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February 21st, 2003
2002 ANNUAL RESULTS
2003 FIRST HALF RESULTS
23rd of July
RevenuesRevenues
EBITDAEBITDA
EBITEBIT
Net ProfitNet Profit
1H 20021H 20021H 20021H 2002 % change% change % change% change
649649
(€ million)(€ million)
3434
108108
6565
9.9%9.9%
8.3
(49.1)
11.4
8.8
66
97
10.0%
EBITDA MarginEBITDA Margin
EBIT MarginEBIT Margin
1H 20031H 20031H 20031H 2003
16.2%16.2%
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
599
59
16.6%
Operating expensesOperating expenses 584584 540540 8.3
P&L ACCOUNT
Net Profit before Net Profit before taxestaxes
5353 4242 27.1
599 649
1H 2002 1H 2003 Advertising Newspapersales
Book sales
Other
+5.2%
+7%-10.6%
+49.2%
REVENUE SOURCES PERFORMANCE IN 1H 2003 (YoY change)
PERFORMANCE
243 116 146 144
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
REVENUES (€ million)
+ 8.3%
Advertising Revenues
1H 2003
0
50
1H 2002 1H 2003
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
231243
(€ mm(€ mm))
ADVERTISING PERFORMANCE
Prisa versus Market
(like for like figures)
-0.7%
+0.3%
MARKET(*)PRISA
+5.2%
(*) Internal estimations
1H 2003
SPAIN 78%
1H 2002
€649 million €599 million
INTERNATIONAL REVENUES IN 1H 2003
INTERNATIONAL 22%
Santillana: 74%
International Media: 16%
Printing: 10%
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
SPAIN 73%
INTERNATIONAL 27%
REVENUE BREAKDOWN BY GEOGRAFIC AREA
EL PAIS
PUBLISHING
SPANISH RADIO
PRINTINGGDM
PRISA &OTHERS
INTERNET
LOCAL TV
SPANISHPRESS
LEISURE &ENTERTAIN-MENT1818
9 9
5511
€ € 21 mn21 mn
11-2-2
TOTAL EBITTOTAL EBIT
-3-3
-3-3
-3-3
-1-1
NEW BUSINESS DIVISIONS
INTERNA-TIONALMEDIA
-2-2
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
EBIT
EBIT BREAKDOWN BY BUSINESS DIVISION (MN€)
1H 2003
TOTAL EBIT RADIO
LOC
AL
TV
65
PUBLISHIN
G
GDM
SPEC
. & R
EGIO
NA
L
PRES
S
3
-2
INTE
RN
ATI
ON
AL
MED
IA
1 PRIS
A &
OTH
ERS
-4
LEIS
SUR
E &
ENTE
RTA
INM
ENT
INTE
RN
ET
-5
EL PAIS
PRINTI
NG
46
20
12
4
5965
1H 2002 1H 2003
EBIT PERFORMANCE (MN€)
-5 -5
+8.8%
Publishing:
Printing:
50.7150.71
20.1420.1410.110.1
66
Lesure & Enterteinment
Total
Radio
El País: 7.557.55
2.222.22
3.703.70
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
INVESTMENTS 1H 2003 (€ million)
Others: 6.956.95
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
TERMS CURRENCIES
Net debt/Market cap: 28.3%
LEVERAGE RATIOS
S/T DEBT: 34%L/T DEBT: 66% DOLLARS: 34% EUROS:66 %
DEBT STRUCTURE 1H 2003
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
436 489
EBIT:
DEPRECIATION & AMORTIZATION:
WORKING CAPITAL CHANGE:
INVESTMENTS
FREE CASH FLOW:
TAXES:
FINANCIAL RESULT:
EXTRAORDINARY RESULT:
DIVIDENS
OTHER:
NET DEBT CHANGE:
NET DEBT
2002 1H 2003
65
39
(74)
(19)
1
(3)
8
(21)
CASH FLOW
53
51
59
34
(149)
24
7
(17)
4
(113)
114
57
1H03 1H02
(19) (19)
RevenuesRevenues
EBITDAEBITDA
EBITEBIT
EBIT MarginEBIT Margin
153
42
36
23.8%23.8%
(€ million(€ million))1H 20021H 2002 % change% change
3.4158158
5353
4646
29.2%29.2%
1H 20031H 2003
26.0
26.5
Operating expensesOperating expenses (3.9)112112 116116
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
EL PAÍS MAIN FIGURES
Advertising Revenues
0
50
1H 2002 1H 2003
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
87 84
(€ mm(€ mm))
EL PAÍS ADVERTISING REVENUES
El País versus national press market
-10%
-3.9%
MARKET EL PAÍS
-3.9%
Daily Average Circulation (copies) Weekend Average Circulation (copies)
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
468,994444,602
1H 2002 1H 2003
EL PAÍS CIRCULATION TREND
828,683
735,217
1H 2002 1H 2003
+5.5%
+12.7%
Including A3 Radio
RevenuesRevenues
EBITDAEBITDA
EBITEBIT
EBIT MarginEBIT Margin
96
22
20
(€ million)(€ million) 1H 20021H 2002 % change% change
3.8
EBITEBIT
EBIT MarginEBIT Margin 29%29%
2929 7.17.1
20.7%
2323
2020
1H 20031H 2003
28%28%
2727
2.9
2.4
RevenuesRevenues 102102 9696 5.45.4
9999
20.4%20.4%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
Operating ExpensesOperating Expenses 7979 7676 4.2
RADIO MAIN FIGURES
COPE 19%
GRUPO SER 57%
ONDA CERO24%
GRUPO SER 67%OTHERS
5%
ONDA CERO 17%
COPE 11%
Conventional format market share
(2003 Second wave EGM)
Music format market share
(2003 Second wave EGM)
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
RADIO
87
16.6%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1H 20021H 2002 % change% change1H 20031H 2003RevenuesRevenues
EBITEBIT
EBIT MarginEBIT Margin
19
(€ million )(€ million )
(10.7)150150
1212
8.3%8.3%
(34.7)
EBITDAEBITDA 2828 34 (19.1)
Operating expensesOperating expenses 137137 148148 (7.6)
EDUCATION & GENERAL EDITIONS MAIN FIGURES
RevenuesRevenues
EBITEBIT
1H 20021H 20021H 20031H 2003
185
22
167
19 +17.7
+10.1
Excluding depreciation impact
% change% change
167167
11.4%
1H 2003
BRAZIL 13%
1H 2002
€150 million €167 million
SPAIN & PORTUGAL 31%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
SANTILLANA REVENUE BREAKDOWN BY GEOGRAFIC AREA
MEXICO 25%OTHER LATAM 31%
BRAZIL 19%SPAIN & PORTUGAL 23%
MEXICO 24%OTHER LATAM 34%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1H 20021H 2002% change% change1H 20031H 2003
RevenuesRevenues
EBIT MarginEBIT Margin
53
(3.6)%
(€ million )(€ million )
11.15959
2.1%2.1%
EBITEBIT 11 (2) -
EBITDAEBITDA 33 (0.4)(0.4) -
SPECIALISED PRESS MAIN FIGURES
1H 2002 1H 2003
Mm €As As
Mm € Regional Press Regional Press
STRONG EBIT IMPROVEMENT:STRONG EBIT IMPROVEMENT:
1H 2002
1H 2003
1.8 2.4+28%
-2.7
+0.5+118%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1H 20021H 2002% change% change1H 20031H 2003
RevenuesRevenues
EBIT MarginEBIT Margin
24.8
7.4%
(€ million )(€ million )
17.029.029.0
8.1%8.1%
EBITEBIT 2.42.4 1.8 28.0
EBITDAEBITDA 2.92.9 2.42.4 18.3
DIARIO AS MAIN FIGURES
1H 2002 1H 2003
166,694206,274
Circulation figures
+23.7%
1H 2002 1H 2003
5.95.9
+0.4%
Advertising growth
Mm €
Copies
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1H 20021H 2002% change% change1H 20031H 2003
RevenuesRevenues
EBIT MarginEBIT Margin
14
(27.4)%
(€ million )(€ million )
63.52323
(7.9)%(7.9)%
EBITEBIT (1.8)(1.8) (3.9) -
EBITDAEBITDA 0.40.4 (2.3)(2.3) -
INTERNATIONAL MEDIA MAIN FIGURES
5.0
10.8
3.83.3
0,0
2,0
4,0
6,0
8,0
10,0
12,0
Revenues by business Revenues by business lineline Ebit by business lineEbit by business line
-1.4
0.2
1.2
-0.3
-2
-1,5
-1
-0,5
0
0,5
1
1,5
Caracol Radiópolis Participaciones Radio
Bolivia
Caracol Radiópolis
Participaciones Radio
Bolivia
PRISACOM: improvement at EBIT level as a result of a
remarkable growth in revenues coming from telephony companies as
well as notable cost-cutting initiatives
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
OTHER BUSINESS DIVISIONS
LOCAL TV: Substantial operating improvement due to the excellent
performance of local advertising revenues and the remarkable
increase of programming sales