The General Meeting of Shareholders of PRISA, held this Wednesday in Madrid, has approved, with the practically unanimous support of the shareholders (99.99%), the management of the company’s Board of Directors and the annual accounts corresponding to 2023.
With the same support, the shareholders have ratified the appointments of Margarita Garijo, as a director with the independent category; and Sylvia Bigio, as director with the proprietary category.
Likewise, Carlos Núñez has been re-elected as directors, with the category of executive; Carmen Fernández de Alarcón, with the category of proprietary; María José Marín, with the independent category, and Javier Santiso, with the independent category.
In addition, the Board has approved the appointment of KPMG Auditores as the company’s auditor for a period of three years (2024, 2025 and 2026), at the proposal of the Board of Directors following a proposal, in turn, from the Audit Committee. , Risks and Compliance.
Joseph Oughourlian, president of PRISA: “I renew my firm commitment to remain in the Group”
The president of PRISA began his speech with a brief retrospective of the three years he has led the Group: “We have kept our word. Every year we have exceeded the guidance we have announced to the market and we are on the path set by our ambitious strategic plan.” He supported his statements with some figures: PRISA closed 2023 with revenues of 947 million and a positive EBITDA of 181
millions. Furthermore, he renewed before the Board his “firm commitment to permanence and total personal involvement in the presidency.”
He thanked the efforts of the teams from the different business units, as well as the shareholders, who in the last two years have supported the issuance of convertible bonds. “They have been essential to address the necessary debt reduction that we are undertaking as a priority task, while at the same time they have served to boost the growth of our businesses,” he said.
Regarding the business units, he highlighted Santillana’s leadership in the Latin American education market, with a strategy focused on the transformation and digitalization of subscription models. Regarding PRISA Media, he stressed that it “remains firmly established in its position as a media and entertainment leader in the Spanish-speaking market,” as well as its position “at the forefront of digital transformation,” as shown by the recent agreement signed with OpenAI.
Oughourlian listed some of the improvements experienced in ESG criteria. “There is one that I am especially proud of,” he acknowledged. “The growing role of women in PRISA.” He offered some examples, such as the Board of Directors, which has 15 members and 8 of them are women, or that half of the Board’s committees are chaired by women.
Finally, he recalled the recent launch of the Group’s purpose: PRISA’s purpose is to promote the progress of people and society by providing quality education, rigorous information and innovative entertainment.
Pilar Gil, vice president of PRISA: “PRISA is much stronger today”
The vice president and financial director of PRISA offered the balance of the last year and asserted that “PRISA is much stronger today.” 2023 was characterized by three fundamental achievements: the operating results of the businesses, with revenue growth of +11% and EBITDA of +32%; the reinforcement of the balance sheet structure thanks to the maximization of cash generation and the reduction of debt by 93 million euros, placing the financial leverage ratio as of December 2023 at 4.3 times, (the lowest level since 2017 ); and, finally, the development of a “firm and responsible” commitment to sustainability. Among ESG’s achievements, the development of an Environmental Management Plan and obtaining the carbon footprint registration seal of scope 1 and 2 in MITECO stood out.
Gil explained the Group’s financial strategy, which has been developed on two fronts, “working at an operational level, both on the growth of our businesses and on maximizing cash generation” and “focusing on carrying out financial operations.” relevant”, such as the double issuance of obligations necessarily convertible into shares carried out in February 2023 and April 2024.
“We have been able to confirm the strong support and backing of all our shareholders for the PRISA project, to whom I reiterate our gratitude. These operations have allowed the reduction of the financial cost of the debt, thanks to the repayment of 160 million euros of the most expensive tranche,” he explained. In addition, Gil explained that the remaining funds will serve to promote business expansion.
The vice president stated that the environment continues to be “uncertain and complex,” but asserted that PRISA will continue to “strenuously promote this strategic roadmap, focusing on debt control and cash generation, and prioritizing the development of all our businesses.”
Carlos Núñez, executive president of PRISA Media: “Our leadership is indisputable in the Spanish-language media market”
Núñez highlighted PRISA Media’s leadership role with respect to Spanish-language media and especially in its relationship with Artificial Intelligence. In this sense he recalled the agreement with OpenAI and other platforms. He stressed that this commitment “does not only obey profitability criteria,” but “also contains an explicit commitment to the best journalism, a pillar of democracy and freedom.”
PRISA Media has three of the main press media in audiences, EL PAÍS, AS and El HuffPost, with more than 153 million unique monthly browsers and more than 1.4 billion page views per month. EL PAÍS now has more than 350,000 digital subscribers and an independent audit of the data has begun. “We also have a growing position in Mexico, Colombia, Chile and the United States, where we have just opened an edition focused on the Latin public in this country, which totals more than 60 million people,” he recalled.
In 2023, PRISA Audio surpassed 51 million monthly podcast downloads and 88 million monthly hours of streaming listening, establishing itself as the first audio producer in Spanish and second in the world. PRISA Vídeo has also been consolidated, increasing video production in number and quality. “The results are unquestionable: in 2023 the consumption of our audiovisual products grew by 31% compared to 2021,” supported Núñez.
He also highlighted that this leadership carries a responsibility: that of weaving complicities in the sector to promote regulatory changes that correct market dysfunctions or anomalies. “In this line, we will continue to advocate for laws that encourage, through the ESG framework, advertising investment in solvent media of all tendencies, but committed to the sustainability of democracy, and this to the detriment of those who corrode it with disastrous substitutes. of journalism,” he concluded.
Francisco Cuadrado, executive president of Santillana: “Our activity is based on a solid commitment to people and society”
Cuadrado highlighted the strong growth in the private sector of subscriptions to educational systems, which has been 65% in the last three years to reach 2.8 million. Regarding the public market, Santillana obtained sales growth in 2023 of 34%, reaching 182 million euros.
As a whole, Santillana’s revenues in 2023 amounted to 515 million euros, 15% above those achieved in 2022. EBITDA was 135 million euros, 40% more than in 2022, with 26. 3% EBITDA margin and an increase of 450 basis points. Cash generation reached 45 million euros, increasing by 50% the figure achieved by the educational subsidiary of the PRISA Group in the previous year.
“As you well know, all our activity is based on a solid commitment to people and society,” said Cuadrado. Following the main SDGs and the guide of the Master Plan, Santillana has launched initiatives such as the first edition of the Sustainable Schools Award, to recognize and make visible the best sustainability practices in schools; or the Santillana Inclusiva project, to help schools effectively implement the principles of educational inclusion.
In addition, Cuadrado recalled that Santillana has been recognized as the second best valued company in Latin America according to the Barometer on the Image of Spain of the Elcano Royal Institute.
Sustainability
The PRISA Shareholders’ Meeting has obtained the sustainable event certification for the second time, issued by EventSost. This implies that both its planning and development have been carried out taking into account diversity and inclusion criteria, as well as environmental protection.
