Shareholders approve Prisa’s results and support board’s work | Economy

The shareholders of Prisa, the publishing group of EL PAÍS, supported all items on the agenda of the general meeting held this Wednesday. These include reports for the last financial year, which showed an 11% increase in revenue to 947 million euros, and 32% in EBITDA, amounting to 181 million. Results approved by 100% of shareholders who took part in the vote.

They also supported with 99.99% of the votes the leadership of the board of directors and the re-election of directors Carlos Nunez, executive president of Prisa Media; Carmen Fernandez de Alarcon, Maria José Marin and Javier Santiso. In addition, they confirmed the appointment of Margarita Garijo as an independent director and Silvia Biggio as its own director representing the first shareholder, Amber.

Prisa President Joseph Ugurlian explained in his presentation to shareholders that the company has “become the master of its future” by meeting and exceeding the goals set in its 2022-2025 strategic plan. “We have experienced a great evolution, whether we have faced a pandemic, wars, radical transformation of our business models or very rapid rises in interest rates,” he explained, thanking shareholders for their support, “especially in the last two years.” with separate issuances of convertible notes that were necessary to provide necessary debt reduction and drive growth in our business.” The latter was sold in April last year for 100 million euros.

At the end of the last financial year, Prisa’s net bank debt amounted to 767 million euros, 10% lower than in 2022, reaching a debt to EBITDA ratio of 4.3 times, which is the “lowest figure since 2017”, the vice-president indicated. the president. Prisa President and Chief Financial Officer Pilar Gil. “Our company is very different from what it was three years ago, both from a business perspective and in terms of our financial profile. Rush is much stronger today.” It highlighted the group’s “outstanding operating performance” over the past year, as well as its strengthening balance sheet and improving cash generation. “We have some work to do, but we’re on the right track,” Gil said.

Target

For his part, Joseph Ugurlian emphasized Prisa’s goal of “promoting progress” for both individuals and society through quality education, accurate information and innovative entertainment. “It reflects the DNA of the group,” he assured. “We managed to stabilize the project, charge it with enthusiasm and direct it in the right direction. We are aware of our obligations to all shareholders and we are not going to stop until we take Pisa to the place it deserves,” added the president of Prisa, who confirmed his “firm commitment to continuity and full personal participation in the chairmanship of this group.”

Ugurlian highlighted the “outstanding work of Pilar Gil,” as well as the work of Prisa Media and Santillana executive presidents Carlos Nunez and Francisco Cuadrado.

The first emphasizes the “quality, rigor and good journalistic practice” of the Prisa media, as evidenced by the increase in the number of digital subscribers, which in El País reaches 350,000. “Transformation, relevance and profitability are our commitments,” said Nunez, who defended the agreement signed with OpenAI on artificial intelligence. “This puts us at the forefront of global communications groups. We will take advantage of the new distribution windows that will open. And it is also a clear commitment to good journalism, a pillar of democracy. “We will not give in to the threats of those who spread false news.” Nunez expects talks with other AI developers “that will strengthen our commitment.” Prisa Media ended 2023 with a 7% improvement in revenue, reaching 431.6 million, and 6% in EBITDA, which exceeded 50 million.

Francisco Cuadrado, Santillana’s executive president, highlighted the “excellent performance” of the education business, bolstered by good performance in Brazil and Mexico, which managed to offset the economic slowdown in Argentina. Santillana improved its profit by 15% in 2023, to 515 million, and EBITDA by 40%. Joseph Ugurlian emphasized that “we do not want to sell Santillana. This company’s growth comes primarily from its education business. “I am very proud of my results”

New shareholder

Also speaking at Prisa’s shareholders’ meeting was Juan Adolfo Utor, owner of Balearia and holder of 5.4% of the group’s shares following the last issue of convertible bonds. He announced his intention to “contribute to the good progress of the group” and become an “industrial partner” of the company.

Joseph Oughourlian expressed excitement about the investor’s arrival. “We are proud that people like you have decided to invest in the company,” he responded.

Follow all the information Economy And Business V Facebook And Xor in our weekly newsletter