PRISA reached an EBITDA of 78.41 million Euros in the first quarter of 2013

• In Press, advertising revenues fall by 20.8%. In Radio in Spain they fall by 24.1%, while in Latam they grow by 5.4% (+5.8% at constant currency).

• Digital advertising revenues grow by 11.9% compared to a market fall of 5.9%. We highlight Press (+10.6%) where they accounted for 23% of total advertising revenues for this division. As of March 2013, total number of unique browsers of the Group’s web pages reached 77.4 million (+9.5%).

• Santillana increases its revenues by 4.1% in the first quarter of the year (+11.8% at constant currency). Santillana’s EBITDA falls by 10.8% (-2.0% at constant currency) on the back of the investment effort undertaken in Digital Education Systems.

• The Pay TV business increases its revenues by 18.3% and its recurring EBITDA falls by 34.9%, mainly due to the new football rights exploitation model.      
  Satellite subscribers ARPU stood at 43.1 Euros on average in Q1 (+0.70 Euros compared to 1Q 2012). YOMVI subscribers reach a penetration of 20.4% of Satellite subscribers, and 2.14 million monthly downloads (0.76 million as of March 2012).

• Latam revenues increase by 4.9% (+11.7% adjusted by FX impact).

• The company continued during the first quarter of the year with a strong cost control effort. Total expenses excluding amortization and provisions, and adjusted by redundancies and the impact of the new agreement on football rights fall by 3.3% (Spain -11.1% and Latam +16.4%).

• Net financial debt stood at 3,004.61 million Euros.

 1Q 2013 Highlights:

• Advertising revenues in the Quarter reached 115.91 million Euros, implying a 10.9% fall compared to the first quarter of 2012, and accounted for 17.1% of total Group revenues (20% in the first quarter of 2012). This proves that the Group is less exposed to the cycle than other media/communications groups. We highlight the growth in Latin American advertising of +5.5% (25.1% of the Group’s advertising revenues).

• Total expenses, excluding the negative impact of the increased Football rights have been reduced by 3.3% (Spain -11.1%, Latam +16.4%). Staff costs have fallen by 5%.

• Pay TV revenues reached 302.94 million Euros and recurring EBITDA 17.17 million Euros.

Key Performance Indicators were impacted by the difficult economic environment.

• Net adds in satellite subscribersfell by 28,530
  • Net adds in subscribers from other operators of Canal+1 (including OTT) grew by 22,740.
  • Satellite ARPU stood at 43.1 Euros on average in the 1^st quarter of the year (42.4 in 2012)
  • iPlus subscribers reached 35.6% or 601,831 (14,500 more than at December 2012) 345,744 of satellite subscribers are also subscribers of YOMVI, which implies a 20.4% penetration (17.1% as of December 2012 and 11.2% as of March 2012).

• Media Capital: Revenues in the Portuguese Group (39.26 million Euros) fell by 2.0% impacted by the 11.6% fall in advertising revenues. Recurring EBITDA (3.96 million Euros) fell by just 13.3%, thanks to the good results of Call.TV and the important effort in cost control undertaken by the company.

• Education: Strong growth in Latin America: Revenues (200.35 million Euros) grew by 4.1% (11.8% at constant currency).
• Latin America increases its revenues by +5.3% (+13.2% at constant currency). We highlight the growth of Peru (52.7% with strong contribution from institutional sales), Colombia (51.3%) and Mexico (+33.3%) both with strong contribution of Digital Education Systems.
• Spain saw its revenues fall by 26.5%. EBITDA reached 62.01 million Euros. 

• Radio: Strong growth in Latin America. Revenues (69.51 million Euros) fell by 12.0% versus the first quarter of 2012, given mainly the lower advertising in Spain (-24.1%). Advertising in Latin America improves (+5.4%) with a strong performance in Colombia (+10.4%) and Chile (+6.1%).

• Press: Weakness in the market. Press revenues (66.68 million Euros) fall by 22.6%. This is explained by the weakness in advertising (-20.8%) and the lower circulation numbers (down by -18.1%). Recurring EBITDA reached 3.21 million Euros (-40.1%). Staff costs fall by 15%.

• Digital Area: Digital advertising showed a growth of 11.9% in the first quarter of 2013 (7.97 million Euros) compared to a market fall of 5.9%.The digital area received a monthly average number of daily browsers of 77.4 million as of march 2013, which represents a growth of 9.5% versus the same period of 2012. This is thanks to the strong growth in in PRISA Television, El País and Cinco Días, as well as International Radio.

 Consolidated Results

The comparison of the first quarter results of 2013 and 2012 is affected by extraordinary items recorded under expenses which correspond to the redundancy expenses on the back of the efficiency plan undertaken since December 2010. To conduct a homogeneous comparison, we are presenting a profit and loss account adjusting these extraordinary items.