Pedro Almodóvar, at the Cannes Film Festival last July Lionel Hahn / Getty Images
El Deseo, the production company of film director Pedro Almodóvar, earned 28.5 million euros last year. According to the accounts deposited by the company in the Mercantile Registry, the company emerged in the middle of the pandemic of the red numbers harvested in 2019. This spectacular result is not due to a sales boost. These amounted to 449,252 euros, which represents a decrease of almost 20% compared to the previous year. The reason is a corporate restructuring process that allowed Almodóvar’s parent company to recapitalize itself with dividends from its subsidiaries.
The year 2020 will be remembered as one of the worst in the history of cinema. The pandemic forced the suspension of filming, premieres and festivals and practically relegated cinema to homes. The filmmaker from La Mancha was able to take his short to Venice The human voice, starring Tilda Swinton. The famous producer of Almodóvar, founded in 1985, did not remain at zero. It billed 20% less than in 2019, the year in which it was released Pain and glory. Operating expenses, which reached 229,140.23 euros, were also 157% higher.
However, the company’s accounts do show a profit of 28.5 million, especially bulky when compared to the losses of 92,355 euros in 2019. The reason for this result must be found in a “restructuring of loans between companies of the same group ”executed to“ increase the equity of its parent company ”. This process allowed internal dividends of 28.7 million euros to flow to El Deseo. This allowed the profit of the company controlled by the Almodóvar brothers to fly compared to the previous year. The directors of the Wish are, according to the accounts, in at least eight other companies.
The accounts of El Deseo indicate that “the company and the tax consolidation group have non-prescribed years open to tax inspection.” However, the administrators (Pedro Almodóvar, with 84.95% of the shares, his brother Agustín, with 15.05% and Diego Pajuelo) consider that “in the event of actions by the Tax Administration” they would not be detached from these “significant alterations to the profit or loss for the year” or to “equity”.
The Almodóvar brothers were singled out by those known as Panama Papers of having a company in the British Virgin Islands between 1991 and 1994, coinciding with the great international successes of the Manchego. However, Pedro and Agustín Almodóvar, as well as their producer, stressed when these papers became known that they are “up to date” with their tax obligations.