As reported yesterday in the CNMV, Education continues to show growth on the back of strong educational campaigns in Latam. Education and PayTV (subscribers) revenues account for 65% of revenues, the firts showing a strong contribution (27% of revenues), with similar performance practically across the board in Latam and a weaker performance in Spain.

Positive top line performance (+1.8%) with strong education campaigns practically across the board: Mexico  +17.6% revenues (with strong contribution from Education systems  +123%,  USA  +41%, Argentina +20.6%,  Ecuador +23.3%,  Peru +129.4%, Brazil weaker given natural cyclicity (-11% at constant currency with EBITDA down  by 9.7%) Venezuela weaker, (0.9% compared to the -6.6% of 9M 2012). Spain Revenues fall by 8.9%, Education (-3.3%) General Publishing (-22.3%) and EBITDA up 7.7%, with EBITDA margin growth, from 24.1% in 2011 to 25.5% in 2012.