Grupo Clarin Announces its Results for the First Half (1H11) and Second Quarter of 2011 (2Q11)

Grupo Clarin Announces its Results for the First Half (1H11) and Second Quarter of 2011 (2Q11)

BUENOS AIRES, Argentina, Aug. 11, 2011 /PRNewswire/ -- Grupo Clarin S.A. ("Grupo Clarin" or the "Company" - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its fourth quarter and full year results for 2010. Figures in this report have been prepared in accordance with Argentine GAAP as of June 30th, 2011 and are stated in Argentine Pesos, unless otherwise indicated.

Highlights (1H11 vs. 1H10):

-- Net Sales totaled Ps. 4,430.8 million, an increase of 26.0% from 1H10,
mainly due to ARPU and subscriber growth in the Cable TV and Internet
access segment and, to a lesser extent, to higher advertising sales in
the Broadcasting and Programming and Printing and Publishing segments.
-- Adjusted EBITDA (1) reached Ps. 1,310.1 million, an increase of 13.6%
from 1H10, mainly driven by higher sales in the Cable and Internet
access segment.
-- Grupo Clarin's Adjusted EBITDA Margin (2) for 1H11 was 29.6%, compared
to 32.8% in 1H10.
-- Net Income totaled Ps. 315.4 million, an increase of 27.6% from the Ps.
247.1 million reported in 1H10.

FINANCIAL HIGHLIGHTS

(In millions of
Ps.) 1H11 1H10 % Ch.
Net Sales 4,430.8 3,516.1 26.0%
Adjusted EBITDA
(1) 1,310.1 1,153.0 13.6%
Adjusted EBITDA
Margin (2) 29.6% 32.8% (9.8%)
Net Income 315.4 247.1 27.6%

(In millions of
Ps.) 2Q11 1Q11 2Q10 QoQ YoY
Net Sales 2,357.4 2,073.4 1,872.8 13.7% 25.9%
Adjusted EBITDA
(1) 689.7 620.5 623.2 11.1% 10.7%
Adjusted EBITDA
Margin (2) 29.3% 29.9% 33.3% (2.2%) (12.1%)
Net Income 163.8 151.6 153.0 8.0% 7.0%

(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.

Investor Relations Contacts

In Buenos Aires:
Alfredo Marin
Agustin Medina Manson

Grupo Clarin S.A.
Tel: +54 11 4309 7215
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

Investor Relations http://www.grupoclarin.com/ir

SOURCE Grupo Clarin S.A.

Grupo Clarin S.A.

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

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