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JANUARY-SEPTEMBER 2004 RESULTS. GRUPO PRISA – 9M 2004 RESULTS. GRUPO PRISA OVERVIEW. Extraordinary 9M results. 9M 04 9M 03 EBIT margin: +14.6% +10.9% EBITDA margin: +21.4% +18.6%. Improving operating performance. Net debt 9M 04: € 620 MM Net debt/EBITDA: 2.0x – 2.5x. - PowerPoint PPT Presentation
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JANUARY-SEPTEMBER 2004 RESULTS
2
GRUPO PRISA OVERVIEW
€ Million 9M 04 9M 03 Chg. %
REVENUES 1,092 989 +10.5
EBITDA 234 184 +27.0
EBIT 159 107 +48.1
NET PROFIT 76 48 +60.0
Extraordinary 9M results
9M 04 9M 03
EBIT margin: +14.6% +10.9%
EBITDA margin: +21.4% +18.6%
Net debt 9M 04: € 620 MM
Net debt/EBITDA: 2.0x – 2.5x
Improving operating performance
Financial position
GRUPO PRISA – 9M 2004 RESULTS
3
14496
180
300372
Advertising
989899
1,092
200
300
400
500
600
700
800
900
1.000
1.100
1.200
-8.2%
+5.1%
9M 2003 9M 2004Advertising
34%
Book & Rights 27%
Add-on´s 9%
Circulation 16%
Other 14%
Performance (€ Million) Revenue performance by business line (€ Million)
+11.3%
+7.3%
REVENUES
Revenue breakdown by business line
+10.5%
Books & Rights Newspapers OtherAdvertising989Add-on’s
+117.9%
GRUPO PRISA – 9M 2004 RESULTS
4
ADVERTISING REPRESENTS AROUND 34% OF TOTAL GROUP REVENUES
9M 2004 PERFORMANCE:
123
111
130
122
100
105
110
115
120
125
130
135
MAIN DIVISIONS
+9.8%
+5.6%
9M 03 9M 04 9M 03 9M 04
€ Million
EL PAÍS RADIO
MAIN BUSINESS DRIVERS
ADVERTISING CIRCULATION PUBLISHING NEW BUSINESSES
ADVERTSING
334
372
0
2040
60
80100
120
140
160180
200
220240
260
280300
320
340
360380
400
9M 03 9M 04
€ Million
+11.3%
TOTAL GROUP
GRUPO PRISA – 9M 2004 RESULTS
5
MAIN BUSINESS DRIVERS
ADVERTISING CIRCULATION PUBLISHING NEW BUSINESSES
CIRCULATION REPRESENTS AROUND 16% OF TOTAL GROUP REVENUES
9M 2004 PERFORMANCE:
ADDS ON BECOMING AN IMPORTANT LINE OF REVENUES AND PROFITS
168
180
0102030405060708090
100110120130140150160170180190200210220
9M 03 9M 04
€ Million+7.3%
Total Group
CIRCULATION
COPIES % Chg.
EL PAÍS (DAILY) 483,863 +8.4%
EL PAÍS (SUNDAY) 838,682 +6.3%
AS 204,936 +1.0%
CINCO DÍAS 23,304 +0.8%
Main newspapers (copies sold)
GRUPO PRISA – 9M 2004 RESULTS
6
MAIN BUSINESS DRIVERS
PUBLISHING REPRESENTS AROUND 27% OF TOTAL GROUP REVENUES
9M 2004 PERFORMANCE:
EXCELLENT EDUCATIONAL CAMPAIGN IN SPAIN AND
MEXICO IN LINE WITH EXPECTATIONS
286300
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
300
320
340
360
9M 03 9M 04
€ Million
+5.1%
CIRCULATION PUBLISHING NEW BUSINESSESADVERTISING
PUBLISHING
GRUPO PRISA – 9M 2004 RESULTS
7
MAIN BUSINESS DRIVERS
NEW DEVELOPMENTS INCLUDE: MUSIC, LOCAL TV, PRISACOM
AND INTERNATIONAL MEDIA
FIRST HALF 2004 PERFORMANCE:
LOSSES REDUCED BY 5%
Q4 PROSPECTS: CONTINUE IMPROVING EFFICIENCY AND
CONTROLLING COSTS
ADVERTISING CIRCULATION PUBLISHING NEW BUSINESSES
NEW BUSINESSES
GRUPO PRISA – 9M 2004 RESULTS
8
EL PAIS
GDM
107
159
9M 2003 9M 2004
EBIT
EBIT by business linePerformance (€ Million)(€ Million)
+48.1%
91
62
25
4 2 1 0 -3 -4 -4 -10
159
GRUPO PRISA – 9M 2004 RESULTS
9
El País 9.9
INVESTMENTS (€ Million)
Operating
Publishing
Leisure & Entertainment Radio
Printing
Financial
Stake increase in Sogecable 102.8
Stake in Grupo Latino Radio 16.5
TOTAL 128.5TOTAL 86.9
Total Investments: 215.4
22.9
8.6
11.3
7.4
Other
20.7
Other 9.2
GRUPO PRISA – 9M 2004 RESULTS
International Media 6.1
10
20
70
120
170
220
270
320
370
420
470
520
2003 9M 2004
CASH FLOW STATEMENT (€ Million)
Net Debt (€ Million)
516*620
138
(19)
(25)
(7)
(6)
(130)
47
(64)
(56)
60
107
103NET DEBT CHANGE
(21)Dividends
(23)Taxes
(21)Extraordinary result
(6)Financial Result
(129)Financial Investments
72Operating cash flow
(87)CAPEX
(60)Working capital change
60Depreciation & Amortization
159EBIT
+103
2003 2004
*Includes exchangeable bond
Other 2 25
GRUPO PRISA – 9M 2004 RESULTS