ANNUAL REPORT

2008 Group’s Consolidated Annual Report – Directors’ Report on Operations
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� Consolidated net revenues reached EUR 981.9 million, dropping 9.2% against the
previous year;
� The effective implementation of a television cost reduction policy enabled the group to
maintain overall costs slightly below (-0.2%) the level registered in the previous year;
� In 2008 Telecinco held absolute leadership for the fifth consecutive year with 18.1%
of the audience share, breaking away from its main competitors TVE1 and Antena 3
by 1.2% and 3%, respectively.
� EBIT equalled EUR 386.9 million, against EUR 485.3 million in the same period of the
previous year. Operating profitability dropped to 39.4% from 44.9% registered in
2007, but still confirming Telecinco as Europe’s most profitable television;
� Net profit totalled EUR 211.3 million, a 40.2% reduction against EUR 353.1 million of
the previous year. Net of the accounting impact derived from the Edam subsidiary, net
profit equals EUR 282.6 million, down 22% on Y/Y basis.
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