Grupo Clarin Announces Its Results for the Fourth Quarter and Full Year 2008

Grupo Clarin Announces Its Results for the Fourth Quarter and Full Year 2008

BUENOS AIRES, Argentina, March 11 /PRNewswire-FirstCall/ -- Grupo Clarin S.A. ("Grupo Clarin" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its results for the fourth quarter and the full year 2008. Figures in this report have been prepared in accordance with Argentine GAAP as of December 31, 2008 and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (2008 vs. 2007):

-- Net Sales totaled Ps. 5,736.1 million, an increase of 30.9% from 2007, mainly due to subscriber and ARPU growth in the Cable TV and Internet segment and, to a lesser extent, to higher advertising sales in Printing and Publishing, and higher advertising and programming sales in the Broadcasting and Programming segment.

-- Adjusted EBITDA(1) reached Ps. 1,674.6 million, an increase of 24.0% from 2007, driven by higher sales in the Cable and Internet, Printing and Publishing and Broadcasting and Programming segments.

-- Grupo Clarin's Adjusted EBITDA Margin(2) was 29.2% for 2008, compared to 30.8% in 2007.

-- Net Income totaled Ps. 262.7 million, an increase of 25.4% from Ps. 209.6 million reported in 2007.

Comments from the Vice Chairman of Grupo Clarin:

Mr. Jose A. Aranda, Vice Chairman of Grupo Clarin, stated, "I am pleased to report Grupo Clarin's results for the fourth quarter and full year of 2008. Our Company showed a good performance, especially in the Cable TV and Internet access segment. These overall results are of significance in a harsh context in which companies are facing global macroeconomic and financial challenges, and are eloquent in demonstrating the proven ability of our management team to steer through defiant environments. During 2009, in a year of macroeconomic uncertainties, we will strive to carry out our strategy and to consolidate the Company's leadership in its businesses."

FINANCIAL HIGHLIGHTS
(In millions of Ps.)

2008 2007 YoY 4Q08 3Q08 4Q07 QoQ YoY
Net Sales 5,736.1 4,383.7 30.9% 1,625.3 1,506.0 1,266.2 7.9% 28.4%
Adjusted
EBITDA (1) 1,674.6 1,350.8 24.0% 458.1 451.8 398.7 1.4% 14.9%
Adjusted
EBITDA 29.2% 30.8% -5.3% 28.2% 30.0% 31.5% -6.0% -10.5%
Margin (2)
Net Income 262.7 209.6 25.4% (14.2) 60.1 86.7 -123.6% -116.3%

(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. Because Adjusted EBITDA is not an Argentine GAAP measure, 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.

A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION AND COMPLETE FINANCIAL STATEMENTS CAN BE OBTAINED FROM http://www.grupoclarin.com/IR OR BY CONTACTING:

Investor Relations Contacts
In Buenos Aires:
Alfredo Marin, M. Julia Diaz Ardaya, Alejandro Yu
Grupo Clarin S.A.
Email: investors@grupoclarin.com

In London:
Alex Money, Lorna Ellen
Temple Bar Advisory Ltd.
Tel: +44 20 7002 1080
E-mail: info@templebaradvisory.com

In New York:
Melanie Carpenter, Pete Majeski
I-advize Corporate Communications
Tel: +1 212 406 3692
E-mail: clarin@i-advize.com

Source: Grupo Clarin S.A.

CONTACT: Investor Relations: In Buenos Aires, Alfredo Marin, M. Julia
Diaz Ardaya, or Alejandro Yu, all of Grupo Clarin S.A.,
investors@grupoclarin.com; or In London, Alex Money or Lorna Ellen, both of
Temple Bar Advisory Ltd., +44-20-7002-1080, info@templebaradvisory.com; or In
New York, Melanie Carpenter or Pete Majeski, both of I-advize Corporate
Communications, +1-212-406-3692, clarin@i-advize.com. all for Grupo Clarin
S.A.

Web site: http://www.grupoclarin.com/ir

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