The terms and conditions agreed upon in the integration agreement relating to Gala
Desarrollos Comerciales, S.L. remain unchanged and, accordingly, it continues to be entitled
to receive an additional ownership interest of 0.508% of the share capital of Atresmedia
Corporación de Medios de Comunicación, S.A., conditional upon the earnings performance of
the Atresmedia Group, as indicated above.
Outlook for theGroup
The main indicators suggest that the improvement in economic activity will continue in the
near future. Although household consumption is not expected to make any major leap
forward, it is expected to display increasingly positive growth. This is consistent with
significant growth in the advertising market, whose elasticity with respect to consumption is
very high, as displayed by themassive decline in recent years. Accordingly, 2014 is expected
to be at least slightly positive, with the growth achieved being bolstered in the coming years.
This more positive environment allows for some optimism regarding the immediate future,
and will make it possible to reap all the fruits of the merger carried out in recent years.
Although the outlook for the market and revenue is positive, cost discipline will remain a
cornerstone of management, so as to enable the margins of the television and radio
businesses to grow significantly. The high degree of quality and diversity in the content on
offer is expected to be maintained and, accordingly, we will be able to continue to enjoy the
boost this provides.
No major corporate transactions, such as the recent merger, are expected to be carried out.
However, we will devote greater efforts to the objective of earning income from audiovisual-
world activities other than advertising. Nubeox, the pay video-on-demand content platform,
is one of the initiatives in this area, as are participation in the Hola TV channel, broadcast in
South America and the United States, tualbum.es. and EnglishHouse.TV. Furthermore, the
progress made on the Internet will continue: 2013 saw 12 million different visitors to our
websites and a 28% increase in pageviews. The recent launch of Atresplayer, an onlinemulti-
platform content viewing platform, has proven to be a great success, which will allow us to
achieve greater dissemination of our content and to obtain additional revenues from both
advertisers and paying spectators.
The framework for all these developments will continue to be a prudent financial policy which,
as has been the case to date, will couple a continued sound equity position with a dividend
policy in linewith that of recent years.
Research anddevelopment activities
The Group does not itself carry on any specific research and development activities. However,
it invests, on an ongoing basis, in all new technologies related to engineering, systems and
content distribution. In this field Atresmedia Corporación de Medios de Comunicación, S.A.
has and uses state-of-the-art technology, which enables it to be at the forefront in the roll-
out of digital activities and in the Internet.
