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2003 ANNUAL RESULTS

2003 ANNUAL RESULTS. 27th February, 2004. GRUPO PRISA – 2003 RESULTS. STATEMENT OF INCOME. € million. GRUPO PRISA – 2003 RESULTS. REVENUES AND EBIT EXCLUDING EXCHANGE RATES AND NEW ACQUISITIONS. New acquisitions Effect. Net Effect. Exchange Rate Effect. € million. Revenues. -54. +12.

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2003 ANNUAL RESULTS

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  1. 2003 ANNUAL RESULTS 27th February, 2004

  2. GRUPO PRISA – 2003 RESULTS STATEMENT OF INCOME € million

  3. GRUPO PRISA – 2003 RESULTS REVENUES AND EBIT EXCLUDING EXCHANGE RATES AND NEW ACQUISITIONS New acquisitions Effect Net Effect Exchange Rate Effect € million Revenues -54 +12 -42 EBIT -11 +2 -9 YEAR-ON-YEAR CHANGE Without adjustments With adjustments Revenues +7.3% +12.0% EBIT +13.9% +23.0%

  4. GRUPO PRISA – 2003 RESULTS REVENUES Revenues by business line (€ million) Performance (€ million) +4.6% -4.1% + 7.3 % +37.3% +3.6% Revenue breakdown by business line 2002 2003

  5. GRUPO PRISA – 2003 RESULTS ADVERTISING REVENUES Prisa Versus Market (% change) Performance (€ million) +4.6% +4.6% +0.6% Prisa Market Business divisions (% change) Regional Press +27.2% 2002 2003 Diario As +8.7% Radio+2.8% Cinco Días -4% El País -1.3% Prisacom -9.4%

  6. GRUPO PRISA – 2003 RESULTS BOOK SALES Performance (€ million) Excluding exchange rate effect € million +8.5% -4.1% Number of books sold in 2003 2002 2003 2002 63,863,000 +10% 70,413,000 2003

  7. GRUPO PRISA – 2003 RESULTS NEWSPAPER SALES Average daily circulation (copies) Performance (€ million) EPS EL PAÍS +6.5% 773,001 +1.1% 725,710 +3.6% 440,226 435,299 2002 2002 2003 2003 AS 5 DÍAS REGIONAL PRESS +13.3% +1.7% +14% 2002 2003 200,384 176,912 30,633 25,034 26,893 24,621 2003 2002 2003 2002

  8. GRUPO PRISA – 2003 RESULTS REVENUE BREAKDOWN BY COUNTRY Revenues 2003: €1,305 million Revenues 2002: € 1,216 million Spain 77% Spain 80% Mexico 7% Mexico 6% • Peru: 2.3% • Chile: 1.8% • Argentina: 1.5% • Venezuela: 0.5% Brazil 3% • Peru: 2.5% • Argentina: 1.9% • Chile: 1.7% • Venezuela: 0.8% Other 11% Brazil4% Colombia 2.8% Other 13% Colombia 2.9%

  9. GRUPO PRISA – 2003 RESULTS EBIT Performance (€ million) Breakdown by business unit € million 136 +13.9% GDM 84 PRISA & OTHERS 136 36 35 119 INTERNATIONAL MEDIA LEASSURE & ENTERT. 8 7 INTERNET LOCAL TV 3 0.5 RADIO EBIT GDM EL PAÍS 2002 2003 SANTILLANA PRINTING -3 DISTRIBUTIÓN -4 SPEC.& REGIONAL PRESS -10 -11 EL PAIS

  10. GRUPO PRISA – 2003 RESULTS EBIT BREAKDOWN BY COUNTRY EBIT 2003: €136 Million EBIT 2002: €119 Million Spain 75.5% Spain 79.4% • Peru: 1.5% • Chile: 0.8% • Argentina: 0.1% • Venezuela: 1.3% • Peru: 0.9% • Argentina: -1.1% • Chile: 0.6% • Venezuela: 0.6% Other 2.1% Brazil 1.3% Mexico 9.6% Mexico 12.4% Brazil2.9% Other2.5% Colombia 3.9% Colombia 5.7%

  11. GRUPO PRISA – 2003 RESULTS EBIT – NET PROFIT (€ Million) +64% 86 -23 -2 +61 Taxes Profit before taxes Equity method Minority Interest Net profit Extraordinary result EBIT Financial result Goodwill amortization

  12. GRUPO PRISA – 2003 RESULTS INVESTMENTS (€ million) Total Investments: 242 Financial Investments Capex TOTAL 94 TOTAL 148 Publishing 37 Participating loan to Sogecable 50 Printing 16 Stake increase in Sogecable 93 El País 11 Other 5 Leas. & Entertainment 8 Radio 4 Other 18

  13. GRUPO PRISA – 2003 RESULTS CASH FLOW EBIT 136 Net debt (€ Million) Depreciation & Amortiz. 78 Change in Working Capital (14) Excluding the issue of the bonds to be exchanged by treasury stock (€162 M) + 80 Capex (94) Operating cash flow 106 516 Financial Investments (148) 436 354 Financial result 5 Extraordinary result (2) Dividends (20) Taxes (23) Other 2 • 80 NET DEBT CHANGE 436

  14. GRUPO PRISA – 2003 RESULTS DEBT AND RATIOS TOTAL NET DEBT: €516 MilIion Ratios 2003 Structure Net Debt /EBITDA: 2.3x Net debt*/EBITDA: 1.6x 72% 81% € Net debt/Equity: 78% L/T Net debt*/Equity: 54% Average cost of the debt: 2.5% 28% 19% $ S/T CURRENCY TERM * Excluding the issue of the bonds be exchanged by treasury stock (€162 M)

  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 GRUPO PRISA: 2003 PERFORMANCE AND FUTURE PROSPECTS • 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%

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