2003 first quarter results

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


REVENUES (€ million)

+8.7%

21%

20%

30%

36%

15%

19%

24%

35%ADVERTISING

€304 million €279 million

1Q 2003 1Q 2002


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


ADVERTISING PERFORMANCE: PRISA VERSUS SECTOR

EL PAIS 5 DIAS AS

1Q 2002 1Q 2003

REGIONAL PRESS CINEMANIA ROLLING STONE


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


INTERNATIONAL REVENUES IN 1Q 2003

INTERNATIONAL 25%

Santillana: 78%

International Media: 14%

Printing: 8%


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


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


FOCUSED ON INVESTMENTS RATIONALIZATION

Others 0.60.6

INVESTMENTS 1Q 2003 (€ million)

International Media: 0.50.5


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


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


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


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)


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


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%


Operating ExpensesOperating Expenses 3737 3636 1.3

RADIO MAIN FIGURES

Advertising Revenues Growth Trend

0

50

1Q 2002 1Q 2003


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)


RADIO

87

16.6%


1Q 20021Q 2002 % change% change1Q 20031Q 2003RevenuesRevenues

EBITEBIT


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


SPAIN & PORTUGAL 22%


AMERICA 86%

SPAIN & PORTUGAL 14%

SANTILLANA REVENUE BREAKDOWN BY GEOGRAFIC AREA

1Q 20021Q 2002 % change% change1Q 20031Q 2003

RevenuesRevenues

EBITEBIT


23

(3)

(11.5%)


25.52929

(1)(1)

(3.2%)(3.2%)

64.9

EBITDAEBITDA 00 (2) 87.8


Operating expensesOperating expenses 3030 2626 16.2

SPECIALISED PRESS MAIN FIGURES


1Q 20021Q 2002% change% change1Q 20031Q 2003

RevenuesRevenues


11.0

1.1%


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


1Q 20021Q 2002% change% change1Q 20031Q 2003

RevenuesRevenues


3.9

(17.7)%


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%


1Q 20021Q 2002 % change% change1Q 20031Q 2003

RevenuesRevenues


3.2

(46.7)%


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


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

2003 first quarter results

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