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SEVILLANA REPORTS FIRST QUARTER 1993 FINANCIAL RESULTS

 SEVILLE, Spain, May 13 /PRNewswire/ -- Compania Sevillana de Electricidad (NASDAQ Bulletin Board: COVDY) today announced financial results for the first quarter ended March 31, 1993. Operating results and balance sheet follow.
 Sevillana is one of Spain's leading publicly-held electric utilities and serves the southern region of Spain.
 COMPANIA SEVILLANA DE ELECTRICIDAD
 Profit and Loss A count as of March 31, 1993 (not consolidated)
 (Figures in millions of pesetas)
 1993 1992 Diff. Pct.
 Net revenues 62,370 61,067 1,303 2.13
 Accruals pursuant
 Royal Decree 1538/1987 (564) (399) (165) 41.35
 In-house work on operating
 fixed assets 874 908 (34) -3.74
 Other operating revenues 316 216 100 46.30
 Total operating revenues 62,996 61,792 1,204 1.95
 Supplies 30,839 30,580 259 0.85
 Personnel expenses 7,737 7,640 97 1.27
 Provision for depreciation
 and amort. 7,069 6,660 409 6.14
 Other operating expenses 5,787 6,196 (409) -6.60
 Variation in oper. expenses 198 0 198 --
 Total operating expenses 51,630 51,076 554 1.08
 Income from operations 11,366 10,716 650 6.07
 Revenues from shareholdings 54 84 (30) -35.71
 Revenues from other
 marketable sec. 63 222 (159) -71.62
 Revenues for nuclear
 power freeze 3,676 3,427 249 7.27
 In-house work on fixed
 assets (financial) 3,373 3,287 86 2.62
 Financial revenues 7,166 7,020 146 2.08
 Financial expenses 14,204 13,235 969 7.32
 Financial margin (7,038) (6,215) (823) 13.24
 Income before extraordinary
 and taxes 4,328 4,501 (173) -3.84
 Extraordinary (211) (68) (143) -
 Income before taxes 4,117 4,433 (316) -7.13
 Corporate income tax 754 1,138 (384) -33.74
 Income after taxes 3,363 3,295 68 2.06
 Balance Sheet as of March 31, 1993 (not consolidated)
 (Figures in millions of pesetas)
 1993 1992 Diff. Pct.
 Start-up expenses 565 764 (199) -26.05
 Intangibles 5,063 4,235 828 19.55
 Tangible fixed assets 633,570 628,471 5,099 0.81
 Investments 37,259 33,276 3,983 11.97
 Fixed assets 676,457 666,746 9,711 1.46
 Deferred charges 6,145 1,776 4,369 246.00
 Electricity industry
 accrual account 23,903 25,665 (1,762) -6.87
 Inventories 5,509 4,246 1,263 29.75
 Accounts receivable 81,608 79,770 1,838 2.30
 Short-term investments 3,391 252 3,139 1245.63
 Cash 1,938 4,568 (2,630) -57.57
 Accrual accounts 1,997 1,561 436 27.93
 Current assets 94,443 90,397 4,046 4.48
 ASSETS 800,948 784,584 16,364 2.09
 Shareholders' investments 290,097 292,742 (2,645) -0.90
 Subscribed capital stock 148,201 147,455 746 0.51
 Paid-in surplus 2,701 2,693 8 0.30
 Reserves 130,081 133,086 (3,005) -2.26
 P & L 16,135 16,507 (372) -2.25
 Interim dividend paid
 in the year (7,021) (6,999) (22) 0.31
 Deferred revenues 11,471 6,939 4,532 65.31
 Provisions for
 contingencies and exp. 9,660 7,067 2,593 36.69
 Long-term debt 339,513 320,316 19,197 5.99
 Debentures and other
 securities 61,662 64,490 (2,828) -4.39
 Payable to credit
 entities 268,330 247,335 20,995 8.49
 Other accounts payable 9,521 8,491 1,030 12.13
 Short-term debt 150,207 157,520 (7,313) -4.64
 Debentures and other
 securities 49,693 36,310 13,383 36.86
 Payable to credit entities 48,879 61,490 (12,611) -20.51
 Payable to group and
 assoc. cos. 3,378 4,812 (1,434) -
 Trade accounts payable 33,621 38,406 (4,785) -12.46
 Other accounts payable 14,636 16,502 (1,866) -11.31
 LIABILITIES 800,948 784,584 16,364 2.09
 During the last quarter Sevillana decreased its exposure to foreign exchange losses to 20 percent of its total financial debt, down from the 28 percent exposure at the end of 1992. On March 31, 1993, US$1.00 equals 115.31 pesetas.
 Power fed to the grid:
 Annual Pct. Contributed
 GWh Difference to Total
 1993 1992 Pct. 1992 1991
 Hydroelectric 80 73 9.59 1.53 1.36
 Conventional thermal 1,977 2,787 -29.06 37.87 52.07
 Nuclear 1,429 1,264 13.05 27.37 23.62
 Power consumed/pumping (185) (218) -15.14 -3.54 -4.07
 Total net production 3,301 3,906 -15.49 63.23 72.98
 Swap balance 1,920 1,446 32.78 36.77 27.02
 Energy fed to grid 5,221 5,352 -2.45 100.00 100.00
 -0- 5/13/93
 /CONTACT: Gregorio Valero of Sevillana, in Seville, 011-341-597-1343; or Frank Della Corte of Wattel/Della Corte & Arkin, in New York, 212-599-2369, for Sevillana/
 (COVDY)


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

GK -- NY024 -- 7973 05/13/93 09:43 EDT
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