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MEDIASET ESPAÑA COMUNICACIÓN, S.A.
CAPITAL STRUCTURE
The Company’s share capital before the capital increases carried out to acquire Cuatro and 22% of Digital+ 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, Madrid, Barcelona, Bilbao and Valencia stock exchanges.The ISIN code
is ES0152503035.
Mediaset España Comunicación, SA 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, most analysts concur that the Spanish economy will plunge back into recession this
year, with weak private consumption, rising unemployment and soft public consumption due to the fiscal adjustment and
budget measures.
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.
SHAREHOLDER AGREEMENTS
Shareholder agreements in force are those included in the “Significant Event” notice filed by the Company with the
National Securities Exchange Commission (CNMV) on 8 February 2011, reproduced below:
Through this communication we inform of the clauses restricting the transfer of shares or relating to the exercise of
the right to vote at the General Meetings that are included in the Integration Agreement and the Option Agreement
entered into betweenTelecinco,TV Prisa, SAU (“Prisa TV”) and Promotora de Informaciones, SA (“Prisa”), as listed and
described inTelecinco Prospectus approved and registered by the National Securities Market dated 18 November 2010
and January 25, 2011 (the “Prospectus):