Rush reported a net profit of 89.7 million euros in 2020, compared to the losses of 182.3 million euros a year before, as reported by the group this Wednesday to the National Securities Market Commission (CNMV). The company achieved this positive result driven by capital gains from the sale of Santillana Spain for an amount of 377 million euros that compensates, among others, the accounting impact of the new refinancing (37 million euros), the impairment recorded by the sale of Media Capital (77 million euros), the impairment of assets of the radio, mainly Mexico and Chile (26 million euros ) and impairments for all outstanding tax credits in Spain (62.4 million euros).
The newspaper El País has 84,793 exclusive digital subscribers, after launching the payment model in May. Radio grows 11% in consumption of streaming hours (59 million hours on a monthly average) and 63% in podcast downloads (24 million on a monthly average). In addition, the savings plan to reduce the impact of Covid reached 49 million euros, exceeding the 40 million committed.
“The year 2020 has been tremendously complicated by the pandemic, which has had a very harsh effect on our businesses. But I think that, under these conditions, Prisa’s response has been exceptional, “explained the group’s CEO, Manuel Mirat.
“Since the beginning of the Covid pandemic we have prioritized our commitment to society, offering at all times both our high-quality Education services, as well as the best information, through our newspapers and radios,” added Mirat.
“We have managed to improve our flexibility and financial strength, with the signing of a refinancing agreement with the creditor banks and with the sales of Santillana Spain and Media Capital”. “All this has allowed us to accelerate our roadmap, which consists of differentiating the Education and Media businesses and accelerating the conversion towards the subscription models of ‘Ed-Tech’ in Latin America and Media”, concluded the CEO of Rush.