The publishing group of Cadena Ser and ‘El País’ reduced its income by 22.7% to 616 million euros.

The publishing group of Cadena Ser and ‘El País’ reduced its income by 22.7% to 616 million euros.

The publishing group of Cadena Ser and ‘El País’ reduced its income by 22.7% to 616 million euros.

Javier Monzón, president of the Prisa Group.

The Prisa group recorded losses of 219 million euros during the first nine months of the year. In a season of results in which companies present their accounts for the third quarter to the CNMV, the editor of The country and Cadena Ser has taken advantage of the exceptionality of the Covid to communicate its accounts for the first semester and the third quarter.

The figures reported this Wednesday to the regulator reflect losses that double the 110.4 million for the same period of the previous year. The company justifies them in different accounting adjustments that it has had to calculate in these accounts.

The first is the impaired of Average Capital valued at 77.3 million euros. Also included in these accounts are various tax impairments amounting to 64.5 million and the impairment of radio assets amounting to 21.9 million.

If all these impacts, the result would have reported losses of 45.6 million euros, compared to profits of 6.8 million euros in the first nine months of 2019.

In any case, the company’s operating progress has also been affected. The group entered 616 million euros, 22.7% less due to the impact of the Covid. Expenses reached 534 million euros, 15.5% less, so the Ebitda (gross operating results) it stayed at 82 million euros50.3% less.

debt refinancing

For his part, the Ebit (net operating results) stood at 19 million, 81.2% less than the period between January and September 2019.

Ten days ago Haste closed the refinancing your debtwhich extends its maturity until 2025 in the midst of a strong liquidity crisis, the fall of the share and the turnover at minimum levels driven by the Covid crisis.

At the same time, it agreed sale of santillana Spain to the Finnish Sanoma for 465 million euros. The price will be paid in full in cash on the closing date of the operation, once the net debt of the business as of June 30, 2020, estimated at 53 million euros, has been discounted. The sale will generate a capital gain at a consolidated level estimated at 385 million euros, according to Rush.

In the case of the debt refinancing agreement, it meant extend its maturity until March 2025, with an initial cost of 5.5% and an average total cost of 7% over the life of the contract.

It provides for the amortization of 400 million debt (with which the total net debt will be cut by more than 30%) and establishes the framework for a future effective separation of the Education and Media businesses. The group’s debt is around 1,500 million euros.

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