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TELEFONICA DE ESPANA D.A. ANNOUNCES 1992 FINAL DIVIDEND

 MADRID, March 24 /PRNewswire/ -- The board of directors of Telefonica de Espana S.A. (NYSE: TEF), at its meeting today has agreed to propose to the general shareholders' meeting that a gross final dividend payment of 36 pesetas per share be approved.
 Therefore, the total dividend to be distributed for the fiscal year 1992 will amount to a gross figure of 61 pesetas per share, bearing in mind that an interim dividend payment of 25 pesetas was made on Feb. 27, 1993.
 The proposed dividend represents an increase of 3.4 percent compared with that of the previous fiscal year and similar to the 3.8 percent increase registered by net income. The pay-out ratio will be 67.4 percent, 0.2 percentage points lower than the figure for 1991.
 This proposal to raise the dividend is the continuation of the policy initiated last year by which shareholders receive dividends in line with the company's results and at the same time allows Telefonica to assign a higher percentage of net income to its reserves, therefore strengthening shareholder's equity.
 -0- 03/24/93
 /CONTACT: Jason Thompson of Dewe Rogerson, Inc, 212-688-6840, for Telefonica de Espana S.A./
 (TEF)


CO: Telefonica de Espana S.A. ST: IN: TLS SU: DIV

SB-AH -- NY061 -- 9214 03/24/93 15:17 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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