9m11 PPT Final

Nine Months and Third Quarter Results 2011 November 11th, 2011
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
9M and 3Q Results - November 11th, 2011
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
Income Statement
3Q11 & 3Q10, yoy figures
Exhibit 1: Net Sales
% yoy, AR$ MM
Exhibit 2: Adjusted EBITDA1

% yoy, AR$ MM
EBTIDA Margin (%)
+25% 1,986 302

448
2,485 418
71
30,0
+6% 596 58 65
632 97
73
25.4
59 584
1,282
1,540
474
464
73%
105
128
1 3Q10
AR$ MM
2 3Q11
3Q10
Broadcasting & Programming Cable TV & Internet Access Digital Content & Others Printing & Publishing Eliminations
1
3Q11
Exhibit 3: Net Income 3Q10 vs. 3Q11 8% 3Q10 3Q11
134 123
5
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
3Q11 & 3Q10, yoy figures
Exhibit 4: 3Q10
AR$ MM
EBTIDA Margin (%)
Exhibit 5: 3Q11
AR$ MM
1,986
25%
2,485
945
34%
1,268
31%
445
30.0
584
25.4
596
6%
632
NetSales
Costof Sales
Selling& Adm. Expenses
EBITDA
NetSales
Costof Sales
EBITDA
Income Statement
9M11 & 9M10, yoy figures
Exhibit 6: Net Sales
% yoy, AR$ MM
Exhibit 7: Adjusted EBITDA1

% yoy, AR$ MM
EBTIDA Margin (%)
+26% 5,502 775

1,297
+11%
31.8
6,915 1,055
28.1
209
1,749
131 223
1,942
223 183
168
1,573
79%
3,562
4,456
1,391
1,527
299
379
9M10
AR$ MM
9M11
9M10
Broadcasting & Programming Cable TV & Internet Access Digital Content & Others Printing & Publishing Eliminations
1
9M11
Exhibit 8: Net Income 9M10 vs. 9M11 +15% 9M10 9M11
381 438
7
We define Adjusted EBITDA as net sales minus costs of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization)
Agenda
Financial Debt
Exhibit 9: Key Financial Ratios
AR$ MM 9M11 Total Gross Debt Outstanding* Total Gross Debt Incl. Interests* Total Net Debt (Incl. Reserve Accounts)** Net Debt/ Adjusted EBITDA1 % US$ Debt
737.8 MM at 4.21 ARS/ USD
6M11 2,985.3 3,064.7 2,068.2 0.82x 94.2%
9M10 2,613.8 2,681.7 1,865.3 0.82x 94.1%
QoQ 4.0% 2.7% 6.9% 5.3% -0.8%
YoY 18.8% 17.4% 18.5% 5.6% -0.8%
3,106.1 3,148.9 2,210.3 0.87x 93.4%
Exhibit 10: Debt Profile as of September 30th, 2011

US$ MM, Balance Sheet
738
24
2011
68
2012
93
2013
157
2014
92
2015
170
89
2017
44
2018
2016
* Includes Bank Overdraft (45.5 MM ARS as of September 2011; 73.5 MM ARS as of June 2011; 8.8 MM ARS as of September 2010). Does not include Interests and Related Parties. ** Reserve Accounts (September 2011: 0 ARS; June 2011: 0 ARS ; September 2010: 229.3 MM ARS ) (1) Last Twelve Months. Exchange Rate: 4.21 ARS/ USD. Source: Company Information
Agenda
Cable TV & Internet Access I

Revenues & Costs
Exhibit 11: 3Q10
AR$ MM
EBTIDA Margin (%)
Exhibit 12: 3Q11

AR$ MM
1,282 530 278
20% 30%
36.9
1,540 691
38% 2% NetSales Costof Sales Selling& Adm. Expenses
384
30.2
474
464 EBITDA
NetSales
Costof Sales
EBITDA
Exhibit 13: Revenues 9M10 vs. 9M11

AR$ MM
Exhibit 14: EBITDA 9M10 vs. 9M11

AR$ MM
+25%
+10%
9M10 9M11
3,562 4,456
9M10 9M11
1,391 1,527
11
Cable TV & Internet Access II

Key Ratios
Exhibit 15: Cable & Internet Access Statistics
000s
9M11 Homes Passed Bidirectional Homes Passed TotalCATVSubscribers

9M10 7,468.8 58.2% 3,350.8 13.7% 2,201.4 1,102.2 121.0
%Ch. 1.1% 6.6% 3.8% 7.7% 13.1% 17.3% 19.8%
3Q11 7,549.0 62.0% 3,476.8 13.7% 2,489.5 1,293.3 149.0
2Q11 7,514.4 60.9% 3,414.2 15.1% 2,429.8 1,219.6 146.9
3Q10 7,468.8 58.2% 3,350.8 13.1% 2,201.4 1,102.2 128.3
QoQ 0.5% 1.8% 1.8% 9.6% 2.5% 6.0% 1.4%
YoY 1.1% 6.6% 3.8% 4.4% 13.1% 17.3% 16.2%
7,549.0 62.0% 3,476.8 14.7% 2,489.5 1,293.3 144.9
Churn Rate DigitalReadyPayTVSubs TotalInternetSubscribers TotalARPU
12
Cable TV & Internet Access III

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

000s
4% 3,351 3,477 +126 3,427
4% 3,553 +127
3Q10
3Q11 Exhibit 19: Digital Subs

000s
Argentina
3Q10
3Q11
Exhibit 18: Internet Subs

000s
OtherInternetSubs
Exhibit 20: Total ARPU

AR$
+17% 1,102 1,293
Cablemodem
+55% 1,027
International
+16%
+191 663 1,273
128
+363
149
+21
828 557
106 198 3Q11 3Q10 3Q11
13
1,075
3Q10
3Q11
3Q10
Agenda
Printing & Publishing I

Revenues & Costs
Exhibit 21: 3Q10
AR$ MM
EBTIDA Margin (%)
Exhibit 22: 3Q11

AR$ MM
448 244
30% 39%
584 338
24%
14.5
139
173
12% NetSales Costof Sales Selling& Adm. Expenses
12.4
65
73 EBITDA
NetSales
Costof Sales
EBITDA

AR$ MM

AR$ MM
+21%
18%
9M10 9M11
1,297 1,573
9M10 9M11
223 183
15
Printing & Publishing II

Key Ratios
Exhibit 25: Key Ratios 5% 3%
350
334
55.0
53.3
3Q10
3Q11 8%
3Q10
3Q11
Circulation1 (000s)
Advertising Share2 (%)
43.1
39.9
3Q10
3Q11
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
Broadcasting & Programming I

Revenues & Costs
Exhibit 26: 3Q10
AR$ MM
EBTIDA Margin (%)
Exhibit 27: 3Q11

AR$ MM
302
39% 36%
418
189
19.2
258
17%
23.2
54
63
67% NetSales Costof Sales Selling& Adm. Expenses
58
97 EBITDA
NetSales
Costof Sales
EBITDA

AR$ MM

AR$ MM
+36%
+70%
9M10 9M11
775 1,055
9M10 9M11
131 223
18
Broadcasting & Programming II

Key Ratios
Exhibit 30: Key Ratios 6% +7%
45.6
43.0
34.9
37.3
3Q10
3Q11 +1%
3Q10
3Q11
Prime Time1 (%)
Advertising Share2 (%)
33.2
33.6
3Q10
(1)
3Q11
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 Source: Company Information
19
Agenda
Digital Content & Others

Revenues & Costs
Exhibit 31: 3Q10
AR$ MM
EBTIDA Margin (%)
Exhibit 32: 3Q11

AR$ MM
59 24
19%
71
42%
34
7% 36
-1.2
38 160% NetSales Costof Sales Selling& Adm. Expenses

-2.7
1 NetSales Costof Sales Selling& Adm. Expenses EBITDA
2 EBITDA

AR$ MM

AR$ MM
+25%
9M10 9M11
168 209
9M10 9M11
+161%
3 9
21
Agenda
Capex & Net Sales

3Q11 & 3Q10, YoY figures
Exhibit 35: Capex & Net Sales 1,986 59 302 2,485 71 418
3Q11 CAPEX Breakdown
448
584
2% 0% 4%
1,282
11.2%
223 105
8 3 8 203
1,540
13.7%
342 128
1 12 8 320
94%
3Q10 NetSales
3Q10 Capex
3Q11 NetSales
3Q11 Capex
CableTV&InternetAccess DigitalContent&Others
Printing &Publishing Eliminations
Broadcasting &Programming Capex /NetSales

23
Capex & Net Sales

9M11 & 9M10, YoY figures
Exhibit 36: Capex & Net Sales 5,502 168 775 1,297 6,915 209 1,055 1,573 2% 0% 5% 3,562
9M11 CAPEX Breakdown
13.2%
726 299
17 17 32 660
4,456
15.2%
1,052
5 52 25 970
92%
379
9M10 NetSales
9M10 Capex
9M11 NetSales
9M11 Capex
CableTV&InternetAccess DigitalContent&Others
Printing &Publishing Eliminations
Broadcasting &Programming Capex /NetSales

24
Agenda
Ownership Structure & Corporate Governance

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

Number of Shares4
FreeFloat
Controlling Shareholders Goldman Sachs
204,030,227 26,198,157 57,190,200 26,456,176 (46%) 30,734,024 (54%) 287,418,584
20%
GS3 9% 71%
Free Float International
Controlling Shareholders2
Local Total
The original IPO allocation was 80% international and 20% local
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 Goldman Sachs: GS Unidos, LLC; GS Private Equity Partners II Direct Investment Fund, LP; GS Capital Partners III; and GS Private Equity Partners 1999 Direct Investment Fund, LP; Tinicum GC Investors, LLC; Farallon GC Investors, LLC 4 As of November 9th, 2011 Source: Company Information
2
1 Since
26
Agenda
Q & A Session November 11th, 2011
Nine Months and Third Quarter Results 2011 November 11th, 2011

9m11 PPT Final

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Nine Months and Third Quarter Results 2011 November 11th, 2011

Exhibit 2: Adjusted EBITDA1

EBTIDA Margin (%)

+25% 1,986 302

9M and 3Q Results - November 11th, 2011

Exhibit 3: Net Income 3Q10 vs. 3Q11 8% 3Q10 3Q11

Source: Company Information

9M and 3Q Results - November 11th, 2011

Selling& Adm. Expenses

Selling& Adm. Expenses

Source: Company Information

Exhibit 7: Adjusted EBITDA1

EBTIDA Margin (%)

+26% 5,502 775

9M and 3Q Results - November 11th, 2011

Exhibit 8: Net Income 9M10 vs. 9M11 +15% 9M10 9M11

Source: Company Information

737.8 MM at 4.21 ARS/ USD

6M11 2,985.3 3,064.7 2,068.2 0.82x 94.2%

9M10 2,613.8 2,681.7 1,865.3 0.82x 94.1%

QoQ 4.0% 2.7% 6.9% 5.3% -0.8%

YoY 18.8% 17.4% 18.5% 5.6% -0.8%

3,106.1 3,148.9 2,210.3 0.87x 93.4%

Exhibit 10: Debt Profile as of September 30th, 2011

Cable TV & Internet Access I

Exhibit 12: 3Q11

1,282 530 278

Selling& Adm. Expenses

Exhibit 13: Revenues 9M10 vs. 9M11

Exhibit 14: EBITDA 9M10 vs. 9M11

Source: Company Information

Cable TV & Internet Access II

9M11 Homes Passed Bidirectional Homes Passed TotalCATVSubscribers

9M10 7,468.8 58.2% 3,350.8 13.7% 2,201.4 1,102.2 121.0

%Ch. 1.1% 6.6% 3.8% 7.7% 13.1% 17.3% 19.8%

3Q11 7,549.0 62.0% 3,476.8 13.7% 2,489.5 1,293.3 149.0

2Q11 7,514.4 60.9% 3,414.2 15.1% 2,429.8 1,219.6 146.9

3Q10 7,468.8 58.2% 3,350.8 13.1% 2,201.4 1,102.2 128.3

QoQ 0.5% 1.8% 1.8% 9.6% 2.5% 6.0% 1.4%

YoY 1.1% 6.6% 3.8% 4.4% 13.1% 17.3% 16.2%

7,549.0 62.0% 3,476.8 14.7% 2,489.5 1,293.3 144.9

Churn Rate DigitalReadyPayTVSubs TotalInternetSubscribers TotalARPU

Source: Company Information

Cable TV & Internet Access III

Exhibit 17: Total Equity Subscribers

4% 3,351 3,477 +126 3,427

3Q11 Exhibit 19: Digital Subs

Exhibit 18: Internet Subs

Exhibit 20: Total ARPU

+17% 1,102 1,293

+191 663 1,273

Printing & Publishing I

Exhibit 22: 3Q11

Selling& Adm. Expenses

Exhibit 23: Revenues 9M10 vs. 9M11

Exhibit 24: EBITDA 9M10 vs. 9M11

Source: Company Information

Printing & Publishing II

Advertising Share2 (%)

Circulation Share3 (%)

Broadcasting & Programming I

Exhibit 27: 3Q11