february 21st, 2003 2002 annual results 2003 first half results 23rd of july
TRANSCRIPT
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
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
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%
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
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
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
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
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
INVESTMENTS 1H 2003 (€ million)
Others: 6.956.95
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
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
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
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
EBIT MarginEBIT Margin
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
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
EL PAÍS MAIN FIGURES
Advertising Revenues
0
50
1H 2002 1H 2003
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
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)
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
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
EBIT MarginEBIT Margin
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%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
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)
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
RADIO
87
16.6%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1H 20021H 2002 % change% change1H 20031H 2003RevenuesRevenues
EBITEBIT
EBIT MarginEBIT Margin
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%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
SANTILLANA REVENUE BREAKDOWN BY GEOGRAFIC AREA
MEXICO 25%OTHER LATAM 31%
BRAZIL 19%SPAIN & PORTUGAL 23%
MEXICO 24%OTHER LATAM 34%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1H 20021H 2002% change% change1H 20031H 2003
RevenuesRevenues
EBIT MarginEBIT Margin
53
(3.6)%
(€ million )(€ million )
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%
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1H 20021H 2002% change% change1H 20031H 2003
RevenuesRevenues
EBIT MarginEBIT Margin
24.8
7.4%
(€ million )(€ million )
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
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS DIVISIONS
1H 20021H 2002% change% change1H 20031H 2003
RevenuesRevenues
EBIT MarginEBIT Margin
14
(27.4)%
(€ million )(€ million )
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
BUSINESS DIVISIONSBUSINESS DIVISIONS BUSINESS DIVISIONSBUSINESS 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