According to data from the website of the National Depository for Securities In the coming months, Telewizja Polska has three series of bonds to redeem: PLN 300 million on April 21, PLN 350 million on June 2 and PLN 200 million on August 28.
All these are nominal amounts of securities, but their interest is small: for the series due on April 21, TVP is to pay PLN 6.42 million of interest, for the one settled on June 2, PLN 7.1 million, and for the last one no interest was indicated. The series to be redeemed on April 21 was broadcast by the broadcaster last year, and the other two already this year. (exact dates not given).
The press office of Telewizja Polska on Friday did not answer our questions as to why it issued subsequent series of bonds and who took them up.
TVP has an agreement with BGK, last year bonds for PLN 300 million
Most likely public broadcaster debt securities bought by Bank Gospodarstwa Krajowego. In mid-2016, Telewizja Polska signed an agreement with him regarding a bond issue program up to PLN 300 million. In July 2020, it was extended until the end of 2022.
in the report from 2021, TVP calculated that during the year it issued three series of 6-month debt securities for BGK: for nominal PLN 85 million (purchase at the end of July), PLN 70 million (redemption at the end of August) and PLN 100 million (redemption in mid-September). From mid-2018, when it issued the first debt securities for BGK, until the end of 2021, interest expenses amounted to PLN 13.34 million.
At the end of 2021, TVP had no bonds to redeem. Whereas last year issued and bought another two series: for PLN 200 million (purchased on August 4, paying PLN 4.48 million in interest) and for PLN 100 million (redemption on August 10, interest amounted to PLN 2.79 million).
Financial advance before compensation?
The fact that Telewizja Polska uses bonds, although it has been receiving subscription compensation from the state budget since 2020, oscillating around PLN 2 billion, is surprising to its former president Janusz Daszczyński, currently a member of the company’s programming council.
– I watch the finances of Telewizja Polska as much as possible from my current position, and I am amazed that with such a large supply from the state budget, subscription, advertising and commercial income, TVP is so greedy when it comes to money – she tells us Daszczyński.
– It’s not visible on the screen. Currently, there are golden times in TVP when it comes to finances, but when it comes to spending them, I don’t think there are any savings – comments.
He reminds that in 2015 the company (Daszczyński headed it in the second half of the year) had a budget exceeding only PLN 1 billion, the majority of which was advertising and commercial revenues. – Of course, you have to take into account inflation over the last eight years, but I get the impression that no one cares about money there – the former head of TVP tells us.
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Subscription compensation has been provided to Telewizja Polska since spring, after President Andrzej Duda signs the budget act (he signed this year’s one in early February). The company receives from the Minister of Finance treasury bonds with a value equal to its part of the compensation and applies for their redemption, usually in tranches. Three years ago, when compensation was granted to TVP and Polish Radio under the budget amendment signed by the president in early March, the treasury papers went to the broadcasters at the end of April.
The new president stopped construction
Last year In addition to its current activities, Telewizja Polska started additional, large investments. In January, the construction of a shooting hall at the broadcaster’s headquarters was inaugurated. It was planned that the facility will be commissioned in 2024, it will cost approx. PLN 150 million.
In August, the company signed a contract with Korporacja Budowlana Doraco for the construction of a new headquarters for the Television Information Agency, which is to cost PLN 606.9 million. However, at the end of the year, the new president of TVP, Mateusz Matyszkowicz, decided to suspend this construction, the work will certainly not start this year.
The National Broadcasting Council decided that from this year’s compensation, Telewizja Polska will receive PLN 2.35 billion, Polish Radio – PLN 187 million, and 17 regional radio broadcasting companies – PLN 165 million.
The compensation is more than half of TVP’s budget
In 2021, the revenues of Telewizja Polska increased by 7.2 percent. to PLN 3.25 billion, and with an increase in operating costs by 21.7 percent. to PLN 3.12 billion, net profit shrank from PLN 198.32 to PLN 3.89 million.
The broadcaster received PLN 1.71 billion from compensation and PLN 330 million from subscription fees. Until 2016, TVP received funds only from subscription fees, in the past decade it was at most PLN 444 million per year.
In the financial plan for last year Telewizja Polska recorded an increase in revenues to PLN 3.42 billion, both revenues from advertising and sponsorship, as well as subscription compensation are to increase. The costs of energy and external services will also go up, and the broadcaster expects a loss of at least PLN 171 million from the sale of treasury bonds.
