Antena 3

Balance

2003

2002

Assets

Liab + Eq

Assets

Liab + Eq

FA
Receivables
O/R
Inventories
Others
Cash

346903 LTD
198255 Eq
60486 Min Int
198656 Payables
26518 O/P
13434 Overdraft

116147 FA
357774 Receivables
4927 O/R
159411 Inventories
171545 Others
34448 Cash

352566 LTD
185956 Eq
35202 Min Int
304950 Payables
31755 O/P
7471 Overdraft

133583
457846
2007
168106
134634
21724

Total

844252 Total

844252 Total

917900 Total

917900

Balance

2003

2002

Assets

Liab + Eq

FA
Receivables
O/R
Inventories
Others
Cash

Assets

41% LTD
23% Eq
7% Min Int
24% Payables
3% O/P
2% Overdraft

14% FA
42% Receivables
1% O/R
19% Inventories
20% Others
4% Cash

Liab + Eq
38% LTD
20% Eq
4% Min Int
33% Payables
3% O/P
1% Overdraft

Nota: minority interest se debe tomar como LTD

Income Statement
Net Sales
COGS
Op Income
Interest charges (erogation)
EBT
Provision for tax
Income before minority interest
Net Income

WC Analysis in percentage 2003
2003
341835
137909
25333
3187
-147657
48809
-98236
-98542

2002
358711
166026
-1032
1745
-34151
9404
-24863
-24805

46852

19888

WC
16% LTD + Eq +Min int - FA
WCR
28% Inv + rec - pay
Inventories of 6% financiados con WC

-33.1%

Cash Flow
Potential Cash Flow

Stockholders equity structure
Number of basic shares
Number of diluted shares
Basic earning per share
Diluted earning per share
Dividends per share

55,556,000
0

55,556,000 son las que valen
0 es la que vale

-27.5% Provision / EBT

15%
50%
0%
18%
15%
2%

DANONE

Basic profitability ratios
ROS
ROE
ROCE

2003
-28.83%
-27.54%
7.04%

2002
-6.92% Net income / Sales
-5.42% Net income / common eq
-0.22% Nopat * (1-tax) / (LTD + Eq)

Liquidity ratios
Current ratio
Quick ratio

2003
1.36
0.82

2002
1.74 current assets / current liabilities
0.80 (current assets - inventories) / current liabilities

Asset Management ratios
Inv turnover
Avrg collection period
FA turnover
Assets turnover

2003
1.72
208.79
0.99
0.40

2002
1.18 Sales / inventory
186.62 Receivables / daily sales
1.02 Sales / net fixed assets
0.39 Sales / total assets

Debt ratios
Debt ratio
TIE

2003
57.0%
7.9

2002
49.9% Debt / total assets
-0.6 Ebit / interest expenses

2003
3.0%
-11.7%

2002
-0.11% Ebit / total assets
-2.7% Net income / total assets

Additional profitability ratios
Basic earning power ratio
ROA

Market value ratios
2003
Price to earning (PER)
Market book ratio
Book value per share
Assumption Price per share
Dividend Yield
DPO (dividends pay out)

0.14
6,439.9
912
0.0%
0.0%

2002
0.09
8,241.2

Price per share / earning per share
Market price per share / book value per share
Common equity / shares outstanding

754
0.0% Dividend D1 / Price share P0
0.0% Dividend / net income

DANONE

Working Capital
1997
237500
131945
-105555
4.63

1996
322800 Inventory + Receivables - Payables
240870 Current assets - current liabilities
-81930 WC - WCR
8.06 Debe estar entre 1 y 3

Inventory turnover
Receivable turnover
Payable turnover

1997
525.8
211.7
421.9

CCC

315.6

1996
670.4 Inventory / COGS * 360
189.2 Receivables / sales * 360
369.6 Payables / purchases * 360
(purchases equal to COGS when inventory remains steady)
490.1 Inv + Rec - Pay

WCR
WC
Cash Pos
WC/Sales

Cash Conversion Cycle

FINANCIAL
PROFILE
Consolidated
data
12/31/2002
12 months
th EUR

12/31/2001
12 months
th EUR

12/31/2000
12 months
th EUR

12/31/1999
12 months
th EUR

Average
4 years
th EUR

Operating
Revenue/Tur
nover

981.78

1,003,073

890.95

795.06

917.72

P/L before
Tax

-116.88

-23.55

-42.55

-40.68

-55.91

P/L for
Period (= Net
Income)

-54.24

2.8

-11.42

-13.95

-19.2

Cash Flow

69.45

155.54

106.58

100.9

108.12

1,455,235

1,587,670

1,482,083

1,261,130

1,446,530

298.38

349.35

350.9

362.32

340.24

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

Employees

1.59

1.68

1.61

n.a.

1.63

Total
Assets
Shareholde
rs Funds
Current
Ratio (x)

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 :

484

-

Cable and
other pay
television
services

-

Cable and
other pay
television
services

Primary code(s) :

4841

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

9220

-

Radio and
television
activities

-

Radio and
television
activities

Primary code(s) :

9220

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

5152

-

Cable and
Other
Subscription
Programming

-

Cable and
Other
Subscription
Programming

-

Cable and
Other
Program
Distribution

Primary code(s) :

515210

517510

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 months
th EUR

12/31/2001
12 months
th EUR

12/31/2000
12 months
th EUR

12/31/1999
12 months
th EUR

Average
4 years
th EUR

Fixed
Assets

980.98

1,078,839

969.42

855.48

971.18

Intangible Fixed Assets
246.5
Land

n.a.

259.21
n.a.

244.93
n.a.

227.35
n.a.

244.49
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.

42.81

10.91

11.44

11.44

19.15

n.a.

0

-255

-240

-165

gs

Buildin

Total
Buildings
Depreciation
Net
Buildings

42.81

10.91

11.19

11.2

19.03

Plant &
Machinery

551.16

572.51

532.78

485.14

535.4

Plant &
Machinery
Depreciation

n.a.

-345.07

-293.43

-238.99

-292.5

Net
Stated Plant &
Machinery

551.16

227.44

239.35

246.15

316.03

Transp
ortation
Equipment

n.a.

n.a.

n.a.

n.a.

n.a.

Transp
ortation
Equipment
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

Net
Transportation
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
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

Net
Leased Assets

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Property Plant
& Equipment

11.06

68.7

31.15

23.65

33.64

Other
Property Plant
& Equip.
Deprec.

n.a.

-18.34

-14.95

-12.71

-15.33

Net
Other Property
Plant &
Equipment

11.06

50.36

16.21

10.94

22.14

Tangible Fixed Assets
252.61

269.1

266.74

268.3

264.19

3.97

n.a.

6.05

8.71

6.24

242.53

259.21

238.88

218.64

239.81

Other Fixed Assets481.87

550.53

457.76

359.84

462.5

n.a.

n.a.

n.a.

n.a.

n.a.

330.54

38.06

313.02

244.53

231.54

-41.47

13.74

4.35

568

-5.7

48.08

49.65

14.51

29.88

35.53

Invest
ment
Properties

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Long Term
Assets

144.71

449.08

125.88

84.87

201.14

Stocks

474.26
164.18

508.83
164.88

512.66
142.01

405.65
125.02

475.35
149.02

Raw
Materials

164.18

164.88

n.a.

n.a.

164.53

Work
in Progress

n.a.

n.a.

n.a.

n.a.

n.a.

Finishe
d Goods

n.a.

n.a.

n.a.

n.a.

n.a.

Debtors

n.a.
89.65

n.a.
125.75

n.a.
137

n.a.
99.31

n.a.
112.93

Accou
nts Receivable

92.02

128.64

139.26

101.37

115.32

Doubtf
ul Accounts

-2.37

-2.9

-2.25

-2.06

-2.4

Goodw

ill

Other
Intangibles

ation

Explor

Long
Term
Receivables
ments

Invest

Long
Term
Associated
Companies

Current
Assets

Invent
ory
Prepayments

Other Current Assets
220.43
Prepai
d Expenses &
Advances
Current
Assets

218.21

233.65

181.32

213.4

34.51

27.35

n.a.

n.a.

30.93

Other
125.34

132.77

147.66

137.08

135.71

Deferr
ed Charges

50.61

49.03

48.49

25.42

43.39

Total
Cash & Short
Term
Investment

9.96

9.06

37.5

18.82

18.84

9.06

37.5

18.82

18.84

9.96

6.32

7.06

13.09

9.11

0

2.74

30.44

5.73

9.73

1,455,235

1,587,670

1,482,083

1,261,130

1,446,530

298.38
194.05

349.35
194.05

350.9
194.05

362.32
194.05

340.24
194.05

Redee
mable
Prefered
Shares

n.a.

n.a.

n.a.

n.a.

n.a.

Preferr
ed Shares

n.a.

n.a.

n.a.

n.a.

n.a.

Comm
on Stock /
Shares

194.05

194.05

194.05

194.05

194.05

Partici
pation Shares

n.a.

n.a.

n.a.

n.a.

n.a.

155.3

156.85

168.27

146.19

Cash & Cash Equivalent
9.96
Cas
h or
Equivalent
Shor
t Term
Investment
Total
Assets
Shareholde
rs Funds

Capital

Other Shareholders
Funds
104.33
Treasu
ry Shares

n.a.

n.a.

4.08

n.a.

4.08

Share
Premiums

144.56

144.56

144.56

144.56

144.56

Retain
ed Earnings

-99.34

-2.64

-11.42

-13.95

-31.84

Revalu
ation
Reserves

n.a.

n.a.

n.a.

n.a.

n.a.

59.11

13.37

19.63

37.66

32.44

333.45

518.42

546.38

481.05

469.83

Long Term Debt 261.71

430.07

408.63

390.64

372.76

8.81

n.a.

n.a.

n.a.

8.81

252.9

363.66

373.3

347.34

334.3

Debent
ures &
Convertible
Debt

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Long Term
Interest
Bearing Debt

n.a.

66.41

35.33

43.3

48.35

88.36

137.75

90.41

97.06

Other
Shareholders
Reserves
Non
Current
Liabilities

Lease
Liabilities
Loans

Bank

Other Non-Current Liabilities
71.74
Minorit
y Interest

38.32

31.63

24.92

9.11

26

Pensio
n 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.

12.95

9.87

5.53

2.68

7.76

Deferr
ed Revenue

1.48

23.51

59.69

37.19

30.47

Other
LT NonInterest
Bearing Debt

18.99

23.34

47.61

41.43

32.84

823.4
n.a.

719.9
n.a.

584.81
n.a.

417.77
n.a.

636.47
n.a.

Creditors

n.a.
365.88

n.a.
338.23

n.a.
336.46

n.a.
267.19

n.a.
326.94

Trade
Creditors

365.88

338.23

336.46

267.19

326.94

ons

Provisi

Current
Liabilities

Loans
Curren
t Long Term
Debt

Other Current Liabilities
457.52

381.68

248.35

150.58

309.53

Other
Short Term
Debt

330.54

258.47

104.17

31.12

181.07

Other
Creditors

n.a.

n.a.

33.42

31.26

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

126.99

123.2

110.77

88.2

112.29

1,455,235

1,587,670

1,482,083

1,261,130

1,446,530

-112.05

-47.6

-57.45

-42.86

-64.99

1.59

1.68

1.61

n.a.

1.63

12/31/2002
12 months
th EUR

12/31/2001
12 months
th EUR

12/31/2000
12 months
th EUR

12/31/1999
12 months
th EUR

Average
4 years
th EUR

1,003,073

890.95

795.06

917.72

975.81

996.71

878.83

763.77

903.78

Adjustme
nts / Excise
Tax

n.a.

n.a.

n.a.

n.a.

n.a.

Net Sales

975.81

996.71

878.83

763.77

903.78

Total
Shareh.
Funds &
Liab.
Memo lines
Working
Capital

Employees

P&L
ACCOUNT
Consolidated
data

Operating Revenue/Turnover
981.78
Gross
Sales

Other
Revenues

5.97
975.81

6.36
996.71

12.12
878.83

31.29
763.77

13.93
903.78

975.81

996.71

878.83

763.77

903.78

Costs of Goods Sold 509.55

489.61

421.13

361.68

445.49

-509.55

-489.61

-421.13

-361.68

-445.49

472.23

513.47

469.82

433.38

472.23

Other Operating Expenses
505.33

539.39

506.87

485.78

509.34

n.a.

n.a.

n.a.

n.a.

n.a.

-381.65

-386.65

-388.87

-370.93

-382.02

-33.11

-25.93

-37.05

-52.39

-37.12

Financial Revenue 1.96

2.78

n.a.

n.a.

2.37

1.96

2.78

n.a.

n.a.

2.37

Financial Expenses85.74

399

5.5

-11.72

19.98

Sales
Sales

Net

Cost of
Goods Sold
Gross
Profit

Research
&
Development
Expenses
Other
Operating
Items
Operating
P/L (=EBIT)

Interes
t Income

Interes
t Expenses

-25.65

-30.89

-22.42

-22.84

-25.45

Financial
P/L

-83.77

2.38

-5.5

11.72

-18.79

P/L before
Tax & Extr.
Items

-116.88

-23.55

-42.55

-40.68

-55.91

Taxation

-60.63

-20.91

-27.84

-23.5

-33.22

Income
Taxes

60.63

20.91

27.84

23.5

33.22

P/L after
Tax

-56.25

-2.64

-14.71

-17.17

-22.69

n.a.

n.a.

n.a.

n.a.

n.a.

Extr. and
Other
Revenue

Extr. and
Other
Expenses

n.a.

n.a.

n.a.

n.a.

n.a.

Extr. and
Other P/L

2.01

5.44

3.29

3.22

3.49

-54.24

2.8

-11.42

-13.95

-19.2

Material
Costs

n.a.

n.a.

n.a.

n.a.

n.a.

Costs of
Employees

102.95

96.55

86.44

70.03

88.99

123.69

152.74

118

114.85

127.32

25.65

30.89

22.42

22.84

25.45

69.45

155.54

106.58

100.9

108.12

258.68
90.58

303.89
126.82

243.28
80.95

217.27
62.46

255.78
90.2

12/31/2002
12 months
th EUR

12/31/2001
12 months
th EUR

12/31/2000
12 months
th EUR

12/31/1999
12 months
th EUR

Average
4 years
th EUR

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

P/L for
Period (= Net
Income)
Memo lines

ion
Paid

Flow

Depreciat
Interest

Cash

Added
Value
EBITDA

RATIOS
Consolidated
data

Profitability
ratios

EBITDA
Margin (%)

9.23

12.64

9.09

7.86

9.70

EBIT
Margin (%)

-3.37

-2.59

-4.16

-6.59

-4.18

7.07

15.51

11.96

12.69

11.81

1.55

1.16

0.99

0.94

1.16

-1.29

-0.84

-1.65

-2.29

-1.52

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

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

Shareholde
rs Liquidity
Ratio (x)

0.90

0.67

0.64

0.75

0.74

20.50

22.00

23.68

28.73

23.73

n.a.

n.a.

n.a.

n.a.

n.a.

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

Cash
Flow /
Turnover (%)
Operational
ratios
Net Assets
Turnover (x)
Interest
Cover (x)
Stock
Turnover (x)

Structure
ratios

Solvency
Ratio (%)
Gearing
(%)

Per employee
ratios

Average
Cost of
Employee
(Th.)

65

58

54

n.a.

59

Shareholde
rs 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 months
EUR

12/31/2001
12 months
EUR

12/31/2000
12 months
EUR

12/31/1999
12 months
EUR

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

Average
6 years
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

Shareholde
rs 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.

Employees

969

912

839

777

763

n.a.

852

INDUSTRY / ACTIVITIES
Trade Description
PUBLIC TELEVISION
SERVICE.

Trade Description (original language)
GESTION INDIRECTA DEL
SERVICIO PUBLICO DE
TELEVISION

CNAE 93 Rev. 1 code(s)
Primary code :

9220

-

Radio and
television
activities

-

Radio and
television
activities

-

Radio and
television
activities

NACE Rev. 1.1 code(s)
Core code :

9220
Primary code(s) :

9220

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

-

Radio and
television
broadcasting
stations

4832

-

Radio
broadcasting
stations

4833

-

Television
broadcasting

-

Cable and
other pay
television
services

483
Primary code(s) :

4841

NAICS 2002 code(s) {derived from NACE Rev. 1.1 codes}
Core code :

5151

-

Radio and
Television
Broadcasting

515111

-

Radio
Networks

515112

-

Radio Stations

515120

-

Television
Broadcasting

-

Cable and
Other
Subscription
Programming

-

Cable and
Other
Program
Distribution

Primary code(s) :

515210

517510

BALANCE
SHEET
Consolidated
data
12/31/2002
12 months
EUR

12/31/2001
12 months
EUR

12/31/2000
12 months
EUR

12/31/1999
12 months
EUR

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

Average
6 years
EUR

370,382,000

358,038,000

286,190,000

247,690,000

217,400,000

149,120,000

271,470,000

Intangible Fixed
Assets
292,570,000

206,680,000
n.a.

182,030,000
n.a.

151,190,000
n.a.

142,060,000
n.a.

207,765,833
n.a.

Fixed
Assets

Land

n.a.

272,065,000
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.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Total
Buildings
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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.

gs

Buildin

Plant &
Machinery
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Net
Stated Plant &
Machinery

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Transp
ortation
Equipment

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Transp
ortation
Equipment
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Net
Transportation
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
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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 &
Equipment

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Tangible Fixed67,384,000
Assets

69,156,000

62,590,000

63,980,000

63,800,000

590

54,583,333

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.

Other Fixed Assets
10,428,000

16,817,000

16,920,000

1,680,000

2,410,000

6,470,000

9,120,833

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.

Goodw

ill

Other
Intangibles

ation

Explor

Long
Term
Receivables

ments

Invest

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
Assets

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

274,236,000
336

239,776,000
163

254,960,000
6,670,000

205,430,000
640

121,230,000
3,240,000

84,060,000
1,790,000

196,615,333
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.

Finishe
d Goods

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.
122,459,000

n.a.
117,977,000

n.a.
127,010,000

n.a.
117,220,000

n.a.
92,930,000

n.a.
77,200,000

n.a.
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

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Current
Assets

Stocks

Invent
ory
Prepayments

Debtors

Prepai
d Expenses &
Advances
Current
Assets

Other
n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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

n.a.

n.a.

n.a.

n.a.

n.a.

Cas
h or
Equivalent

n.a.

n.a.

Shor
t Term
Investment

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

644,618,000

597,814,000

541,130,000

453,130,000

338,620,000

233,170,000

468,080,333

340,657,000
92,521,000

305,190,000
92,521,000

297,030,000
92,520,000

229,550,000
92,520,000

173,040,000
92,520,000

112,720,000
75,130,000

243,031,167
89,622,000

Redee
mable
Prefered
Shares

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Preferr
ed Shares

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Comm
on Stock /
Shares

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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

Total
Assets
Shareholde
rs Funds

Capital

Treasu
ry 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.

Revalu
ation
Reserves

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Shareholders
Reserves

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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

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.

Non
Current
Liabilities

Lease
Liabilities
Loans

Bank

Debent
ures &
Convertible
Debt

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.

Pensio
n 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.

ons

Provisi

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 NonInterest
Bearing Debt

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

263,256,000
87,259,000

244,377,000
197

162,490,000
10

140,140,000
4,050,000

100,820,000
580

87,460,000
12,800,000

166,423,833
17,482,667

Creditors

n.a.
70,013,000

n.a.
63,496,000

n.a.
57,820,000

n.a.
51,480,000

n.a.
46,280,000

n.a.
34,990,000

n.a.
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

Current
Liabilities

Loans
Curren
t Long Term
Debt

Other
Short Term
Debt

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Creditors

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Incom
e Tax Payable

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Social
Expenditure
Payable

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Divide
nds Payable

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Current
Liabilities

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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

52,782,000

54,644,000

75,860,000

66,380,000

49,890,000

44,000,000

57,259,333

969

912

839

777

763

n.a.

852

12/31/2002
12 months
EUR

12/31/2001
12 months
EUR

12/31/2000
12 months
EUR

12/31/1999
12 months
EUR

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

Average
6 years
EUR

Operating Revenue/Turnover
521,733,000 532,840,000

567,240,000

488,690,000

407,520,000

344,170,000

477,032,167

Memo lines
Working
Capital

Employees

P&L
ACCOUNT
Consolidated
data

Gross
Sales

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Adjustme
nts / Excise
Tax

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Net Sales

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.
474,178,000

n.a.
502,628,000

n.a.
540,950,000

n.a.
467,290,000

n.a.
388,900,000

n.a.
324,800,000

n.a.
449,791,000

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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.

Other Operating Expenses
n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Revenues

Sales
Sales

Net

Research
&
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.

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

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

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

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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

-19,845,000

-24,709,000

-19,760,000

-12,590,000

-14,040,000

-5,050,000

-15,999,000

52,647,000

102,574,000

121,010,000

95,570,000

70,340,000

52,990,000

82,521,833

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

174,779,000

168,655,000

174,050,000

172,140,000

130,310,000

112,020,000

155,325,667

Operating
P/L (=EBIT)

Interes
t Income

Interes
t Expenses

Income
Taxes
P/L after
Tax

Extr. and
Other P/L
P/L for
Period (= Net
Income)
Memo lines

ion

Depreciat

Paid

Interest

3,618,000

4,250,000

4,840,000

2,900,000

3,350,000

4,290,000

3,874,667

227,426,000

271,229,000

295,060,000

267,710,000

200,650,000

165,010,000

237,847,500

305,373,000
n.a.

325,424,000
n.a.

396,660,000
n.a.

334,720,000
n.a.

258,860,000
n.a.

202,040,000
n.a.

303,846,167
n.a.

12/31/2002
12 months
EUR

12/31/2001
12 months
EUR

12/31/2000
12 months
EUR

12/31/1999
12 months
EUR

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

Average
6 years
EUR

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
Margin (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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

1.37

1.51

1.50

1.56

1.71

2.36

1.67

24.89

29.15

39.48

48.25

32.05

18.47

32.05

1,552.78

3,268.96

85.04

763.58

125.78

192.27

998.07

Flow

Cash

Added
Value
EBITDA

RATIOS
Consolidated
data

Profitability
ratios

Operational
ratios
Net Assets
Turnover (x)
Interest
Cover (x)
Stock
Turnover (x)

Collection
period (days)

84

80

81

86

82

81

82

Credit
period (days)

48

43

37

38

41

37

41

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

Shareholde
rs 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

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

56

55

50

45

42

n.a.

50

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

Structure
ratios

Per employee
ratios

Average
Cost of
Employee
(Th.)
Shareholde
rs Funds per
Employee
(Th.)

FINANCIAL
PROFILE
Consolidated
data
12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

Average
2 years
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

567,269,784

580,122,413

573,696,099

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.

13.33

16.08

14.71

Price
Earning Ratio
(x)

n.a.

n.a.

n.a.

Employees

6.27

6.34

6.3

Total
Assets
Shareholde
rs Funds

Solvency
Ratio (%)

INDUSTRY / ACTIVITIES
Trade Description
Television services.

Trade Description (original language)

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

CNAE 93 Rev. 1 code(s)
Primary code :

9220

-

Radio and
television
activities

-

Radio and
television
activities

-

Radio and
television
activities

NACE Rev. 1.1 code(s)
Core code :

9220
Primary code(s) :

9220

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

-

Radio and
television
broadcasting
stations

4832

-

Radio
broadcasting
stations

4833

-

Television
broadcasting

483
Primary code(s) :

4841

Cable and
other pay
television
services

-

NAICS 2002 code(s) {derived from NACE Rev. 1.1 codes}
Core code :

5151

-

Radio and
Television
Broadcasting

515111

-

Radio
Networks

515112

-

Radio Stations

515120

-

Television
Broadcasting

-

Cable and
Other
Subscription
Programming

-

Cable and
Other
Program
Distribution

Primary code(s) :

515210

517510

BALANCE
SHEET
Consolidated
data
12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

Average
2 years
EUR

152,869,208

134,528,683

143,698,946

Intangible Fixed1,638,101
Assets

Fixed
Assets

Land

n.a.

395.35
n.a.

1,016,723
n.a.

Total
Land
Depreciation

n.a.

n.a.

n.a.

Net
Stated Land

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Total
Buildings
Depreciation

n.a.

n.a.

n.a.

Net
Buildings

n.a.

n.a.

n.a.

Plant &
Machinery

n.a.

n.a.

n.a.

Plant &
Machinery
Depreciation

n.a.

n.a.

n.a.

Net
Stated Plant &
Machinery

n.a.

n.a.

n.a.

Transp
ortation
Equipment

n.a.

n.a.

n.a.

Transp
ortation
Equipment
Depreciation

n.a.

n.a.

n.a.

Net
Transportation
Equipment

n.a.

n.a.

n.a.

Lease
d Assets

n.a.

n.a.

n.a.

Lease
d Assets
Depreciation

n.a.

n.a.

n.a.

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.

Tangible Fixed
Assets
130,791,599

122,610,589

126,701,094

n.a.

n.a.

gs

ill

Buildin

Goodw

n.a.

Other
Intangibles

n.a.

n.a.

n.a.

Other Fixed Assets
20,439,508

11,522,749

15,981,129

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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
Assets

n.a.

n.a.

n.a.

414,400,573
289,884,938

445,593,725
298,253,512

429,997,149
294,069,225

Raw
Materials

n.a.

n.a.

n.a.

Work
in Progress

n.a.

n.a.

n.a.

Finishe
d Goods

n.a.

n.a.

n.a.

n.a.
33,103,248

n.a.
8,174,333

n.a.
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

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

ation

Explor

Long
Term
Receivables
ments

Invest

Current
Assets

Stocks

Invent
ory
Prepayments

Debtors

Prepai
d Expenses &
Advances
Current
Assets

Other

Deferr
ed Charges

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.

Shor
t Term
Investment

n.a.

n.a.

n.a.

567,269,784

580,122,413

573,696,099

75,612,831
33,806,930

93,309,231
33,806,930

84,461,031
33,806,930

Redee
mable
Prefered
Shares

n.a.

n.a.

n.a.

Preferr
ed 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.

Other Shareholders
Funds 59,502,301
41,805,901

50,654,101

Total
Assets
Shareholde
rs Funds

Capital

Treasu
ry Shares

n.a.

n.a.

n.a.

Share
Premiums

n.a.

n.a.

n.a.

Retain
ed Earnings

n.a.

n.a.

n.a.

ation
Reserves

n.a.

n.a.

n.a.

Other
Shareholders
Reserves

n.a.

n.a.

n.a.

207,037,804

197,419,874

202,228,839

Long Term Debt
158,649,165

158,649,165

158,649,165

Revalu

Non
Current
Liabilities

Lease
Liabilities

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Debent
ures &
Convertible
Debt

n.a.

n.a.

n.a.

Other
Long Term
Interest
Bearing Debt

n.a.

n.a.

n.a.

Other Non-Current
Liabilities38,770,709
48,388,639

43,579,674

Loans

Bank

Minorit
y Interest

n.a.

n.a.

n.a.

Pensio
n Fund
Provisions

n.a.

n.a.

n.a.

Deferr
ed Taxes

n.a.

n.a.

n.a.

ons

Provisi

n.a.

n.a.

n.a.

Deferr
ed Revenue

n.a.

n.a.

n.a.

Other
LT NonInterest
Bearing Debt

n.a.

n.a.

n.a.

284,619,145
117,827,671

289,393,304
0

287,006,225
58,913,836

Creditors

n.a.
113,997,998

n.a.
166,925,724

n.a.
140,461,861

Trade
Creditors

n.a.

n.a.

n.a.

Other Current 52,793,476
Liabilities

122,467,580

87,630,528

Current
Liabilities

Loans
Curren
t Long Term
Debt

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.

567,269,784

580,122,413

573,696,099

208,990,188

139,502,121

174,246,155

6.27

6.34

6.3

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

Average
2 years
EUR

Operating Revenue/Turnover
867,462,995 887,599,445

877,531,220

Total
Shareh.
Funds &
Liab.
Memo lines
Working
Capital

Employees

P&L
ACCOUNT
Consolidated
data

Gross
Sales

n.a.

n.a.

n.a.

Adjustme
nts / Excise
Tax

n.a.

n.a.

n.a.

Net Sales

n.a.

n.a.

n.a.

n.a.
861,190,337

n.a.
850,600,329

n.a.
855,895,333

n.a.

n.a.

n.a.

Costs of Goods Sold

n.a.

n.a.

n.a.

Cost of
Goods Sold

n.a.

n.a.

n.a.

Other
Revenues

Sales
Sales

Net

Gross
Profit

n.a.

n.a.

n.a.

Other Operating Expenses
n.a.

n.a.

n.a.

Research
&
Development
Expenses

n.a.

n.a.

n.a.

Other
Operating
Items

n.a.

n.a.

n.a.

-688.89

36,510,661

17,910,887

Financial Revenue
4,874,675

7,504,914

6,189,795

n.a.

n.a.

n.a.

Financial Expenses 8.55

2.66

5.6

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

Operating
P/L (=EBIT)

Interes
t Income

Interes
t 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

23,823,558

25,793,660

24,808,609

n.a.

n.a.

n.a.

5,900,268

62,014,105

33,957,187

279,417,781
n.a.

302,147,677
n.a.

290,782,729
n.a.

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

Average
2 years
EUR

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

0.68

6.99

3.83

ion
Paid

Flow

Depreciat
Interest

Cash

Added
Value
EBITDA

RATIOS
Consolidated
data

Profitability
ratios

Cash
Flow /
Turnover (%)
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

Current
Ratio (x)

1.46

1.54

1.50

Liquidity
Ratio (x)

0.44

0.51

0.47

Shareholde
rs Liquidity
Ratio (x)

0.37

0.47

0.42

13.33

16.08

14.71

429.64

211.58

320.61

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

Shareholde
rs Funds per
Employee
(Th.)

12

15

13

Structure
ratios

Solvency
Ratio (%)
Gearing
(%)

Per employee
ratios
Profit per
Employee
(Th.)

Working
Capital per
Employee
(Th.)

33

22

28

Total
Assets per
Employee
(Th.)

91

92

91

FINANCIAL
PROFILE
Consolidated
data
12/31/2002
12 months
EUR

12/31/2001
12 months
EUR

12/31/2000
12 months
EUR

12/31/1999
12 months
EUR

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

12/31/1996
12 months
EUR

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

372,106,000

414,463,430

457,367,020

378,608,420

286,361,180

250,428,850

212,774,590

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.

Employees

2.46

2.6

2.61

2.31

2.26

1.38

1.54

Total
Assets
Shareholde
rs Funds

INDUSTRY / ACTIVITIES
Trade Description
Editorial.

Trade Description (original language)

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

CNAE 93 Rev. 1 code(s)
Primary code :
-

Other
publishing

2213
2210

-

Publishing of
journals and
periodicals
Publishing

2215

-

Other
publishing

2215

-

Other
publishing

2213

-

Publishing of
journals and
periodicals

2211

-

Publishing of
books

2212

-

Publishing of
newspapers

-

Publishing of
sound
recordings

2215
Secondary code(s):

NACE Rev. 1.1 code(s)
Core code :

Primary code(s) :

Secondary code(s) :

2214

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

Core code :
274

-

Miscellaneous
publishing

2741

-

Miscellaneous
publishing

-

Periodicals :
publishing or
publishing and
printing

-

Books :
publishing or
publishing and
printing

-

Newspapers
publishing or
publishing and
printing

Primary code(s) :

Secondary code(s) :

2721

2731

2711

NAICS 2002 code(s) {derived from NACE Rev. 1.1 codes}
Core code :

5111

-

Newspaper,
Periodical,
Book and
Database
Publishers

511199

-

All Other
Publishers

511120

-

Periodical
Publishers

511130

-

Book
Publishers

511110

-

Newspaper
Publishers

512230

-

Music
Publishers

Primary code(s) :

Secondary code(s) :

BALANCE
SHEET
Consolidated
data

12/31/2002
12 months
EUR

12/31/2001
12 months
EUR

12/31/2000
12 months
EUR

12/31/1999
12 months
EUR

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

12/31/1996
12 months
EUR

213,210,000

234,233,140

249,773,160

189,649,090

134,729,240

119,148,190

90,232,330

Intangible Fixed
Assets
24,601,000

Fixed
Assets

Land

n.a.

27,594,480
n.a.

28,220,780
n.a.

21,138,880
n.a.

24,429,680
n.a.

26,506,480
n.a.

26,035,440
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.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Total
Buildings
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Net
Stated Plant &
Machinery

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Transp
ortation
Equipment

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Transp
ortation
Equipment
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Net
Transportation
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
Depreciation

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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.

gs

Buildin

Other
Property Plant
& Equip.
Deprec.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Net
Other Property
Plant &
Equipment

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Tangible Fixed
Assets
164,684,000

158,598,990

161,081,820

125,519,560

77,059,850

60,365,190

47,661,470

Goodw
ill

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

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.

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
Assets

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

158,896,000
27,248,000

180,230,300
38,240,490

207,593,870
43,665,060

188,959,330
33,759,400

151,631,950
29,706,490

131,280,660
18,369,020

122,542,260
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.

Finishe
d Goods

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.
112,212,000

n.a.
116,660,070

n.a.
141,319,360

n.a.
136,359,910

n.a.
100,969,980

n.a.
75,347,830

n.a.
73,126,650

ation

Explor

Long
Term
Receivables
ments

Invest

Current
Assets

Stocks

Invent
ory
Prepayments

Debtors

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 Current 19,436,000
Assets

25,329,740

22,609,450

18,840,020

20,955,480

37,563,810

31,578,430

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Prepai
d Expenses &
Advances
Current
Assets

Other
n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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
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.

Shor
t Term
Investment

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

372,106,000

414,463,430

457,367,020

378,608,420

286,361,180

250,428,850

212,774,590

87,825,000
10,320,000

98,640,890
13,343,330

113,764,020
13,321,430

113,788,880
13,321,430

101,753,880
13,321,430

95,250,530
13,321,430

79,714,170
13,321,430

Redee
mable
Prefered
Shares

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Preferr
ed Shares

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Comm
on Stock /
Shares

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Partici
pation Shares

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other Shareholders
Funds 85,297,560
77,505,000

100,442,590

100,467,450

88,432,450

81,929,100

66,392,740

n.a.

n.a.

n.a.

n.a.

n.a.

Total
Assets
Shareholde
rs Funds

Capital

Treasu
ry Shares

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.

Revalu
ation
Reserves

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Shareholders
Reserves

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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

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.

Debent
ures &
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
Liabilities10,723,300
10,017,000

9,794,420

8,669,880

4,639,830

3,653,550

3,339,210

Non
Current
Liabilities

Lease
Liabilities
Loans

Bank

Minorit
y Interest

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Pensio
n 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.

ons

Provisi

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 NonInterest
Bearing Debt

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

176,138,000
71,329,000

200,493,420
82,613,010

238,151,700
91,871,640

207,960,510
75,483,860

138,514,680
41,400,980

126,918,530
43,676,410

114,185,540
49,682,110

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Current
Liabilities

Loans
Curren
t Long Term
Debt

Creditors

67,012,000

75,046,820

102,830,470

86,879,990

62,405,920

57,899,740

50,746,680

Trade
Creditors

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other Current 37,797,000
Liabilities

42,833,590

43,449,590

45,596,660

34,707,780

25,342,380

13,756,750

Other
Short Term
Debt

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Creditors

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Incom
e Tax Payable

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Social
Expenditure
Payable

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Divide
nds Payable

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Other
Current
Liabilities

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

372,106,000

414,463,430

457,367,020

378,608,420

286,361,180

250,428,850

212,774,590

72,448,000

79,853,740

82,153,950

83,239,320

68,270,550

35,817,110

40,217,150

2.46

2.6

2.61

2.31

2.26

1.38

1.54

12/31/2002
12 months
EUR

12/31/2001
12 months
EUR

12/31/2000
12 months
EUR

12/31/1999
12 months
EUR

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

12/31/1996
12 months
EUR

Operating Revenue/Turnover
425,171,000 425,096,250

419,983,190

393,792,780

368,393,680

336,353,120

299,805,820

n.a.

n.a.

n.a.

n.a.

n.a.

Total
Shareh.
Funds &
Liab.
Memo lines
Working
Capital

Employees

P&L
ACCOUNT
Consolidated
data

Gross
Sales

n.a.

n.a.

Adjustme
nts / Excise
Tax

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Net Sales

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.
409,612,000

n.a.
408,497,400

n.a.
403,739,080

n.a.
382,392,890

n.a.
356,058,790

n.a.
326,930,540

n.a.
290,501,440

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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.

Other Operating Expenses
n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

Research
&
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.

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

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

Other
Revenues

Sales
Sales

Net

Operating
P/L (=EBIT)

Interes
t Income

Interes
t 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

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

4,040,000

-2,977,460

14,492,860

23,856,060

11,124,930

17,978,950

18,666,250

Income
Taxes
P/L after
Tax

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

-11,027,000

-2,770,260

-11,340,820

-13,262,580

-3,860,660

-5,209,570

-7,789,220

-6,987,000

-5,747,720

3,152,040

10,593,480

7,264,270

12,769,380

10,877,030

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

21,467,000

20,785,500

15,223,220

11,548,030

12,505,020

12,723,320

65,315,930

9,528,000

15,058,840

11,522,630

6,759,370

6,693,210

6,987,810

9,619,050

14,480,000

15,037,780

18,375,260

22,141,510

19,769,290

25,492,700

76,192,960

131,867,000
n.a.

140,254,650
n.a.

139,479,200
n.a.

128,247,780
n.a.

117,307,710
n.a.

108,699,380
n.a.

150,723,000
n.a.

12/31/2002
12 months
EUR

12/31/2001
12 months
EUR

12/31/2000
12 months
EUR

12/31/1999
12 months
EUR

12/31/1998
12 months
EUR

12/31/1997
12 months
EUR

12/31/1996
12 months
EUR

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

Extr. and
Other P/L
P/L for
Period (= Net
Income)
Memo lines

ion
Paid

Flow

Depreciat
Interest

Cash

Added
Value
EBITDA

RATIOS
Consolidated
data

Profitability
ratios

Profit
Margin (%)

-0.30

-1.11

4.41

7.98

4.19

7.02

7.65

Gross
Margin (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

EBITDA
Margin (%)

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

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

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

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

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

Shareholde
rs Liquidity
Ratio (x)

0.81

0.86

1.08

2.00

2.21

3.37

4.27

23.60

23.80

24.87

30.06

35.53

38.04

37.46

204.35

200.67

173.45

116.31

85.99

75.52

85.76

-1

-2

7

14

7

17

15

173

163

161

170

163

243

195

Operational
ratios

Stock
Turnover (x)

Structure
ratios

Solvency
Ratio (%)
Gearing
(%)

Per employee
ratios
Profit per
Employee
(Th.)
Operating
Revenue per
Employee
(Th.)

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

Shareholde
rs 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 months
EUR

12/31/1994
12 months
EUR

Average
9 years
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

1.71

12/31/1995
12 months
EUR

12/31/1994
12 months
EUR

Average
9 years
EUR

95,026,170

102,941,800

158,771,458

25,101,740
n.a.

27,228,020
n.a.

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.

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
24,052,940

102,120,670
21,123,410

150,196,244
28,222,443

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.
61,454,180

n.a.
60,805,610

n.a.
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
13,321,430

63,209,440
13,321,430

91,429,790
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
49,648,530

107,355,160
46,023,940

157,244,901
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

1.71

12/31/1995
12 months
EUR

12/31/1994
12 months
EUR

Average
9 years
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.
260,488,360

n.a.
259,707,230

n.a.
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
n.a.

86,850,870
n.a.

121,407,864
n.a.

12/31/1995
12 months
EUR

12/31/1994
12 months
EUR

Average
9 years
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

2.88

2.8

772

22.67

23.98

23.64

654

671

180

741

658

192

453

353

113

2.19

2.14

602