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COMPANIA SEVILLANA REDUCES INTERIM DIVIDEND

 SEVILLE, Spain, Dec. 17 /PRNewswire/ -- The board of directors of Compania Sevillana de Electricidad (NASDAQ: COVDY) has approved the payment of a first interim dividend of 23.75 pesetas per share (4.75 percent of par value) to shareholders on Jan. 4, 1993. The amount of the dividend is 10.88 percent lower than last year's first interim dividend.
 In deciding to reduce the amount of the dividend, the board took account of several uncertainties affecting the sector's business at present, especially the expectation of new government regulations affecting the electric energy sector and the final resolution of the status of the nuclear plants currently under moratorium.
 Until these matters are clarified, the board decided to slightly reduce the amount of the first dividend payment. The directors made no decision about the amount of the total dividend, the last payment of which is traditionally made in June. However, they expect the company's net profit for the year to be sufficient to pay the same dividend paid last year.
 In analyzing the favorable evolution of the most important operating figures of the company over the last several years, the directors noted the consistent growth of operating cash flow which has increased from 12 billion pesetas in 1989 to over 34 billion pesetas expected in 1992.
 Sevillana is one of Spain's leading publicly-held electric utilities. In the first nine months of 1992, it earned 8.26 billion pesetas after taxes on net revenues of 183.5 billion pesetas.
 -0- 12/17/92
 /CONTACT: Gregorio Valero of Compania Sevillana de Electricidad, 011-341-597-1343, or Frank Della Corte of Wattel/Della Corte & Arkin, 212-599-2369, for Compania Sevillana de Electricidad/
 (COVDY)


CO: Compania Sevillana de Electricidad ST: IN: TLS SU: DIV

SM -- NY015 -- 8062 12/17/92 09:13 EST
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Publication:PR Newswire
Date:Dec 17, 1992
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