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February 21st, 2003
2002 ANNUAL RESULTS
2003 FIRST QUARTER RESULTS
14th of May
RevenuesRevenues
EBITDAEBITDA
EBITEBIT
Net ProfitNet Profit
1Q 20021Q 20021Q 20021Q 2002 % change% change % change% change
304304
(€ million)(€ million)
66
4040
2121
8.1%8.1%
8.7
(82.0)
0.4
(8.7)
33
40
6.8%
EBITDA MarginEBITDA Margin
EBIT MarginEBIT Margin
1Q 20031Q 20031Q 20031Q 2003
14.3%14.3%
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
279
22
13.2%
Operating expensesOperating expenses 283283 257257 10.3
P&L ACCOUNT
Net Profit before Net Profit before taxestaxes
1010 55 82.5
279 304
1Q 2002 1Q 2003 Advertising Newspapersales
Book sales
Other
+4%
+16%-12%
+52%
REVENUE SOURCES PERFORMANCE IN 1Q 2003 (YoY change)
PERFORMANCE
10560 74
65
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
REVENUES (€ million)
+8.7%
21%
20%
30%
36%
15%
19%
24%
35%ADVERTISING
€304 million €279 million
1Q 2003 1Q 2002
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
BOOK & RIGHTS
OTHER
NEWSPAPERS & MAGAZINES
REVENUE BREAKDOWN BY BUSINESS LINE
NATIONAL PRESS RADIO SPORT PRESS
-8.5%
-0.3%
SECTOR
PRISA-1.0%
+2.4%
SECTOR PRISA
+13.2%+21.3%
SECTOR PRISA
-6.8%
+5.3%
SECTOR
PRISA
FINANCIAL PRESS REGIONAL PRESS TV
-2.1%
+62.5%
SECTOR PRISA
+15.4%+48.0%
SECTOR PRISA
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
ADVERTISING PERFORMANCE: PRISA VERSUS SECTOR
EL PAIS 5 DIAS AS
1Q 2002 1Q 2003
REGIONAL PRESS CINEMANIA ROLLING STONE
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
CIRCULATION PERFORMANCE
1Q 2002
1Q 2002 1Q 2002 1Q 2002
1Q 2003
1Q 2003 1Q 2003 1Q 2003
446,943495,104+10.8% -2.5%
+24.8% +145.5% +24.1%
26,390 25,733
28,95971,092
1Q 2002 1Q 2003
159,005212,762
+33.8%
30,284 37,78345,664
36,802
1Q 2003
SPAIN 75%
1Q 2002
€304 million €279 million
INTERNATIONAL REVENUES IN 1Q 2003
INTERNATIONAL 25%
Santillana: 78%
International Media: 14%
Printing: 8%
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
SPAIN 68%
INTERNATIONAL 32%
REVENUE BREAKDOWN BY GEOGRAFIC AREA
0
5
10
15
20
25
30
35
40
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
(€mn)
INTERNA-TIONALMEDIA
-2-2
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
EBIT BREAKDOWN BY BUSINESS DIVISION
Publishing:
El País:
Printing:
19.319.3
10.110.1
11.111.1
3.83.8
Radio:
Total
Prisa
Leisure & Entertainment: 1.51.5
0.90.9
0.50.5
1.41.4
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
FOCUSED ON INVESTMENTS RATIONALIZATION
Others 0.60.6
INVESTMENTS 1Q 2003 (€ million)
International Media: 0.50.5
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
TERMS CURRENCIES
Net debt/Equity: 70.7%Total liabilities/Equity: 1.31x
LEVERAGE RATIOS
S/T DEBT: 34%L/T DEBT: 66% DOLLARS: 35% EUROS: 65%
DEBT STRUCTURE 1Q 2003
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
436 440
EBIT:
DEPRECIATION & AMORTIZATION:
WORKING CAPITAL CHANGE:
INVESTMENTS
FREE CASH FLOW:
TAXES:
FINANCIAL RESULT:
EXTRAORDINARY RESULT:
OTHER:
NET DEBT CHANGE:
NET DEBT
2002 1Q 2003
20.7
19.7
(19.6)
(4.5)
2.7
(5.5)
1.7
1.5
CASH FLOW 1Q 2003
4.1
(19.3)
RevenuesRevenues
EBITDAEBITDA
EBITEBIT
EBIT MarginEBIT Margin
70
16
13
18.6%18.6%
(€ million(€ million))1Q 20021Q 2002 % change% change
7.57575
2222
1818
24.1%24.1%
1Q 20031Q 2003
36.8
39.3
Operating expensesOperating expenses 0.25757 5757
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
EL PAÍS MAIN FIGURES
Advertising Revenues Growth Trend
0
50
1Q 2002 1Q 2003
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
37 37
(€ mm(€ mm))
EL PAÍS ADVERTISING REVENUES
Advertising revenues flat performance despite advertising market sluggishness
El País versus national press market
-8.5%
-0.3%
MARKET EL PAÍS
-0.3%
Daily Average Circulation (copies) Weekend Average Circulation (copies)
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
495,104446,943
1Q2002 1Q2003
EL PAÍS CIRCULATION TREND
874,242
779,288
1Q2002 1Q2003
+10.8%
+12.2%
Including A3 Radio
RevenuesRevenues
EBITDAEBITDA
EBITEBIT
EBIT MarginEBIT Margin
41
6
5
(€ million)(€ million) 1Q 20021Q 2002 % change% change
2.4
EBITEBIT
EBIT MarginEBIT Margin 16.1%16.1%
77 9.19.1
11.9%
77
55
1Q 20031Q 2003
15.1%15.1%
77
10.2
10.3
RevenuesRevenues 4545 4444 2.22.2
4242
12.8%12.8%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
Operating ExpensesOperating Expenses 3737 3636 1.3
RADIO MAIN FIGURES
Advertising Revenues Growth Trend
0
50
1Q 2002 1Q 2003
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
41 42
(€ mm(€ mm))
RADIO ADVERTISING REVENUES
Prisa versus radio market
-1%
+2.4%MARKET
PRISA
+2.4%
COPE 16%
GRUPO SER 46%
RNE 17%
ONDA CERO21%
GRUPO SER 69%RNE
5%
ONDA CERO 16%
COPE 10%
Conventional format market share
( 2003 First wave EGM)
Music format market share
(2003 First wave EGM)
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
RADIO
87
16.6%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1Q 20021Q 2002 % change% change1Q 20031Q 2003RevenuesRevenues
EBITEBIT
EBIT MarginEBIT Margin
14
(€ million )(€ million )
(12.7)7676
99
12.2%12.2%
(35.7)
EBITDAEBITDA 1515 21 (27.3)
Operating expensesOperating expenses 6767 7272 (8.1)
EDUCATION & GENERAL EDITIONS MAIN FIGURES
RevenuesRevenues
EBITEBIT
1Q 20021Q 20021Q 20031Q 2003
100
19
87
14 +31
+15
Excluding depreciation impact
% change% change
8787
16.6%
1Q 2003
AMERICA 78%
1Q 2002
€76 million €87 million
SPAIN & PORTUGAL 22%
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
AMERICA 86%
SPAIN & PORTUGAL 14%
SANTILLANA REVENUE BREAKDOWN BY GEOGRAFIC AREA
1Q 20021Q 2002 % change% change1Q 20031Q 2003
RevenuesRevenues
EBITEBIT
EBIT MarginEBIT Margin
23
(3)
(11.5%)
(€ million )(€ million )
25.52929
(1)(1)
(3.2%)(3.2%)
64.9
EBITDAEBITDA 00 (2) 87.8
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
Operating expensesOperating expenses 3030 2626 16.2
SPECIALISED PRESS MAIN FIGURES
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1Q 20021Q 2002% change% change1Q 20031Q 2003
RevenuesRevenues
EBIT MarginEBIT Margin
11.0
1.1%
(€ million )(€ million )
33.614.714.7
5.2%5.2%
EBITEBIT 0.80.8 0.1 481.5
EBITDAEBITDA 1.01.0 0.40.4 141.3
DIARIO AS MAIN FIGURES
1Q 2002 1Q 2003
159,005212,762
Circulation figures
+33.8%
1Q 2002 1Q 2003
2.22.7
+21.3%
Advertising growth
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1Q 20021Q 2002% change% change1Q 20031Q 2003
RevenuesRevenues
EBIT MarginEBIT Margin
3.9
(17.7)%
(€ million )(€ million )
11.14.44.4
(11.8)%(11.8)%
EBITEBIT (0.5)(0.5) (0.7) 25.5
EBITDAEBITDA (0.4)(0.4) (0.6)(0.6) 31.4
CINCO DÍAS MAIN FIGURES
1Q 2002 1Q 2003
26,39025,733
Circulation figures
1Q 2002 1Q 2003
1.6 1.7
+5.3%
Advertising growth
-2.5%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1Q 20021Q 2002 % change% change1Q 20031Q 2003
RevenuesRevenues
EBIT MarginEBIT Margin
3.2
(46.7)%
(€ million )(€ million )
48.94.84.8
(8.2)%(8.2)%
EBITEBIT (0.4)(0.4) (1.5) 73.8
EBITDAEBITDA (0.3)(0.3) (1.4)(1.4) 80.9
REGIONAL PRESS MAIN FIGURES
1Q 2002 1Q 2003
30,28437,783
Circulation figures
+24.8%
1Q 2002 1Q 2003
1.32.2
+62.5%
Advertising growth
PRISACOM: substantial improvement at EBIT level as a result of
cost-cutting initiatives
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
LEISURE & ENTERTAINMENT: Significant increase of music sales
despite piracy
OTHER BUSINESS DIVISIONS
INTERNATIONAL MEDIA: Continues its consolidation and increases revenues by 32.7% due to Caracol contribution
LOCAL TV´S: Continues to consolidate within the TV industry