Prisa recorded losses of 209 million euros in the first nine months of the year, 89% more than a year earlier.
The Spanish company that owns 64% of the owner of TVI says that this negative result is “a consequence of the impact of the covid-19, of the deteriorations of 77 million resulting from the sale agreement of Media Capital, of the deterioration of the total tax credits pending in Spain , estimated at 64,55 million, and the deterioration of 21,9 million radio assets in Mexico and Chile ”.
The company recorded losses of 166 million euros, a number that the company, in a statement issued this Wednesday, October 28, says it is "in line with expectations, due to the Covid-19 crisis".
In turn, the company's EBITDA reached 82 million euros at the end of September, which meant a 50% decrease compared to the same period last year, which was 165 million euros.
In the same document, the group highlights the fact that it made a great effort to contain costs, reaching, in the month under analysis, 80% of the total compliance with the contingency plan implemented in all business units to mitigate the negative effects of Covid- 19. A strategy that the company expects at the end of the year to lead to savings that exceed the 40 million euros committed.
The exchange rate also had a negative effect of 44 million in revenues and 5,4 million in EBITDA, due to devaluations in Mexico, Argentina and Brazil. Net bank debt stood at 1.107 million, which represented a net debt / EBITDA ratio of 7,8 times.
In turn, the net result recorded losses of 209 million euros also due to Covid-19, of the deteriorations of 77 million arising from the sale agreement of Media Capital, the deterioration of the total tax credits pending in Spain, evaluated at 64,55, 21,9 million, and the deterioration of XNUMX million radio assets in Mexico and Chile.