Atresmedia Corporación de Medios de Comunicación S A : 2020 Full Year Financial Results

JANUARY-DECEMBER 2020

RESULTS

31 December 2020

Atresmedia's consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), taking into account all mandatory accounting principles and rules and measurement bases, as well as the alternative treatments permitted by the legislation in this regard.

In addition, information is disclosed on the individual performance of the Group's two main lines of business: Audiovisual and Radio.

• 1. HIGHLIGHTS ....................................................................... 3

  • 1.1 Milestones and key figures .............................................. 3

  • 1.2 The economic climate and the market .............................. 4

• 2. ATRESMEDIA ....................................................................... 6

  2.1 Consolidated Income Statement ...................................... 6

  2.1.1 Net revenue ......................................................... 7

  2.1.2 Operating expenses ............................................... 7

  2.1.3 Operating earnings and margins ............................. 8

  2.1.4 Profit before tax .................................................. 10

  2.1.5 Consolidated profit for the period .......................... 10

  2.2 Consolidated Balance Sheet .......................................... 11

  2.3 Consolidated Cash Flow Statement ................................ 13

  2.4 Share price ................................................................. 14

  2.4.1 Atresmedia's shares ............................................ 14

  2.4.2 Analysts' recommendations .................................. 15

  2.5 Corporate Social Responsibility ...................................... 15

• 3. AUDIOVISUAL ................................................................... 18

  3.1 Income statement ....................................................... 18

  3.1.1 Net revenue ....................................................... 18

  3.1.2 Operating expenses ............................................. 22

  3.1.3 Operating earnings and margins ........................... 23

  3.2 Audiences ................................................................... 24

  3.2.1 Television viewing ............................................... 24

  3.2.2 Television audiences ............................................ 25

  3.2.3 Digital audiences ................................................. 29

• 4. RADIO .............................................................................. 31

  • 4.1 Advertising market and audience figures ........................ 31

  • 4.2 Income statement ....................................................... 32

• 5. ALTERNATIVE PERFORMANCE MEASURES ............................. 34

1. HIGHLIGHTS

1.1 Milestones and key figures

Atresmedia. Key figures

Jan-Dec	Jan-Dec
Operational highlights	2020	2019
Total TV audience	26.3%	26.2%
TV market share (internal estimates)	41.1%	40.9%
Radio listeners (thousands) (3rd EGM wave
Rolling average)
Total no. employees	2,571	2,464
Financial highlights	Jan-Dec	Jan-Dec
Euros (in thousands)	2020	2019
Net revenue	866,300	1,039,406
EBITDA	74,262	183,945
Profit for the period	23,853	118,025
Net financial debt	116,792	193,010

3,165

3,445

The key issue throughout 2020 has been the global crisis caused by the COVID-19 pandemic. Against this backdrop, Atresmedia's EBITDA for the year totalled 74.3 million euros, with consolidated profits of 23.9 million euros.

During the year the Group implemented a voluntary severance scheme for employees. Excluding the impact of the corresponding provision, EBITDA for the year would have been 110.8 million euros.

According to internal estimates, Atresmedia Television's market share for the period was 41.1%. It achieved an audience share of 26.3%, making it the only television group to see growth in the year, while its competitors lost audience share, and it obtained a prime time commercial target audience of 27.9%.

Antena 3 achieved an 11.8% audience share in the period, with a prime time commercial target audience share of 13.2%.