february 21st, 2003 2002 annual results 2003 first half results 23rd of july

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


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%


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


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


INVESTMENTS 1H 2003 (€ million)

Others: 6.956.95


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


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


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


EL PAÍS MAIN FIGURES

Advertising Revenues

0

50

1H 2002 1H 2003


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)


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


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%


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)


RADIO

87

16.6%


1H 20021H 2002 % change% change1H 20031H 2003RevenuesRevenues

EBITEBIT


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%


SANTILLANA REVENUE BREAKDOWN BY GEOGRAFIC AREA

MEXICO 25%OTHER LATAM 31%

BRAZIL 19%SPAIN & PORTUGAL 23%

MEXICO 24%OTHER LATAM 34%


1H 20021H 2002% change% change1H 20031H 2003

RevenuesRevenues


53

(3.6)%


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%



RevenuesRevenues


24.8

7.4%


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



RevenuesRevenues


14

(27.4)%


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


OTHER BUSINESS DIVISIONS

LOCAL TV: Substantial operating improvement due to the excellent

performance of local advertising revenues and the remarkable

increase of programming sales

february 21st, 2003 2002 annual results 2003 first half results 23rd of july

Documents

revenues ebit ebit margin

business line ebit

revenues ebit margin

ebit level

ebitda margin ebit margin

ebit performance mn

international revenues

radio main figures slide