RTVE cuts its profit in half in the year of the World Cup in Qatar

RTVE cuts its profit in half in the year of the World Cup in Qatar


The public entity closes 2022 with a surplus of 17.2 million euros

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The Spanish team, in the World Cup in Qatar 2022.EFE

Bittersweet results from RTVE. The public entity closed the 2022 financial year with a surplus of 17.2 million euroswith which he manages to chain two consecutive years with positive results, after leaving behind the red numbers in 2021. However, in the year of Qatar World Cupthe corporation earned practically half that of the previous year, when it reached 30 million euros.

It should be remembered that of the 32 million euros that RTVE paid to Mediapro for the rights of the Qatar World Cupbarely more than one million euros entered, complying with the CNMC regulations by which the public entity could not sell advertising to sponsors other than Fifa.

The decrease in benefits compared to the 2021 financial year does not diminish, however, the surplus of more than 17 million achieved in 2022, in contrast to the hole of 31.6 million registered in 2020 and the losses of 29.6 million in 2019. Now it accumulates two years with benefits and that is good news for the corporation.

As explained by the company in a statement, with the profit obtained last year the allocation of the Reserve Fund will be increased, as provided for in the RTVE financing model, improving the company’s financial situation.

It has also indicated that the income from the subsidy for the compensation of public service and those from the rate for the reservation of radioelectric space have remained as budgeted, while the income from the contributions of television and telecommunications operators have been reduced. 4.5% compared to the previous year.

business revenues fall

Commercial income, for its part, has experienced a reduction of 2.4%. “The drop in income from cultural and sports sponsorships has been partly offset by the improvement in income from channel sales in the international market and program sales,” the company stated.

On the other hand, the note states that “RTVE has met its spending budget, with a budget execution close to 100%.” “Operating expenses have been reduced by 11% compared to the previous year, with 2021 being an Olympic Games year,” he adds.

External spending on programming offered to citizens has increased by 10%, excluding the effect of the Olympic Games, “highlighting the extensive news coverage of the war in Ukraine and the broadcast of the men’s soccer world cup in Qatar”they explain from the company.

On the other hand, the costs linked to the issue together with the indirect ones have been reduced by 2.41%, absorbing the strong price increases in electricity and gas supplies.

Less personnel expense

In parallel, personnel expenses have been 2.8% lower than the previous year. This is explained by the fact that the salary increases of 3.5% approved for public employees during the year have been addressed and at the same time the plan for incentivized dismissals has continued.

In turn, in 2022 a special pro rata has been applied to the non-deductible input VAT that has reduced the expense of the year for this concept, which has allowed resources to be allocated to other items.

Finally, the company has reported that the debt throughout the year has reached 247.4 million euros, which represents a reduction of 39% compared to the figure approved in the General State Budget.

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