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SEVILLANA REPORTS FIRST HALF FY1993 FINANCIAL RESULTS

 SEVILLE, Spain, Aug. 31 /PRNewswire/ -- Sevillana de Electricidad (NASDAQ Bulletin Board: COVDY) today announced financial results for the six months ended June 30, 1993.
 Sevillana is one of Spain's leading publicly held electric utilities and serves the southern region of Spain.
 Operating results and balance sheet follow.
 SEVILLANA DE ELECTRICIDAD
 Profit and Loss account
 (not consolidated, figures in Pts millions)
 June 30 1993 1992 Difference Pct. chg.
 Net revenues 122,771 121,344 1,427 1.18
 Accruals purs. Royal
 Decree 1538/1987 (482) (798) 316 -39.60
 In-house work on operating
 fixed assets 1,741 1,846 (105) -5.69
 Other operating revenues 600 587 13 2.21
 Total operating revenues 124,630 122,979 1,651 1.34
 Supplies 61,739 61,382 357 0.58
 Personnel expenses 14,897 15,437 (540) -3.50
 Provision for depreciation
 and amortization 14,116 13,380 736 5.50
 Other operating expenses 11,696 12,546 (850) -6.78
 Variation in operating
 expenses 199 129 70 54.26
 Total operating expenses 102,647 102,874 (227) -0.22
 Income from operations 21,983 20,105 1,878 9.34
 Revenues from
 shareholdings 140 112 28 25.00
 Revenues from other marketable
 sec. and loans 302 445 (143) -32.13
 Exchange gains 778 177 601 339.55
 Revenues for nuclear
 power freeze 7,656 7,413 243 3.28
 In-house work on fixed
 assets (financial) 7,436 6,323 1,113 17.60
 Financial Revenues 12,312 14,470 1,842 12.73
 Financial expenses 27,034 25,882 1,152 4.45
 Exchange losses 1,167 155 1,012 652.90
 Financial expenses 28,201 26,037 2,164 8.31
 Financial margin (11,889) (11,567) (322) 2.78
 Income before extraordinary
 and taxes 10,094 8,538 1,556 18.22
 Extraordinary (1,393) 1,109 (2,502) --
 Income before taxes 8,701 9,647 (946) -9.81
 Corporate income tax 1,593 2,477 (884) -35.69
 Income after taxes 7,108 7,170 (62) -0.86
 Balance Sheet
 (not consolidated, figures in Pts millions)
 As of June 30, 1993 1993 1992 Difference Pct. chg.
 Start-up expenses 510 724 (214) -29.56
 Intangibles 5,321 4,654 667 14.33
 Tangible fixed assets 635,964 632,614 3,350 0.53
 Investments 37,268 34,274 2,994 8.74
 Fixed assets 679,063 672,266 6,797 1.01
 Deferred charges 5,839 1,735 4,104 236.54
 Electricity industry
 accrual accounts 23,984 25,265 (1,281) -5.07
 Inventories 6,202 4,339 1,863 42.94
 Accounts receivable 75,226 74,878 348 0.46
 Short-term investments 3,579 215 3,364 1564.65
 Cash 3,496 4,549 (1,053) -23.15
 Accrual accounts 1,981 1,931 50 2.59
 Current assets 90,484 85,912 4,572 5.32
 ASSETS 799,370 785,178 14,192 1.81
 Shareholder's investments 287,739 292,142 (4,403) -1.51
 Subscribed capital stock 148,201 147,655 546 .37
 Paid-in surplus 2,701 2,701 0 --
 Reserves 129,729 134,616 (4,887) -3.63
 P & L 7,108 7,170 (62) -0.86
 Deferred revenues 11,750 8,597 3,153 36.68
 Provisions for contingencies
 and expenses 10,225 7,797 2,428 31.14
 Long-term debt 338,049 299,263 38,786 12.96
 Debentures and
 other securities 72,390 59,043 13,347 22.61
 Payable to credit
 entities 256,415 231,407 25,008 10.81
 Other accounts payable 9,244 8,813 431 4.89
 Short-term debt 151,607 177,379 (25,772) -14.53
 Debentures and other
 securities 42,252 54,464 (12,212) -22.42
 Payable to cred. entities 54,067 68,742 (14,675) -21.35
 Payable to group and
 associated companies 2,729 4,834 (2,105) --
 Trade accounts payable 32,122 34,552 (2,430) -7.03
 Other accounts payable 20,437 14,787 5,650 38.21
 LIABILITIES 799,370 785,178 14,192 1.81
 Power fed to the grid
 GWh Annual Pct. contrib. to Total
 1993 1992 Dif. pct. 1992 1991
 Hydroelectric 173 255 -32.16 1.75 2.51
 Convent thermal 4,026 5,318 -24.29 40.68 52.30
 Nuclear 2,867 2,441 17.45 28.97 24.01
 Power consumed and
 pumping (365) (402) -9.20 -3.69 -3.95
 Total net prod 6,701 7,612 -11.97 67.71 74.86
 Swap balance 3,196 2,556 25.04 32.29 25.14
 Energy fed to
 the grid 9,897 10,168 -2.67 100.00 100.00
 Comments
 The demand growth rate in Sevillana's market has decreased by 2.7 percent. In addition to the economic environment, other causes of this evolution are the mild temperatures, the drought and the disappearance of demand related to the EXPO'92.
 Of the total energy sold, 44.89 percent corresponds to high tension and 55.11 percent to the low tension, the latter producing an increase of sales. The average price of sales has increased by 6.35 percent with respect to last year, as a primary consequence of the improvement in the mix of sales.
 The P&L does not include any deviation from the rates. The correction of these deviations could add approximately Pta 4 billion to Sevillana's results.
 With reference to the balance sheet, the foreign denominated debt has been valued according to the exchange rates as of Dec. 31, 1992, in accordance with the Spanish Plan of Accounting. Based on the exchange rates as of June 30, 1993, the debt would be increased by Pta 10.105 billion. The figure that will correspondingly be charged against P&L in this case would be Pta 4.4 billion, following the particular accounting principles for Spanish utilities.
 The amount invested in Valdecaballeros nuclear plant that exceeds the so called "recognized debt" is estimated at Pta 83.945 billion (once the provision account of Pta 9.947 billion has been applied).
 This provision, whose funding was begun in 1992 and continues in the present, does not suppose the renunciation of the rights of Sevillana to fully recover the whole of the expenses incurred in the construction of the plant.
 Other relevant figures included but not detailed in the accompanying statements:
 (figures in Pts millions) 1993 1992
 Generating compensations
 (in supplies): 6,607 7,686
 Market compensations
 (decreasing sales): 5,083 5,041
 Contribution to pension funds
 (included in personnel): 362 403
 Contribution to pension funds
 (included in financial expenses):1,006 1,146
 Provision for Valdecaballeros
 (included in extraordinary) 2,496 0
 -0- 8/31/93
 /CONTACT: Gregorio Valero of Sevillana de Electricidad, 011-341-597-1343, or Burton Arkin of Wattel/Della Corte & Arkin, 212-599-2369/


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

TS -- NY023 -- 7473 08/31/93 11:40 EDT
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