Antena 3
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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
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
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