1、ANNUAL REPORT 2014DisclaimerSome of the information in this Annual Report(the“Annual Report”)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”,”be
2、lieve”,“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 intend to or undertake any obligation to update these statements
3、 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 Clarns projections or forward-looking statements,including,among others,general eco
4、nomic conditions,Grupo Clarns competitive environment,risks associated with operating in Argentina,a rapid technological and market change,and other factors specifically related to Grupo Clarn and its operations.The Annual Report and certain boxes and charts that include highlighted information for
5、illustrative purposes throughout this publication,include financial information as of and for the fiscal years ended December 31,2014 and 2013,which was extracted from the Consolidated and the Parent Only Financial Statements as of December 31,2014,presented on a comparative basis,and their related
6、notes.The Annual Report and the Highlights should be read in conjunction with such financial statements and related notes,the report of Grupo Clarns independent accountants,Price Waterhouse&Co.S.R.L.,Buenos Aires,Argentina(a member firm of PriceWaterhouseCoopers)relating to such financial statements