May 15, 2021

Prisa CEO renounces 2019 variable remuneration and 2020 salary is lowered by 35%



Mirat’s remuneration for the year 2019 amounted to 506,000 euros, compared to the 858,000 euros accrued in 2018, which represented a reduction of 41%, as reflected in the Remuneration report sent to the National Securities Market Commission ( CNMV).

Likewise, for 2020 the CEO has also renounced part of the fixed and variable remuneration, which represents a reduction of his compensation of 35%, in order to align himself in the complex environment in which the group operates and the consequences of the same. Precisely, the remuneration of all members of Prisa’s senior management will experience a reduction of around 35%.

In the case of the president of Prisa, Javier Monzón, his remuneration for the 2019 financial year amounted to 400,000 euros, which represents a reduction of 20%.

And, also as a consequence of the savings measures motivated by the Covid-19 health crisis, Monzón’s remuneration will experience a 20% reduction between April and December 2020, which stands at 340,000 euros. This reduction in compensation is applicable to all non-executive directors of the company.

The total remuneration of the board of directors, according to the accounting criteria set by the CNMV, amounts to 1,964 million euros in 2019, 26% less than in 2018 when this same item amounted to 2,659 million euros.

Market sources have pointed out that these general reductions in remuneration in 2019 occurred in a good year for Prisa, in which it registered an 8% increase in its gross operating profit (Ebitda) in 2019, in which the forecasts released to the market and with good behavior in all its businesses.

Santillana improved Ebitda by 6%, with a commitment to the subscription model, which exceeds 1.75 million students in subscription systems with long-term contracts.

Likewise, Prisa Radio remained stable as a whole and Prisa Noticias doubled its Ebitda and continues with its plans to digitize products with the recent launch of its subscription model.

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