1

2003 ANNUAL RESULTS

27th February, 2004

2

€ million

GRUPO PRISA – 2003 RESULTS

STATEMENT OF INCOME

2003 2002 Var.%

REVENUES 1,305 1,216 7.3

OPERATING EXPENSES 1,169 1,096 6.6

EBITDA 222 203 9.3

EBIT 136 119 13.9

NET PROFIT BEFORE TAXES 86 52 64.1

NET PROFIT 61 82 -26.2

EBITDA Margin 17.0% 16.7%

EBIT Margin 10.4% 9.8%

3

REVENUES AND EBIT EXCLUDING EXCHANGE RATES AND

NEW ACQUISITIONS

YEAR-ON-YEAR CHANGE

Revenues

EBIT

-54

-11

+12

+2

-42

-9

Without adjustments With adjustments

GRUPO PRISA – 2003 RESULTS

€ millionExchange Rate Effect New acquisitions Effect Net Effect

Revenues

EBIT

+7.3% +12.0%

+13.9% +23.0%

4

1,2161,305

1.000

1.050

1.100

1.150

1.200

1.250

1.300

1.350

480

326

225273

Advertising Book sales Newspaper sales Other

-4.1%

2002 2003Advertising

37%

Other 21%

Newspaper sales 17%

Book sales 25%

Performance (€ million) Revenues by business line (€ million)

Revenue breakdown by business line

+4.6%

+3.6%+37.3%

REVENUES

GRUPO PRISA – 2003 RESULTS

+ 7.3 %

5

El País -1.3%

Radio+2.8%

Diario As +8.7%

Cinco Días -4%

Regional Press

+27.2%

Prisacom

-9.4%

ADVERTISING REVENUES

Prisa Versus Market (% change)

+0.6%

Business divisions (% change)

GRUPO PRISA – 2003 RESULTS

Performance (€ million)

459

480

100

150

200

250

300

350

400

450

500

550

2002 2003

+4.6%+4.6%

Prisa Market

6

BOOK SALES

Excluding exchange rate effect

370

340

2002 2003

+8.5%

Number of books sold in 2003

GRUPO PRISA – 2003 RESULTS

Performance (€ million)

€ million

340 326

100

150

200

250

300

350

400

2002 2003

70,413,000

-4.1%

63,863,000

+10%

2002

2003

7

EPS

AS

176,912 200,384

440,226

EL PAÍS

2002 2003

435,299

+1.1%

+13.3%

5 DÍAS

2003

24,62125,034

+1.7%

20022002 2003

725,710773,001

+6.5%

2002 2003

NEWSPAPER SALES

Average daily circulation (copies)

GRUPO PRISA – 2003 RESULTS

Performance (€ million)

217

225

100

110

120

130

140

150

160

170

180

190

200

210

220

230

240

250

2002 2003

+3.6%

REGIONAL PRESS

26,89330,633

+14%

8

Revenues 2003: €1,305 million

• Peru: 2.3%

• Chile: 1.8%

• Argentina: 1.5%

• Venezuela: 0.5%

• Peru: 2.5%

• Argentina: 1.9%

• Chile: 1.7%

• Venezuela: 0.8%

REVENUE BREAKDOWN BY COUNTRY

Revenues 2002: € 1,216 million

Mexico 7%

Spain 80%

Colombia 2.8%

Brazil 3%

Mexico 6%

Spain 77%

Colombia 2.9%

Brazil4%

Other 13%

Other 11%

GRUPO PRISA – 2003 RESULTS

9

EL PAIS

GDM

PRISA &OTHERS

EBIT

RADIO

LOC

AL

TV

136

SANTILL

ANA

GDM

DIS

TRIB

UTI

ÓN

73

-3

LEA

SSU

RE

& E

NTE

RT.

INTE

RN

ET

-4

EL PAÍS

PRINTI

NG

84

36 35

8

119

136

2002 2003

-10 -11

SPEC.& R

EGIO

NAL PRESS

0.5

INTE

RN

ATI

ON

AL

MED

IA

EBIT

Breakdown by business unit

GRUPO PRISA – 2003 RESULTS

Performance (€ million)€ million

+13.9%

10

• Peru: 1.5%

• Chile: 0.8%

• Argentina: 0.1%

• Venezuela: 1.3%

• Peru: 0.9%

• Argentina: -1.1%

• Chile: 0.6%

• Venezuela: 0.6%

EBIT BREAKDOWN BY COUNTRY

Mexico 9.6%

Spain 79.4%

Colombia 3.9%

Brazil 1.3%

Mexico 12.4%

Spain 75.5%

Colombia 5.7%

Brazil2.9%

Other2.5%

Other 2.1%

EBIT 2003: €136 Million EBIT 2002: €119 Million

GRUPO PRISA – 2003 RESULTS

11

136

+5

-29

-2-25

61

EBIT Financial result

Equity method Goodwill amortization

Extraordinary result

Net profit

Profit before taxes

EBIT – NET PROFIT

GRUPO PRISA – 2003 RESULTS

(€ Million)

-23

Taxes

86

Minority Interest

-2

+61

+64%

12

INVESTMENTS (€ million)

Capex

Publishing 37

Printing 16

El País 11

Leas. & Entertainment 8 Radio 4

Other 18

Financial Investments

Participating loan to Sogecable 50

Stake increase in Sogecable 93

Other 5

TOTAL 148TOTAL 94

Total Investments: 242

GRUPO PRISA – 2003 RESULTS

13

CASH FLOW

EBIT 136

Depreciation & Amortiz. 78

Change in Working Capital (14)

Capex (94)

Operating cash flow 106

Financial result 5

Extraordinary result (2)

Dividends (20)

Taxes (23)

NET DEBT CHANGE

Net debt (€ Million)

436

GRUPO PRISA – 2003 RESULTS

Financial Investments (148)

Other 220

70

120

170

220

270

320

370

420

470

520

2002 2003 2003*

516

436354

Excluding the issue of the bonds to be exchanged by treasury stock

(€162 M)

∆80

+ 80

14

GRUPO PRISA – 2003 RESULTS

StructureRatios 2003

TOTAL NET DEBT: €516 MilIion

L/T

S/T

€

$

81%

19%

72%

28%

TERM CURRENCY

Net Debt /EBITDA: 2.3x

Average cost of the debt: 2.5%

Net debt*/EBITDA: 1.6x

Net debt/Equity: 78%

Net debt*/Equity: 54%

* Excluding the issue of the bonds be exchanged by treasury stock (€162 M)

DEBT AND RATIOS

15

GRUPO PRISA – 2003 RESULTS

GRUPO PRISA: 2003 PERFORMANCE AND FUTURE PROSPECTS

Organization and adjustment period already finished

Well positioned to maximize the opportunities of growth

2004:

• Advertising recovery

• Circulation improvement

• Latam, positive performance

•Two digit growth at EBIT level

• Investment at Sogecable

• Prisacom

16

GRUPO PRISA – 2003 RESULTS

• With organic growth, the Group in the next five years:

• More than double the EBIT (in 2007)

• CAGR of the ROA of 17%

• Reach an EBIT Margin above 17%

GRUPO PRISA: 2003 PERFORMANCE AND FUTURE PROSPECTS