1H15 PPT - VF

First Half and Second Quarter Results 2015
August 11th, 2015
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
1H and 2Q Results - August 11th, 2015
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
Broadcasting & Programming

Digital Content & Others
CAPEX & Net Sales
Ownership Structure & Corporate Governance
Q & A Session
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session
Income Statement
1H15 & 1H14 yoy figures
Exhibit 1: Net Sales
Exhibit 2: Adjusted EBITDA1
% yoy, AR$ MM
% yoy, AR$ MM
+43%
12,522
25.4
1,474 338
8,767
1,040
1,428
EBTIDA Margin (%)
+78%
31.5
3,946
321
42
1,972
304
2,223
146 14
3,602
91%
9,232
2,106
6,391
-396
1H14
-17 -1
1H14
1H15
-493
1H15
Exhibit 3: Income for the period 1H14 vs. 1H15

AR$ MM
1H14 186
1H15
Eliminations and Adjustments
-2 -41
122 308
1,034
Equity Shareholders
643
1,677
+445%
Non-Controlling Interests
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
Income Statement
2Q15 & 2Q14, yoy figures
Exhibit 4: Net Sales
Exhibit 5: Adjusted EBITDA1
% yoy, AR$ MM
% yoy, AR$ MM
+38%
6,558
917
4,759
653
760
EBTIDA Margin (%)
154
25.1
+69%
153
2,015
33
1,073
1,193
6
30.7
279
137
85%
1,720
4,673
1,062
3,403
-211
2Q14

2Q15
-12 -6
2Q14
2Q15
Exhibit 6: Income for the period 2Q14 vs. 2Q15

AR$ MM
2Q14
2Q15
Eliminations and Adjustments

1
-258
-3 -10
218
132 350
565
Equity Shareholders
312
877
+151%
Non-Controlling Interests
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
2Q15 & 2Q14, yoy figures
EBTIDA Margin (%)
Exhibit 7: 2Q14
Exhibit 8: 2Q15
AR$ MM
AR$ MM
6,558
38%
4,759
2,929
2,367
24%
34%
1,200
Cost of
Sales
Selling &
Adm.
Expenses
30.7
25.1
1,193
Net Sales
1,613
EBITDA
2,015
69%
Net Sales
Cost of
Sales
Selling &
Adm.
Expenses
EBITDA
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session
Financial Debt
Exhibit 9: Key Financial Ratios
AR$ MM
592.2 MM at 9.088 ARS/ USD
6M15
3M15
6M14
QoQ
YoY
Total Gross Debt Outstanding*
5,382.1
5,200.0
4,630.1
3.5%
16.2%
Total Gross Debt Incl. Interests**
5,522.6
5,276.9
4,763.1
4.7%
15.9%
Total Net Debt
2,480.7
2,289.0
3,050.9
8.4%
(18.7%)
.31x
.3x
.64x
3.8%
(51.9%)
75.5%
75.2%
83.2%
0.4%
(9.2%)
Net Debt/ Adjusted EBITDA1

% US$ Debt
Exhibit 10: Debt Profile as of June 30th, 2015

US$ MM, Balance Sheet
592
204
191
110
88
0
2015
2016
2017
2018
2019
TOTAL
* Includes Bank Overdraft (380.3 MM ARS as of June 2015; 309.8 MM ARS as of March 2015; 238.6 MM ARS as of June 2014). Does not include Interests and Related Parties.
** Includes Bank Overdraft (380.3 MM ARS as of June 2015; 309.8 MM ARS as of March 2015; 238.6 MM ARS as of June 2014). Does not include Related Parties.
(1) Last Quarter Annualized EBITDA . Exchange Rate: 9.088 ARS/ USD.
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session
Cable TV & Internet Access I

Revenues & Costs
EBTIDA Margin (%)
Exhibit 11: 2Q14
Exhibit 12: 2Q15
AR$ MM
AR$ MM
37%
3,403
4,673
24%
1,496
30%
31.2
845
1,854
62%
1,062
Net Sales
Cost of
Sales
Selling &
Adm.
Expenses
EBITDA
Net Sales
Exhibit 13: Revenues 1H14 vs. 1H15

AR$ MM
1H14
1H15
36.8
1,098
1,720
Cost of
Sales
Selling &
Adm.
Expenses
EBITDA
Exhibit 14: EBITDA 1H14 vs. 1H15

AR$ MM
+44%
6,391
1H14
9,232
1H15
+71%
2,106
3,602
11
Cable TV & Internet Access II

Key Ratios
Exhibit 15: Cable & Internet Access Statistics
000s
1H15
1H14
% Ch.
2Q15
1Q15
2Q14
QoQ
YoY
Homes Passed(*)
7,732.2
7,511.4
2.9%
7,732.2
7,518.2
7,511.4
2.8%
2.9%
Bidirectional Homes Passed
69.0%
67.2%
2.8%
69.0%
69.1%
67.2%
(0.1%)
2.8%
Total CATV Subscribers
3.510,8
3,519.2
(0.2%)
3.510,8
3,475.5
3,519.2
1.0%
(0.2%)
Churn Rate
12.9%
13.4%
(3.5%)
11.9%
13.9%
12.8%
(14.2%)
(6.7%)
Digital Ready Pay TV Subs
2,787.9
2,795.5
(0.3%)
2,787.9
2,760.5
2,795.5
1.0%
(0.3%)
Total Internet Subscribers
1,923.8
1,786.7
7.7%
1,923.8
1,858.6
1,786.7
3.5%
7.7%
303.8
44.6%
445,9
436.3
323.8
2.2%
37.7%
Total ARPU
439,5
12
Cable TV & Internet Access III

Key Ratios
Exhibit 16: Total Consolidated Cable Subscribers
000s
Exhibit 17: Total Equity Subscribers

000s
0%
0%
3.519
3.511
2Q14
2Q15
Other Internet Subs
000s
Argentina
+10%
Cablemodem
+8%
1.787
1.776
2Q14
1.924
1.915
2Q15
+137
1,366
3.646
3.641
2Q14
2Q15
AR$
+38%
International
1,508
445.9
+142
1,204
1,323
162
185
2Q14
2Q15
-5
Exhibit 20: Total ARPU
Exhibit 19: Digital Subs
Exhibit 18: Internet Subs

000s
-8
+122
323.8
2Q14
2Q15
13
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session

Revenues & Costs
EBTIDA Margin (%)
Exhibit 21: 2Q14
Exhibit 22: 2Q15
AR$ MM
AR$ MM
41%
760
1,073
21%
604
500
62%
269
448%
(1.3)
436
3.1
33
10
Net Sales
Cost of
Sales
Selling &
Adm.
Expenses
Net Sales
EBITDA

AR$ MM
1H14
1H15
Cost of
Sales
Selling &
Adm.
Expenses
EBITDA

AR$ MM
+38%
1,428
1H14
1,972
1H15
203%
-41
42
15
Printing & Publishing II

Key Ratios
Exhibit 25: Key Ratios
-4%
-8%
284
53.5
262
2Q14
2Q15
1
Circulation (000s)
2Q14
2Q15
Advertising Share2 (%)
+1%
38.8
51.4
39.2
2Q14
2Q15
Circulation Share3 (%)
Average number of copies according to IVC (including Diario Clarn and Ol), thousands per day
Share in Buenos Aires and greater Buenos Aires Area (AMBA) Diario Clarn. Source: Monitor de Medios Publicitarios S.A.
(3) Share in Buenos Aires and greater Buenos Aires Area (AMBA) Diario Clarn. Source: IVC and AGEA
(1)
(2)
16
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session

Revenues & Costs
EBTIDA Margin (%)
Exhibit 26: 2Q14
Exhibit 27: 2Q15
AR$ MM
AR$ MM
40%
653
917
24%
389
126
483
21.0
Cost of
Sales
Selling &
Adm.
Expenses
EBITDA
Net Sales

AR$ MM
1H14
1H15
279
103%
137
Net Sales
30.5
155
22%
Cost of
Sales
Selling &
Adm.
Expenses
EBITDA

AR$ MM
+42%
1H14
1,040
1,474
1H15
146
+119%
321
18
Broadcasting & Programming II

Key Ratios
Exhibit 30: Key Ratios
+5%
+10%
34.3
37.6
36.8
2Q14
2Q15
1
Prime Time (%)
38.6
2Q14
2Q15
Advertising Share2 (%)
+12%
27.1
30.2
2Q14
2Q15
Total Time1 (%)
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 12pm to 12am
(2) Company estimate, over adspend in Ps. in broadcast TV for AMBA region
(1)
19
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session

Revenues & Costs
EBTIDA Margin (%)
Exhibit 31: 2Q14
Exhibit 32: 2Q15
AR$ MM
AR$ MM
(1%)
154
153
2%
80
79
12%
69
78
3.6
6
Net Sales
Cost of
Sales
Selling &
Adm.
Expenses
Net Sales
EBITDA

AR$ MM
1H14
1H15
(3.9)
(207%)
Cost of
Sales
Selling &
Adm.
Expenses
EBITDA

+11%
AR$ MM
1H14
304
338
1H15
-111%
14
-1
21
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session
Capex & Net Sales

1H14 & 1H15, YoY figures
Exhibit 35: Capex & Net Sales
8,767
1,040
12,522
304
338
1,474
1H15 CAPEX Breakdown
1,972
1,428
1%
2%
0%
6,391
9,232
15.0%
1,313
9
23
54
1,226
-396
1H14
Net Sales
1,526
1
29
22
1,475
97%
-493
1H14
Capex

12.2%
1H15
Net Sales
1H15
Capex

Eliminations

Capex / Net Sales
23
Capex & Net Sales

2Q14 & 2Q15, YoY figures
Exhibit 36: Capex & Net Sales
4,759
653
6,558
154
153
917
2Q15 CAPEX Breakdown
1,073
760
1.3%
1.7%
0.0%
3,403
4,673
15.5%
736
7
15
20
694
-211
2Q14
Net Sales
892
0
16
12
864
96.9%
-258
2Q14
Capex

13.6%
2Q15
Net Sales
2Q15
Capex

Eliminations

Capex / Net Sales
24
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session

Exhibit 37: Equity Participation at IPO1
%
Exhibit 38: Shareholder Structure

Number of Shares4
Free Float
Controlling Shareholders
204,030,227
20,3%
GS Unidos,
8,8%
LLC (RB)3
70,9%
Controlling
Shareholders2
GS Unidos, LLC (RB)
25,156,869
Free Float
58,231,488
International
27,695,202 (48%)
Local
30,536,286 (52%)
Total
287,418,584
The original IPO allocation was 80% international and 20% local
1 Since
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 GS Unidos, LLC, a company under the indirect control of Mr. Ralph Booth
4 As of August 10th, 2015
2
26
Agenda
Financial Debt

CAPEX & Net Sales
Q & A Session
Q & A Session
August 11th, 2015
First Half and Second Quarter Results 2015

August 11th, 2015

1H15 PPT - VF

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First Half and Second Quarter Results 2015

August 11th, 2015

Printing & Publishing

1H and 2Q Results - August 11th, 2015

Broadcasting & Programming

Printing & Publishing

1H and 2Q Results - August 11th, 2015

Broadcasting & Programming

Exhibit 2: Adjusted EBITDA1

EBTIDA Margin (%)

1H and 2Q Results - August 11th, 2015

Exhibit 3: Income for the period 1H14 vs. 1H15

Digital Content & Others

Printing & Publishing

Eliminations and Adjustments

Source: Company Information

Exhibit 5: Adjusted EBITDA1

EBTIDA Margin (%)

1H and 2Q Results - August 11th, 2015

Broadcasting & Programming

Exhibit 6: Income for the period 2Q14 vs. 2Q15

Digital Content & Others

Printing & Publishing

Eliminations and Adjustments

Source: Company Information

EBTIDA Margin (%)

1H and 2Q Results - August 11th, 2015

Source: Company Information

Printing & Publishing

1H and 2Q Results - August 11th, 2015

Broadcasting & Programming

592.2 MM at 9.088 ARS/ USD

Total Gross Debt Outstanding*

Total Gross Debt Incl. Interests**

Total Net Debt

Net Debt/ Adjusted EBITDA1

1H and 2Q Results - August 11th, 2015

Exhibit 10: Debt Profile as of June 30th, 2015

Printing & Publishing

1H and 2Q Results - August 11th, 2015

Broadcasting & Programming

Cable TV & Internet Access I

EBTIDA Margin (%)

Exhibit 11: 2Q14

Exhibit 12: 2Q15

1H and 2Q Results - August 11th, 2015

Exhibit 13: Revenues 1H14 vs. 1H15

Source: Company Information

Exhibit 14: EBITDA 1H14 vs. 1H15

Cable TV & Internet Access II

1H and 2Q Results - August 11th, 2015

Bidirectional Homes Passed

Total CATV Subscribers

Digital Ready Pay TV Subs

Total Internet Subscribers

Source: Company Information

Cable TV & Internet Access III

Exhibit 17: Total Equity Subscribers

1H and 2Q Results - August 11th, 2015

Other Internet Subs

Exhibit 20: Total ARPU

Exhibit 19: Digital Subs

Exhibit 18: Internet Subs

Printing & Publishing

1H and 2Q Results - August 11th, 2015

Broadcasting & Programming