MARCH 2014 RESULTS PRESENTATION
Madrid, 2014
Disclaimer
In addition to figures prepared in accordance with IFRS, PRISA presents non-GAAP financial performance measures,
e.g., EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, adjusted net profit, free
cash flow, gross debt and net debt, among others. These non-GAAP measures should be considered in addition to,
but not as a substitute for, the information prepared in accordance with IFRS. Non-GAAP financial performance
measures are not subject to IFRS or any other generally accepted accounting principles. For further information
relevant to the interpretation of these terms, please refer to the “Reconciliation Section” of the 1Q 2014 earnings press
release filed with the Securities and Exchange Commission and posted on prisa.com.
This document may contain “forward-looking statements” as defined in Section 27A of the Securities Act and Section
21E of the Exchange Act, including statements about the financial conditions, results of operations, earnings outlook
and prospects of the Company. In addition, any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any underlying assumptions, are forward-looking
statements.
Forward-looking statements are based on management’s current expectations and are inherently subject to
uncertainties and changes in circumstance and their potential effects and each speaks only as of the date of such
statement. There can be no assurance that future developments will be those that have been anticipated.
These forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,”
“intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,”
“should,” “would” and other similar words and expressions, but the absence of these words does not mean that a
statement is not forward-looking. These forward-looking statements involve a number of risks, uncertainties or other
assumptions that may cause actual results or performance to be materially different from those expressed or implied
by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors
described in our filings with the Securities and Exchange Commission under “Risk Factors”.
2
Executive summary
1
Improving macro environment in Spain & Portugal…
Improving macro conditions since 2013
 Improvement expected to continue in 2014-2015

2
… Although still fragile recovery in advertising investment
 Quarterly improvement in Spanish & Portuguese advertising sectors
 Advertising Group revenues fall by 6.7% in Spain & grow by 3.1% in Portugal in 1Q 2014
3
PRISA maintains the leadership position in all businesses where it is present
 Press:
#1 generalist press
 Radio:
#1 music & generalist in Spain, Colombia & Chile
 Education:
#1 Spain, Brazil, Mexico, Argentina Chile, Colombia
 FTA TV Portugal: #1 audience in 24hrs and prime time
 Pay TV Spain:
#1 in 2013 and 1Q 2014 (number of subscribers)
4
Solid, strong performance in Latam activities in constant currency, but negative FX impact

5
Adjusted revenues at constant currency grow by +3.1%
Group digital development continues to grow



6
Digital ad revenues grow by 6.9%: in Press they reach 29% of total division ad revenues
Unique browsers to PRISA sites grow by 16.6%
Digital education systems continue to grow in Brazil, Mexico & Colombia
Strong cost & capex control efforts undertaken

7
All costs reduced except for football rights
Group focussed on executing debt reduction plan



Sale of General Publishing business has been agreed
Sale of 3.69% stake in Mediaset España undertaken in April 2014. Debt buyback action in progress
Acceptance of the offer received from Telefónica for the purchase of PRISA’s 56% stake in Canal+
3
Spain & Portugal macro environment
Spain & Portugal GDP (%)
Spain
3.3
0.0
1.7
1.2
1.4
1.9
0.1 -1.7
-1.3
-0.1
0.9
-1.2
0.4
1.0
-0.2
-1.7
2010
2011
2012
Spain
-2.0
-1.1
-3.2
-2.9
2009
-1.0
-1.5
-3.8
2008
Portugal
2013E 2014E 2015E
-1.6
-2.1
-2
-3.6
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13E 1Q14
-3.8
-4.1
3Q12 4Q12 1Q13 2Q13 3Q13 4Q13E
Portugal
Source: INE, Bank of Portugal & IMF
Spain retail sales (%)
0.7
0.5
0.1
0.0
-1.4
-1.7
-3.4
-4.7
-5.2 -5.1
-4
-5.5
-5.7
-7.0
-6.9 -8.0
-9.5 -9.9
-5.6
-5.9
2008
Source: INE
2009
2010
2011
-7.4
2012
2013E 2014E 2015E
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
4
Iberia advertising market
Spain advertising market growth (%)
2011
2012
2013
2014
8.8
6.2
5.4
2.3
1.7
-0.6
-3
-7
-8.4
-9
-10.1
-11.4
-1.7
-1.3
4Q
1Q
-9.2
-13
-15.1 -16.2
-16.9
-18
-16.8
-21.9
-23.1
2005
2006
2007
2008
2009
2010
2011
2012
2013 2014E
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
Source: i2p, March, 2014
Evolution of advertising investment in Spain per sector (%)
4.8
Internet
-2.5
4
Television
-7.5
20.7
Cinema
-10.3
2.2
Outdoor
1
Radio
-2.6
-14.8
-7.3
Magazines
Source: i2p, March, 2014
2013
-10.6
Press
Sunday paper
2014E
-11.5
-18.7
-23.8
-8.1
5
Latin America macro & FX environment
Latam GDP growth (%)
8%
6%
4%
2%
0%
-2%
-4%
-6%
2007
2008
2009
2010
2011
Brazil
2012
2013
Mexico
2014E
Colombia
2015E
Chile
Source: World Bank, IMF
Latam FX evolution
120
115
110
Brazil
105
100
95
90
Jan-13
Mar-13
Brazil
May-13
Jul-13
Mexico
Sep-13
Nov-13
Colombia
Jan-14
Mar-14
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
1Q14/1Q13
Mexico
Colombia
Chile
1,51
9,58
1.358,01
357,95
1,58
9,55
1.425,55
371,18
1,73
9,75
1.440,29
382,70
1,67
9,57
1.405,41
379,55
1,72
9,66
1.463,12
402,54
-14,0%
-0,8%
-7,7%
-12,5%
Chile
Bloomberg
* All Source:
Group and
business unit figures are Adjusted (exclude non-recurring items, detailed in the press release)
6
Consolidated Group Results
Group results (€m)
1T 2014
Revenues
1T 2013
% Ch.
630.90
678.15
(7.0%)
EBITDA
58.54
82.88
(29.4%)
EBITDA margin
9.3%
12.2%
8.59
27.14
1.4%
4.0%
EBIT
EBIT margin
(68.4%)
Group results ex Canal+ at constant currency (€m)
1T 2014
Revenues
EBITDA
EBITDA margin
EBIT
EBIT margin
1T 2013
% Ch.
378.53
378.13
0.1%
73.50
66.90
9.9%
19.4%
17.7%
40.54
35.24
10.7%
9.3%
* All Group and business unit figures are Adjusted (exclude non-recurring items, detailed in the press release)
* All Group and business unit figures are Adjusted (exclude non-recurring items, detailed in the press release)
15.0%
7
Consolidated Group Results – Canal+ & FX impact
Group adjusted
(€m)
1Q14
1Q13
% Ch
Revenues
631
678
Spain
397
International
Ex Canal+
Ex Canal+, local currency
1Q14
1Q13
% Ch
1Q14
1Q13
% Ch
(7.0%)
339
378
(10.4%)
379
378
0.1%
413
(3.8%)
105
113
(6.6%)
105
113
(6.6%)
234
265
(12,0%)
234
265
12.0%
274
265
3.1%
Opex
572
595
(3.8%)
281
311
(9.7%)
305
311
(1.9%)
Spain
414
420
(1,4%)
123
136
(9.6%)
123
136
(9.6%)
International
158
175
(9.8%)
158
175
9.8 %
182
175
4.0%
EBITDA
59
83
(29.4%)
58
67
(13.4%)
74
67
9.9%
Spain
(17)
(7)
(134%)
(18)
(23)
23.9%
(18)
(23)
23.9%
International
76
90
(16.1%)
76
90
(16.1%)
91
90
1.3%
8
Revenue Evolution
Group results (€m)
n.a.
-4%
-4%
-15%
-3%
+9%
+3%
+10%
+7%
5
3
3
678
(40)
(8)
Revenues
2012
FX Impact
1
(4)
(5)
631
(2)
DTH
Advertising Circulation Wholesale Audiovisual Books and Advertising
Subscribers
S&P
Subscribers production
training
Latam
(constant
(constant
FX)
FX)
Other
Revenues
(constant
FX)
1Q 2014*
34.5%
13.3%
4.4%
9.2%
0.9%
32.1%
5.1%
7.0%
1Q 2013*
33.3%
12.9%
4.8%
8.8%
0.8%
29.1%
4.3%
6.1%
Revenues
2013
(*) As % of total revenues
** Constant Currency
9
Focus on efficiency & cost control
Opex reduction
-3.9%
-13%
-8.3%
-5.0%
+7.5%
13
(15)
595.3
(11)
(9.2)
572.4
(35)
Expenses Purchases Staff Costs External
1Q 2013
Services &
Other
Football
Expenses
1Q 2014
Staff costs (€m)
-8.3%
130
49
81
1Q 2013
119
-6.5%
46
-9.5%
73
1Q 2014
Spain
International
10
Santillana
Market position
Geographical position
Textbooks
Position
Spain
Latam revenues as % of total revenues
Market Share
19,3%
1
Brazil
19,9%
1
Mexico
17,4%
1
Argentina
27,6%
1
Chile
38,8%
1
Colombia
17,2%
1
Portugal
7,1%
3
Other
24%
Spain
4%
Portugal
0%
Other
24%
Spain
3%
Portugal
0%
Chile
12% Colombia
6%
Brazil
40%
Argentina
11%
Argentina
9%
Mexico
7%
Chile
10% Colombia Meico
6%
6%
Digital development – learning systems
Recent performance (€m)
Revenues
EBITDA
+2.7%
-25.5%
-2.6%
UNO
Brazil
Colombia
Mexico
200
1Q 2013
Brazil
38%
Source: Santillana’s Market Research, 2013 (all except Mexico – 2012)
-14.7%
1Q 2014
206
171
62
Students
329
73
116.591
24.989
130.000
Schools
Students
711
253,178
60
46
COMPARTIR
Total
1Q 13 1Q 14 1Q 14
(ex-FX)
Schools
1Q 13 1Q 14 1Q 14
(ex-FX)
11
Radio
Market position
Spain
International
Listeners
Listeners
1Q 2014
Thousand listeners
Generalist Radio
Cadena SER
Musical radio
40 Principales
Dial
Máxima FM
M80
Radiolé
Total
Position
4.688
4.688
7.796
3.578
2.281
770
612
555
12.484
Share
1
38,6%
38,6%
62,1%
28,5%
18,2%
6,1%
4,9%
4,4%
1
Source: EGM November 2013
EBITDA
+1.7%
66
+64.2%
1
1
3
4
4
9
4
37,2%
45,9%
14,0%
18,5%
7,1%
2,5%
8,2%
Latam revenues as % of total revenues
+92.8%
71
7
6
3
1Q 13 1Q 14 1Q 14
(ex-FX)
10.772
2.137
1.397
1.122
156
102
70
Share
Geographical position
Revenues
70
Colombia
Chile
México
Argentina
Costa Rica
USA - Miami
USA - Los Ángeles
Position
Source: ECAR (Colombia), IPSOS (Chile), INRA (Mexico), IBOPE (Argentina)
Recent performance (€m)
-5.3%
2013
Thousand listeners
1TQ2014
1Q 2013
Latam
43%
Latam
39%
Spain
61%
Spain
75%
1Q 13 1Q 14 1Q 14
(ex-FX)
12
Radio (Digital development)
Online radio listening hours (million hours)
29
28
27
14
16
16
Sep 13
Oct 13
Nov 13
25
28
28
26
28
27
26
13
13
14
14
14
13
Mar 13
Apr 13
May 13
Jun 13
Jul 13
Aug 13
Spain
30
29
26
14
16
16
18
Dec 13
Jan 14
Feb 14
Mar 14
International
Online audience evolution
Spain
International
+6.6%
7.4
+26.4%
7.9
9.6
7.6
1Q 13
1Q 14
1Q 13
1Q 14
13
Press
Market position
Recent Performance (€m)
Periódico
10%
Revenues
EBITDA
-2.0%
-13.7%
El País
31%
Vanguardia
16%
Razón
10%
67
65
3.2
2.8
Mundo
17%
ABC
15%
1Q 13
1Q 14
1Q 13
1Q 14
Source: OJD March 2014
Digital development
Digital advertising (% growth)
7.1%
Digital advertising / total advertising (%)
28.9
6.8%
25.5
19.9
10.3
13.4
2010
2011
1.3%
PRISA
ABC
El Mundo
2012
2013
1Q 14
Source: AEDE March 2014
14
Media Capital
Market position
24 hours
Prime time
TVI
24.4%
Rest
38.5%
TVI
26.9%
Rest
32.9%
RTP1
15.4%
RTP2
2.0%
SIC
19.7%
RTP1
14.1%
RTP2
1.7%
SIC
24.4%
Source: Gfk. Audience share for 1Q 2014
Recent performance (€m)
Advertising revenues evolution (%)
Revenues
EBITDA
+1.5%
+42.5%
Media Capital advertising
3.2
6
39
5.3
40
4
-0.4
-11.6
-19.0
1Q 13
1Q 14
1Q 13
1Q 14
1Q13
2Q13
3Q13
4Q13E
1Q14
15
Canal+
Market position
Key Performance Indicators
Subscribers
GolTV
6%
Rest
11%
1Q 2014
Dec 2013
Satellite subscribers (‘000s)
1.632
1,621
Average ARPU (€)
43.5
42.7
16.5%
18.0%
iPlus (subscribers)
649,214
630,005
iPlus (penetration)
40%
39%
Yomvi (‘000s users DTH)
541
470
Yomvi (penetration)
33.2%
29%
Yomvi (downloads)
4.4m
4.6m
Churn
Canal+
43%
Imagenio
19%
Ono
21%
Source: internal estimates (1Q 2014)
Digital development – YOMVI users
Recent performance
Revenues
EBITDA
-2.7%
-96.1%
2013
2014
414
346 347 329
300
292
1Q 14
1Q 13
517 512 541
339
278 257
16
1
1Q 13
444 452 470
1Q 14
14
16
15
14
Mar Apr May Jun
22
18
22
28
29
28
32
32
37
Jul Aug Sep Oct Nov Dec Jan Feb Mar
Satellite
OTT
16
Cash Flow generation & adjusted net debt position
Grupo Prisa Net Debt (€m)
€6m
€19m
€8m
€5m
Cash interest
PIK Interest
Accrued unpaid interest
DLJ preferred dividend
€10m
€9m
€16m
€12m
* All Group and business unit figures are Adjusted (exclude non-recurring items, detailed in the press release)
Taxes paid
Redundancy expenses
FX impact
Change in consolidation perimeter
17
Cash generation at Holdco level- 1Q 2014
Cash generation at Holdco level 1Q 14 (€m)
€9m
€2m
* All Group and business unit figures are Adjusted (exclude non-recurring items, detailed in the press release)
Redundancies
Perimeter effect
18
Canal + Transaction
Prisa has accepted an offer from Telefónica for the purchase of Prisa´s 56% stake in Canal+
KEY TERMS

Price of 725 million euros

Subject to final agreement of the SPA including price adjustments to be negotiated
 30 days maximum period starting May 7th to finalize negotiations of final contract

Mediaset España has a right of first refusal and tag along


Rights could be exercised during the 15 natural days following the signing of the contract
The transaction is subject to certain approvals

Non-opposition from a group of core lenders
 Up to 20 business days from signing
 Antitrust authorities
 Expected to last a minimum of 12 months from signing
19
Conclusions
1.
Focus on operating improvement and growth
2.
PRISA to benefit if macro recovery in Spain and Portugal consolidates
3.
Latam to maintain its positive trend, but FX remains volatile
4.
Digital learning Systems transforming the education business and contributing to growth
5.
Continued effort in cost control with strong operating leverage
6.
Execution of debt reduction plan
20
THANK YOU.