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Grupo Clarin S.A. GCLA 3rd Quarter Results

  Grupo Clarin S.A. (GCLA) - 3rd Quarter Results

RNS Number : 4471R
Grupo Clarin S.A.
19 November 2012




                          Grupo Clarín announces its

     Results for the Nine Months (9M12) and Third Quarter of 2012 (3Q12)

                                      

Buenos Aires,  Argentina, November  19^th, 2012  - Grupo  Clarín S.A.  ("Grupo 
Clarín" or the "Company" - LSE:  GCLA; BCBA: GCLA), the largest media  company 
in Argentina, announced today  its nine months and  third quarter results  for 
2012.  Figures  in  this  report   have  been  prepared  in  accordance   with 
International Financial Reporting  Standards ("IFRS") as  of September  30^th, 
2012 and are stated in Argentine Pesos, unless otherwise indicated.



Highlights (9M12 vs. 9M11):



§Net Sales totaled Ps. 8,142.0million, an increase of 23.2% from 9M11, mainly
due to ARPU and subscriber growth in the Cable TV and Internet access  segment 
and, to  a lesser  extent, to  higher  sales in  the Printing  and  Publishing 
segment.

§Adjusted EBITDA ^(1) reached Ps. 2,039.3  million, an increase of 11.5%  from 
9M11, mainly driven by higher sales in the Cable and Internet access segment.

§Grupo Clarín's Adjusted  EBITDA Margin^(2)  for 9M12 was  25.0%, compared  to 
27.7% in 9M11.

§Net Income totaled Ps. 556.5 million, a decrease of 15.9% from the Ps.  661.3 
million  reported  in  9M11,  and  the  Net  Income  attributable  to   Equity 
Shareholders amount to Ps 315.4 million from Ps. 433.9 million, a decrease  of 
27.3%.



FINANCIAL HIGHLIGHTS

(In millions of     9M12     9M11   % Ch.     3Q12     2Q12     3Q11      QoQ      YoY
Ps.)
Net Sales       8,142.0 6,610.2 23.2%  2,930.2 2,725.3 2,377.4  7.5%    23.2%
Adjusted EBITDA 2,039.3 1,828.2 11.5%   711.8   706.8   595.6   0.7%    19.5%
^(1)
Adjusted EBITDA  25.0%    27.7%   (9.4%)  24.3%    25.9%    25.1%   (6.3%)  (3.0%)
Margin ^(2)
Net Income       556.5   661.3  (15.9%)  156.3   195.4   172.6  (20.0%) (9.4%)
Attributable
to:
Equity           315.4   433.9  (27.3%)   89.1    107.7    117.2  (17.3%) (24.0%)
Shareholders
Non-Controlling  241.0    227.4   6.0%    67.2     87.7    55.4   (23.4%)  21.3%
Interests



(1) We define  Adjusted EBITDA as  net sales 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 on  the basis of  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 Net Sales.

(3) We define Net Income as Income for the period.



Net sales reached Ps.8,142.0  million, an increase of  23.2% from Ps.  6,610.2 
million in 9M11, mainly due to ARPU and subscriber growth in the Cable TV  and 
Internet access segment  and, to a  lesser extent, to  higher circulation  and 
advertising sales in the Printing and Publishing segment.







Following is a breakdown of Net Sales by business segment:



NET SALES



(In millions   9M12     9M11    YoY     3Q12     2Q12     3Q11    QoQ    YoY
of Ps.)
Cable TV and
Internet     5,510.3 4,297.7 28.2% 1,946.1 1,825.0 1,488.1  6.6% 30.8%
Access
Printing and 1,721.8 1,511.1 13.9%   597.4   577.8   562.5  3.4%  6.2%
Publishing
Broadcasting
and            981.0   880.6 11.4%   417.1   344.9   358.7 20.9% 16.3%
Programming
Digital
Content and    266.0   220.2 20.8%    92.0    83.3    70.6 10.5% 30.2%
Others
Subtotal     8,479.1 6,909.6 22.7% 3,052.6 2,831.0 2,479.9  7.8% 23.1%
Eliminations (337.2) (299.4) 12.6% (122.4) (105.6) (102.5) 15.9% 19.5%
Total        8,142.0 6,610.2 23.2% 2,930.2 2,725.3 2,377.4  7.5% 23.2%





Cost of sales(Excluding  Depreciation and  Amortization)reached Ps.  4,130.4 
million, an increase of 27.3% from  Ps. 3,243.8 million reported for 9M11  due 
to higher costs  in our  business segments, mainly  in Cable  TV and  Internet 
access and in Broadcasting and Programming segments.



Selling    and    Administrative    Expenses(Excluding    Depreciation     and 
Amortization)reached Ps.  1,972.2  million, an  increase  of 28.2%  from  Ps. 
1,538.1 million in 9M11. This increase was  mainly due to higher costs in  the 
Cable TV and Internet access and Printing and Publishing segments.



Adjusted EBITDA  reached Ps.2,039.3  million, an  increase of  11.5% from  Ps. 
1,828.2 million reported for9M11, driven by  higher sales in the Cable TV  and 
Internet access segment, though was partially offset by a lower EBITDA in  the 
Broadcasting and Programming and Printing and Publishing segments.



Following is a breakdown of adjusted EBITDA by business segment:



ADJUSTED EBITDA

(In millions   9M12     9M11     YoY     3Q12   2Q12   3Q11    QoQ      YoY
of Ps.)
Cable TV and
Internet     1,833.1 1,458.3   25.7% 621.0 631.3 448.4  (1.6%)   38.5%
access
Printing and   157.5   180.1 (12.5%)  46.1  54.0  68.6 (14.6%) (32.8%)
Publishing
Broadcasting
and             41.8   177.4 (76.4%)  45.2  23.6  81.5   91.7% (44.6%)
Programming
Digital                                                           
Content and      6.9    12.4 (44.4%) (0.5) (2.1) (2.9)    74.5%   82.2%
Others
Subtotal     2,039.3 1,828.2   11.5% 711.8 706.8 595.6    0.7%   19.5%
Eliminations     -     -      NA   -   -   -      NA      NA
Total        2,039.3 1,828.2   11.5% 711.8 706.8 595.6    0.7%   19.5%



Financial results  net totaled  Ps. (592.8)  million compared  to Ps.  (401.1) 
million for 9M11. The increase was mainly due to higher interest expenses  and 
peso depreciation during 9M12, which went from  Ps 4.30 per dollar at the  end 
of December 2011, to Ps 4.70 per dollar as of September 30th, 2012.



Equity in earnings  from unconsolidated  affiliates in 9M12  totaled Ps.  18.4 
million, compared to Ps. 35.1 million for 9M11.



Other income  (expenses),  netreached Ps.1.8  million,  compared to  Ps.  15.1 
million in 9M11.



Income tax as of September 2012 reached Ps. (309.3) million, from Ps.  (332.6) 
million in September 2011.



Income from discontinued operations, reached Ps. 50.0 million, compared to Ps.
43.7 million in 9M11.



Net  income  totaled  Ps.  556.5  million,  a  decrease  of  15.9%  from   Ps. 
661.3million reported  for 9M11.  This  was mainly  a consequence  of  higher 
interest  expenses,  the  peso  depreciation   and  a  lower  EBITDA  in   the 
Broadcasting and Programming and  Printing and Publishing segments.The  Equity 
Shareholders Net  Income amounted  to Ps.  315.4million, a  decrease of  27.3% 
compared with September 2011.



Cash used in acquisitions of property, plant and equipment (CAPEX)totaled Ps.
971.5 million in 9M12,  a decrease of 7.1%  from Ps. 1,046.0 million  reported 
for 9M11. Out of the total CAPEX in 9M12, 93.9% was allocated to the Cable  TV 
and Internet access segment, 3.5% to the Broadcasting and Programming  segment 
and the remaining 2.6% to other activities. Capex in the Cable TV and Internet
Access segment pertains to subscriber growth, network upgrades, digitalization
and further development of the triple play strategy.



Debt profile ^(1): Debt  coverage ratio for the  period ended September  30th, 
2012 was 1.19x and the Net Debt at the end of this period totaled Ps.  2,382.9 
million.



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

SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2012



              Cable TV Printing & Broadcasting Digital Eliminations  Total    %
(In millions     &     Publishing              Content
of Ps.)                                &
              Internet            Programming     &
               access                          Others
Advertising       37.0      886.0        713.3    33.9       (80.0) 1,590.3  19.5%
Circulation          -      654.8            -       -            -   654.8   8.0%
Printing             -      118.2            -       -       (31.2)    87.0   1.1%
Video          4,143.4          -            -       -            - 4,143.4  50.9%
Subscriptions
Internet       1,163.3          -            -       -        (5.2) 1,158.1  14.2%
Subscriptions
Programming          -          -        174.1       -       (51.3)   122.8   1.5%
Other Sales
                 166.6       62.8         93.5   232.1      (169.5)   385.5   4.7%

Total Sales    5,510.3    1,721.8        981.0   266.0      (337.2) 8,142.0 100.0%



SALES BREAKDOWN BY SOURCE OF REVENUE - SEPTEMBER 2011



(In millions  Cable TV Printing & Broadcasting Digital Eliminations  Total     %
of Ps.)          &     Publishing      &       Content
              Internet            Programming
               access                             &
                                               Others
Advertising           823.0       642.9   24.4      (92.3) 1,456.9  22.0%
                  58.9
Circulation          -     498.7            -       -       (0.0)   498.7   7.5%
Printing             -     142.9            -       -      (25.1)   117.7   1.8%
Video         3,124.6          -            -       -         - 3,124.6  47.3%
Subscriptions
Internet        978.8          -            -       -       (2.5)   976.3  14.8%
Subscriptions
Programming          -          -       157.9       -      (38.5)   119.4   1.8%
Other Sales
                135.3      46.6        79.8  195.8     (141.0)   316.5   4.8%

Total Sales   4,297.7   1,511.1       880.6  220.2     (299.4) 6,610.2 100.0%









CABLE TV AND INTERNET ACCESS



Net Sales

Net sales increased by  28.2%to Ps. 5,510.3 million  for 9M12 compared to  Ps. 
4,297.7 million for 9M11. The increase  is mostly attributable to an  increase 
in subscription charges  registered during  the last twelve  months, and  also 
reflects the  growth  in  Cable,  Broadband  and  Digital  subscribers.  Total 
Consolidated Cable  TV basic  subscribers reached  3,544,765 as  of  September 
2012, compared to the 3,476,757 reported  for the same date in 2011.  Internet 
subscribers reached 1,490,886 in September 2012, compared to the 1,293,321  of 
September 2011. ^(*)



Cost of Sales(Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 29.7%  to 
Ps. 2,383.2 million  for September 2012,  compared to Ps.  1,836.9 million  in 
September 2011. This  was mainly  due to higher  salaries, programming  costs, 
cost of goods sold, network expenses and fixed assets maintenance costs.

^

^(*)  Total  Consolidated  Cable  TV  subscriber  includes  from  discontinued 
operations in  Paraguay 122,914  and  114,886 subs  for  the period  ended  in 
September  2012  and  2011  respectively,   and  13,654  and  8,940   internet 
subscribers for the period ended in September 2012 and 2011 respectively.





Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and  amortization) 
increased by 29.1%  to Ps. 1,294.1  million for 9M12,  compared to  Ps. 
1,002.4 million reported in 9M11. This increase is driven by higher  salaries, 
fees for services, taxes, duties and contributions.



Depreciation and Amortization

Depreciation and amortization expenses increased by 26.7% to Ps. 571.5 million
for 9M12 from Ps. 451.3 million reported in 9M11.





PRINTING AND PUBLISHING



Net Sales

The 13.9% increase of Net Sales to Ps. 1,721.8 million in 9M12 was the  result 
of higher advertising and circulation sales, although it was partially  offset 
by less printing services revenues.



Cost of Sales(Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 18.2%  to 
Ps. 1,016.1  million in  9M12, compared  to  Ps. 859.4  million in  9M11.  The 
increase was mainly the result of higher salaries and cost of the goods sold.



Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and  amortization) 
increased by 16.2% to  Ps. 548.2million in 9M12,  compared to the  Ps. 
471.6 million  reported for  9M11. This  was primarily  the result  of  higher 
salaries, fees for services and taxes, duties and contributions.



Depreciation and Amortization

Depreciation and amortization expenses increased by 13.6% to Ps. 45.3  million 
in 9M12 compared to Ps. 39.9 million in 9M11.





BROADCASTING AND PROGRAMMING



Net Sales

Net sales increased by  11.4% to Ps.  981.0 million in  9M12, compared to  Ps. 
880.6 million in 9M11. The increase  was primarily the result of higher  sales 
related to Canal Trece, partially offset by lower sales in programming content
and in our racing car business.



Cost of Sales(Excluding Depreciation and Amortization)

Cost of sales (excluding depreciation and amortization) increased by 34.2%  to 
Ps. 737.1 million  in 9M12, compared  to Ps.  549.2 million in  9M11. This  is 
attributable mainly to higher salaries, production costs and fees to artists.







Selling and Administrative Expenses (Excluding Depreciation and Amortization)

Selling and administrative expenses (excluding depreciation and  amortization) 
increased by 31.2% to Ps. 202.1 million in 9M12, compared to Ps. 154.0
million in 9M11. The increase was primarily the result of higher salaries  and 
fee for services.



Depreciation and Amortization

Depreciation and amortization expenses  decreased by 1.3%to Ps.  26.9million 
in 9M12 compared to Ps. 27.2 million reported in 9M11.



DIGITAL CONTENT AND OTHERS





Net sales  in  this segment  are  derived from  administrative  and  corporate 
services rendered by the Company and  by our subsidiary GC Gestión  Compartida 
S.A. to third parties as well as  to other subsidiaries of the Company  (which 
are eliminated in the consolidation). Additionally, this segment includes  the 
production of  digital  content  and  the  organization  of  trade  fairs  and 
exhibitions. Cost of sales (excluding depreciation and amortization) is driven
mainly by salaries and professional fees paid to advisers.



In this period,  net sales increased  20.8% to 266.0,  from Ps. 220.2  million 
reported in 9M11, due to higher fees at Grupo Clarín, higher sales in  digital 
content, Gestión Compartida and trade  fairs and exhibitions business.  EBITDA 
resulted in Ps. 6.9 million.



OPERATING STATISTICS BY BUSINESS SEGMENT



CABLE TV AND INTERNET ACCESS

                          9M12        9M11     YoY      3Q12     2Q12    3Q11     QoQ     YoY
Homes Passed ^(1)     7,590.8 7,549.0    0.6% 7,590.8 7,592.4 7,549.0 (0.0%)    0.6% 
Bidirectional Homes      63.7%    62.0%    2.8%    63.7%    63.3%    62.0%   0.7%    2.8% 
Passed
Cable TV                                                                                     
Total Consolidated    3,544.8 3,476.8    2.0% 3,544.8 3,513.3 3,476.8   0.9%    2.0% 
Subscribers ^(1)(3)
Subscribers -         3,305.6 3,252.4    1.6% 3,305.6 3,279.6 3,252.4   0.8%    1.6% 
Argentina
Subscribers -           239.1   224.3    6.6%   239.1   233.7   224.3   2.3%    6.6% 
International
 Uruguay              116.2   109.4    6.2%   116.2   114.0   109.4   2.0%    6.2% 
 Paraguay             122.9   114.9    7.0%   122.9   119.7   114.9   2.7%    7.0% 
% over Homes Passed      46.7%    46.1%    1.4%    46.7%    46.3%    46.1%   0.9%    1.4% 
Total Equity          3,623.7 3,553.4    2.0% 3,623.7 3,593.5 3,553.4   0.8%    2.0% 
Subscribers^(5)
Churn Rate %             14.6%    14.7%  (0.7%)    13.4%    14.2%    13.7% (5.8%)  (2.0%) 
Digital Video ^(1)(3)                                                                        
Digital Ready Pay TV  2,817.3 2,489.5   13.2% 2,817.3 2,789.6 2,489.5   1.0%   13.2% 
Subs
Total Digital         1,185.6 1,026.6   15.5% 1,185.6 1,121.6 1,026.6   5.7%   15.5% 
Decoders
 Argentina         944.4   828.4   14.0%   944.4   894.5   828.4   5.6%   14.0% 
 International     241.2   198.2   21.7%   241.2   227.1   198.2   6.2%   21.7% 
Penetration over         42.1%    41.2%    2.0%    42.1%    40.2%    41.2%   4.7%    2.0% 
Digital Ready TV Subs
Internet
                                                                                             
Subscribers^(1)(3)(4)
Total Internet        1,490.9 1,293.3   15.3% 1,490.9 1,432.8 1,293.3   4.1%   15.3% 
Subscribers ^(1)
 Cablemodem^(1)   1,474.8 1,273.1   15.8% 1,474.8 1,415.9 1,273.1   4.2%   15.8% 
 ADSL^(1)            9.18    12.1 (24.0%)     9.2     9.8    12.1 (6.1%) (24.0%) 
 Dial Up ^(1)         6.9     8.1 (15.0%)      6.9     7.1     8.1 (2.7%) (15.0%) 
% over Bidirectional     30.8%    27.6%   11.5%    30.8%    29.8%    27.6%   3.4%   11.5% 
Homes Passed
Total ARPU^(2)           180.2 144.4     24.8%   190.4   179.9   144.4   5.8%   31.8% 

^

^(1)Figures in thousands

^(2) Net Sales/ Average Pay TV Subscribers (does not include subscribers from
discontinued operations in Paraguay).

^(3) Total subscribers consolidated following the same consolidation methods
used in the financial statements as of each year end.

^(4) Total  Internet  Subscribers  includes from  discontinued  operations  in 
Paraguay 13,654,  8,940  and 12,672  subs  for  periods 9M12,  9M11  and  6M12 
respectively.

^(5) Total subscribers considering the equity share in each subsidiary.

PRINTING AND PUBLISHING

                     9M12   9M11    YoY    3Q12   2Q12   3Q11    QoQ     YoY
Circulation ^(1)    314.9 336.7 (6.4%) 308.4 319.6 333.7 (3.5%) (7.6%)
Circulation share %  38.6%  40.2% (3.9%)  38.2%  38.6%  39.9% (0.9%) (4.1%)
^(2)
Advertising share   50.6%  54.2% (6.6%)  49.8%  50.3%  53.3% (0.9%) (6.5%)
%^(3)

^

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

^(2)Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín.
Source: AGEA and IVC.

^(3)Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín.
Source: Monitor de Medios Publicitarios S.A.



BROADCASTING AND PROGRAMMING

                       9M12  9M11    YoY    3Q12  2Q12  3Q11    QoQ     YoY
Advertising Share %    36.2% 36.0%    0.5% 37.9% 35.1% 37.3%   8.1%    1.8%
^(1)
Audience Share % ^(2)
Prime Time             36.5% 41.3% (11.8%) 35.4% 38.0% 43.0% (6.8%) (17.6%)
Total Time             29.6% 32.6%  (9.3%) 28.8% 30.3% 33.6% (4.9%) (14.3%)

^

^(1)Company estimate, 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 CONTENT AND OTHERS

                     9M12                9M11   YoY
Page Views ^(1)     628.3   608.0  3.3%
Unique Visitors^(1)  27.8  25.2 10.2%

^

^(1)In millions. Average. Source IAB and Company Estimates.



DEBT AND LIQUIDITY

                                                               June
(In millions of Ps.)      September 12 September 11 % Change          % Change
                                                                12
Short Term and Long Term
Debt
Current Financial Debt          643.9       291.2   121.1%   669.7   (3.8%)
Financial loans                 200.2        48.7   310.8%   191.3     4.7%
Negotiable obligations          282.0       100.7   180.2%   271.8     3.8%
Accrued interest                 41.9        41.2     1.7%    89.6  (53.2%)
Acquisition of equipment         59.1        44.0    34.2%    49.8    18.6%
Sellers Financing Capital         1.1         2.9  (63.8%)     2.0  (47.5%)
Sellers Financing accrued         -         -       NA
interest                                                            -       NA
Related Parties Capital           3.4         8.1  (58.0%)    16.2  (78.9%)
Related Parties accrued           0.0         0.1  (70.2%)
interest                                                          0.3  (92.3%)
Bank overdraft                   56.3        45.5    23.8%    48.8    15.4%
Non-Current Financial         2,752.2     2,850.6   (3.5%)
Debt                                                          2,722.8     1.1%
Financial loans                  36.2       176.9  (79.5%)    46.8  (22.6%)
Negotiable obligations        2,588.8     2,593.0   (0.2%) 2,577.2     0.5%
Accrued interest                  -         0.1 (100.0%)     0.1 (100.0%)
Acquisition of equipment        121.2        74.0    63.6%    92.6    30.8%
Sellers Financing Capital         0.3         1.0  (69.8%)     0.3     3.3%
Sellers Financing accrued         -         -       NA
interest                                                            -       NA
Related Parties Capital           4.2         4.2      -     4.2        -
Related accrued interest          1.4         1.3     4.4%     1.5   (8.5%)
Total Financial Debt (A)      3,396.1     3,159.9     7.5% 3,392.4     0.1%
Measurement at fair Value      (49.6)      (55.6)    10.8%  (51.5)   (3.8%)
Total Short Term and Long     3,346.5     3,104.3     7.8%
Term Debt                                                     3,340.9     0.2%
Cash and Cash Equivalents     1,013.2       905.4    11.9%
(B)                                                             905.3    11.9%
Net Debt (A) - (B)            2,382.9     2,210.3     7.8% 2,487.1   (4.2%)
Net Debt/Adjusted Ebitda         0.84x        0.87x   (3.6%)
^(1)                                                            0.88x   (4.9%)
% USD Debt                       95.1%        93.4%     1.8%   94.9%     0.2%
% Ar. Ps Debt                     4.9%         6.6%  (26.0%)    5.1%   (4.3%)



Total Financial Debt^(2) and Net Debt,  increased from Ps. 3,159.9 million  to 
Ps. 3,396.1 million and  from Ps. 2,210.3 million  to Ps. 2,382.9  million 
respectively. This represents  an increase of  7.5% in the  Total Debt and  an 
increase of 7.8% in the Net Debt.



Debt coverage ratio ^(2) as of September 30^th, 2012 was 0.84x in the case  of 
Net Debt and of 1.19x in terms of Total Financial Debt.



^(1) Last Quarter Annualized EBITDA.

^(2) Debt Coverage Ratio is defined as Total Financial Debt divided by
Adjusted EBITDA (Last Quarter Annualized). Total Financial debt is defined as
financial loans and debt for acquisitions, including accrued interest.



RELEVANT MATTERS



SALE OF PARAGUAY OPERATIONS



On 2  October 2012,  Grupo Clarín  S.A. (the  "Company") disclosed  additional 
information to the Argentine Securities Commission and the Buenos Aires  Stock 
Exchange in  connection  with  the  sale of  the  operations  of  the  current 
subsidiaries of Cablevisión S.A. ("Cablevisión")  in the Republic of  Paraguay 
to  Telefónica  Celular   del  Paraguay   S.A.,  a   subsidiary  of   Millicom 
International Cellular S.A. The Company informed  that on 1 October 2012,  the 
Parties formalized the closing of the transactions relating to the sale of the
operations of  the current  subsidiaries  of Cablevisión  in the  Republic  of 
Paraguay to Telefónica Celular del Paraguay S.A.



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)
                                                 6.79

GCLA (LSE) Price per GDS (USD)                   2.49
Total Shares                               287,418,584
Total GDSs                                 143,709,292
Market Value (USD MM)                           357.8
Closing Price                     November 16^th, 2012



CONFERENCE CALL AND WEBCAST INFORMATION



Grupo Clarín will  host a  conference call and  webcast to  discuss its  Third 
Quarter Results for 2012, on Monday, November 19^th, 2012.



Time: 12:00 pm Buenos Aires Time/3:00 pm London Time/10:00 am New York Time.



To access the conference call, please dial: from within Argentina + 0 800  333 
0050; from  within the  United Kingdom  +44 (800)  092 3582;  from within  the 
United States +1  (800) 311 9401;  and from all  other countries+1 (334)  323 
7224. The Conference ID is #6118.



To access the  simultaneous webcast presentation,  please direct your  browser 
to:

http://www.grupoclarin.com/ir



A replay  of  the  conference  call  will be  available  one  hour  after  its 
conclusion, and will remain available for  two weeks. To access the  replay, 
please dial from the within the U.S. +1-877-919-4059, or from anywhere outside
the U.S. +1-334-323-7226. The passcode is: 55980658. The webcast  presentation 
will be archived at http://www.grupoclarin.com.ar/ir.



The  PDF  version   of  the   webcast  presentation  will   be  available   at 
http://www.grupoclarin.com.ar/ir prior  to the  call, on  November 19^th,  and 
archived in our Website after its conclusion.



Investor Relations Contacts
In Buenos Aires:            In London:                    In New York:
Alfredo Marín               Alex Money                    Melanie Carpenter

Agustín Medina Manson       Clare Gallagher               Pete Majeski
Grupo Clarín S.A.           Temple Bar Advisory Ltd.      I-advize Corporate
                                                          Communications
Tel: +54 11 4309 7215       Tel: +44 20 7002 1080         Tel: +1 212 406 3692
Email:                      E-mail:                       E-mail:
investors@grupoclarin.com   info@templebaradvisory.com    clarin@i-advize.com

                                                          









ABOUT THE COMPANY



Grupo Clarín is the largest media  company in Argentina and a leading  company 
in the  cable television  and Internet  access, printing  and publishing,  and 
broadcasting and programming markets. Its  cable television network is one  of 
the largest  in  Latin  America in  term  of  subscribers, and  is  a  leading 
broadband provider in Argentina. Its flagship newspaper -Diario Clarín- is one
of the highest circulation  newspapers 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 NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2012 AND 2011,

 AND THE THREE-MONTH PERIODS BEGINNING ON JULY 1 AND ENDING ON SEPTEMBER 30,
                                2012 AND 2011

                           In Argentine Pesos (Ps.)

                                                    July 1, 2012     July 1, 2011
                                                       through          through
                  September 30,    September 30,    September 30,    September 30,
                      2012             2011             2012             2011
Continuing
operations
Revenues           8,141,957,229    6,610,191,164    2,930,159,950    2,377,424,681
Cost of Sales    (4,722,747,143)  (3,717,863,497)  (1,701,805,109)  (1,395,362,181)
(1)
Subtotal -         3,419,210,086    2,892,327,667    1,228,354,841      982,062,500
Gross Profit
Selling            (965,698,471)                     (361,340,521)    (279,288,007)
Expenses (1)                        (782,459,529)
Administrative   (1,065,194,534)    (808,773,820)    (379,622,927)    (299,357,864)
Expenses (1)
Financial            109,352,009       86,944,209       37,257,227       19,937,683
Income
Financial Costs    (702,114,101)    (488,065,653)    (282,635,098)    (190,019,428)
Other Income           1,784,467       15,127,220      (1,973,791)        2,904,489
and Expense,
net
Equity in             18,423,945       35,129,138        2,615,502       13,447,104
Earnings from
Affiliates and
Subsidiaries
Income before
Income Tax and
Tax on Assets        815,763,401      950,229,232      242,655,233      249,686,477
Income Tax and
Tax on Assets      (309,263,415)    (332,619,369)    (100,055,201)     (84,274,570)
Income for the
period from
continuing
operations           506,499,986      617,609,863      142,600,032      165,411,907
Discontinued
operations
Income from
discontinued
operations            49,966,211       43,697,499       13,676,969        7,163,554
Income for the       556,466,197      661,307,362      156,277,001      172,575,461
period
Other
Comprehensive
Income
Variation in
Translation
Differences of
Foreign
Operations from
continuing
operations            73,725,293       29,470,999       41,969,970     (22,969,611)
Variation in
Translation
Differences of
Foreign
Operations from
discontinued
operations             1,473,771        2,886,392          827,760        (535,853)
Other                                                   42,797,730     (23,505,464)
Comprehensive
Income for the
period                75,199,064       32,357,391
TOTAL                631,665,261      693,664,753      199,074,731      149,069,997
COMPREHENSIVE
INCOME FOR THE
PERIOD
Profit
Attributable
to:
Shareholders of      315,448,727      433,882,723       89,095,825      117,201,182
the Parent
Company
Non-Controlling      241,017,470      227,424,639       67,181,176       55,374,279
Interests
Total
Comprehensive
Income
Attributable
to:
Shareholders of      351,123,695      450,383,304      108,924,624      108,936,037
the Parent
Company
Non-Controlling      280,541,566      243,281,449       90,150,107       40,133,960
Interests
Basic and
Diluted
Earnings per
Share from
continuing
operations                  1.02             1.44             0.29             0.40
Basic and
Diluted
Earnings per
Share from
discontinued
operations                  0.08             0.07             0.02             0.01
Basic and
Diluted
Earnings per
Share - Total               1.10             1.51             0.31             0.41



(1) Includes  amortization  of  intangible  assets  and  film  library,  and 
depreciation of property, plant and equipment in the amount of
Ps. 651,019,170 and Ps. 527,155,452 for nine-month periods ended September 30,
2012 and 2011, respectively.



The Consolidated  Statements  of  Operations for  each  business  segment  are 
included in the Financial Statements as of September 30^th, 2012, available at
http://www.grupoclarin.com/ir.



                              GRUPO CLARÍN S.A.

                          CONSOLIDATED BALANCE SHEET

       AS OF SEPTEMBER 30, 2012, DECEMBER 31, 2011 AND JANUARY 1, 2011

                           In Argentine Pesos (Ps.)

                                      



                        September 30, 2012  December 31, 2011  January 1, 2011
ASSETS
NON-CURRENT ASSETS
Property, Plant and          3,904,824,062      3,665,276,048
Equipment                                                        2,822,810,673
Intangible Assets              552,076,221        622,168,215      715,133,399
Goodwill                     2,749,746,885      2,739,655,126    2,700,177,279
Deferred Tax Assets             65,783,095         34,471,919       27,151,922
Investment in                  394,310,116        387,673,671
Affiliates and
Subsidiaries                                                       345,840,683
Other Investments                2,646,820            109,855          177,403
Inventories                     14,761,819         13,139,000       21,340,016
Other Assets                     1,498,710          1,546,764        2,204,616
Other Receivables              143,093,792        205,230,179       95,888,460
Trade Receivables              113,733,508        122,595,188        1,102,833
Total Non-Current            7,942,475,028      7,791,865,965
Assets                                                           6,731,827,284
CURRENT ASSETS
Inventories                    407,484,795        371,180,023      252,092,555
Other Assets                     7,061,437         11,467,311       78,594,494
Other Receivables              418,196,402        372,396,801      280,160,389
Trade Receivables            1,431,938,390      1,224,589,935      954,007,800
Other Investments              549,601,705        247,188,625      264,964,642
Cash and Banks                 463,598,915        629,155,403      332,257,837
Total Current Assets         3,277,881,644      2,855,978,098    2,162,077,717
Assets held for sale           250,269,121                  -                -
Total Assets                11,470,625,793     10,647,844,063    8,893,905,001
EQUITY (as per the
corresponding
statement)
Attributable to              3,850,265,802
Shareholders of the
Parent Company                                  3,634,142,107    3,203,295,205
Attributable to              1,251,306,956
Non-Controlling
Interests                                       1,063,645,779      936,398,963
Total Shareholders'          5,101,572,758
Equity                                          4,697,787,886    4,139,694,168
LIABILITIES
NON-CURRENT
LIABILITIES
Accruals and Other             241,218,183        193,039,012      159,947,261
Long-Term Debt               2,702,858,826      2,749,309,434    2,117,587,216
Sellers Financing                  313,330            816,853        1,127,017
Deferred Tax                   154,078,513        182,336,021
Liabilities                                                        219,731,774
Taxes Payable                   76,728,950         79,195,842       83,639,832
Other Liabilities               90,352,208        104,354,485       89,429,579
Trade Payables and               8,130,084         10,198,755
Other                                                               12,450,978
Total Non-Current            3,273,680,094      3,319,250,402
Liabilities                                                      2,683,913,657
CURRENT LIABILITIES
Long-Term Debt                 642,313,060        442,432,030      260,618,199
Sellers Financing                1,059,659          8,178,434        3,796,354
Taxes Payable                  323,072,539        299,925,923      472,091,432
Other Liabilities              225,769,903        148,728,234      127,596,292
Trade Payables and           1,885,803,383      1,731,541,154
Other                                                            1,206,194,899
Total Current                3,078,018,544      2,630,805,775
Liabilities                                                      2,070,297,176
Liabilities held for            17,354,397                  -
sale                                                                         -
Total Liabilities            6,369,053,035      5,950,056,177    4,754,210,833
Total Equity and            11,470,625,793     10,647,844,063
Liabilities                                                      8,893,905,001





                              GRUPO CLARÍN S.A.

                     CONSOLIDATED STATEMENT OF CASH FLOWS

         FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2012 AND 2011

                           In Argentine Pesos (Ps.)

                                      

                                      September 30, 2012    September 30, 2011
CASH PROVIDED BY OPERATING ACTIVITIES
Income for the period                        556,466,197           661,307,362
Income Tax and Tax on Assets                 309,263,415           332,619,369
Accrued Interest, net                        199,644,279           195,899,448
Adjustments to reconcile net income
for the period to cash provided by
operating activities:
Depreciation of Property, Plant and
Equipment                                    545,074,773           425,809,971
Amortization of Intangible Assets and
Film Library                                 105,944,397           101,345,481
Net of allowances                             87,677,549            67,429,815
Financial Results                            322,294,384           124,094,841
Equity in Earnings from Affiliates
and Subsidiaries                            (18,423,945)          (35,129,138)
Other Income and Expense                     (3,110,925)          (56,985,487)
Loss from discontinued operations             32,461,124            27,300,528
Changes in Assets and Liabilities:
Trade Receivables                          (264,201,238)          (94,129,374)
Other Receivables                             35,460,810         (102,177,037)
Inventories                                 (41,593,770)         (345,331,610)
Other Assets                                   5,558,202           (1,029,069)
Trade Payables and Other                     156,700,688           386,152,883
Taxes Payable                               (93,220,435)          (67,192,631)
Other Liabilities                             46,250,701           (3,356,345)
    Provisions                             (26,060,473)          (19,028,507)
    Income Tax and Tax on Assets
     Payments                              (272,251,991)         (514,882,891)

    Net Cash Flows Provided by
     Operating Activities                  1,683,933,742         1,082,717,609

    CASH PROVIDED BY INVESTMENT
     ACTIVITIES
    Acquisition of Property, Plant
     and Equipment, net                    (971,481,955)       (1,045,976,374)
    Acquisition of Intangible Assets       (31,773,693)          (43,680,822)
    Loans granted                           (1,586,753)                     -
    Acquisition of Subsidiaries, Net
     of Cash Acquired                       (11,506,938)          (16,093,389)
    Proceeds from Sale of Property,
     Plant and Equipment                       3,121,715            15,301,003
    Dividends collected                         624,990               886,007
    Proceeds from the Disposal of
     Long-Term Investments                             -            14,470,615
    Certificates of Deposit                 (4,848,000)                     -
    Collections of Certificates of
     Deposit                                  15,363,727                     -

    Net Cash Flows used in
     Investment Activities               (1,002,086,907)       (1,075,092,960)

    CASH PROVIDED BY FINANCING
     ACTIVITIES
    Debts Obtained                          117,913,446           787,926,318
    Repayment of Loans and Issuance
     Expenses                              (184,090,190)         (131,273,969)
    Payment of Interest                   (270,300,709)         (173,716,101)
    (Payments) collections on
     Derivatives, Net                        (6,177,500)            21,532,823
    Payment of Sellers Financing            (6,666,392)             (562,745)
    Dividends paid                        (118,854,787)         (120,000,000)
    (Setup) Transfer of Reserve
     Account / Escrow Funds                  (6,520,985)             5,655,633
    Payments to Non-Controlling
     Interests, net                         (92,004,628)         (104,850,733)

    Net Cash Flows (used in)
     provided by Financing Activities      (566,701,745)           284,711,226

    FINANCING RESULTS GENERATED BY
     CASH AND CASH EQUIVALENTS                41,482,873            26,775,774

    Net Increase in Cash Flow               156,627,963 ^        319,111,649
    Cash and Cash Equivalents at the                    ^
     Beginning of the Year                   865,580,054           585,948,351
    Effect of decrease in cash from                     ^
     disposal of businesses for sale        (12,960,031)                     -
    Cash and Cash Equivalents at the                    ^
     End of the Period                     1,009,247,986           905,060,000


                                      

                                      

                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


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