1
2003 ANNUAL RESULTS
27th February, 2004
2
€ million
GRUPO PRISA – 2003 RESULTS
STATEMENT OF INCOME
2003 2002 Var.%
REVENUES 1,305 1,216 7.3
OPERATING EXPENSES 1,169 1,096 6.6
EBITDA 222 203 9.3
EBIT 136 119 13.9
NET PROFIT BEFORE TAXES 86 52 64.1
NET PROFIT 61 82 -26.2
EBITDA Margin 17.0% 16.7%
EBIT Margin 10.4% 9.8%
3
REVENUES AND EBIT EXCLUDING EXCHANGE RATES AND
NEW ACQUISITIONS
YEAR-ON-YEAR CHANGE
Revenues
EBIT
-54
-11
+12
+2
-42
-9
Without adjustments With adjustments
GRUPO PRISA – 2003 RESULTS
€ millionExchange Rate Effect New acquisitions Effect Net Effect
Revenues
EBIT
+7.3% +12.0%
+13.9% +23.0%
4
1,2161,305
1.000
1.050
1.100
1.150
1.200
1.250
1.300
1.350
480
326
225273
Advertising Book sales Newspaper sales Other
-4.1%
2002 2003Advertising
37%
Other 21%
Newspaper sales 17%
Book sales 25%
Performance (€ million) Revenues by business line (€ million)
Revenue breakdown by business line
+4.6%
+3.6%+37.3%
REVENUES
GRUPO PRISA – 2003 RESULTS
+ 7.3 %
5
El País -1.3%
Radio+2.8%
Diario As +8.7%
Cinco Días -4%
Regional Press
+27.2%
Prisacom
-9.4%
ADVERTISING REVENUES
Prisa Versus Market (% change)
+0.6%
Business divisions (% change)
GRUPO PRISA – 2003 RESULTS
Performance (€ million)
459
480
100
150
200
250
300
350
400
450
500
550
2002 2003
+4.6%+4.6%
Prisa Market
6
BOOK SALES
Excluding exchange rate effect
370
340
2002 2003
+8.5%
Number of books sold in 2003
GRUPO PRISA – 2003 RESULTS
Performance (€ million)
€ million
340 326
100
150
200
250
300
350
400
2002 2003
70,413,000
-4.1%
63,863,000
+10%
2002
2003
7
EPS
AS
176,912 200,384
440,226
EL PAÍS
2002 2003
435,299
+1.1%
+13.3%
5 DÍAS
2003
24,62125,034
+1.7%
20022002 2003
725,710773,001
+6.5%
2002 2003
NEWSPAPER SALES
Average daily circulation (copies)
GRUPO PRISA – 2003 RESULTS
Performance (€ million)
217
225
100
110
120
130
140
150
160
170
180
190
200
210
220
230
240
250
2002 2003
+3.6%
REGIONAL PRESS
26,89330,633
+14%
8
Revenues 2003: €1,305 million
• Peru: 2.3%
• Chile: 1.8%
• Argentina: 1.5%
• Venezuela: 0.5%
• Peru: 2.5%
• Argentina: 1.9%
• Chile: 1.7%
• Venezuela: 0.8%
REVENUE BREAKDOWN BY COUNTRY
Revenues 2002: € 1,216 million
Mexico 7%
Spain 80%
Colombia 2.8%
Brazil 3%
Mexico 6%
Spain 77%
Colombia 2.9%
Brazil4%
Other 13%
Other 11%
GRUPO PRISA – 2003 RESULTS
9
EL PAIS
GDM
PRISA &OTHERS
EBIT
RADIO
LOC
AL
TV
136
SANTILL
ANA
GDM
DIS
TRIB
UTI
ÓN
73
-3
LEA
SSU
RE
& E
NTE
RT.
INTE
RN
ET
-4
EL PAÍS
PRINTI
NG
84
36 35
8
119
136
2002 2003
-10 -11
SPEC.& R
EGIO
NAL PRESS
0.5
INTE
RN
ATI
ON
AL
MED
IA
EBIT
Breakdown by business unit
GRUPO PRISA – 2003 RESULTS
Performance (€ million)€ million
+13.9%
10
• Peru: 1.5%
• Chile: 0.8%
• Argentina: 0.1%
• Venezuela: 1.3%
• Peru: 0.9%
• Argentina: -1.1%
• Chile: 0.6%
• Venezuela: 0.6%
EBIT BREAKDOWN BY COUNTRY
Mexico 9.6%
Spain 79.4%
Colombia 3.9%
Brazil 1.3%
Mexico 12.4%
Spain 75.5%
Colombia 5.7%
Brazil2.9%
Other2.5%
Other 2.1%
EBIT 2003: €136 Million EBIT 2002: €119 Million
GRUPO PRISA – 2003 RESULTS
11
136
+5
-29
-2-25
61
EBIT Financial result
Equity method Goodwill amortization
Extraordinary result
Net profit
Profit before taxes
EBIT – NET PROFIT
GRUPO PRISA – 2003 RESULTS
(€ Million)
-23
Taxes
86
Minority Interest
-2
+61
+64%
12
INVESTMENTS (€ million)
Capex
Publishing 37
Printing 16
El País 11
Leas. & Entertainment 8 Radio 4
Other 18
Financial Investments
Participating loan to Sogecable 50
Stake increase in Sogecable 93
Other 5
TOTAL 148TOTAL 94
Total Investments: 242
GRUPO PRISA – 2003 RESULTS
13
CASH FLOW
EBIT 136
Depreciation & Amortiz. 78
Change in Working Capital (14)
Capex (94)
Operating cash flow 106
Financial result 5
Extraordinary result (2)
Dividends (20)
Taxes (23)
NET DEBT CHANGE
Net debt (€ Million)
436
GRUPO PRISA – 2003 RESULTS
Financial Investments (148)
Other 220
70
120
170
220
270
320
370
420
470
520
2002 2003 2003*
516
436354
Excluding the issue of the bonds to be exchanged by treasury stock
(€162 M)
∆80
+ 80
14
GRUPO PRISA – 2003 RESULTS
StructureRatios 2003
TOTAL NET DEBT: €516 MilIion
L/T
S/T
€
$
81%
19%
72%
28%
TERM CURRENCY
Net Debt /EBITDA: 2.3x
Average cost of the debt: 2.5%
Net debt*/EBITDA: 1.6x
Net debt/Equity: 78%
Net debt*/Equity: 54%
* Excluding the issue of the bonds be exchanged by treasury stock (€162 M)
DEBT AND RATIOS
15
GRUPO PRISA – 2003 RESULTS
GRUPO PRISA: 2003 PERFORMANCE AND FUTURE PROSPECTS
Organization and adjustment period already finished
Well positioned to maximize the opportunities of growth
2004:
• Advertising recovery
• Circulation improvement
• Latam, positive performance
•Two digit growth at EBIT level
• Investment at Sogecable
• Prisacom
16
GRUPO PRISA – 2003 RESULTS
• With organic growth, the Group in the next five years:
• More than double the EBIT (in 2007)
• CAGR of the ROA of 17%
• Reach an EBIT Margin above 17%
GRUPO PRISA: 2003 PERFORMANCE AND FUTURE PROSPECTS
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