PRISA records EBITDA of 298.73 million euros for first half of 2009

* Santillana posts a significant improvement in EBITDA, up 27.6%, to 65.24 million euros. Big increases were recorded in Spain (+14.8%), Mexico (+26.5%), Argentina (+41.3%) and Chile (+28.8%).

* The Group's radio business generated EBITDA of 43.10 million euros. Cadena SER, with 4,673,000 listeners (figures from EGM for the second quarter), has held its audience-share lead, clocking up more listeners than the sum total of its three closes competitors.

* El País, despite the market slump, posted revenues of 146.68 million euros, with EBITDA at 20.61 million and advertising revenues of 66.63 million. El País has confirmed, once again, its market lead at the end of the first half of 2009, with an average daily circulation of 400,434 copies.

* Sogecable has brokered a deal enabling football broadcast rights for next season's football league. Digital+ subscribers will be able to enjoy all League and Cup games over the next three seasons.

* Digital+ has posted EBITDA of 160 million euros and a margin of 22%. Cuatro had revenues of 137.26 million euros and posted an average audience share of 8.8%, rising to 9.4% at prime time.

* TVI, Media Capital's Portuguese free-to-view channel, holds its lead with an average audience share of 35.9%, rising to 41.1% at prime time.

* PRISA's advertising revenue fared better than the market average, which fell by 30% over the first half of 2009, with the group posting a fall of just 25.2%. In June, PRISA's media outlets suffered a fall in advertising revenues which were lower than those experienced during the first five months of the year. Advertising revenue was responsible for a mere 27% of the Group's operating income over the first quarter.

* PRISA's cost-reduction policies are to continue apace, with savings of 14.1% already achieved.

* The Group posted a net profit of 27.22 million euros, with EBITDA and EBIT margins of 17.8% and 10.9%, respectively.

* PRISA has created a new Transversal Business Unit which will enable the Group to better exploit its assets at a global level. The goal is to develop new businesses based on the existing content and capabilities of the different business units belonging to the Group.

The robust lead enjoyed by the Group in its sector and its diversified business model, its strength in the education sector (seeing 6.5% growth) and the cost-reduction policies in place (with costs down by 14.1%) mean that PRISA's results are above average for the sector and comfortably ahead of those of its rivals, despite the adverse economic environment.

The Group recorded an operating income of 1,677,680 million euros, down from the 2,011,000 for the same period of the previous year. EBITDA, therefore, stands at 298.73 million euros, compared to 405.67 million in 2008 (down 26.4%), when PRISA booked 74.68 million euros in extraordinary gains due to the sale of assets in the first quarter of 2008. Taking these gains out of the equation, PRISA suffered a fall of 9.7%.

The Group recorded EBIT of 182.52 million euros, down from 287.36 million in 2008. EBIT margin was 10.9%, down from 14.3%. Noteworthy, though, was growth in the publishing sector, up 40.7% to 37.12 million euros.

The changes are explained by the acute advertising slump, which the Group has combatted by an intense and ongoing program of cost cutting (with costs down down 14.1%).

Textbook sales

Revenues derived from the sale of educational and training textbooks are up 6.5% at 271.55 million euros, as compared to 254.99 million over the same period in 2008. Santillana recorded EBITDA of 65.24 million euros, an increase of 27.6%.

There were significant gains in Spain (up 15%), Argentina (up 42.2%) and Chile (up 28.6%).

Newspaper and magazine sales

Revenues derived from newspaper and magazine sales were 97.3 million euros, down 10.4%.

El País, with an average daily circulation of 400,434 copies, consolidated its lead over its nearest rival. According to second-round figures from the audit bureau EGM for the second quarter of 2009, El País is the clear leader, once again, in the non-giveaway, general-interest news sector, with an average daily readership of 2,101,000. That's 759,000 readers more than the paper's closest rival.

Sports paper AS, with an average daily circulation of 212,699 copies, has consolidated its lead in the regions of Madrid and Castilla La Mancha and has significantly narrowed the gap with its nearest rival in Catalonia. AS reaches 1,323,000 readers daily, according to second-round EGM figures, with its online edition enjoying an increase of 20%.

Business and finance daily, Cinco Días, recorded an average daily circulation of 35,109 copies. According to the most recent EGM figures, Cinco Días has 83,000 readers.

Radio

PRISA's radio interests posted revenues of 129.9 million euros in Spain. Internationally, the figure was 39.23 million.

Pay and free-to-view TV

Subscription revenues reached 529.83 million euros. The subscriber base for Digital+, as of June 30, stood at 1,930,793. Average revenue per subscriber in the second quarter of 2009 stood at an average of 41.5 euros per month.

Cuatro has maintained its positive trend over the first six months of 2009, closing June with an audience share of 8.9% around the clock, with this figure rising to 10% at prime time. The channel has also strengthened its position among crucial advertising target audiences, reaching 11.5% audience share for the commercial target and 12.9% for the core target. These figures are up from 11.4% and 12.7%, respectively, from June 2008.

Media Capital's free-to-view channel TVI has held its lead in Portugal, both around the clock as well as at prime time. Over the first half of 2009, TVI has posted an average audience share of 35.9%, with the figure at 41.1% at prime time. TVI24, the broadcaster's 24-hour news channel, launched in February, is showing very promising signs.