Professional Documents
Culture Documents
9m11 PPT Final
9m11 PPT Final
9m11 PPT Final
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 Clarn. 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 Clarn does not undertake or intend to undertake any obligation to update these statements to reflect events and
9M and 3Q Results - November 11th, 2011
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 Clarns projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarns competitive environment, risks associated with operating in Argentina, rapid technological and market change, and other factors specifically related to Grupo Clarn and its operations.
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Income Statement
3Q11 & 3Q10, yoy figures
Exhibit 1: Net Sales
% yoy, AR$ MM
2,485 418
71
30,0
+6% 596 58 65
632 97
73
25.4
59 584
1,282
1,540
474
464
73%
105
128
1 3Q10
AR$ MM
2 3Q11
3Q10
Broadcasting & Programming Cable TV & Internet Access Digital Content & Others Printing & Publishing Eliminations
1
3Q11
134 123
5
We define Adjusted EBITDA as net sales minus costs of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization)
Income Statement
3Q11 & 3Q10, yoy figures
Exhibit 4: 3Q10
AR$ MM
EBTIDA Margin (%)
Exhibit 5: 3Q11
AR$ MM
1,986
25%
2,485
945
34%
1,268
31%
445
30.0
584
25.4
596
6%
632
NetSales
Costof Sales
EBITDA
NetSales
Costof Sales
EBITDA
Income Statement
9M11 & 9M10, yoy figures
Exhibit 6: Net Sales
% yoy, AR$ MM
+11%
31.8
6,915 1,055
28.1
209
1,749
131 223
1,942
223 183
168
1,573
79%
3,562
4,456
1,391
1,527
299
379
9M10
AR$ MM
9M11
9M10
Broadcasting & Programming Cable TV & Internet Access Digital Content & Others Printing & Publishing Eliminations
1
9M11
381 438
7
We define Adjusted EBITDA as net sales minus costs of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization)
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Financial Debt
Exhibit 9: Key Financial Ratios
AR$ MM 9M11 Total Gross Debt Outstanding* Total Gross Debt Incl. Interests* Total Net Debt (Incl. Reserve Accounts)** Net Debt/ Adjusted EBITDA1 % US$ Debt
9M and 3Q Results - November 11th, 2011
738
24
2011
68
2012
93
2013
157
2014
92
2015
170
89
2017
44
2018
2016
* Includes Bank Overdraft (45.5 MM ARS as of September 2011; 73.5 MM ARS as of June 2011; 8.8 MM ARS as of September 2010). Does not include Interests and Related Parties. ** Reserve Accounts (September 2011: 0 ARS; June 2011: 0 ARS ; September 2010: 229.3 MM ARS ) (1) Last Twelve Months. Exchange Rate: 4.21 ARS/ USD. Source: Company Information
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
20% 30%
36.9
1,540 691
38% 2% NetSales Costof Sales Selling& Adm. Expenses
384
30.2
474
9M and 3Q Results - November 11th, 2011
464 EBITDA
NetSales
Costof Sales
EBITDA
+25%
+10%
9M10 9M11
3,562 4,456
9M10 9M11
1,391 1,527
11
12
4% 3,553 +127
3Q10
9M and 3Q Results - November 11th, 2011
3Q10
3Q11
Cablemodem
+55% 1,027
International
+16%
128
+363
149
+21
828 557
106 198 3Q11 3Q10 3Q11
13
1,075
3Q10
Source: Company Information
3Q11
3Q10
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
448 244
30% 39%
584 338
24%
14.5
139
173
12% NetSales Costof Sales Selling& Adm. Expenses
12.4
65
9M and 3Q Results - November 11th, 2011
73 EBITDA
NetSales
Costof Sales
EBITDA
+21%
18%
9M10 9M11
1,297 1,573
9M10 9M11
223 183
15
350
334
55.0
53.3
3Q10
9M and 3Q Results - November 11th, 2011
3Q11 8%
3Q10
3Q11
Circulation1 (000s)
43.1
39.9
3Q10
3Q11
16
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
302
39% 36%
418
189
19.2
258
17%
23.2
54
63
67% NetSales Costof Sales Selling& Adm. Expenses
58
9M and 3Q Results - November 11th, 2011
97 EBITDA
NetSales
Costof Sales
EBITDA
+36%
+70%
9M10 9M11
775 1,055
9M10 9M11
131 223
18
45.6
43.0
34.9
37.3
3Q10
9M and 3Q Results - November 11th, 2011
3Q11 +1%
3Q10
3Q11
33.2
33.6
3Q10
(1)
3Q11
19
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
59 24
19%
71
42%
34
7% 36
-1.2
9M and 3Q Results - November 11th, 2011
2 EBITDA
+25%
9M10 9M11
168 209
9M10 9M11
+161%
3 9
21
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
448
584
2% 0% 4%
1,282
9M and 3Q Results - November 11th, 2011
11.2%
223 105
8 3 8 203
1,540
13.7%
342 128
1 12 8 320
94%
3Q10 NetSales
3Q10 Capex
3Q11 NetSales
3Q11 Capex
CableTV&InternetAccess DigitalContent&Others
Source: Company Information
13.2%
726 299
17 17 32 660
4,456
15.2%
1,052
5 52 25 970
92%
379
9M10 NetSales
9M10 Capex
9M11 NetSales
9M11 Capex
CableTV&InternetAccess DigitalContent&Others
Source: Company Information
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
FreeFloat
20%
GS3 9% 71%
9M and 3Q Results - November 11th, 2011
Controlling Shareholders2
Local Total
The original IPO allocation was 80% international and 20% local
the IPO, our shareholders and management acquired approximately 7.8 MM shares (13.7% of the free float) Controlling Shareholders: Ernestina H. de Noble, Hctor H. Magnetto, Jos Antonio Aranda and Lucio Rafael Pagliaro 3 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, LLC 4 As of November 9th, 2011 Source: Company Information
2
1 Since
26
Agenda
Argentina Latest Events Sales & EBITDA Growth Financial Debt Cable TV & Internet Access Printing & Publishing
9M and 3Q Results - November 11th, 2011
Broadcasting & Programming Digital Content & Others CAPEX & Net Sales Ownership Structure & Corporate Governance Q & A Session
Nine Months and Third Quarter Results 2011 November 11th, 2011