56 PRISA, a global group During the year 2015, PRISA issued 6,400,000 ordinary shares deriving from the capital increase fully subscribed by International Media Group. After movements in the share capital of the company in 2015, the biggest shareholders are Amber Capital, Telefónica, Rucandio, Consorcio Transportista Occher S.A., International Media Group, HSBC, Banco Santander, Caixabank y Société Générale, placing the company’s free-float at around 30%. Share performance during the year Prisa’s ordinary shares began the year with a price of 7.86 euros (2 January 2015) and closed with a price of 5.22 euros per share (31 December 2015), which represents a fall of 33.6%. The performance of PRISA’s share price has been very varied over the different quarters of the year, showing an increase of 14.1% in the first quarter, a fall of 11.1% in the second, followed by a drop of 58.1% in the third, before closing the year with a rise of 41.3% in the fourth quarter. Performance has been greatly influenced by the evolution of the capital structure and macroeconomic and political events throughout the year. Channels of communication with shareholders and investors The Investor Relations Department has sought to maintain and improve the flow of communication with shareholders, investors and financial markets, and has endeavored to increase the transparency of all information provided. This objective has been even more important during 2015, in light of the following circumstances: • A recovery in macroeconomic conditions in Spain, against a backdrop of political uncertainty. • Volatility of Latin American currencies in those countries where the Company operates. • The ongoing process of restructuring the Group’s workforce. • A number of changes to the Group’s perimeter of consolidation. • The partial implementation of the plan to refinance Group debt, with repurchases at discount. • Changes to the capital structure, which have led to a substantial change in the total number of shares in circulation. The abovementioned factors mean it is crucial to provide greater levels of attention to shareholders and investors, both debt and equity, and, consequently, greater efforts by the Investor Relations department. The department has sought to provide all the necessary information to financial analysts covering the company so that they can conduct a correct analysis of Grupo PRISA. The above-described circumstances have also required financial analysts to act with due caution during 2015. In December 2015, the Board of Directors approved the proposal of the Corporate Governance Committee and in compliance with the recommendations of the Code of Good Governance of the CNMV, a “policy of communication with shareholders, institutional investors and proxy advisors”, which regulates the general principles and general information and communication channels for relations between the Company and these groups. The main communication channels are:
Memoria 2016 EN_PRISA_20160315_V4 baja
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