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SEVILLANA REPORTS FULL YEAR 1992 FINANCIAL RESULTS

 SEVILLE, Spain, March 1 /PRNewswire/ -- Compania Sevillana de Electricidad (NASDAQ: COVDY) was able to achieve a growth of 1.5 percent in income from operations and 9.3 percent in income before extraordinary items and taxes despite a difficult industry environment in the year ended Dec. 31, 1992. These improved operating results came from total operating revenues of Ptas 253,362 million, up 6.1 percent compared with those reported in FY 1991.
 The calendar year 1992 was a difficult year for all companies in the Spanish electricity sector. During this year, a number of factors coincided to negatively affect it's economic performance. These included the slowdown of demand for electricity, a continuing drought, the devaluation of the peseta and rising interest rates.
 For the first time in 1992 the Company set up provisions of Ptas 7,477 million in keeping with it's conservative accounting principles. This amount represents 50 percent of the value attributable to construction under progress but not actually paid (re-evaluation of assets and foreign exchange losses) for the Valdecaballeros nuclear plant. Sevillana keeps the right to expect indemnification for its full investment in this plant and the provisioned funds do not imply in any way the renouncing of its rights, but only formal recognition for accounting purposes.
 As a consequence of these provisions, income after taxes in 1992 declined 6.3 percent compared with prior year. However, the Company expects 1992 income will be sufficient to maintain the same dividend paid in previous years, if this is subsequently approved and declared by its Board of Directors.
 Sevillana is one of Spain's leading publicly-held electric utilities and serves the southern region of Spain. Its ADRs are traded in the US OTC market.
 COMPANIA SEVILLANA DE ELECTRICIDAD
 (Consolidated)
 On Dec. 31, 1992, US$1.00 equals 114.623 Pesetas.
 (figures in Ptas millions)
 Profit and Loss account as of Dec. 31, 1992 1991
 Net revenues 250,083 234,504
 Accruals pursuant Royal
 Decree 1538/1987 (1,597) (1,044)
 In-house work on
 operating fixed assets 3,617 2,989
 Other operating revenues 1,259 2,380
 Total operating revenues 253,362 238,829
 Supplies 123,454 113,460
 Personnel expenses 31,007 30,891
 Provision for depreciation
 and amortization 28,886 28,505
 Other operating expenses 23,171 20,327
 Variation in operating
 expenses 1,154 637
 Total operating expenses 207,672 193,820
 Income from operations 45,690 45,009
 Revenues from shareholdings 419 242
 Revenues from other
 marketable sec. and loans 1,006 2,666
 Revenues for nuclear power
 freeze 14,728 13,341
 In-house work on fixed
 assets (financial) 15,103 16,032
 Financial revenues 31,256 32,281
 Financial expenses 56,036 58,187
 Financial margin (24,780) (25,906)
 Equity in the income of companies
 carried by equity method 187 200
 Income before extra-
 ordinary and taxes 21,097 19,303
 Provision for tangible
 fixed assets (7,477) -
 Other extraordinary items 3,131 -37
 Extraordinary income (4,346) (37)
 Income before taxes 16,751 19,266
 Corporate income tax 3,178 4,777
 Income after taxes 13,573 14,489
 Income allocated to
 minority shareholders 16 27
 Income for the year allocated
 to controlling company 13,557 14,462
 Income for Sevillana
 de Electricidad S.A. 12,772 13,212
 COMPANIA SEVILLANA DE ELECTRICIDAD
 (figures in Ptas millions)
 Balance Sheet as of Dec. 31, 1992 1991
 Start-up expenses 661 746
 Intangibles 4,822 3,782
 Tangible fixed assets 662,216 654,038
 Investments 22,281 21,547
 Fixed assets 689,980 680,113
 Deferred charges 1,586 1,938
 Foreign exchange losses
 to defer 5,136 -
 Electricity industry
 accrual accounts 24,467 26,064
 Inventories 6,453 5,033
 Accounts receivable 73,035 67,891
 Short-term investments 1,134 226
 Cash 816 4,781
 Accrual accounts 1,778 1,255
 Current assets 83,216 79,186
 ASSETS 804,385 787,301
 Shareholder's investments 294,189 295,560
 Subscribed capital stock 148,201 146,923
 Paid-in surplus 2,701 2,537
 Reserves 136,751 138,637
 P & L 13,557 14,462
 Interim dividend paid
 in the year (7,021) (6,999)
 Minority interests 2,248 2,265
 Deferred revenues 10,523 6,544
 Provisions for contingencies
 and expenses 9,698 6,645
 Long-term debt 343,531 328,467
 Debentures and other
 securities 58,771 63,115
 Payable to credit entities 276,287 257,739
 Other accounts payable 8,473 7,613
 Short-term debt 144,195 147,820
 Debentures and other
 securities 51,295 30,342
 Payable to credit entities 40,028 61,169
 Payable to group and
 associated companies 378 -
 Trade accounts payable 34,143 34,993
 Other accounts payable 18,351 21,316
 LIABILITIES 804,385 787,301
 Technical Information -- Power fed to the grid
 GWh Annual Pct. contributed to Total
 1992 1991 Dif. Pct. 1992 1991
 Hydroelectric 539 720 -25.08 2.61 3.53
 Conventional
 thermal 9,711 8,024 21.02 46.98 39.31
 Nuclear 4,981 5,326 -6.47 24.10 26.10
 Power consumed
 and pumping (833) (799) 4.29 -4.03 -3.91
 Total net
 production 14,398 13,271 8.49 69.65 65.02
 Swap balance 6,273 7,139 -12.13 30.35 34.98
 Energy fed to
 the grid 20,671 20,410 1.28 100.00 100.00
 Market Demand -- Energy sold by uses
 GWh Annual Pct. contributed to Total
 1992 1991 Dif. pct. 1992 1991 1982
 Industrial 8,545 8,688 -1.65 47 48 55
 Services 4,284 4,105 4.36 23 23 18
 Households 4,646 4,649 -0.06 25 26 23
 Distributors 761 732 3.96 4 4 4
 Total 18,236 18,174 0.34 100 100 100
 -0- 3/1/93
 /CONTACT: Gregorio Valero, 011341-597-1343; or Frank Della Corte, 212-599-2369, both for Sevillana de Electricidad/
 (COVDY)


CO: Compania Sevillana de Electricidad ST: IN: SU: ERN

LR -- NY045 -- 1336 03/01/93 11:01 EST
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