The shareholders of Prisa, the publishing group of EL PAÍS, have given their support to all the points on the agenda at the general meeting held this Wednesday. Among them, the accounts for the last financial year, which showed a growth in income of 11% to 947 million euros, and 32% in EBITDA, of 181 million. Results that have been endorsed by 100% of the shareholders who have exercised their vote.
These have also supported, with 99.99% of the votes, the management of the board of directors and the re-election of the directors Carlos Núñez, executive president of Prisa Media; Carmen Fernández de Alarcón, María José Marín and Javier Santiso. Likewise, they have confirmed the appointment of Margarita Garijo as independent director, and of Sylvia Bigio as proprietary director representing the first shareholder, Amber.
The president of Prisa, Joseph Oughourlian, explained in his presentation to shareholders that the company “has become master of its future”, by meeting and even exceeding the objectives set in its 2022-2025 strategic plan. “We have had a magnificent evolution, having faced a pandemic, wars, a radical transformation of our business models or a very rapid rise in interest rates,” he explained, thanking shareholders for their support, “especially in the last two years.” with separate issues of convertible bonds, which have been essential to undertake the necessary debt reduction and boost the growth of our businesses.” The last one was carried out last April for 100 million euros.
At the end of the last financial year, Prisa’s net banking debt stood at 767 million euros, 10% lower than in 2022, reaching a debt-to-EBITDA ratio of 4.3 times, “the lowest since 2017.” , pointed out the vice president and financial director of Prisa, Pilar Gil. “Our company is very different from what it was three years ago, both in terms of business and our financial profile. Rush is much stronger today.” She has highlighted the “brilliant operating result of the group” in the last year, as well as the strengthening of its balance sheet and the improvement in cash generation. “There is work to do, but we are on the right path,” said Gil.
Purpose
For his part, Joseph Oughourlian has emphasized Prisa’s purpose of “promoting progress”, both for people and society, through quality education, rigorous information and innovative entertainment. “This reflects the DNA of the group,” he said. “We have managed to stabilize the project, charge it with enthusiasm and put it on the right course. We are aware of the commitment we have with all shareholders and we are not going to stop until we take Pisa to the place it deserves,” added the president of Prisa, who has confirmed his “firm intention of permanence and total personal involvement in the presidency of this group”.
Oughourlian has highlighted the “extraordinary work of Pilar Gil”, in addition to the performance of the executive presidents of Prisa Media and Santillana, Carlos Núñez and Francisco Cuadrado.
The first has highlighted the “quality, rigor and good journalistic praxis” of Prisa’s media, endorsed by the increase in digital subscribers, which reach 350,000 in El País. “Transformation, relevance and profitability, that is the commitment,” said Núñez, who has defended the agreement signed with OpenAI on artificial intelligence. “It puts us at the forefront of global communication groups. We will take advantage of the new distribution windows that will open. And it is also an explicit commitment to good journalism, a pillar of democracy. “We will not give in to the threat of those who spread false news.” Núñez has anticipated conversations with other AI developers “that will reinforce our commitment.” Prisa Media closed 2023 with an improvement in revenue of 7%, reaching 431.6 million, and 6% in EBITDA, which exceeded 50 million.
Francisco Cuadrado, executive president of Santillana, has highlighted the “excellent results” of the educational business, supported by the good performance in Brazil and Mexico, which managed to offset the economic deterioration in Argentina. Santillana improved its income by 15% in 2023, up to 515 million, and its EBITDA by 40%. Joseph Oughourlian has stressed that “we do not want to sell Santillana. The growth of this company comes essentially from the education business. “I am very proud of their results”
New shareholder
Juan Adolfo Utor, owner of Balearia and holder of 5.4% of the group’s shares after the last issue of convertible bonds, also spoke at the Prisa shareholders’ meeting. He announced his intention to “contribute to the good progress of the group” and to be an “industrial partner” for the company.
Joseph Oughourlian has expressed excitement about the arrival of this investor. “We are proud that people like you have decided to invest in the company,” he responded.
Follow all the information Economy and Business in Facebook and xor in our weekly newsletter
