GCLA: Quarterly Report GCLA - grupoclarin.com Clarín S.A. Temple Bar Advisory Ltd. I-advize Corporate Communications Tel: +54 11 4309 7215 Tel: +44 20 7002 1080 Tel: +1 212 406 3692

Investor Relations Contacts In Buenos Aires: In London: In New York:

Alfredo Marín Agustín Medina Manson

Alex Money Helen Greenwood

Melanie Carpenter Pete Majeski

Grupo Clarín S.A. Temple Bar Advisory Ltd. I-advize Corporate Communications Tel: +54 11 4309 7215 Tel: +44 20 7002 1080 Tel: +1 212 406 3692 Email: [email protected] E-mail: [email protected] E-mail: [email protected]

Quarterly Report

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

GCLA: Ps. 10.00 / share (BCBA) GCLA: USD 5.00 / GDS (LSE) Total Shares: 287,418,584 Total GDSs: 143,709,292 Market Value: USD 718.5 MM Closing Price: March 9

th, 2012

Grupo Clarín announces its Results for the Fourth Quarter (4Q11) and Full Year of 2011 (FY11)

Buenos Aires, Argentina, March 12th, 2012 – Grupo Clarín S.A. (“Grupo Clarín” or the “Company” - LSE: GCLA; BCBA: GCLA), the largest media company in Argentina, announced today its fourth quarter and full year results for 2011. Figures in this report have been prepared in accordance with Argentine GAAP as of December 31th, 2011 and are stated in Argentine Pesos, unless otherwise indicated. Highlights (FY11 vs. FY10):

Net Sales totaled Ps. 9,752.5 million, an increase of 27.8% from 2010, 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. 2,598.7 million, an increase of 10.5% from 2010, mainly driven by higher sales in the Cable and Internet Access segment.

Grupo Clarín’s Adjusted EBITDA Margin (2) for 2011 was 26.6%, compared to 30.8% in 2010. Net Income totaled Ps. 522.3 million, a decrease of 2.9% from the Ps. 538.1 million reported in 2010. FINANCIAL HIGHLIGHTS

(In millions of Ps.) 2011 2010 % Ch. 4Q11 3Q11 4Q10 QoQ YoY

Net Sales 9,752.5 7,632.0 27.8% 2,837.2 2,484.6 2,129.9 14.2% 33.2%

Adjusted EBITDA (1)

2,598.7 2,351.8 10.5% 656.3 632.2 602.9 3.8% 8.9%

Adjusted EBITDA Margin

(2)

26.6% 30.8% (13.5%) 23.1% 25.4% 28.3% (9.1%) (18.3%)

Net Income 522.3 538.1 (2.9%) 83.9 123.0 157.0 (31.8%) (46.6%)

(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 f low 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.

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OPERATING RESULTS Net sales reached Ps. 9,752.5 million, an increase of 27.8% from Ps. 7,632.0 million in 2010 mainly due to ARPU and subscriber growth in the Cable TV and Internet Access segment and, to a lesser extent, to higher sales in the Printing and Publishing and the Broadcasting and Programming segments. Following is a breakdown of Net Sales by business segment: NET SALES

(In millions of Ps.) 2011 2010 YoY 4Q11 3Q11 4Q10 QoQ YoY

Cable TV and Internet Access

6,336.9 4,885.1 29.7% 1,880.8 1,540.1 1,322.9 22.1% 42.2%

Printing and Publishing 2,158.7 1,804.0 19.7% 585.4 583.7 507.4 0.3% 15.4%

Broadcasting and Programming

1,463.7 1,124.7 30.1% 408.5 418.3 350.0 (2.4%) 16.7%

Digital Content and Others

283.0 240.9 17.5% 73.7 70.5 72.9 4.5% 1.1%

Subtotal 10,242.3 8,054.7 27.2% 2,948.3 2,612.6 2,253.2 12.8% 30.9%

Eliminations (489.8) (422.7) 15.9% (111.1) (128.1) (123.2) (13.2%) (9.8%)

Total 9,752.5 7,632.0 27.8% 2,837.2 2,484.6 2,129.9 14.2% 33.2%

Cost of sales (Excluding Depreciation and Amortization) reached Ps. 4,872.5 million, an increase of 35.5% from Ps. 3,597.1 million reported for 2010 due to higher costs in our business segments, mainly in Cable TV and Internet Access and in Printing and Publishing, and also in the Broadcasting and Programming segment. Selling and Administrative Expenses (Excluding Depreciation and Amortization) reached Ps. 2,281.4 million, an increase of 35.5% from Ps. 1,683.1 million in 2010. This increase was mainly due to higher costs in the Cable TV and Internet Access, Printing and Publishing and Broadcasting and Programming segments. Adjusted EBITDA reached Ps. 2,598.7 million, an increase of 10.5% from Ps. 2,351.8 million reported for 2010, driven by higher sales in the Cable TV and Internet Access and Broadcasting and Programming segments, and mainly due to margin expansion in the Broadcasting and Programming segment; although it was partially offset by a lower EBITDA in the Printing and Publishing and Digital Content and Others segments.



Following is a breakdown of adjusted EBITDA by business segment: ADJUSTED EBITDA

(In millions of Ps.) 2011 2010 YoY 4Q11 3Q11 4Q10 QoQ YoY

Cable TV and Internet Access

2,056.6 1,829.5 12.4% 529.6 464.5 438.4 14.0% 20.8%

Printing and Publishing 257.1 303.4 (15.3%) 73.8 72.5 80.1 1.8% (7.8%)

Broadcasting and Programming

285.5 211.5 35.0% 62.3 97.1 80.4 (35.8%) (22.5%)

Digital Content and Others

(0.6) 7.5 (107.6%) (9.5) (1.9) 4.1 (394.7%) (334.1%)

Subtotal 2,598.7 2,351.8 10.5% 656.3 632.2 602.9 3.8% 8.9%

Eliminations - - NA - - - NA NA

Total 2,598.7 2,351.8 10.5% 656.3 632.2 602.9 3.8% 8.9%

Financial results net totaled Ps. (592.8) million compared to Ps. (420.3) million for 2010. The increase was mainly due to higher interest expenses and peso depreciation during 2011, which went from Ps 3.98 per dollar at the end of 2010, to Ps 4.30 per dollar as of December 31th, 2011; and was partially offset by an accounting gain accrued as a result of Cablevision refinancing debt. Equity in earnings from unconsolidated affiliates in 2011 totaled Ps. 16.7 million, compared to Ps. 4.1 million for 2010. Other income (expense), net reached Ps. 7.7 million, compared to Ps. (7.5) million in 2010. Income tax as of December 2011 reached Ps. (454.2) million, from Ps. (493.4) million in December 2010. Net income totaled Ps. 522.3 million, a decrease of 2.9% from Ps. 538.1 million reported for 2010. This was mainly a consequence of a higher peso depreciation and lower EBITDA in the Printing and Publishing segment. Cash used in acquisitions of property, plant and equipment (CAPEX) totaled Ps. 1,511.2 million in 2011, an increase of 56.1% from Ps. 967.9 million reported for 2010. Out of the total CAPEX in 2011, 92.02% was allocated to the Cable TV and Internet Access segment, 5.25% to the Broadcasting and Programming segment and the remaining 2.73% to other activities. Capex in the Cable TV and Internet Access segment pertains to subscriber growth, network upgrades, digitalization and further development of the triple play strategy.



Debt profile (1): Debt coverage ratio for the period ended December 31th, 2011 was 1.26x and the Net Debt at the end of this period totaled Ps. 2,361.1 million. (1) Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (last 12 months). Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest. The Net Debt does not include cash in reserve accounts in Cablevisión S.A

SALES BREAKDOWN BY SOURCE OF REVENUE – DECEMBER 2011

(In millions of Ps.) Cable TV &

Internet Access Printing & Publishing

Broadcasting & Programming

Digital Content & Others

Eliminations Total %

Advertising 77.6 1,184.3 978.8 21.6 (129.5) 2,132.8 21.9% Circulation - 650.5 - - - 650.5 6.7%

Printing - 249.7 - - (35.9) 213.8 2.2%

Video Subscriptions 4,478.9 - - - - 4,478.9 45.9%

Internet Subscriptions

1,364.4 - - - (3.2) 1,361.2 14.0%

Programming - - 355.0 - (128.0) 227.0 2.3%

Other Sales

416.0 74.2 129.9 261.4 (193.1) 688.5 7.1%

Total Sales 6,336.9 2,158.7 1,463.7 283.0 (489.8) 9,752.5 100.0%

SALES BREAKDOWN BY SOURCE OF REVENUE – DECEMBER 2010

(In millions of Ps.) Cable TV & Internet Access

Printing & Publishing

Broadcasting & Programming

Digital Content & Others

Eliminations Total %

Advertising 54.7 1,006.7 702.2 43.6 (110.7) 1,696.5 22.2% Circulation - 540.5 - - - 540.5 7.1%

Printing - 183.2 - - (32.6) 150.6 2.0%

Video Subscriptions 3,618.6 - - - - 3,618.6 47.4%

Internet Subscriptions

1,039.7 - - - (0.6) 1,039.1 13.6%

Programming - - 331.9 - (112.7) 219.2 2.9%

Other Sales

172.1 73.7 90.6 197.3 (166.1) 367.6 4.8%

Total Sales 4,885.1 1,804.0 1,124.7 240.9 (422.7) 7,632.0 100.0%



RESULTS BY BUSINESS SEGMENT CABLE TV AND INTERNET ACCESS Net Sales Net sales increased by 29.7% to Ps. 6,336.9 million for 2011 compared to Ps. 4,885.1 million for 2010. The increase is mostly attributable to an increase in subscription charges registered during the last twelve months, and also reflects the growth in Cable, Broadband and Digital subscribers. Total Consolidated Cable TV basic subscribers reached 3,490,320 as of December 2011, compared to the 3,357,873 reported for the same date in 2010. Internet subscribers reached 1,351,107 in December 2011, compared to the 1,128,171 of December 2010. Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased by 39.5% to Ps. 2,805.7 million for December 2011, compared to Ps. 2,011.1 million in December 2010. This was mainly due to higher salaries, cost of goods sold, programming costs, network expenses and fixed assets maintenance costs. Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased by 41.2% to Ps. 1,474.5 million for 2011, compared to Ps. 1,044.5 million reported in 2010. This increase is driven by higher fees for services, salaries, taxes, duties and contributions and marketing expenses. Depreciation and Amortization Depreciation and amortization expenses increased by 29.7% to Ps. 659.5 million for 2011 from Ps. 508.4 million reported in 2010. PRINTING AND PUBLISHING Net Sales Net sales increased by 19.7% to Ps. 2,158.7 million in 2011, compared to Ps. 1,804.0 million in 2010. This was the result of higher sales in advertising, circulation and printing services. Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased by 27.9% to Ps. 1,237.8 million in 2011, compared to Ps. 967.7 million in 2010. The increase was mainly the result of higher salaries, printing costs and fees for services. Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased by 24.5% to Ps. 663.8 million in 2011, compared to the Ps. 533.0 million reported for 2010. This was primarily the result of higher salaries, fees and marketing expenses. Depreciation and Amortization Depreciation and amortization expenses decreased by 5.4% to Ps. 56.6 million in 2011 compared to Ps. 59.8 million in 2010. We have discontinued the proportional consolidation of the 49% stake in Papel Prensa from April 1st, 2010.



BROADCASTING AND PROGRAMMING Net Sales Net sales increased by 30.1% to Ps. 1,463.7 million in 2011, compared to Ps. 1,124.7 million in 2010. The increase was primarily the result of higher sales related to Canal Trece, sports programming and our racing car business. Cost of Sales (Excluding Depreciation and Amortization) Cost of sales (excluding depreciation and amortization) increased by 30.7% to Ps. 909.2 million in 2011, compared to Ps. 695.7 million in 2010. This is attributable mainly to higher salaries, production costs and fees. Selling and Administrative Expenses (Excluding Depreciation and Amortization) Selling and administrative expenses (excluding depreciation and amortization) increased by 23.7% to Ps. 269.0 million in 2011, compared to Ps. 217.5 million in 2010. The increase was primarily the result of higher salaries and marketing expenses; and was also affected by the reversal of allowances for doubtful accounts accounted for during 2010. Depreciation and Amortization Depreciation and amortization expenses increased by 55.4% to Ps. 58.9 million in 2011 compared to Ps. 37.9 million reported in 2010. DIGITAL CONTENT AND OTHERS Net sales in this segment are derived from administrative and corporate services rendered by the Company and by our subsidiary GC Gestión Compartida S.A. to third parties as well as to other subsidiaries of the Company (which are eliminated in the consolidation). Additionally, this segment includes the production of digital content. Net sales to third parties are largely derived from advertising in our web pages and portals. Cost of sales (excluding depreciation and amortization) is driven mainly by salaries and professional fees paid to advisers. In this period, net sales increased 17.5% to 283.0, from Ps. 240.9 million reported in 2010, due to higher fees at Grupo Clarín, higher sales in digital content and Gestión Compartida. EBITDA resulted in Ps. (0.6) million.



OPERATING STATISTICS BY BUSINESS SEGMENT CABLE TV AND INTERNET ACCESS

2011 2010 YoY 4Q11 3Q11 4Q10 QoQ YoY

Homes Passed (1)

7,586.5 7,488.9 1.3% 7,586.5 7,549.0 7,488.9 0.5% 1.3% Bidirectional Homes Passed

63.2% 59.9% 5.6% 63.2% 62.0% 59.9% 1.9% 5.6%

Cable TV

Total Consolidated Subscribers

(1)(3)

3,490.3 3,357.9 3.9% 3,490.3 3,476.8 3,357.9 0.4% 3.9%

Subscribers - Argentina

3,264.4 3,149.3 3.7% 3,264.4 3,252.4 3,149.3 0.4% 3.7%

Subscribers - International

225.9 208.5 8.3% 225.9 224.3 208.5 0.7% 8.3%

Uruguay 110.0 102.8 7.0% 110.0 109.4 102.8 0.5% 7.0%

Paraguay 115.9 105.8 9.6% 115.9 114.9 105.8 0.9% 9.6%

% over Homes Passed

46.0% 44.8% 2.6% 46.0% 46.1% 44.8% (0.1%) 2.6%

Total Equity Subscribers

(4)

3,566.6 3,433.6 3.9% 3,566.6 3,553.4 3,433.6 0.4% 3.9%

Churn Rate % 15.1% 14.3% 5.6% 15.5% 13.7% 15.3% 13.2% 1.5%

Digital Video

Digital Ready Pay TV Subs

2,656.0 2,225.4 19.3% 2,656.0 2,489.5 2,225.4 6.7% 19.3%

Total Digital Decoders

1,082.5 699.1 54.9% 1,082.5 1,026.6 699.1 5.4% 54.9%

Argentina 875.0 584.4 49.7% 875.0 828.4 584.4 5.6% 49.7%

International 207.6 114.7 81.0% 207.6 198.2 114.7 4.7% 81.0%

Penetration over Digital Ready TV Subs

40.8% 31.4% 29.7% 40.8% 41.2% 31.4% (1.2%) 29.7%

Internet Subscribers

Total Internet Subscribers

(1)

1,351.1 1,128.2 19.8% 1,351.1 1,293.3 1,128.2 4.5% 19.8%

Cablemodem(1)

1,331.3 1,102.4 20.8% 1,331.3 1,273.1 1,102.4 4.6% 20.8%

ADSL(1)

12.13 16.5 (26.4%) 12.1 12.1 16.5 0.4% (26.4%)

Dial Up (1)

7.6 9.3 (17.8%) 7.6 8.1 9.3 (6.1%) (17.8%)

% over Bidirectional Homes Passed

28.2% 25.2% 12.0% 28.2% 27.6% 25.2% 2.0% 12.0%

Total ARPU(2)

154.1 123.6 24.7% 180.0 149.0 131.5 20.8% 36.9%

(1) Figures in thousands (2) Net Sales/ Average Pay TV Subscribers (3) Total subscribers consolidated following the same consolidation methods used in the financial statements as of each year end.

(4) Total subscribers considering the equity share in each subsidiary.



PRINTING AND PUBLISHING

2011 2010 YoY 4Q11 3Q11 4Q10 QoQ YoY

Circulation (1)

331.2 360.8 (8.2%) 315.0 333.7 348.8 (5.6%) (9.7%)

Circulation share % (2)

40.0% 43.5% (8.2%) 39.3% 39.9% 43.2% (1.3%) (9.0%)

Advertising share %(3)

54.0% 54.7% (1.2%) 53.5% 53.3% 54.9% 0.4% (2.6%)

(1) Average number of copies according to IVC (including Diario Clarín and Olé) (2) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: AGEA and IVC. (3) Share in Buenos Aires and Greater Buenos Aires Area (AMBA) Diario Clarín. Source: Monitor de Medios Publicitarios S.A.

BROADCASTING AND PROGRAMMING

2011 2010 YoY 4Q11 3Q11 4Q10 QoQ YoY

Advertising Share % (1)

36.6% 36.1% 1.3% 37.8% 37.3% 36.1% 1.6% 4.9%

Audience Share % (2)

Prime Time 42.2% 42.2% 0.2% 45.0% 43.0% 46.7% 4.5% (3.6%)

Total Time 33.0% 31.0% 6.4% 34.2% 33.6% 34.8% 1.6% (1.8%)

(1) Company estimate, over ad spend in Ps. In broadcast TV for AMBA region. (2) Share of broadcast TV audience according to IBOPE for AMBA. PrimeTime is defined as Monday through Friday from 8pm to 12am. Total Time is defined as Monday through Sunday from 12 pm to 12 am.

DIGITAL CONTENT AND OTHERS

2011 2010 YoY

Page Views (1)

613.9 534.7 14.8%

Unique Visitors(1)

25.9 21.0 23.3%

(1)In millions. Average. Source IAB and Company Estimates.



DEBT AND LIQUIDITY

(In millions of Ps.) FY11 FY10 % Change September 11 % Change

Short Term and Long Term Debt Current Financial Debt 451.0 264.7 70.4% 294.6 53.1%

Financial loans 118.2 42.8 176.4% 52.2 126.4%

Negotiable obligations 129.0 133.9 (3.7%) 100.7 28.2%

Accrued interest 86.9 33.2 161.4% 41.2 110.9%

Acquisition of equipment 42.6 36.0 18.4% 44.0 (3.2%)

Sellers Financing Capital 9.0 3.8 137.2% 2.9 207.3%

Sellers Financing accrued interest - - NA - NA

Related Parties Capital 13.2 5.0 163.0% 8.1 62.3%

Related Parties accrued interest 0.1 0.1 22.3% 0.1 45.0%

Bank overdraft 52.1 10.0 422.0% 45.5 14.5%

Non-Current Financial Debt 2,821.4 2,126.5 32.7% 2,865.2 (1.5%)

Financial loans 136.9 120.1 14.0% 192.7 (28.9%)

Negotiable obligations 2,584.0 1,964.8 31.5% 2,593.0 (0.3%)

Accrued interest 1.9 1.0 85.0% 1.7 11.2%

Acquisition of equipment 95.0 36.9 157.7% 74.0 28.3%

Sellers Financing Capital 0.8 1.1 (27.5%) 1.0 (21.3%)

Related Parties Capital 2.1 2.1 NA 2.1 NA

Related Parties accrued interest 0.7 0.4 74.4% 0.7 12.1%

Total Financial Debt (A) 3,272.5 2,391.3 36.9% 3,159.9 3.6%

Measurement at fair Value (54.7) 7.8 (798.6%) (55.6) (1.6%)

Total Short Term and Long Term Debt 3,217.8 2,399.1 34.1% 3,104.3 3.7%

Cash and Cash Equivalents (B)* 911.4 640.7 42.2% 949.6 (4.0%)

Net Debt (A) – (B) 2,361.1 1,750.6 34.9% 2,210.3 6.8%

Net Debt/Adjusted Ebitda (Last 12 Months)

0.91x .74x 22.1% 0.87x 4.6%

% USD Debt 94.5% 94.9% (0.4%) 93.4% 1.2%

% Ar. Ps Debt 5.5% 5.1% 6.7% 6.6% (17.5%) * Does not include cash in reserve accounts in Cablevisión S.A.

Total Financial Debt(1) and Net Debt, increased from Ps. 2,391.3 million to Ps. 3,272.5 million and from Ps. 1,750.6 million to Ps. 2,361.1 million respectively. This represents an increase of 36.9% in the Total Debt and a Net Debt rise of 34.9%. Debt coverage ratio (1) as of December 31th, 2011 was 0.91x in the case of Net Debt and of 1.26x in terms of Total Financial Debt. (1) Total Financial debt is defined as financial loans and debt for acquisitions, including accrued interest. Debt Coverage Ratio is defined as Total Financial Debt divided by Adjusted EBITDA (last 12 months).



RECENT DEVELOPMENTS GRUPO CLARIN DIVIDEND PAYMENT PROPOSAL

The Board of Directors of Grupo Clarín proposed to the Shareholders’ Meeting a cash dividend payment of Ps 135 million (equivalent to Ps 0.47 per share or to Ps 0.94 per GDS).

TRANSITION TO IFRS

The Argentine Securities Commission (“CNV” for its Spanish acronym) has established, through General Resolutions No. 562 and 576, as mandatory for public companies in Argentina, the implementation of International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The mandatory adoption of IFRS is effective for fiscal year beginning January 1, 2012; starting with the first quarterly financial statements corresponding to March 31, 2012. For more information see Note 1.2 to the Consolidated Financial Statements. PURCHASE OFFER

On 14 February 2012, the Company informed the CNV and the Buenos Aires Stock Exchange (“BCBA” for its Spanish acronym) that on 13 February 2012, the Company's shareholders GC Dominio S.A., Ernestina Laura Herrera de Noble, ELHN - GRUPO CLARIN NEW YORK TRUST, HHM - GRUPO CLARIN NEW YORK TRUST, LRP - Grupo Clarín New York Trust, José Antonio Aranda and Aranlu S.A. received a communication from the shareholders GS Unidos LLC, GS Capital Partners III, L.P., GS Private Equity Partners 1999 - Direct Investment Fund, L.P. and GS Private Equity Partners II - Direct Investment Fund, L.P. pursuant to which they were granted, for a term of 28 days, the right to purchase an aggregate amount of 22,147,617 Class "C" shares of the Company at a price equivalent to US$6.80 per GDS. The offer is under analysis and the offerees will inform the Company of their decision in due course.



STOCK AND MARKET INFORMATION

Grupo Clarín trades its stock in the Buenos Aires Stock Exchange (BCBA) and in the London Stock Exchange (LSE), in the form of shares and GDS’s, respectively.

GCLA (BCBA) Price per Share (ARS)

10.00

GCLA (LSE) Price per GDS (USD) 5.00

Total Shares 287,418,584

Total GDSs 143,709,292

Market Value (USD MM) 718.5

Closing Price March 9th, 2012

CONFERENCE CALL AND WEBCAST INFORMATION Grupo Clarín will host a conference call and webcast to discuss its Fourth Quarter Results and Full Year for 2011, on Monday, March 12th, 2012. Presentations by: Alfredo Marin, Investor Relations Officer. Time: 12:00 pm Buenos Aires Time/3:00 pm London Time/11:00 am New York Time. To access the conference call, please dial: from within Argentina + 0 800 333 0050; from within the United Kingdom +44 (800) 092 3582; from within the United States +1 (800) 311 9401; and from all other countries +1 (334) 323 7224. The Conference ID is #6118. To access the simultaneous webcast presentation, please direct your browser to: http://www.grupoclarin.com/ir A replay of the conference call will be available one hour after its conclusion, and will remain available for two weeks. To access the replay, please dial from the within the U.S. +1-877-919-4059, or from anywhere outside the U.S. +1-334-323-7226. The passcode is: 32376572. The webcast presentation will be archived at

http://www.grupoclarin.com.ar/ir. The PDF version of the webcast presentation will be available at http://www.grupoclarin.com.ar/ir prior to the call, on March 12th, and archived in our Website after its conclusion.


http://www.grupoclarin.com.ar/ir

http://www.grupoclarin.com.ar/ir/


ABOUT THE COMPANY Grupo Clarín is the largest media company in Argentina and a leading company in the cable television and Internet access, printing and publishing, and broadcasting and programming markets. Its cable television network is one of the largest in Latin America in term of subscribers, and is a leading broadband provider in Argentina. Its flagship newspaper –Diario Clarín– is one of the highest circulation newspapers in Latin America. Grupo Clarín 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.

Disclaimer Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Grupo Clarín. 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 Clarín does not intend to or undertake any obligation to update these statements to reflect events and 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 Clarín’s projections or forward-looking statements, including, among others, general economic conditions, Grupo Clarín’s competitive environment, risks associated with operating in Argentina a, rapid technological and market change, and other factors specifically related to Grupo Clarín and its operations.



CONSOLIDATED BALANCE SHEETS As of December 31, 2011 and December 31, 2010

In Argentine Pesos (Ps.)

December 31, 2011 December 31, 2010

ASSETS CURRENT ASSETS Cash and banks 653,138,802 363,449,825 Short-term investments 258,220,644 277,247,561 Trade receivables, net 1,295,795,530 1,015,996,822 Other receivables, net 322,006,588 248,497,309 Inventories 437,851,738 289,139,219 Other Assets 16,647,171 85,541,681

Total current Assets 2,983,660,473 2,279,872,417

NON-CURRENT ASSETS Trade receivables, net 122,595,188 1,404,343 Other receivables, net 149,274,711 90,789,315 Inventories 16,964,960 30,047,212 Investment in unconsolidated affiliates 267,531,382 240,326,069 Other investments 1,049,798 1,117,346 Property, plant and equipment, net 3,710,550,032 2,827,844,624 Intangible Assets, net 629,761,902 719,512,758 Other Assets 12,660,842 13,098,995

Subtotal 4,910,388,815 3,924,140,662 Goodwill 2,791,308,680 2,731,985,120

Total non-current Assets 7,701,697,495 6,656,125,782

Total Assets 10,685,357,968 8,935,998,199

LIABILITIES CURRENT LIABILITIES Accounts payable 1,240,435,798 844,165,448 Long-term debt 445,961,492 264,268,493 Salaries and Social Security payable 516,901,841 389,830,493 Taxes payable 300,844,635 475,316,163 Sellers financing 9,004,254 3,796,354 Other Liabilities 106,114,382 93,806,786

Total current Liabilities 2,619,262,402 2,071,183,737

NON-CURRENT LIABILITIES Accounts payable 16,450,399 20,781,453 Long-term debt 2,762,018,386 2,129,893,236 Salaries and Social Security payable 2,428,190 233,346 Taxes payable 79,277,220 88,063,896 Sellers financing 816,854 1,127,017 Other Liabilities 243,800,109 266,000,933 Provisions 188,698,684 155,378,087

Total non-current Liabilities 3,293,489,842 2,661,477,968

Total Liabilities 5,912,752,244 4,732,661,705

MINORITY INTEREST 1,037,401,294 918,479,254 SHAREHOLDERS’ EQUITY 3,735,204,430 3,284,857,240

Total Liabilities, Minority Interest and Shareholders’ Equity 10,685,357,968 8,935,998,199



CONSOLIDATED STATEMENTS OF OPERATIONS As of December 31, 2011 and 2010

In Argentine Pesos (Ps.)

December 31, 2011 December 31, 2010

Net sales 9,752,546,964 7,632,019,424

Cost of sales (4,872,490,542) (3,597,104,686)

Subtotal 4,880,056,422 4,034,914,738

Expenses (excluding depreciation and amortization)

Selling expenses (1,086,286,607) (761,561,527)

Administrative expenses (1,195,118,551) (921,514,422)

Expenses subtotal (2,281,405,158) (1,683,075,949)

Depreciation of property, plant and equipment (1) and other investments (636,941,903) (488,754,341)

Amortization of intangible assets, goodwill and other assets (149,580,881) (130,430,142)

Depreciation and amortization subtotal (786,522,784) (619,184,483)

Financing and holding results

Generated by assets

Interest 23,943,933 18,985,855

Other taxes and expenses (140,409,846) (99,279,949)

Impairment of inventories and materials (6,906,490) (4,599,561)

Goodwill impairment (12,053,573) -

Exchange differences 33,370,686 10,932,073

Holding gains on inventories 20,677,069 31,815,706

Holding gains on derivatives 2,300,051 7,180,473

Effect of financial discounts on assets and other (11,163,322) (4,388,840)

Generated by liabilities

Interest (291,872,949) (221,946,815)

Exchange differences (224,763,004) (128,498,387)

Effect of financial discounts on liabilities (11,291,313) (27,579,101)

CER restatement (2,973,143) (1,640,232)

Financial debt refinancing result 41,021,843 -

Holding losses on derivatives (8,244,000) (449,600)

Other (4,485,704) (846,454)

Equity in earnings from unconsolidated affiliates, net 16,664,596 4,070,623

Other income (expense), net 7,723,938 (7,501,030)

Income before income tax, tax on assets and minority interest 1,243,667,252 1,308,909,067

Income tax and Tax on assets (454,235,423) (493,432,154)

Minority interest (267,152,452) (277,360,033)

Net income for the year 522,279,377 538,116,880

(1) Chargeable to:

Cost of sales (562,078,605) (427,336,168)

Selling expenses (43,197,264) (34,763,264)

Administrative expenses (31,666,034) (26,654,909)

The Consolidated Statements of Operations for each business segment are included in the Financial Statements as of December 31

th, 2011, available at http://www.grupoclarin.com/ir




CONSOLIDATED STATEMENTS OF CASH FLOWS

As of December 31, 2011 and 2010 In Argentine Pesos (Ps.)

December 31,

2011 December 31,

2010

CASH PROVIDED BY OPERATING ACTIVITIES Net income for the year 522,279,377 538,116,880 Income tax and tax on assets 454,235,423 493,432,154

Accrued interest, net 267,929,016 202,960,960 Adjustments to reconcile net income for the year to cash provided by operating activities:

Depreciation of property, plant and equipment and other investments 636,941,903 488,754,341

Amortization of intangible assets, goodwill and other assets 149,580,881 130,430,142

Allowance for doubtful accounts 42,375,748 10,696,072

Provision for contingencies 51,505,339 57,654,729

Allowance for impairment of inventories and obsolescence of materials 6,906,490 4,599,561

Exchange difference and other financial results 200,223,903 138,442,066

Goodwill impairment 12,053,573 -

Equity in earnings from unconsolidated affiliates, net (16,664,596) (4,070,623)

Minority interest 267,152,452 277,360,033

Holding losses (gains) on derivatives 5,943,949 (6,730,873)

Holding gains on inventories (20,677,069) (31,815,706)

Disposal of long-term investments (6,657,315) -

Results on sale of property, plant and equipment (10,194,877) 436,043

Financial debt refinancing result (41,021,843) -

Changes in assets and liabilities:

Trade receivables (433,369,755) (225,577,715)

Other receivables (95,740,021) 35,275,063

Inventories (116,706,457) (46,417,418)

Other assets (1,757,033) (2,158,852)

Accounts payable 351,925,214 184,108,066

Salaries and Social Security payable 128,550,165 77,254,422

Taxes payable (59,692,583) (153,739,486)

Other liabilities (37,264,820) 34,518,420

Provisions (23,712,463) (23,300,167)

Income tax and tax on assets payments (622,533,817) (383,772,880)

Cash provided by operating activities 1,611,610,784 1,796,455,232

CASH USED IN INVESTMENT ACTIVITIES

Acquisition of property, plant and equipment, net (1,511,208,974) (967,902,557)

Acquisition of intangible assets (57,140,766) (27,237,361)

Capital contributions and acquisition of subsidiaries (20,320,921) -

Proceeds from sale of property, plant and equipment 16,091,223 47,682

Proceeds from the disposal of long-term investments 14,470,615 -

Certificates of deposit (10,000,000) -

Collection of loans - 3,828,681

Collection of dividends 1,547,203 9,759,412

Cash used in investment activities (1,566,561,620) (981,504,143)



CONSOLIDATED STATEMENTS OF CASH FLOWS

As of December 31, 2011 and 2010 In Argentine Pesos (Ps.)

December 31,

2011 December 31,

2010

CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES Loans obtained 862,002,493 85,140,154

Repayment of loans and issue expenses (211,624,357) (164,234,302)

Payment of interest (207,303,452) (52,259,818)

Collections (payments) of derivatives, net 41,790,297 (6,038,542)

Payment of sellers financing (748,725) (120,701,718)

Transfer (setup) of Reserve account / Escrow funds 5,652,799 (296,920,195)

Payment of dividends (120,000,000) -

Payments to minority shareholders, net (185,354,774) (71,856,228)

Cash provided by (used in) financing activities 184,414,281 (626,870,649)

FINANCING AND HOLDING RESULTS GENERATED BY CASH AND CASH EQUIVALENTS 41,708,769 24,840,777

Net Increase in cash flow 271,172,214 212,921,217

Cash and cash equivalents at the beginning of the year 629,423,258 459,135,441

Effect of decrease in cash due to deconsolidation of companies - (42,633,400)

Cash and cash equivalents at the end of the year (1) 900,595,472 629,423,258

(1)

Includes:

Cash and banks 653,138,802 363,449,825

Investments with maturities of less than three months 247,456,670 265,973,433


Documents

GCLA: Quarterly Report GCLA - grupoclarin.com Clarín S.A. Temple Bar Advisory Ltd. I-advize Corporate Communications Tel: +54 11 4309 7215 Tel: +44 20 7002 1080 Tel: +1 212 406 3692