ANNUAL REPORT

2008 Group’s Consolidated Annual Report – Directors’ Report on Operations
Analysis of results by geographical segment: Spain
Here follows a summary of the reclassified Income Statement relative to the Spanish operations,
coinciding with the Telecinco Group consolidated results.
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(values in EUR millions)
Spain: Income statement
2008 2007
Total consolidated net revenues 981.9 1,081.6
Personnel expenses 89.2 84.9
Purchases, services, other costs 317.0 318.1
Operating costs 406.2 402.9
EBITDA 575.7 678.7
Rights amortisations 180.8 188.1
Other amortisations and depreciations 7.9 5.4
Amortisations and depreciations 188.8 193.5
Operating profit 386.9 485.3
Gain/(Losses) from disposal of equity investments - -
EBIT 386.9 485.3
Financial income/(losses) (3.4) 5.3
Income/(expenses) from equity investments (175.9) (3.1)
EBT 207.6 487.4
Income taxes (23.1) (137.4)
Net profit from continuing operations 184.5 350.0
Net profit from discontinued operations - -
Minority interests in net profit 26.8 3.0
Mediaset Group net profit 211.3 353.1
The table below shows the percentage on consolidated net revenues of some key Income
Statement components regarding Spanish activities.
2008 2007
Total consolidated net revenues 100.0% 100.0%
Operating costs 41.4% 37.3%
EBITDA 58.6% 62.7%
Amortisation, depreciation and write-downs 19.2% 17.9%
EBIT 39.4% 44.9%
EBT 21.1% 45.1%
Mediaset Group net profit 21.5% 32.6%
Tax rate (EBT %) 11.1% 28.2%
Tax rate (EBT %)
The table below shows in detail Telecinco Group revenues with the most relevant items:
(values in EUR millions)
2008 2007 Changes % Changes
Television advertising revenues 916.9 1,036.9 (119.9) -11.6%
Other advertising revenues 17.9 15.0 3.0 19.8%
Gross advertising revenues 934.8 1,051.8 (117.0) -11.1%
Agency discounts (42.3) (45.7) 3.4 -7.5%
Net advertising revenues 892.6 1,006.1 (113.6) -11.3%
Other revenues 89.3 75.5 13.8 18.2%
Total net consolidated revenues 981.9 1,081.6 (99.8) -9.2%
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