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Grupo Clarín Announces Third Quarter and Nine-Month 2018 Results

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BUENOS AIRES, ARGENTINA / ACCESSWIRE / November 8, 2018 / Grupo Clarín S.A. (''Grupo Clarín'' or the ''Company'' (LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its third quarter and nine-month 2018 results. Figures in this report have been prepared in accordance with International Financial Reporting Standards(*) (''IFRS'') as of September 30, 2018, and are stated in Argentine Pesos, unless otherwise indicated.
(*) The Company's Management has not applied IAS 29 in the preparation of these financial statements (inflation adjustment) because Decree No. 664/03 issued by the Executive Branch, whereby the CNV cannot accept the presentation of restated financial statements, is still in effect.

Highlights (9M18 vs. 9M17):

    • Total Revenues reached Ps. 11,171.5 million, an increase of 11.3% compared to 9M17, mainly due to higher circulation revenues in the Printing and Publishing segment.
    • Adjusted EBITDA (1) reached Ps. 1,064.5 million, an increase of 30.0% compared to 9M17, mainly driven by higher EBITDA in the Printing and Publishing segment.
    • Grupo Clarín's Adjusted EBITDA Margin (2) was 9.5% in 9M18, compared to 8.2% in 9M17.
    • Income for the period totaled Ps. 572.9 million, a decrease of 78.4% compared to Ps. 2,657.7 million reported in 9M17 (includes Cablevisión's results). Income for the period attributable to Equity Shareholders amounted Ps 600.3 million in 9M18 from Ps. 1,708.8 million in 9M17, a decrease of 64.9%.

FINANCIAL HIGHLIGHTS:

(In millions of Ps.)

9M18

9M17

% Ch.

3Q18

2Q18

3Q17

QoQ

YoY

Total Revenues

11,171.5

10,041.1

11.3%

4,091.1

4,007.1

3,759.2

2.1%

8.8%

Adjusted EBITDA (1)

1,064.5

818.8

30.0%

421.3

538.9

517.4

(21.8%)

(18.6%)

Adjusted EBITDA Margin (2)

9.5%

8.2%

16.8%

10.3%

13.4%

13.8%

(23.4%)

(25.2%)

Income for the period

572.9

2,657.7

(78.4%)

39.8

524.1

214.3

(92.4%)

(81.4%)

Attributable to:

Equity Shareholders

600.3

1,708.8

(64.9%)

47.3

534.9

214.6

(91.2%)

78.0%

Non-Controlling Interests

(27.4)

949.0

(102.9%)

(7.5)

(10.8)

(0.3)

(30.9%)

2,550.5%


(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.

Contact:

Investor Relations Contacts:
Agustín Medina Manson
Grupo Clarín S.A.
Tel: +54 11 4309 7215
Email: investors@grupoclarin.com

In London:
Alex Money
Jasford IR
Tel: +44 20 3289 5300
E-mail: alex@jasford.com

In New York:

Melanie Carpenter
I-advize Corporate Communications
Tel: +1 212 406 3692
E-mail: clarin@i-advize.com

SOURCE: Grupo Clarín S.A.

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