2004 FULL YEAR RESULTS Jan, 27 th 2005

2 2 2004 Full Year Results

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3 3 2004 Full Year Results

Highlights

• Strong TV market performance

• Renewed and stabilized programming grid, delivering an audience share growth in 2004 of 1,3pp

• Successfully implemented “family target” as an innovative sales tool

• Radio outperforming its respective market, clearly benefiting from ATRES Advertising’s cross‐media selling approach

4 4 2004 Full Year Results

Antena 3 Group Financials

2004 2003

5 5 2004 Full Year Results

Antena 3 Group Advertising market overview

Total TV 1 15.2%

Radio 6.0%

Internet 13.5%

Cinema ‐17.0%

Newspaper 5.0%

Magazines 6.0%

Outdoor 8.0%

Sunday supplem. 4.5%

Advertising Growth 2004 vs 2003

6 6 2004 Full Year Results

Antena 3 Group Cash Flow Statement

7 7 2004 Full Year Results

Television

2004 2003

Financials

8 8 2004 Full Year Results

Television Market Advertising recovery consolidated

Culture, Education 14.0% 2.3%

Beverages 11.0% ‐9.2%

Finance 8.0% 19.6%

Telecoms 8.0% 7.8%

Services 7.0% ‐5.3%

Automobile 20.0% 18.3%

Distribution 10.0% 7.4%

9 9 2004 Full Year Results

Television Advertising sales outperforming market growth

Gross advertising sales 700.7 557.4

Discounts ‐41.2 ‐45.8

Net advertising sales 659.5 511.5

Other net revenues 37.9 27.4

10 10 2004 Full Year Results

‐20%

‐10%

0%

10%

20%

30%

40%

1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04

TV Advertising market trend vs Antena 3 growth Television

11 11 2004 Full Year Results

Television Content Mix and its respective audience share performance

12 12 2004 Full Year Results

Television Strong improvement in audience share

13 13 2004 Full Year Results

Television Increasing market share and improving power ratio

2.2

‐2.2 75.2%

24.8%

73.0%

27.0%

1.30 1.27 0.3

14 14 2004 Full Year Results

Radio Financials

2004 2003

15 15 2004 Full Year Results

Stable listeners base Radio

16 16 2004 Full Year Results

Radio Stable audience share

2,212 2,315

173 175

17.4% 17.4%

+5%

+2

+0.2

Listeners

Minutes per listener

Share

17 17 2004 Full Year Results

Other subsidiaries contribution Financials

18 18 2004 Full Year Results

• Antena 3 has taken advantage of the good momentum of the Spanish ad market

• Flexible cost structure adaptable to business cycles

• Stabilised and competitive programming grid targeting an audience share above 21%

• Radio being successfully restructured, achieving positive Net Income for the first time in its history

• Successful cross‐selling strategy implemented by ATRES Advertising

Conclusions