2003 FIRST HALF RESULTS
23rd of July
2002 ANNUAL RESULTS
February 21st, 2003
FINANCIAL HIGHLIGHTS
P&L ACCOUNT
(€ million)
Revenues
Operating expenses
EBITDA
EBIT
Net Profit before taxes
Net Profit
1H 2003
1H 2002
% change
649
599
8.3
584
540
8.3
108
97
11.4
65
59
8.8
53
42
27.1
34
66
(49.1)
EBITDA Margin
16.6%
16.2%
EBIT Margin
10.0%
9.9%
FINANCIAL HIGHLIGHTS
REVENUES (€ million)
PERFORMANCE
REVENUE SOURCES PERFORMANCE IN
1H 2003 (YoY change)
+ 8.3%
+5.2%
-10.6%
599
1H 2002
1H 2003
+49.2%
+7%
649
243
116
146
144
Advertising
Newspaper
sales
Book
sales
Other
BUSINESS DIVISIONS
ADVERTISING PERFORMANCE
Advertising Revenues
Prisa versus Market
1H 2003
(like for like figures)
(€ mm)
+5.2%
243
231
+0.3%
50
MARKET(*)
-0.7%
0
1H 2002
(*) Internal estimations
1H 2003
PRISA
FINANCIAL HIGHLIGHTS
REVENUE BREAKDOWN BY GEOGRAFIC AREA
1H 2003
1H 2002
€649 million
€599 million
INTERNATIONAL 22%
INTERNATIONAL 27%
SPAIN 78%
INTERNATIONAL REVENUES IN 1H 2003
Santillana: 74%
International Media: 16%
Printing: 10%
SPAIN 73%
FINANCIAL HIGHLIGHTS
EBIT
EBIT PERFORMANCE (MN€)
1H 2003
65
+8.8%
59
EBIT BREAKDOWN BY BUSINESS DIVISION (MN€)
1
5
1
65
-2
-1
GDM
-2
PRINTING
9
SPANISH
RADIO
PRISA &
46
OTHERS SPANISH
PRESS
18
-3
-3
INTERNA20
TIONAL
LEISURE &
MEDIA
ENTERTAINLOCAL TV
12MENT
4
EL PAIS
€ 21 mn
INTERNET
PUBLISHING
1H 2002
-3
1H 2003
TOTAL
EBIT
3
1
NEW BUSINESS DIVISIONS
-2
-4
-5
-5
-5
TOTAL EBIT
FINANCIAL HIGHLIGHTS
INVESTMENTS 1H 2003 (€ million)
Total
50.71
Publishing:
20.14
Printing:
10.16
El País:
7.55
Lesure & Enterteinment
3.70
Radio
2.22
Others:
6.95
FINANCIAL HIGHLIGHTS
DEBT STRUCTURE 1H 2003
TERMS
L/T DEBT: 66%
CURRENCIES
S/T DEBT: 34%
DOLLARS: 34%
LEVERAGE RATIOS
Net debt/Market cap: 28.3%
EUROS:66 %
FINANCIAL HIGHLIGHTS
CASH FLOW
1H03 1H02
EBIT:
65
59
DEPRECIATION & AMORTIZATION:
39
34
(74)
(149)
INVESTMENTS
51
57
FREE CASH FLOW:
(21)
(113)
TAXES:
(19)
24
1
7
(3)
(17)
(19)
(19)
8
4
53
114
WORKING CAPITAL CHANGE:
FINANCIAL RESULT:
EXTRAORDINARY RESULT:
DIVIDENS
OTHER:
NET DEBT CHANGE:
NET DEBT
436
489
2002
1H 2003
BUSINESS DIVISIONS
EL PAÍS MAIN FIGURES
1H 2003
1H 2002
% change
Revenues
158
153
3.4
Operating expenses
112
116
(3.9)
EBITDA
53
42
26.0
EBIT
46
36
26.5
29.2%
23.8%
(€ million)
EBIT Margin
BUSINESS DIVISIONS
EL PAÍS ADVERTISING REVENUES
Advertising Revenues
El País versus national press market
(€ mm)
50
87
-3.9%
84
MARKET
EL PAÍS
-3.9%
0
1H 2002
1H 2003
-10%
BUSINESS DIVISIONS
EL PAÍS CIRCULATION TREND
Daily Average Circulation (copies)
Weekend Average Circulation (copies)
+12.7%
828,683
+5.5%
735,217
444,602
1H 2002
468,994
1H 2003
1H 2002
1H 2003
BUSINESS DIVISIONS
RADIO MAIN FIGURES
1H 2003
1H 2002
% change
Revenues
99
96
3.8
Operating Expenses
79
76
4.2
EBITDA
23
22
2.9
EBIT
20
20
2.4
20.4%
20.7%
Including A3 Radio
Revenues
EBIT
102
96
5.4
29
27
7.1
EBIT Margin
29%
28%
(€ million)
EBIT Margin
BUSINESS DIVISIONS
RADIO
Conventional format market share
Music format market share
(2003 Second wave EGM)
(2003 Second wave EGM)
COPE
19%
GRUPO SER
57%
COPE
11%
OTHERS
5%
ONDA CERO
17%
ONDA CERO
24%
GRUPO SER
67%
BUSINESS DIVISIONS
EDUCATION & GENERAL EDITIONS MAIN FIGURES
1H 2003 1H 200287 % change
167
(10.7)
150
(€ million )
Revenues
137
148
(7.6)
EBITDA
28
34
(19.1)
EBIT
12
19
(34.7)
Operating expenses
EBIT Margin
8.3%
11.4%
16.6%
Excluding depreciation impact
Revenues
EBIT
1H 2003
1H 2002
% change
185
167
+10.1
22
19
+17.7
BUSINESS DIVISIONS
SANTILLANA REVENUE BREAKDOWN BY GEOGRAFIC AREA
1H 2003
1H 2002
€167 million
€150 million
OTHER LATAM 31%
MEXICO 25%
BRAZIL 13%
OTHER LATAM 34%
MEXICO 24%
BRAZIL 19%
SPAIN & PORTUGAL 31%
SPAIN & PORTUGAL 23%
BUSINESS DIVISIONS
SPECIALISED PRESS MAIN FIGURES
(€ million )
1H 2003
1H 2002 % change
59
53
11.1
EBITDA
3
(0.4)
-
EBIT
1
(2)
-
Revenues
EBIT Margin
2.1%
(3.6)%
STRONG EBIT IMPROVEMENT:
As
Mm €
1.8
Mm €
Regional Press
+28% 2.4
+118%
+0.5
1H 2002
1H 2002
1H 2003
1H 2003
-2.7
BUSINESS DIVISIONS
DIARIO AS MAIN FIGURES
Circulation figures
(€ million )
1H 2003
1H 2002 % change
24.8
17.0
EBITDA
2.9
2.4
18.3
EBIT
2.4
1.8
28.0
EBIT Margin
206,274
166,694
29.0
Revenues
+23.7%
Copies
8.1%
1H 2002
1H 2003
Advertising growth
7.4%
Mm €
+0.4%
5.9
1H 2002
5.9
1H 2003
BUSINESS DIVISIONS
INTERNATIONAL MEDIA MAIN FIGURES
1H 2003
(€ million )
1H 2002 % change
Revenues
23
14
63.5
EBITDA
0.4
(2.3)
-
EBIT
(1.8)
(3.9)
-
EBIT Margin
(7.9)%
(27.4)%
Revenues by business line
12,0
10.8
Ebit by business line
1,5
10,0
1.2
1
8,0
0,5
6,0
5.0
0
3.8
4,0
3.3
-0,5
2,0
-1
0,0
-1,5
Caracol
0.2
Radiópolis Participaciones
Radio
Bolivia
-2
Caracol
Radiópolis
-0.3
-1.4
Participaciones
Radio
Bolivia
BUSINESS 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
 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