José M. Rodríguez Silva

Updated Wednesday, February 21, 2024-19:12

  • Empresas Prisa will issue another 100 million in convertible bonds to continue reducing debt

Prisa

lost 33 million euros in 2023,

2.5 times more than the previous year

due to the higher interest costs on its debt and hyperinflation in Argentina, according to data communicated to the

National Securities Market Commission

(CNMV) this Wednesday.

The media group, owner of

El País

and Cadena Ser,

reduced its debt by 93 million euros to 832 million euros

thanks to the issuance of convertible bonds for 100 million euros at the beginning of the year. With this financial instrument, the group has increased capital to amortize 110 million of the so-called

junior

debt , the largest slab of the group at a financial level with an interest close to 12%.

On the balance sheet of the media and operation company,

there are still almost 87 million euros of this debt

, an amount that has forced the company to resort to a

new issue of convertible bonds

that will be executed in the coming weeks and aspires to reach up to 100 million euros.

The company has paid 86.6 million euros in interest on its debt in the last 12 months, 21% more than the previous year due to the rate increase.

In terms of business, the group has increased its income by 11% to

947 million euros

, although its growth has been slowed in the last quarter, where its turnover has only increased by 2%. Likewise, the gross operating profit (Ebitda) was 181 million euros, 32% more.

The media business has increased 7% in revenue

, driven by an improvement in advertising and greater reach of the group's digital content, especially in Latin America.

On the other hand,

Santillana

managed to grow by double digits, with a rebound of 15%, and accounted for 135 of the 181 million euros of the group's gross profit, thanks to the resurgence of Latin American governments after the pandemic and greater spending on education in Brazil and Dominican Republic.

The group also added 180,000 subscriptions

to its online learning platforms, which are close to 3 million users.

NEW COUNSEL

Likewise, the company's largest shareholder

Amber Asset Management

has appointed

Sylvia Bigio

as the group's new director , a manager with experience in the financial world who currently works at Itaú Asset Management, a fund focused on Latin America.

The appointment has been part of the group's objective of gaining greater weight in Latin America. Bigio replaces the recently deceased Miguel Barroso.