H. Magnetto, Jose Antonio Aranda and Lucio Rafael Pagliaro3 Goldman Sachs: GS Unidos, LLC; GS Private Equity Partners II Direct Investment Fund, LP; GS Capital Partners III; and GS Private Equity Partners 1999 Direct Investment Fund, LP; Tinicum GC Investors, LLC; Farallon GC Investors, LLC4 As of May 9, 2008
Source: Company Information
Ownership Structure & Corporate Governance
ControllingShareholders
204,030,227
Goldman Sachs 26,198,157
Total 287,418,584
Free Float 57,190,200
• International 31,463,320 (55%)
• Local 25,726,880 (45%)ControllingShareholders2
71%
9%GS3
20%
Free Float
Exhibit 1: Equity Participation at IPO1
%
Exhibit 2: Shareholder StructureNumber of Shares4
Class A shares have five votes; Class B and Class C shares have one vote
Two independent Directors, plus two Directors from GS out of a Board of ten
Audit Committee with a majority of independent members
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Grupo Clarín
Sales & EBITDA Growth
Printing & Publishing
Cable TV & Internet Access
Broadcasting & Programming
Digital Content & Others
Financial Debt
Highlights
Q & A Session
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Grupo Clarín
2007 & 2008, qoq figures
244
332
168
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907
1Q07
749
1,196
1Q08
+32%
55
63 12
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5
9
208
280
1Q07
273
353
1Q08
+26%
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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)
Source: Company Information
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Income Statement
30.9%
29.5%
Exhibit 3: Net Sales% qoq, AR$ MM
Exhibit 4: Adjusted EBITDA1
% qoq, AR$ MM
Cable TV & Internet Access Printing & Publishing Broadcasting & Programming
Digital Content & Others Eliminations EBTIDA Margin
Grupo Clarín
Sales & EBITDA Growth
Printing & Publishing
Cable TV & Internet Access
Broadcasting & Programming
Digital Content & Others
Financial Debt
Highlights
Q & A Session
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Grupo Clarín
208
588
246
134
Cost of Sales
Selling & Adm.
Expenses
EBITDANet Sales
Cable TV & Internet Access I
10
Revenues & Costs
Exhibit 5: 1Q07AR$ MM
Exhibit 6: 1Q08AR$ MM
Source: Company Information
273
749
Cost of Sales
156
Selling & Adm.
Expenses
Net Sales
320
EBITDA
27%
30%
16%
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EBTIDA Margin
35.3% 36.5%
32%
Grupo Clarín
Exhibit 7: Cable Subs‘000s
2,867
1Q07
3,043
1Q08
+6%
252
0
1Q07 1Q08
1Q08
Cablemodem
+24%771
477
622
1Q07
692
+45%
68.7
1Q07
82.3
1Q08
+20%
Cable TV & Internet Access II
Source: Company Information
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Key Ratios
Exhibit 8: Internet Subs‘000s
Exhibit 10: Total ARPUAR$
Exhibit 9: Digital Subs‘000s
Grupo Clarín
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Printing & Publishing
Cable TV & Internet Access
Broadcasting & Programming
Digital Content & Others
Financial Debt
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63
332
93
Net Sales Selling & Adm.
Expenses
176
Cost of Sales
EBITDA
55
244
67
Cost of Sales
EBITDA
122
Net Sales Selling & Adm.
Expenses
EBTIDA Margin
Revenues & Costs
13
Printing & Publishing I
Exhibit 11: 1Q07AR$ MM
Exhibit 12: 1Q08AR$ MM
36%
44%
38%
15%
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Source: Company Information
22.6%19.1%
Grupo Clarín
Printing & Publishing II
Exhibit 13: Key Ratios
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-3%
49.8%
1Q07
47.7%
1Q08
-4%
61.8%
1Q07
61.3%
1Q08
-1%
(1) Average number of copies according to IVC (including Diario Clarín and Olé), thousands per day(2) Share in Buenos Aires and greater Buenos Aires Area (AMBA) Diario Clarín, company estimates
Source: Company Information
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Circulation1 (‘000s)
Circulation Share2
Advertising Share2
Key Ratios
Grupo Clarín
Sales & EBITDA Growth
Printing & Publishing
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Broadcasting & Programming
Digital Content & Others
Financial Debt
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12
168
Net Sales
112
Cost of Sales
44
Selling & Adm.
Expenses
EBITDA
8
117
Net Sales
79
Cost of Sales
30
Selling & Adm.
Expenses
EBITDA
EBTIDA Margin
Revenues & Costs
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Source: Company Information
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Broadcasting & Programming I
Exhibit 14: 1Q07AR$ MM
Exhibit 15: 1Q08AR$ MM
44%
42%
48%6.7% 6.9%
48%
Grupo Clarín
36.4%
1Q07
44.4%
1Q08
+22%
30.3%
1Q07
35.4%
1Q08
+17%
41.2%
1Q08
+1%
40.9%
1Q07
Broadcasting & Programming II
Exhibit 16: Key Ratios
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(1) Share of broadcast TV audience according to IBOPE for AMBA. Prime time is defined as Monday through Friday from 8pm to 12am.
Total time is defined as Monday through Sunday from 12 pm to 12 am(2) Company estimate, over adspend in Ps. in broadcast TV for AMBA region excluding non-traditional advertising
Source: Company Information
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Prime Time1
Total Time1
Advertising Share2
Key Ratios
Grupo Clarín
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Broadcasting & Programming
Digital Content & Others
Financial Debt
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5
40
Net Sales
14
Cost of Sales
22
Selling & Adm.
Expenses
EBITDA
9
32
Net Sales
10
Cost of Sales
13
Selling & Adm.
Expenses
EBITDA
EBTIDA Margin
Revenues & Costs
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Source: Company Information
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Digital Content & Others I
Exhibit 17: 1Q07AR$ MM
Exhibit 18: 1Q08AR$ MM
26%
40%
71%
-51%
28.9%
11.3%
Grupo Clarín
Sales & EBITDA Growth
Printing & Publishing
Cable TV & Internet Access
Broadcasting & Programming
Digital Content & Others
Financial Debt
Highlights
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Financial DebtExhibit 19: Key Financial Ratios
AR$ MM
Exhibit 20: Debt ProfileUS$ MM, Balance Sheet
222
74 71 64 79 81109132222
55
55109
2008
280
2009 2010 2011 2012 2013 2014 2015 2016 2017
722
999
Total Debt
Seller Notes
CIMECO Payment
1Q08 1Q07 % Change 1Q08 % Change4Q07
Total Gross Debt 3,242.2 3,453.7 -6.1% 3,242.2 7.4%3,018.4
Total Net Debt 2,613.2 3,049.3 -14.3% 2,613.2 6.5%2,452.9
Net Debt/ Adjusted EBITDA 1.9 3.5 -47.0% 1.9 3.1%1.8
% US$ Debt 81.8% 79.3% 3.1% 81.8% 1.7%80.4%
Note: CIMECO debt was cancelled on April 3
Source: Company Information
Grupo Clarín
Sales & EBITDA Growth
Printing & Publishing
Cable TV & Internet Access
Broadcasting & Programming
Digital Content & Others
Financial Debt
Highlights
Q & A Session
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