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PRISA REACHED AN EBITDA OF 132.90 MILLION EUROS IN THE FIRST HALF OF 2013
26-07-2013
- Grow in revenues from Latam in Education and Radio and in the Pay TV business in Spain due to the new football exploitation model. Strong efforts in cost control.
- Fall in advertising in Spain and Portugal.
- Latam represents 27.2% of the Group’s revenues and 68.9% of the Group’s EBITDA
- In the second quarter standalone, there is a lower fall in advertising revenues in Spain (-9.6% compared to -15.7% in the first quarter of the year). In Press, advertising revenues fall by 18.4% (-16.3% in the 2Q). In Radio in Spain they fall by 17.1% (-12.3% in 2Q), while in Latam they grow by 6% (+8.6% at constant currency).
Digital advertising revenues grow by 6.2% compared to a market fall of 4.1%. We highlight Press (+7.4%) where they accounted for 24% of total advertising revenues for this division. As of June 2013, total number of unique browsers of the Group’s web pages reached 80.3 million (+13%) where there is to highlight the growth in Elpais.com (+20%) and As.com (+14%).
Santillana increases its revenues by 4.5% in the first half of the year (+10.1% at constant currency). Santillana’s EBITDA falls by 13% (-8.4% at constant currency) on the back of the investment effort undertaken in Digital Education Systems.
The Pay TV business increases its revenues by 18.3% but its recurring EBITDA falls by 62%, mainly due to the new football rights exploitation model. Satellite subscribers ARPU stood at 43€ on average (+0.95 Euros compared to 1H 2012). YOMVI subscribers reach a penetration of 16.8% of Satellite subscribers (compared to 8% at June 2012), with 1.88 million monthly downloads (0.83 million as of June 2012).
Latam revenues increase by 3.3% (+9.2% adjusted by FX impact).
The company continued during the first half of the year with a strong cost control effort. Total expenses excluding amortization and provisions, and adjusted by redundancies and the impact of the new agreement on football rights fall by 3.8% (Spain -9.4% and international +6.4%). There is to highlight the reduction of 5.7% in staff costs (Spain -8.2% and International -1.2%)
Net financial debt stood at 3,102.98 million Euros.
After several months of negotiations with the Group’s main lender banks, last June 14th the Group presented a refinancy proposal to the rest of its creditor entities. This proposal already counts with the support of banks representing 72.9% of total debt, and includes an additional liquidity line of 80 million Euros. The process from here requires unanimity of all the Group’s creditors, which, bearing in mind the market environment as well as the different types of creditors, will imply both difficulty and risk.
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