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FINANCIAL STATEMENTS, MANAGEMENT AND CORPORATE GOVERNANCE REPORT.
2011
EVENTS AFTER THE REPORTING PERIOD
The main events occurring between the end of the repor ting period and the date of authorisation for issue of the
financial statements are those discussed in the related Note to the financial statements.
CAPITAL STRUCTURE
The Company’s share capital before the capital increases carried out to acquire Cuatro and 22% of Digital+ in 2010
amounted to EUR 123,320,928,00, made up of 246,641,856 shares of the same class represented by book entries and
with a par value of EUR 0.50 each. As a result of the capital increases, the number of shares increased to 406,861,426
of EUR 0.50 par value each, taking the total to EUR 203,430,713. All the shares are of the same class and represented
by book entries.
The Company’s shares are listed on the Madrid, Barcelona, Bilbao and Valencia stock exchanges. The ISIN code is
ES0152503035.
Mediaset España Comunicación, S.A. is a member of the IBEX 35 since 3 January 2005.
BUSINESS OUTLOOK
The Company’s business in 2012 will evidently be shaped by the overall macroeconomic environment. As discussed
briefly in this Management Repor t, this year is likely to be one of transition, with no major economic rebound in the
cards.
2012 is also likely to featured fur ther intra-sector consolidation due to both the weakness of demand for adver tising and
to ongoing M&A action.The outcome will be a smaller number of operators and a greater concentration of channels
among each.
Against this backdrop, our Group’s business will focus on boosting market share in both audience and adver tising
considerably by broadcasting spor ting events to which we have exclusive rights (e.g. European football, Moto GP).With
adver tisers having trimmed their budgets compared to 2011, they could well concentrate more on famous spor ting
events.
Elsewhere, we will attempt to leverage the Group’s higher operational gearing, predicated on the greater weight of in-
house vs. outside production in terms of broadcasting hours, by raising or lowering the percentages in accordance with
adver tising revenues in order to protect operating margins.
Other main objectives include maintaining a solid financial and equity position, and reinforcing the Internet business
strategy.
RESTRICTIONS ONVOTING RIGHTS
There are no legal or bylaw stipulated restrictions on exercising voting rights. Each share carries one vote.