03. EDUCATION, INFORMATION, AND ENTERTAINMENT IN TRANSFORMATION ANNUAL REPORT 2011 Operating revenues (in millions of euros) 2009 2010 2.823 3.209 EBIT (in millions of euros) 2009 2010 336 369 EBITDA (in millions of euros) 2009 2010 596 624 In 2010 PRISA implemented much of its financial restructuring plan, with the consolidation of all its companies with the exception of Cuatro. In fiscal year 2010, the Group reported revenues of EUR 2,822.73 million and EBITDA of 596.33 million. The consolidated EBIT was EUR 336.15 million. After dedicating more than 130 million euros to restructuring the balance, the net result was EUR -72.87 million. The Group ended the year having consolidated all its business areas in profit, despite the very adverse economic climate affecting the sector. The divestment plan and the reinforcement of capital structure has seen a capital injection of nearly 2,000 million euros, which has enabled the Group to significantly reduce its debt, which now stands at 4.92 times EBITDA. With 13,885 employees spread between Europe and the Americas, PRISA is configured into four major business areas: Publishing, Education, Press, Radio and Audiovisual, all of which are supported in their digital development by a transversal, cross-corporate division. The transformation of PRISA In 2010, PRISA embarked on a new phase of development. The Group is committed to a modernization of its traditional business model that will transform it into a consumer-oriented company through the use of the most advanced technology. This process is taking place against the backdrop of the changes that are occurring in the media and content sectors. These rapid changes require the transformation of PRISA into a new company, focused not only on the production and distribution of content in Spanish and Portuguese, but also on building up a greater knowledge base of each of its stakeholders and on the increasing use of new technologies. Since December 3, PRISA shares have been trading in Spain and in the USA, making the group an even more plural and international company with a new governance model and a majority of independent board members of major international importance. This ensures both the 41