Antena 3

Antena 3
Balance
2003 2002
Assets Liab + Eq Assets Liab + Eq
FA 346903 LTD 116147 FA 352566 LTD 133583

Receivables 198255 Eq 357774 Receivables 185956 Eq 457846
O/R 60486 Min Int 4927 O/R 35202 Min Int 2007
Inventories 198656 Payables 159411 Inventories 304950 Payables 168106
Others 26518 O/P 171545 Others 31755 O/P 134634
Cash 13434 Overdraft 34448 Cash 7471 Overdraft 21724
Total 844252 Total 844252 Total 917900 Total 917900
Balance
2003 2002
Assets Liab + Eq Assets Liab + Eq
FA 41% LTD 14% FA 38% LTD 15%

Receivables 23% Eq 42% Receivables 20% Eq 50%
O/R 7% Min Int 1% O/R 4% Min Int 0%
Inventories 24% Payables 19% Inventories 33% Payables 18%
Others 3% O/P 20% Others 3% O/P 15%
Cash 2% Overdraft 4% Cash 1% Overdraft 2%
Nota: minority interest se debe tomar como LTD
Income Statement WC Analysis in percentage 2003

2003 2002
Net Sales 341835 358711 WC 16% LTD + Eq +Min int - FA
COGS 137909 166026 WCR 28% Inv + rec - pay
Op Income 25333 -1032 Inventories of 6% financiados con WC
Interest charges (erogation) 3187 1745
EBT -147657 -34151
Provision for tax 48809 9404 -33.1% -27.5% Provision / EBT
Income before minority interest -98236 -24863
Net Income -98542 -24805
Cash Flow
Potential Cash Flow 46852 19888
Stockholders equity structure
Number of basic shares 55,556,000 55,556,000 son las que valen

Number of diluted shares
Basic earning per share -0.00177374 -0.00044649 es la que vale
Diluted earning per share
Dividends per share

DANONE
Basic profitability ratios

2003 2002
ROS -28.83% -6.92% Net income / Sales
ROE -27.54% -5.42% Net income / common eq
ROCE 7.04% -0.22% Nopat * (1-tax) / (LTD + Eq)
Liquidity ratios
2003 2002
Current ratio 1.36 1.74 current assets / current liabilities
Quick ratio 0.82 0.80 (current assets - inventories) / current liabilities
Asset Management ratios

2003 2002
Inv turnover 1.72 1.18 Sales / inventory
Avrg collection period 208.79 186.62 Receivables / daily sales
FA turnover 0.99 1.02 Sales / net fixed assets
Assets turnover 0.40 0.39 Sales / total assets
Debt ratios
2003 2002
Debt ratio 57.0% 49.9% Debt / total assets
TIE 7.9 - 0.6 Ebit / interest expenses
Additional profitability ratios

2003 2002
Basic earning power ratio 3.0% -0.11% Ebit / total assets
ROA -11.7% -2.7% Net income / total assets
Market value ratios

2003 2002
Price to earning (PER) Price per share / earning per share
Market book ratio 0.14 0.09 Market price per share / book value per share
Book value per share 6,439.9 8,241.2 Common equity / shares outstanding
Assumption Price per share 912 754
Dividend Yield 0.0% 0.0% Dividend D1 / Price share P0

DPO (dividends pay out) 0.0% 0.0% Dividend / net income
DANONE
Working Capital
1997 1996
WCR 237500 322800 Inventory + Receivables - Payables
WC 131945 240870 Current assets - current liabilities
Cash Pos -105555 -81930 WC - WCR
WC/Sales 4.63 8.06 Debe estar entre 1 y 3
Cash Conversion Cycle
1997 1996
Inventory turnover 525.8 670.4 Inventory / COGS * 360
Receivable turnover 211.7 189.2 Receivables / sales * 360
Payable turnover 421.9 369.6 Payables / purchases * 360
(purchases equal to COGS when inventory remains steady)
CCC 315.6 490.1 Inv + Rec - Pay
FINANCIAL
PROFILE
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 Average

12 months 12 months 12 months 12 months 4 years
th EUR th EUR th EUR th EUR th EUR
Operating
Revenue/Tur
nover 981.78 1,003,073 890.949 795.058 917.715
P/L before
Tax -116.882 -23.546 -42.55 -40.675 -55.913
P/L for
Period (= Net
Income) -54.242 2.798 -11.418 -13.952 -19.203
Cash Flow 69.446 155.542 106.582 100.897 108.117

Total
Assets 1,455,235 1,587,670 1,482,083 1,261,130 1,446,530
Sharehold
ers Funds 298.381 349.346 350.897 362.315 340.235
Current
Ratio (x) 0.58 0.71 0.88 0.97 0.78
Profit
Margin (%) -11.91 -2.35 -4.78 -5.12 -6.04
Return on
shareholders
Funds (%) -39.17 -6.74 -12.13 -11.23 -17.32
Return on
Capital
Employed
(%) -14.44 0.85 -2.24 -2.11 -4.49
Solvency
Ratio (%) 20.50 22.00 23.68 28.73 23.73
Price
Earning
Ratio (x) -15.29 901.58 -178.45 -440.90 66.73
Employee
s 1.591 1.675 1.61 n.a. 1.625
INDUSTRY / ACTIVITIES
Trade Description
Sogecable SA. The Group's
principal activity is the
provision of pay television
network services.
This mainly includes the
production and management
of broadcasting and films
rights, cable TV, the
development of thematic
channels and mail-order
selling. The Group is also
involved in cinematic
production and distribution,
managing rights for screening
in movie theaters, video and
television,
as well as the production and
management of Internet sites
of its own. Subscribers
accounted for 80%
(...)
US SIC code(s)
Core code :
Cable and
other pay
television
484 - services
Primary code(s) :
Cable and
other pay
television
4841 - services
NACE Rev. 1.1 code(s) {derived from US SIC codes}
Core code :
Radio and
television
9220 - activities
Primary code(s) :
Radio and
television
9220 - activities
NAICS 2002 code(s) {derived from US SIC codes}
Core code :
Cable and
Other
Subscription
5152 - Programming
Primary code(s) :
Cable and
Other
Subscription
515210 - Programming
Cable and
Other
Program
517510 - Distribution
Description and history

Sogecable SA. The Group's
principal activity is the
provision of pay television
network services.
This mainly includes the

production and management
of broadcasting and films
rights, cable TV, the
development of thematic
channels and mail-order
selling. The Group is also
involved in cinematic
production and distribution,
managing rights for screening
in movie theaters, video and
television,
as well as the production and
management of Internet sites
of its own. Subscribers
accounted for 80%
(...)
BALANCE
SHEET
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 Average

Fixed
Assets 980.976 1,078,839 969.424 855.483 971.181
Intangible Fixed Assets

246.496 259.206 244.925 227.349 244.494
Land n.a. n.a. n.a. n.a. n.a.
Total
Land
Depreciation n.a. n.a. n.a. n.a. n.a.
Net
Stated Land n.a. n.a. n.a. n.a. n.a.
Buildin
gs 42.806 10.907 11.442 11.442 19.149
Total
Buildings
Depreciation n.a. 0 -255 -240 -165
Net
Buildings 42.806 10.907 11.187 11.202 19.025
Plant
& Machinery 551.164 572.508 532.78 485.143 535.399
Plant
& Machinery
Depreciation n.a. -345.068 -293.429 -238.991 -292.496
Net
Stated Plant
& Machinery 551.164 227.44 239.351 246.152 316.027
Trans
portation
Equipment n.a. n.a. n.a. n.a. n.a.
Trans
portation
Equipment
Net
Transportatio
n Equipment n.a. n.a. n.a. n.a. n.a.
Lease
d Assets n.a. n.a. n.a. n.a. n.a.
Lease
d Assets
Net
Leased
Assets n.a. n.a. n.a. n.a. n.a.
Other
Property Plant
& Equipment 11.055 68.703 31.152 23.65 33.64
Other
Property Plant
& Equip.
Deprec. n.a. -18.339 -14.946 -12.708 -15.331
Net
Other
Property Plant
& Equipment 11.055 50.364 16.206 10.942 22.142
Tangible Fixed Assets

252.608 269.1 266.743 268.296 264.187
Good
will 3.965 n.a. 6.045 8.709 6.24
Other
Intangibles 242.531 259.206 238.879 218.64 239.814
Other Fixed Assets

481.872 550.533 457.756 359.839 462.5
Explor
ation n.a. n.a. n.a. n.a. n.a.
Long
Term
Receivables 330.543 38.06 313.018 244.528 231.537
Invest
ments -41.466 13.742 4.349 568 -5.702
Long
Term
Associated
Companies 48.081 49.652 14.506 29.875 35.529
Invest
ment
Properties n.a. n.a. n.a. n.a. n.a.
Other
Long Term
Assets 144.714 449.079 125.882 84.867 201.136
Current
Assets 474.259 508.831 512.659 405.647 475.349
Stocks 164.183 164.876 142.008 125.022 149.022
Raw
Materials 164.183 164.876 n.a. n.a. 164.53
Work
in Progress n.a. n.a. n.a. n.a. n.a.
Finish
ed Goods n.a. n.a. n.a. n.a. n.a.
Invent
ory
Prepayments n.a. n.a. n.a. n.a. n.a.
Debtors 89.65 125.747 137.002 99.308 112.927
Accou
nts
Receivable 92.018 128.643 139.257 101.369 115.322
Doubtf
ul Accounts -2.368 -2.896 -2.254 -2.062 -2.395
Other Current Assets
220.426 218.208 233.649 181.317 213.4
Prepai
d Expenses &
Advances 34.512 27.35 n.a. n.a. 30.931
Other
Current
Assets 125.344 132.769 147.657 137.082 135.713
Deferr
ed Charges 50.609 49.03 48.489 25.415 43.386
Total
Cash & Short
Term
Investment 9.961 9.059 37.503 18.82 18.836
Cash & Cash Equivalent

9.961 9.059 37.503 18.82 18.836
Cas
h or
Equivalent 9.961 6.317 7.064 13.086 9.107
Sho
rt Term
Investment 0 2.742 30.439 5.734 9.729
Total
Assets 1,455,235 1,587,670 1,482,083 1,261,130 1,446,530
Sharehold
ers Funds 298.381 349.346 350.897 362.315 340.235
Capital 194.048 194.048 194.048 194.048 194.048
Redee
mable
Prefered
Shares n.a. n.a. n.a. n.a. n.a.
Prefer
red Shares n.a. n.a. n.a. n.a. n.a.
Comm
on Stock /
Shares 194.048 194.048 194.048 194.048 194.048
Partici
pation Shares n.a. n.a. n.a. n.a. n.a.
Other Shareholders Funds

104.333 155.298 156.85 168.268 146.187
Treas
ury Shares n.a. n.a. 4.081 n.a. 4.081
Share
Premiums 144.561 144.564 144.561 144.561 144.562
Retain
ed Earnings -99.342 -2.64 -11.418 -13.952 -31.838
Reval
uation
Reserves n.a. n.a. n.a. n.a. n.a.
Other
Shareholders
Reserves 59.114 13.374 19.626 37.659 32.443
Non
Current
Liabilities 333.45 518.422 546.378 481.048 469.825
Long Term Debt 261.713 430.067 408.628 390.639 372.762

Lease
Liabilities 8.811 n.a. n.a. n.a. 8.811
Bank
Loans 252.902 363.661 373.299 347.338 334.3
Deben
tures &
Convertible
Debt n.a. n.a. n.a. n.a. n.a.
Other
Long Term
Interest
Bearing Debt n.a. 66.406 35.329 43.3 48.345
Other Non-Current71.737
Liabilities 88.355 137.751 90.41 97.063
Minorit
y Interest 38.323 31.634 24.921 9.11 25.997
Pensi
on Fund
Provisions n.a. n.a. n.a. n.a. n.a.
Deferr
ed Taxes n.a. n.a. n.a. n.a. n.a.
Provisi
ons 12.948 9.869 5.528 2.681 7.757
Deferr
ed Revenue 1.476 23.51 59.692 37.19 30.467
Other
LT Non-
Interest
Bearing Debt 18.99 23.342 47.61 41.428 32.842
Current
Liabilities 823.404 719.902 584.807 417.767 636.47
Loans n.a. n.a. n.a. n.a. n.a.
Curre
nt Long Term
Debt n.a. n.a. n.a. n.a. n.a.
Creditors 365.883 338.226 336.455 267.19 326.938
Trade
Creditors 365.883 338.226 336.455 267.19 326.938
Other Current Liabilities
457.521 381.676 248.352 150.578 309.532
Other
Short Term
Debt 330.536 258.472 104.166 31.121 181.074
Other
Creditors n.a. n.a. 33.42 31.259 32.34
Incom
e Tax
Payable n.a. n.a. n.a. n.a. n.a.
Social
Expenditure
Payable n.a. n.a. n.a. n.a. n.a.
Divide
nds Payable n.a. n.a. n.a. n.a. n.a.
Other
Current
Liabilities 126.985 123.204 110.766 88.198 112.288
Total
Shareh.
Funds &
Liab. 1,455,235 1,587,670 1,482,083 1,261,130 1,446,530
Memo lines
Working
Capital -112.05 -47.603 -57.445 -42.86 -64.99
Employees 1.591 1.675 1.61 n.a. 1.625
P&L
ACCOUNT
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 Average

Operating Revenue/Turnover
981.78 1,003,073 890.949 795.058 917.715
Gross
Sales 975.811 996.714 878.832 763.766 903.781
Adjustm
ents / Excise
Tax n.a. n.a. n.a. n.a. n.a.
Net
Sales 975.811 996.714 878.832 763.766 903.781
Other
Revenues 5.969 6.359 12.117 31.292 13.934
Sales 975.811 996.714 878.832 763.766 903.781
Net
Sales 975.811 996.714 878.832 763.766 903.781
Costs of Goods Sold

509.554 489.607 421.125 361.675 445.49
Cost of
Goods Sold -509.554 -489.607 -421.125 -361.675 -445.49
Gross
Profit 472.226 513.466 469.824 433.383 472.225
Other Operating Expenses

505.334 539.394 506.872 485.775 509.344
Researc
h&
Development
Expenses n.a. n.a. n.a. n.a. n.a.
Other
Operating
Items -381.646 -386.65 -388.873 -370.926 -382.024
Operating
P/L (=EBIT) -33.108 -25.928 -37.048 -52.392 -37.119
Financial Revenue 1.964 2.781 n.a. n.a. 2.373

Intere
st Income 1.964 2.781 n.a. n.a. 2.373
Financial Expenses
85.738 399 5.502 -11.717 19.98
Intere
st Expenses -25.649 -30.889 -22.419 -22.842 -25.45
Financial
P/L -83.774 2.382 -5.502 11.717 -18.794
P/L before
Tax & Extr.
Items -116.882 -23.546 -42.55 -40.675 -55.913
Taxation -60.634 -20.906 -27.843 -23.503 -33.221

Income
Taxes 60.634 20.906 27.843 23.503 33.221
P/L after
Tax -56.248 -2.64 -14.708 -17.172 -22.692
Extr. and
Other
Revenue n.a. n.a. n.a. n.a. n.a.
Extr. and
Other
Expenses n.a. n.a. n.a. n.a. n.a.
Extr. and
Other P/L 2.006 5.438 3.29 3.22 3.489
P/L for
Period (= Net
Income) -54.242 2.798 -11.418 -13.952 -19.203
Memo lines
Material
Costs n.a. n.a. n.a. n.a. n.a.
Costs of
Employees 102.951 96.551 86.438 70.028 88.992
Deprecia
tion 123.688 152.744 118 114.849 127.32
Interest
Paid 25.649 30.889 22.419 22.842 25.45
Cash
Flow 69.446 155.542 106.582 100.897 108.117
Added
Value 258.68 303.888 243.282 217.269 255.78
EBITDA 90.58 126.816 80.951 62.457 90.201
RATIOS
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 Average

Profitability
ratios
Return on
Shareholder
Funds (%) -39.17 -6.74 -12.13 -11.23 -17.32
Return on
Capital
Employed
(%) -14.44 0.85 -2.24 -2.11 -4.49
Return on
Total Assets
(%) -8.03 -1.48 -2.87 -3.23 -3.90
Profit
Margin (%) -11.91 -2.35 -4.78 -5.12 -6.04
Gross
Margin (%) 48.10 51.19 52.73 54.51 51.63
EBITDA
Margin (%) 9.23 12.64 9.09 7.86 9.70
EBIT
Margin (%) -3.37 -2.59 -4.16 -6.59 -4.18
Cash Flow
/ Turnover
(%) 7.07 15.51 11.96 12.69 11.81
Operational
ratios
Net Assets
Turnover (x) 1.55 1.16 0.99 0.94 1.16
Interest
Cover (x) -1.29 -0.84 -1.65 -2.29 -1.52
Stock
Turnover (x) 5.98 6.08 6.27 6.36 6.17
Collection
period (days) 33 45 55 45 45
Credit
period (days) 134 121 136 121 128
Structure
ratios
Current
Ratio (x) 0.58 0.71 0.88 0.97 0.78
Liquidity
Ratio (x) 0.38 0.48 0.63 0.67 0.54
Sharehold
ers Liquidity
Ratio (x) 0.90 0.67 0.64 0.75 0.74
Solvency
Ratio (%) 20.50 22.00 23.68 28.73 23.73
Gearing
(%) n.a. n.a. n.a. n.a. n.a.
Per
employee
ratios
Profit per
Employee
(Th.) -73 -14 -26 n.a. -38
Operating
Revenue per
Employee
(Th.) 617 599 553 n.a. 590
Costs of
Employees /
Operating
Revenue (%) 10.49 9.63 9.70 8.81 9.66
Average
Cost of
Employee
(Th.) 65 58 54 n.a. 59
Sharehold
ers Funds
per
Employee
(Th.) 188 209 218 n.a. 205
Working
Capital per
Employee
(Th.) -70 -28 -36 n.a. -45
Total
Assets per
Employee
(Th.) 915 948 921 n.a. 928
FINANCIAL
PROFILE
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 Average

12 months 12 months 12 months 12 months 12 months 12 months 6 years
EUR EUR EUR EUR EUR EUR EUR
Operating
Revenue/Tur
nover 521,733,000 532,840,000 567,240,000 488,690,000 407,520,000 344,170,000 477,032,167
P/L before
Tax 92,360,000 127,410,000 195,210,000 137,020,000 106,970,000 78,670,000 122,940,000
P/L for
Period (= Net
Income) 52,647,000 102,574,000 121,010,000 95,570,000 70,340,000 52,990,000 82,521,833
Cash Flow 227,426,000 271,229,000 295,060,000 267,710,000 200,650,000 165,010,000 237,847,500

Total
Assets 644,618,000 597,814,000 541,130,000 453,130,000 338,620,000 233,170,000 468,080,333
Sharehold
ers Funds 340,657,000 305,190,000 297,030,000 229,550,000 173,040,000 112,720,000 243,031,167
Current
Ratio (x) 1.04 0.98 1.57 1.47 1.20 0.96 1.20
Profit
Margin (%) 17.70 23.91 34.41 28.04 26.25 22.86 25.53
Return on
shareholders
Funds (%) 27.11 41.75 65.72 59.69 61.82 69.79 54.31
Return on
Capital
Employed
(%) 25.17 37.25 52.83 44.71 46.39 56.94 43.88
Solvency
Ratio (%) 52.85 51.05 54.89 50.66 51.10 48.34 51.48
Price
Earning
Ratio (x) n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Employee
s 969 912 839 777 763 n.a. 852
Trade Description
PUBLIC TELEVISION
SERVICE.
Trade Description (original language)
GESTION INDIRECTA DEL
SERVICIO PUBLICO DE
TELEVISION
CNAE 93 Rev. 1 code(s)
Primary code :
Radio and
television
9220 - activities
NACE Rev. 1.1 code(s)
Core code :
Radio and
television
9220 - activities
Primary code(s) :
Radio and
television
9220 - activities
US SIC code(s) {derived from NACE Rev. 1.1 codes}
Core code :
Radio and
television
broadcasting
483 - stations
Primary code(s) :
Radio
broadcasting
4832 - stations
Television
4833 - broadcasting
Cable and
other pay
television
4841 - services
NAICS 2002 code(s) {derived from NACE Rev. 1.1

codes}
Core code :
Radio and
Television
5151 - Broadcasting
Primary code(s) :
Radio
515111 - Networks
Radio
515112 - Stations
Television
515120 - Broadcasting
Cable and
Other
Subscription
Cable and
Other
Program
BALANCE
SHEET
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 Average

Fixed
Assets 370,382,000 358,038,000 286,190,000 247,690,000 217,400,000 149,120,000 271,470,000

292,570,000 272,065,000 206,680,000 182,030,000 151,190,000 142,060,000 207,765,833
Land n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Total
Land
Depreciation n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Net
Stated Land n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Buildin
gs n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Total
Buildings
Net
Buildings n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Plant
& Machinery n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Plant
& Machinery
Net
Stated Plant
Trans
portation
Equipment n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Trans
portation
Equipment
Net
Transportatio
n Equipment n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Lease
d Assets n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Lease
d Assets
Net
Leased
Assets n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Property Plant
& Equipment n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Property Plant
& Equip.
Deprec. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Net
Other
Property Plant
Tangible Fixed67,384,000
Assets 69,156,000 62,590,000 63,980,000 63,800,000 590 54,583,333
Good
will n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Intangibles n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other Fixed Assets

10,428,000 16,817,000 16,920,000 1,680,000 2,410,000 6,470,000 9,120,833
Explor
ation n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Long
Term
Receivables n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Invest
ments n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Long
Term
Associated
Companies n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Invest
ment
Properties n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Long Term
Current
Assets 274,236,000 239,776,000 254,960,000 205,430,000 121,230,000 84,060,000 196,615,333
Stocks 336 163 6,670,000 640 3,240,000 1,790,000 2,139,833
Raw
Materials n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Work
in Progress n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Finish
ed Goods n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Invent
ory
Prepayments n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Debtors 122,459,000 117,977,000 127,010,000 117,220,000 92,930,000 77,200,000 109,132,667
Accou
nts
Receivable n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Doubtf
ul Accounts n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other Current151,441,000
Assets 121,636,000 121,280,000 87,570,000 25,060,000 5,070,000 85,342,833
Prepai
d Expenses &
Advances n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Current
Deferr
ed Charges n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Total
Cash & Short
Term
Investment n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Cash & Cash Equivalent120,971,000

150,686,000 119,530,000 85,000,000 21,720,000 1,440,000 83,224,500
Cas
h or
Equivalent n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Sho
rt Term
Total
Assets 644,618,000 597,814,000 541,130,000 453,130,000 338,620,000 233,170,000 468,080,333
Sharehold
ers Funds 340,657,000 305,190,000 297,030,000 229,550,000 173,040,000 112,720,000 243,031,167
Capital 92,521,000 92,521,000 92,520,000 92,520,000 92,520,000 75,130,000 89,622,000
Redee
mable
Prefered
Shares n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Prefer
red Shares n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Comm
on Stock /
Partici
pation Shares n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other Shareholders Funds 212,669,000

248,136,000 204,510,000 137,030,000 80,520,000 37,590,000 153,409,167
Treas
ury Shares n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Share
Premiums n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Retain
ed Earnings n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Reval
uation
Reserves n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Shareholders
Non
Current
Liabilities 40,705,000 48,247,000 81,610,000 83,420,000 64,760,000 32,990,000 58,622,000
Long Term Debt3,088,000 588 50,490,000 58,110,000 48,360,000 22,520,000 30,526,000

Lease
Liabilities n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Bank
Loans n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Deben
tures &
Convertible
Debt n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Long Term
Interest
Bearing Debt n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other Non-Current Liabilities47,659,000

37,617,000 31,120,000 25,310,000 16,400,000 10,470,000 28,096,000
Minorit
y Interest n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Pensi
on Fund
Provisions n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Deferr
ed Taxes n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Provisi
ons n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Deferr
ed Revenue n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
LT Non-
Interest
Current
Liabilities 263,256,000 244,377,000 162,490,000 140,140,000 100,820,000 87,460,000 166,423,833
Loans 87,259,000 197 10 4,050,000 580 12,800,000 17,482,667
Curre
nt Long Term
Creditors 70,013,000 63,496,000 57,820,000 51,480,000 46,280,000 34,990,000 54,013,167
Trade
Creditors n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other Current105,984,000
Liabilities 180,684,000 104,660,000 84,610,000 53,960,000 39,670,000 94,928,000
Other
Short Term
Other
Incom
e Tax
Payable n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Social
Expenditure
Divide
nds Payable n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Current
Total
Shareh.
Funds &
Liab. 644,618,000 597,814,000 541,130,000 453,130,000 338,620,000 233,170,000 468,080,333
Memo lines
Working
Capital 52,782,000 54,644,000 75,860,000 66,380,000 49,890,000 44,000,000 57,259,333
Employees 969 912 839 777 763 n.a. 852
P&L
ACCOUNT
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 Average

521,733,000 532,840,000 567,240,000 488,690,000 407,520,000 344,170,000 477,032,167
Gross
Sales n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Adjustm
ents / Excise
Tax n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Net
Other
Revenues n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Sales 474,178,000 502,628,000 540,950,000 467,290,000 388,900,000 324,800,000 449,791,000
Net
Costs of Goods Sold n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Cost of
Goods Sold n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Gross
Profit n.a. n.a. n.a. n.a. n.a. n.a. n.a.

n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Researc
h&
Development
Expenses n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Operating
Items n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Operating
P/L (=EBIT) 90,063,000 123,873,000 191,090,000 139,930,000 107,350,000 79,240,000 121,924,333
Financial Revenue
8,976,000 9,991,000 11,150,000 3,540,000 3,360,000 6,660,000 7,279,500
Intere
st Income n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Financial Expenses
6,679,000 6,454,000 7,020,000 6,460,000 3,750,000 7,230,000 6,265,500
Intere
st Expenses n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Financial
P/L 2,297,000 3,537,000 4,130,000 -2,920,000 -380 -570 1,015,667
P/L before
Tax & Extr.
Items 92,360,000 127,410,000 195,210,000 137,020,000 106,970,000 78,670,000 122,940,000
Taxation 19,868,000 127 54,450,000 28,850,000 22,590,000 20,630,000 24,419,167

Income
Taxes n.a. n.a. n.a. n.a. n.a. n.a. n.a.
P/L after
Tax 72,492,000 127,283,000 140,760,000 108,170,000 84,380,000 58,040,000 98,520,833
Extr. and
Other
Revenue 2,096,000 2,267,000 600 400 250 1,540,000 1,192,167
Extr. and
Other
Expenses 21,941,000 26,976,000 20,360,000 12,990,000 14,290,000 6,590,000 17,191,167
Extr. and
Other P/L -19,845,000 -24,709,000 -19,760,000 -12,590,000 -14,040,000 -5,050,000 -15,999,000
P/L for
Period (= Net
Income) 52,647,000 102,574,000 121,010,000 95,570,000 70,340,000 52,990,000 82,521,833
Memo lines
Material
Costs 104,181,000 80,746,000 56,370,000 55,050,000 56,620,000 2,580,000 59,257,833
Costs of
Employees 54,461,000 49,818,000 42,310,000 35,260,000 32,270,000 12,110,000 37,704,833
Deprecia
tion 174,779,000 168,655,000 174,050,000 172,140,000 130,310,000 112,020,000 155,325,667
Interest
Paid 3,618,000 4,250,000 4,840,000 2,900,000 3,350,000 4,290,000 3,874,667
Cash
Flow 227,426,000 271,229,000 295,060,000 267,710,000 200,650,000 165,010,000 237,847,500
Added
Value 305,373,000 325,424,000 396,660,000 334,720,000 258,860,000 202,040,000 303,846,167
EBITDA n.a. n.a. n.a. n.a. n.a. n.a. n.a.
RATIOS
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 Average

Profitability
ratios
Return on
Shareholder
Funds (%) 27.11 41.75 65.72 59.69 61.82 69.79 54.31
Return on
Capital
Employed
(%) 25.17 37.25 52.83 44.71 46.39 56.94 43.88
Return on
Total Assets
(%) 14.33 21.31 36.08 30.24 31.59 33.74 27.88
Profit
Margin (%) 17.70 23.91 34.41 28.04 26.25 22.86 25.53
Gross
Margin (%) n.a. n.a. n.a. n.a. n.a. n.a. n.a.
EBITDA
EBIT
Margin (%) 17.26 23.25 33.69 28.63 26.34 23.02 25.37
Cash Flow
/ Turnover
(%) 43.59 50.90 52.02 54.78 49.24 47.94 49.75
Operational
ratios
Net Assets
Turnover (x) 1.37 1.51 1.50 1.56 1.71 2.36 1.67
Interest
Cover (x) 24.89 29.15 39.48 48.25 32.05 18.47 32.05
Stock
Turnover (x) 1,552.78 3,268.96 85.04 763.58 125.78 192.27 998.07
Collection
period (days) 84 80 81 86 82 81 82
Credit
period (days) 48 43 37 38 41 37 41
Structure
ratios
Current
Ratio (x) 1.04 0.98 1.57 1.47 1.20 0.96 1.20
Liquidity
Ratio (x) 1.04 0.98 1.53 1.46 1.17 0.94 1.19
Sharehold
ers Liquidity
Ratio (x) 8.37 6.33 3.64 2.75 2.67 3.42 4.53
Solvency
Ratio (%) 52.85 51.05 54.89 50.66 51.10 48.34 51.48
Gearing
(%) 37.56 15.87 27.48 38.11 37.76 40.62 32.90
Per
employee
ratios
Profit per
Employee
(Th.) 95 140 233 176 140 n.a. 157
Operating
Revenue per
Employee
(Th.) 538 584 676 629 534 n.a. 592
Costs of
Employees /
Operating
Revenue (%) 10.44 9.35 7.46 7.22 7.92 3.52 7.65
Average
Cost of
Employee
(Th.) 56 55 50 45 42 n.a. 50
Sharehold
ers Funds
per
Employee
(Th.) 352 335 354 295 227 n.a. 312
Working
Capital per
Employee
(Th.) 54 60 90 85 65 n.a. 71
Total
Assets per
Employee
(Th.) 665 655 645 583 444 n.a. 599
FINANCIAL
PROFILE
Consolidated
data
12/31/1998 12/31/1997 Average

12 months 12 months 2 years
EUR EUR EUR
Operating
Revenue/Tur
nover 867,462,995 887,599,445 877,531,220
P/L before
Tax 4,177,236 44,012,920 24,095,078
P/L for
Period (= Net
Income) -17,923,290 36,220,445 9,148,578
Cash Flow 5,900,268 62,014,105 33,957,187

Total
Assets 567,269,784 580,122,413 573,696,099
Sharehold
ers Funds 75,612,831 93,309,231 84,461,031
Current
Ratio (x) 1.46 1.54 1.50
Profit
Margin (%) 0.48 4.96 2.72
Return on
shareholders
Funds (%) 5.53 47.17 26.35
Return on
Capital
Employed
(%) n.a. n.a. n.a.
Solvency
Ratio (%) 13.33 16.08 14.71
Price
Earning
Ratio (x) n.a. n.a. n.a.
Employee
s 6.266 6.34 6.303
Trade Description
Television services.

PRODUCCION Y
TRANSMISION DE
IMAGENES Y SONIDOS
SIMULTANEAMENTE A
TRAVES DE ONDAS O
MEDIANTE CABLES
DESTINADOS, MEDIATA O
INMEDIATAMENTE AL
PUBLICO EN GENERAL O A
UN SECTOR DEL MISMO,
CON FINES
POLITICOS, RELIGIOSOS,
CULN
Primary code :
Radio and
television
9220 - activities
Core code :
Radio and
television
9220 - activities
Primary code(s) :
Radio and
television
9220 - activities
Core code :
Radio and
television
broadcasting
483 - stations
Primary code(s) :
Radio
broadcasting
4832 - stations
Television
4833 - broadcasting
Cable and
other pay
television
4841 - services

codes}
Core code :
Radio and
Television
5151 - Broadcasting
Primary code(s) :
Radio
515111 - Networks
Radio
515112 - Stations
Television
515120 - Broadcasting
Cable and
Other
Subscription
Cable and
Other
Program
BALANCE
SHEET
Consolidated
data
12/31/1998 12/31/1997 Average

EUR EUR EUR
Fixed
Assets 152,869,208 134,528,683 143,698,946
Intangible Fixed1,638,101
Assets 395.345 1,016,723
Land n.a. n.a. n.a.
Total
Land
Depreciation n.a. n.a. n.a.
Net
Stated Land n.a. n.a. n.a.
Buildin
gs n.a. n.a. n.a.
Total
Buildings
Net
Buildings n.a. n.a. n.a.
Plant
& Machinery n.a. n.a. n.a.
Plant
& Machinery
Net
Stated Plant
& Machinery n.a. n.a. n.a.
Trans
portation
Equipment n.a. n.a. n.a.
Trans
portation
Equipment
Net
Transportatio
n Equipment n.a. n.a. n.a.
Lease
d Assets n.a. n.a. n.a.
Lease
d Assets
Net
Leased
Assets n.a. n.a. n.a.
Other
Property Plant
& Equipment n.a. n.a. n.a.
Other
Property Plant
& Equip.
Deprec. n.a. n.a. n.a.
Net
Other
Property Plant
& Equipment n.a. n.a. n.a.

130,791,599 122,610,589 126,701,094
Good
will n.a. n.a. n.a.
Other
Intangibles n.a. n.a. n.a.
Other Fixed Assets

20,439,508 11,522,749 15,981,129
Explor
ation n.a. n.a. n.a.
Long
Term
Receivables n.a. n.a. n.a.
Invest
ments n.a. n.a. n.a.
Long
Term
Associated
Companies n.a. n.a. n.a.
Invest
ment
Properties n.a. n.a. n.a.
Other
Long Term
Current
Assets 414,400,573 445,593,725 429,997,149
Stocks 289,884,938 298,253,512 294,069,225
Raw
Materials n.a. n.a. n.a.
Work
in Progress n.a. n.a. n.a.
Finish
ed Goods n.a. n.a. n.a.
Invent
ory
Prepayments n.a. n.a. n.a.
Debtors 33,103,248 8,174,333 20,638,791
Accou
nts
Receivable n.a. n.a. n.a.
Doubtf
ul Accounts n.a. n.a. n.a.
Other Current 91,412,387

Assets 139,165,880 115,289,134
Prepai
d Expenses &
Advances n.a. n.a. n.a.
Other
Current
Deferr
ed Charges n.a. n.a. n.a.
Total
Cash & Short
Term
Investment n.a. n.a. n.a.
Cash & Cash Equivalent139,160,185

90,882,665 115,021,425
Cas
h or
Equivalent n.a. n.a. n.a.
Sho
rt Term
Investment n.a. n.a. n.a.
Total
Assets 567,269,784 580,122,413 573,696,099
Sharehold
ers Funds 75,612,831 93,309,231 84,461,031
Capital 33,806,930 33,806,930 33,806,930
Redee
mable
Prefered
Shares n.a. n.a. n.a.
Prefer
red Shares n.a. n.a. n.a.
Comm
on Stock /
Shares n.a. n.a. n.a.
Partici
pation Shares n.a. n.a. n.a.

41,805,901 50,654,101
Treas
ury Shares n.a. n.a. n.a.
Share
Premiums n.a. n.a. n.a.
Retain
ed Earnings n.a. n.a. n.a.
Reval
uation
Reserves n.a. n.a. n.a.
Other
Shareholders
Reserves n.a. n.a. n.a.
Non
Current
Liabilities 207,037,804 197,419,874 202,228,839
Long Term Debt

158,649,165 158,649,165 158,649,165
Lease
Liabilities n.a. n.a. n.a.
Bank
Loans n.a. n.a. n.a.
Deben
tures &
Convertible
Debt n.a. n.a. n.a.
Other
Long Term
Interest
Bearing Debt n.a. n.a. n.a.

48,388,639 43,579,674
Minorit
y Interest n.a. n.a. n.a.
Pensi
on Fund
Provisions n.a. n.a. n.a.
Deferr
ed Taxes n.a. n.a. n.a.
Provisi
ons n.a. n.a. n.a.
Deferr
ed Revenue n.a. n.a. n.a.
Other
LT Non-
Interest
Bearing Debt n.a. n.a. n.a.
Current
Liabilities 284,619,145 289,393,304 287,006,225
Loans 117,827,671 0 58,913,836
Curre
nt Long Term
Debt n.a. n.a. n.a.
Creditors 113,997,998 166,925,724 140,461,861
Trade
Creditors n.a. n.a. n.a.

Liabilities 122,467,580 87,630,528
Other
Short Term
Debt n.a. n.a. n.a.
Other
Creditors n.a. n.a. n.a.
Incom
e Tax
Payable n.a. n.a. n.a.
Social
Expenditure
Payable n.a. n.a. n.a.
Divide
nds Payable n.a. n.a. n.a.
Other
Current
Liabilities n.a. n.a. n.a.
Total
Shareh.
Funds &
Liab. 567,269,784 580,122,413 573,696,099
Memo lines
Working
Capital 208,990,188 139,502,121 174,246,155
Employees 6.266 6.34 6.303
P&L
ACCOUNT
Consolidated
data
12/31/1998 12/31/1997 Average

EUR EUR EUR
867,462,995 887,599,445 877,531,220
Gross
Sales n.a. n.a. n.a.
Adjustm
ents / Excise
Tax n.a. n.a. n.a.
Net
Other
Revenues n.a. n.a. n.a.
Sales 861,190,337 850,600,329 855,895,333
Net
Costs of Goods Sold n.a. n.a. n.a.

Cost of
Goods Sold n.a. n.a. n.a.
Gross
Profit n.a. n.a. n.a.

n.a. n.a. n.a.
Researc
h&
Development
Expenses n.a. n.a. n.a.
Other
Operating
Items n.a. n.a. n.a.
Operating
P/L (=EBIT) -688.887 36,510,661 17,910,887
Financial Revenue
4,874,675 7,504,914 6,189,795
Intere
st Income n.a. n.a. n.a.
Financial Expenses8.552 2.655 5.604

Intere
st Expenses n.a. n.a. n.a.
Financial
P/L 4,866,123 7,502,258 6,184,191
P/L before
Tax & Extr.
Items 4,177,236 44,012,920 24,095,078
Taxation n.a. n.a. n.a.

Income
Taxes n.a. n.a. n.a.
P/L after
Tax 4,177,236 44,012,920 24,095,078
Extr. and
Other
Revenue 2,602,821 7,320,261 4,961,541
Extr. and
Other
Expenses 24,703,348 15,112,736 19,908,042
Extr. and
Other P/L -22,100,527 -7,792,475 -14,946,501
P/L for
Period (= Net
Income) -17,923,290 36,220,445 9,148,578
Memo lines
Material
Costs 344,850,549 371,059,253 357,954,901
Costs of
Employees 273,517,513 240,133,572 256,825,543
Deprecia
tion 23,823,558 25,793,660 24,808,609
Interest
Paid n.a. n.a. n.a.
Cash
Flow 5,900,268 62,014,105 33,957,187
Added
Value 279,417,781 302,147,677 290,782,729
EBITDA n.a. n.a. n.a.
RATIOS
Consolidated
data
12/31/1998 12/31/1997 Average

EUR EUR EUR
Profitability
ratios
Return on
Shareholder
Funds (%) 5.53 47.17 26.35
Return on
Capital
Employed
(%) n.a. n.a. n.a.
Return on
Total Assets
(%) 0.74 7.59 4.16
Profit
Margin (%) 0.48 4.96 2.72
Gross
Margin (%) n.a. n.a. n.a.
EBITDA
Margin (%) n.a. n.a. n.a.
EBIT
Margin (%) -0.08 4.11 2.02
Cash Flow
/ Turnover
(%) 0.68 6.99 3.83
Operational
ratios
Net Assets
Turnover (x) 3.07 3.05 3.06
Interest
Cover (x) n.a. n.a. n.a.
Stock
Turnover (x) 2.99 2.98 2.98
Collection
period (days) 14 3 9
Credit
period (days) 47 68 58
Structure
ratios
Current
Ratio (x) 1.46 1.54 1.50
Liquidity
Ratio (x) 0.44 0.51 0.47
Sharehold
ers Liquidity
Ratio (x) 0.37 0.47 0.42
Solvency
Ratio (%) 13.33 16.08 14.71
Gearing
(%) 429.64 211.58 320.61
Per
employee
ratios
Profit per
Employee
(Th.) 1 7 4
Operating
Revenue per
Employee
(Th.) 138 140 139
Costs of
Employees /
Operating
Revenue (%) 31.53 27.05 29.29
Average
Cost of
Employee
(Th.) 44 38 41
Sharehold
ers Funds
per
Employee
(Th.) 12 15 13
Working
Capital per
Employee
(Th.) 33 22 28
Total
Assets per
Employee
(Th.) 91 92 91
FINANCIAL
PROFILE
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996

12 months 12 months 12 months 12 months 12 months 12 months 12 months
Operating
Revenue/Tur
nover 425,171,000 425,096,250 419,983,190 393,792,780 368,393,680 336,353,120 299,805,820
P/L before
Tax -1,287,000 -4,737,460 18,522,470 31,406,460 15,452,420 23,625,820 22,946,440
P/L for
Period (= Net
Income) -6,987,000 -5,747,720 3,152,040 10,593,480 7,264,270 12,769,380 10,877,030
Cash Flow 14,480,000 15,037,780 18,375,260 22,141,510 19,769,290 25,492,700 76,192,960

Total
Assets 372,106,000 414,463,430 457,367,020 378,608,420 286,361,180 250,428,850 212,774,590
Sharehold
ers Funds 87,825,000 98,640,890 113,764,020 113,788,880 101,753,880 95,250,530 79,714,170
Current
Ratio (x) 0.90 0.90 0.87 0.91 1.10 1.03 1.07
Profit
Margin (%) -0.30 -1.11 4.41 7.98 4.19 7.02 7.65
Return on
shareholders
Funds (%) -1.47 -4.80 16.28 27.60 15.19 24.80 28.79
Return on
Capital
Employed
(%) 4.21 4.82 13.71 22.37 14.98 24.79 33.10
Solvency
Ratio (%) 23.60 23.80 24.87 30.06 35.53 38.04 37.46
Price
Earning
Ratio (x) n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Employee
s 2.462 2.604 2.613 2.314 2.259 1.383 1.536
Trade Description
Editorial.

REALIZACION DEL
NEGOCIO EDITORIAL CON
CARACTER GENERAL Y EN
ESPECIAL LA IMPRESION,
EDICION,
PUBLICACION Y DIFUSION
DE REVISTAS,
PUBLICACIONES,
PERIODICAS Y LIBROS,
QUE LLEVA A CABO
FUNDAMENTALMENTE
POR MEDIO DE SUS
EMPRN
Primary code :
Other
2215 - publishing
Secondary code(s):
Publishing of
journals and
2213 - periodicals
2210 - Publishing
Core code :
Other
2215 - publishing
Primary code(s) :
Other
2215 - publishing
Secondary code(s) :
Publishing of
journals and
2213 - periodicals
Publishing of
2211 - books
Publishing of
2212 - newspapers
Publishing of
sound
2214 - recordings

Core code :
Miscellaneous
274 - publishing
Primary code(s) :
Miscellaneous
2741 - publishing
Secondary code(s) :
Periodicals :
publishing or
publishing
2721 - and printing
Books :
publishing or
publishing
2731 - and printing
Newspapers
publishing or
publishing
2711 - and printing

codes}
Core code :
Newspaper,
Periodical,
Book and
Database
5111 - Publishers
Primary code(s) :
All Other
511199 - Publishers
Secondary code(s) :
Periodical
511120 - Publishers
Book
511130 - Publishers
Newspaper
511110 - Publishers
Music
512230 - Publishers
BALANCE
SHEET
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996
Fixed
Assets 213,210,000 234,233,140 249,773,160 189,649,090 134,729,240 119,148,190 90,232,330

24,601,000 27,594,480 28,220,780 21,138,880 24,429,680 26,506,480 26,035,440
Land n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Total
Land
Net
Stated Land n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Buildin
gs n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Total
Buildings
Net
Buildings n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Plant
Plant
& Machinery
Net
Stated Plant
Trans
portation
Equipment n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Trans
portation
Equipment
Net
Transportatio
n Equipment n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Lease
d Assets n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Lease
d Assets
Net
Leased
Other
Property Plant
Other
Property Plant
& Equip.
Deprec. n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Net
Other
Property Plant

164,684,000 158,598,990 161,081,820 125,519,560 77,059,850 60,365,190 47,661,470
Good
will n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Intangibles n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other Fixed Assets

23,925,000 48,039,670 60,470,560 42,990,650 33,239,710 32,276,520 16,535,420
Explor
ation n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Long
Term
Receivables n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Invest
ments n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Long
Term
Associated
Companies n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Invest
ment
Properties n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Long Term
Current
Assets 158,896,000 180,230,300 207,593,870 188,959,330 151,631,950 131,280,660 122,542,260
Stocks 27,248,000 38,240,490 43,665,060 33,759,400 29,706,490 18,369,020 17,837,180
Raw
Materials n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Work
in Progress n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Finish
ed Goods n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Invent
ory
Prepayments n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Debtors 112,212,000 116,660,070 141,319,360 136,359,910 100,969,980 75,347,830 73,126,650
Accou
nts
Receivable n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Doubtf
ul Accounts n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Assets 25,329,740 22,609,450 18,840,020 20,955,480 37,563,810 31,578,430
Prepai
d Expenses &
Advances n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Current
Deferr
ed Charges n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Total
Cash & Short
Term
Cash & Cash Equivalent 20,229,820

13,242,000 18,752,670 14,056,310 16,205,200 31,960,830 27,557,040
Cas
h or
Equivalent n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Sho
rt Term
Total
Assets 372,106,000 414,463,430 457,367,020 378,608,420 286,361,180 250,428,850 212,774,590
Sharehold
ers Funds 87,825,000 98,640,890 113,764,020 113,788,880 101,753,880 95,250,530 79,714,170
Capital 10,320,000 13,343,330 13,321,430 13,321,430 13,321,430 13,321,430 13,321,430
Redee
mable
Prefered
Prefer
red Shares n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Comm
on Stock /
Partici
pation Shares n.a. n.a. n.a. n.a. n.a. n.a. n.a.

77,505,000 100,442,590 100,467,450 88,432,450 81,929,100 66,392,740
Treas
ury Shares n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Share
Premiums n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Retain
ed Earnings n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Reval
uation
Other
Shareholders
Non
Current
Liabilities 108,143,000 115,329,130 105,451,300 56,859,000 46,092,610 28,259,780 18,680,780
Long Term Debt

98,126,000 104,605,830 95,656,880 48,189,120 41,452,780 24,606,230 15,341,570
Lease
Bank
Loans n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Deben
tures &
Convertible
Other
Long Term
Interest

10,017,000 9,794,420 8,669,880 4,639,830 3,653,550 3,339,210
Minorit
y Interest n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Pensi
on Fund
Provisions n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Deferr
ed Taxes n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Provisi
ons n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Deferr
ed Revenue n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
LT Non-
Interest
Current
Liabilities 176,138,000 200,493,420 238,151,700 207,960,510 138,514,680 126,918,530 114,185,540
Loans 71,329,000 82,613,010 91,871,640 75,483,860 41,400,980 43,676,410 49,682,110
Curre
nt Long Term
Creditors 67,012,000 75,046,820 102,830,470 86,879,990 62,405,920 57,899,740 50,746,680
Trade

Liabilities 42,833,590 43,449,590 45,596,660 34,707,780 25,342,380 13,756,750
Other
Short Term
Other
Incom
e Tax
Social
Expenditure
Divide
nds Payable n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Current
Total
Shareh.
Funds &
Liab. 372,106,000 414,463,430 457,367,020 378,608,420 286,361,180 250,428,850 212,774,590
Memo lines
Working
Capital 72,448,000 79,853,740 82,153,950 83,239,320 68,270,550 35,817,110 40,217,150
Employees 2.462 2.604 2.613 2.314 2.259 1.383 1.536
P&L
ACCOUNT
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996

425,171,000 425,096,250 419,983,190 393,792,780 368,393,680 336,353,120 299,805,820
Gross
Adjustm
ents / Excise
Tax n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Net
Other
Revenues n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Sales 409,612,000 408,497,400 403,739,080 382,392,890 356,058,790 326,930,540 290,501,440
Net
Costs of Goods Sold n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Cost of
Goods Sold n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Gross
Profit n.a. n.a. n.a. n.a. n.a. n.a. n.a.

n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Researc
h&
Development
Expenses n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Other
Operating
Items n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Operating
P/L (=EBIT) 10,501,000 5,199,900 24,868,730 34,407,310 19,964,600 26,328,090 29,638,150
Financial Revenue
2,494,000 5,121,480 6,188,670 3,758,530 3,055,030 4,285,540 2,927,340
Intere
st Income n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Financial Expenses
14,282,000 15,058,840 12,534,930 6,759,370 7,567,210 6,987,810 9,619,050
Intere
st Expenses n.a. n.a. n.a. n.a. n.a. n.a. n.a.
Financial
P/L -11,788,000 -9,937,360 -6,346,260 -3,000,840 -4,512,180 -2,702,260 -6,691,720
P/L before
Tax & Extr.
Items -1,287,000 -4,737,460 18,522,470 31,406,460 15,452,420 23,625,820 22,946,440
Taxation -5,327,000 -1,760,000 4,029,610 7,550,400 4,327,490 5,646,870 4,280,190

Income
Taxes n.a. n.a. n.a. n.a. n.a. n.a. n.a.
P/L after
Tax 4,040,000 -2,977,460 14,492,860 23,856,060 11,124,930 17,978,950 18,666,250
Extr. and
Other
Revenue 5,916,000 9,612,720 2,522,470 2,695,970 1,909,420 1,144,910 1,009,570
Extr. and
Other
Expenses 16,943,000 12,382,980 13,863,290 15,958,550 5,770,080 6,354,480 8,798,790
Extr. and
Other P/L -11,027,000 -2,770,260 -11,340,820 -13,262,580 -3,860,660 -5,209,570 -7,789,220
P/L for
Period (= Net
Income) -6,987,000 -5,747,720 3,152,040 10,593,480 7,264,270 12,769,380 10,877,030
Memo lines
Material
Costs 179,051,000 178,557,520 173,497,300 160,997,230 159,942,700 151,488,410 132,992,230
Costs of
Employees 113,186,000 111,918,030 105,551,700 91,796,500 86,517,720 70,572,000 60,630,800
Deprecia
tion 21,467,000 20,785,500 15,223,220 11,548,030 12,505,020 12,723,320 65,315,930
Interest
Paid 9,528,000 15,058,840 11,522,630 6,759,370 6,693,210 6,987,810 9,619,050
Cash
Flow 14,480,000 15,037,780 18,375,260 22,141,510 19,769,290 25,492,700 76,192,960
Added
Value 131,867,000 140,254,650 139,479,200 128,247,780 117,307,710 108,699,380 150,723,000
EBITDA n.a. n.a. n.a. n.a. n.a. n.a. n.a.
RATIOS
Consolidated
data
12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 12/31/1996

Profitability
ratios
Return on
Shareholder
Funds (%) -1.47 -4.80 16.28 27.60 15.19 24.80 28.79
Return on
Capital
Employed
(%) 4.21 4.82 13.71 22.37 14.98 24.79 33.10
Return on
Total Assets
(%) -0.35 -1.14 4.05 8.30 5.40 9.43 10.78
Profit
Margin (%) -0.30 -1.11 4.41 7.98 4.19 7.02 7.65
Gross
EBITDA
EBIT
Margin (%) 2.47 1.22 5.92 8.74 5.42 7.83 9.89
Cash Flow
/ Turnover
(%) 3.41 3.54 4.38 5.62 5.37 7.58 25.41
Operational
ratios
Net Assets
Turnover (x) 2.17 1.99 1.92 2.31 2.49 2.72 3.05
Interest
Cover (x) 1.10 0.35 2.16 5.09 2.98 3.77 3.08
Stock
Turnover (x) 15.60 11.12 9.62 11.67 12.40 18.31 16.81
Collection
period (days) 95 99 121 125 99 81 88
Credit
period (days) 57 64 88 79 61 62 61
Structure
ratios
Current
Ratio (x) 0.90 0.90 0.87 0.91 1.10 1.03 1.07
Liquidity
Ratio (x) 0.75 0.71 0.69 0.75 0.88 0.89 0.92
Sharehold
ers Liquidity
Ratio (x) 0.81 0.86 1.08 2.00 2.21 3.37 4.27
Solvency
Ratio (%) 23.60 23.80 24.87 30.06 35.53 38.04 37.46
Gearing
(%) 204.35 200.67 173.45 116.31 85.99 75.52 85.76
Per
employee
ratios
Profit per
Employee
(Th.) -1 -2 7 14 7 17 15
Operating
Revenue per
Employee
(Th.) 173 163 161 170 163 243 195
Costs of
Employees /
Operating
Revenue (%) 26.62 26.33 25.13 23.31 23.48 20.98 20.22
Average
Cost of
Employee
(Th.) 46 43 40 40 38 51 39
Sharehold
ers Funds
per
Employee
(Th.) 36 38 44 49 45 69 52
Working
Capital per
Employee
(Th.) 29 31 31 36 30 26 26
Total
Assets per
Employee
(Th.) 151 159 175 164 127 181 139
12/31/1995 12/31/1994 Average
EUR EUR EUR
268,165,900 268,520,920 356,142,518
17,277,880 9,743,300 14,772,259
5,367,700 4,436,570 4,636,194
15,538,870 13,660,310 24,520,964
203,537,330 205,062,480 308,967,700
68,921,300 63,209,440 91,429,790
1.03 0.95 0.97
6.44 3.63 4.43
25.07 15.41 16.32
29.12 21.28 18.71
33.86 30.82 30.89
n.a. n.a. n.a.
93 96 1.707
12/31/1995 12/31/1994 Average
EUR EUR EUR
95,026,170 102,941,800 158,771,458
25,101,740 27,228,020 25,650,722

n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.

n.a. n.a. n.a.
n.a. n.a. n.a.
48,884,550 49,104,840 99,217,808
n.a. n.a. n.a.
n.a. n.a. n.a.
21,039,880 26,608,940 33,902,928
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
108,511,160 102,120,670 150,196,244

24,052,940 21,123,410 28,222,443
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.

61,454,180 60,805,610 97,583,954
n.a. n.a. n.a.
n.a. n.a. n.a.
23,004,040 20,191,650 24,389,847
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
18,177,290 15,195,520 19,486,298
n.a. n.a. n.a.
n.a. n.a. n.a.
203,537,330 205,062,480 308,967,700
68,921,300 63,209,440 91,429,790

13,321,430 13,321,430 12,990,371
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
55,599,870 49,888,010 78,439,419
n.a. n.a. n.a.

n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
26,018,380 32,327,840 59,684,647
22,904,140 27,941,910 53,202,718
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
3,114,240 4,385,930 6,481,929
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
105,486,570 107,355,160 157,244,901

49,648,530 46,023,940 61,303,276
n.a. n.a. n.a.

43,424,330 48,068,840 66,034,977
n.a. n.a. n.a.
12,413,710 13,262,380 29,906,649
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
203,537,330 205,062,480 308,967,700
42,082,790 33,860,180 59,771,421
93 96 1.707
12/31/1995 12/31/1994 Average

EUR EUR EUR
268,165,900 268,520,920 356,142,518
n.a. n.a. n.a.

n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.

260,488,360 259,707,230 344,214,192
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
n.a. n.a. n.a.
24,106,640 17,657,920 21,408,038
3,537,460 2,675,440 3,782,610
n.a. n.a. n.a.
10,366,210 10,590,060 10,418,387
n.a. n.a. n.a.
-6,828,750 -7,914,620 -6,635,777
17,277,880 9,743,300 14,772,259
2,553,470 -1,799,800 2,166,803
n.a. n.a. n.a.
14,724,410 11,543,100 12,605,456

n.a. n.a. 3,544,437
9,356,720 7,106,540 10,726,048
-9,356,720 -7,106,540 -7,969,263
5,367,700 4,436,570 4,636,194
113,501,730 116,416,320 151,827,160
60,782,640 64,400,300 85,039,521
10,171,170 9,223,740 19,884,770
10,366,210 10,590,060 9,680,576
15,538,870 13,660,310 24,520,964
89,241,190 86,850,870 121,407,864

n.a. n.a. n.a.
12/31/1995 12/31/1994 Average

EUR EUR EUR
25.07 15.41 16.32
29.12 21.28 18.71
8.49 4.75 5.52

6.44 3.63 4.43
n.a. n.a. n.a.
n.a. n.a. n.a.
8.99 6.58 6.34
5.79 5.09 7.35
2.83 2.81 2.48
2.33 1.67 2.50
11.15 12.71 13.26
82 82 97
58 64 66
1.03 0.95 0.97
0.80 0.75 0.79
2.65 1.95 2.13
33.86 30.82 30.89
109.79 123.96 130.64
186 101 38
2.884 2.797 772

22.67 23.98 23.64
654 671 180
741 658 192
453 353 113
2.189 2.136 602

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FA 346903 LTD 116147 FA 352566 LTD 133583

Total 844252 Total 844252 Total 917900 Total 917900

FA 41% LTD 14% FA 38% LTD 15%

Nota: minority interest se debe tomar como LTD

Income Statement WC Analysis in percentage 2003

Potential Cash Flow 46852 19888

Stockholders equity structure

Number of basic shares 55,556,000 55,556,000 son las que valen

Dividends per share

Basic profitability ratios

Asset Management ratios

Additional profitability ratios

Market value ratios

Assumption Price per share 912 754

Dividend Yield 0.0% 0.0% Dividend D1 / Price share P0

Cash Conversion Cycle

12/31/2002 12/31/2001 12/31/2000 12/31/1999 Average

Cash Flow 69.446 155.542 106.582 100.897 108.117

NACE Rev. 1.1 code(s) {derived from US SIC codes}

NAICS 2002 code(s) {derived from US SIC codes}

Description and history

This mainly includes the

12/31/2002 12/31/2001 12/31/2000 12/31/1999 Average

Intangible Fixed Assets

Tangible Fixed Assets

Other Fixed Assets

Cash & Cash Equivalent

Other Shareholders Funds

Long Term Debt 261.713 430.067 408.628 390.639 372.762

Employees 1.591 1.675 1.61 n.a. 1.625

12/31/2002 12/31/2001 12/31/2000 12/31/1999 Average

Costs of Goods Sold

Other Operating Expenses

Financial Revenue 1.964 2.781 n.a. n.a. 2.373

Taxation -60.634 -20.906 -27.843 -23.503 -33.221

12/31/2002 12/31/2001 12/31/2000 12/31/1999 Average

12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 Average

Cash Flow 227,426,000 271,229,000 295,060,000 267,710,000 200,650,000 165,010,000 237,847,500

CNAE 93 Rev. 1 code(s)

NACE Rev. 1.1 code(s)

US SIC code(s) {derived from NACE Rev. 1.1 codes}

NAICS 2002 code(s) {derived from NACE Rev. 1.1

12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 Average

Intangible Fixed Assets

Other Fixed Assets

Cash & Cash Equivalent120,971,000

Other Shareholders Funds 212,669,000

Long Term Debt3,088,000 588 50,490,000 58,110,000 48,360,000 22,520,000 30,526,000

Other Non-Current Liabilities47,659,000

Employees 969 912 839 777 763 n.a. 852

12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 Average

Other Operating Expenses

Taxation 19,868,000 127 54,450,000 28,850,000 22,590,000 20,630,000 24,419,167

12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 12/31/1997 Average

12/31/1998 12/31/1997 Average

Cash Flow 5,900,268 62,014,105 33,957,187

Trade Description (original language)

CNAE 93 Rev. 1 code(s)

NACE Rev. 1.1 code(s)

US SIC code(s) {derived from NACE Rev. 1.1 codes}

NAICS 2002 code(s) {derived from NACE Rev. 1.1

12/31/1998 12/31/1997 Average

Tangible Fixed Assets