ENDESA ANNOUNCES CONSOLIDATED EARNINGS FOR FISCAL YEAR 1994.

Madrid, Spain--(BUSINESS WIRE)--February 16, 1995--ENDESA (NYSE: ELE), a major electric utility company in Spain, announced today its preliminary, consolidated earnings for fiscal year 1994. Net income of Pta132.73 billion ($1.0 billion) shows a 13.6 percent increase over Pta116.81 billion ($886.76 million) for the previous year. Earnings per share are Pta510.48 ($3.87 per ADR).

Consolidated revenues were Pta811.53 billion ($6.16 billion), 7.8 percent higher than those for 1993.

Cash flow generated was Pta276.46 billion ($2.10 billion), 8.8 percent higher than in the previous year.

Capital expenditures amounted to Pta189.59 billion ($1.44 billion), which includes the asset swap agreed with the industry in 1993, representing Pta85.46 billion ($648.74 million).

Financial investments were Pta102.63 billion ($779.06 million).

Debt went up by Pta62.33 billion ($473.18 million), which includes Pta88.02 billion ($668.20 million) brought in by the newly consolidated companies. Thus, on a comparable basis, net debt was reduced by Pta25.69 billion ($195.02 million).

Consolidated figures are unaudited and calculated in accordance with Spanish GAAP. Conversion of pesetas (Pta) into US dollars ($) is based on the Federal Reserve Bank noon-buying rate on December 30, 1994, of $1.00 equal Pta131.73.

A more detailed report will be released later today.

For further information, contact Fernando Lario, North America Investor Relations, [phone].

CONTACT: Fernando Lario

North America Investor Relations

[phone]