Grupo Clarin Announces Its Nine Months (9M10) and Third Quarter (3Q10) Results for 2010

Grupo Clarin Announces Its Nine Months (9M10) and Third Quarter (3Q10) Results for 2010

BUENOS AIRES, Argentina, Nov. 11, 2010 /PRNewswire-FirstCall/ -- Grupo Clarin S.A. ("Grupo Clarin" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its nine months and third quarter results for 2010. Figures in this report have been prepared in accordance with Argentine GAAP as of September 30th, 2010 and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (9M10 vs. 9M09):

-- Net Sales totaled Ps. 5,502.1 million, an increase of 12.4% from 9M09,
mainly due to ARPU and subscriber growth in the Cable TV and Internet
access segment and, to a lesser extent, higher sales in the Printing and
Publishing segment, and partially offset by lower revenues in the
Broadcasting and Programming segment.
-- Adjusted EBITDA (1) reached Ps. 1,748.9 million, an increase of 19.2%
from 9M09, mainly driven by higher sales in the Cable and Internet
access and Printing and Publishing segments.
-- Grupo Clarin's Adjusted EBITDA Margin (2) for 9M10 was 31.8%, compared
to 30.0% in 9M09.
-- Net Income totaled Ps. 381.1 million, compared to Ps. 194.3 million
reported in 9M09.

FINANCIAL HIGHLIGHTS

(In millions of Ps.) 9M10 9M09 YoY
-------------------- ---- ---- ---
Net Sales 5,502.1 4,895.4 12.4%
--------- ------- ------ ----
Adjusted EBITDA (1) 1,748.9 1,467.0 19.2%
------------------- ------- ------ ----
Adjusted EBITDA
Margin (2) 31.8% 30.0% 6.1%
--------------- ---- ---- ---
Net Income 381.1 194.3 96.2%
---------- ---- ---- ----

(In millions of Ps.) 3Q10 2Q10 3Q09 QoQ YoY
-------------------- ---- ---- ---- --- ---
Net Sales 1,986.0 1,872.8 1,668.3 6.0% 19.0%
--------- ------ ------ ------ --- ----
Adjusted EBITDA (1) 595.9 623.2 504.1 (4.4%) 18.2%
------------------- ---- ---- ---- ------ ----
Adjusted EBITDA
Margin (2) 30.0% 33.3% 30.2% (9.8%) (0.7%)
--------------- ---- ---- ---- ------ ------
Net Income 134.0 153.0 103.4 (12.4%) 29.6%
---------- ---- ---- ---- ------- ----

(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.

About the Company

Grupo Clarin is the largest media company in Argentina and market leader in the cable television and Internet access, printing and publishing, and broadcasting and programming segments. Its cable television network is one of the largest in Latin America, with one of the largest broadband subscriber base in Argentina. Its flagship newspaper -Diario Clarin- is the highest circulation newspaper in Latin America and the second-highest circulation Spanish-language newspaper in the world. Grupo Clarin 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.

A LONGER VERSION OF THIS PRESS RELEASE WITH DETAILED INFORMATION AND COMPLETE FINANCIAL STATEMENTS CAN BE OBTAINED FROM HTTP://WWW.GRUPOCLARIN.COM/IR.

SOURCE Grupo Clarin S.A.

Grupo Clarin S.A.

CONTACT: Investor Relations - Buenos Aires: Alfredo Marin, M. Julia Diaz Ardaya, Romina Vazquez, all of Grupo Clarin S.A., +54-11-4309-7215, Email: investors@grupoclarin.com; London: Alex Money or Lorna Ellen, both of Temple Bar Advisory, +44-20-7002-1080, info@templebaradvisory.com; New York: Melanie Carpenter or Pete Majeski, both of I-advize Corporate Communications, +1-212-406-3694, clarin@i-advize.com

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

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