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TELEFONICA DE ESPANA REPORTS 1992 RESULTS

 MADRID, Spain, March 1 /PRNewswire/ -- Telefonica de Espana, S.A.'s (NYSE: TEF) today issued the following:
 In 1992 Telefonica de Espana, S.A.'s net income amounted to 83,902 million pesetas, which is 3.8 percent higher than the figure registered for the previous year. Cash-flow reached 466,426 million pesetas, 16.0 percent higher than in 1991.
 Revenue from operations grew by 14.5 percent, 2.2 percentage points higher than the figure registered for operating expenses. Operating margin rose to 687,521 million pesetas, growing by 15.3 percent.
 The growth rate reflected by financial expenses has slowed from the 25.3 percent shown in 1991 to 8.9 percent in 1992. The slowdown in these expenses would have been greater had it not been for the devaluation of the peseta at the end of the year. This obliged the company to make provisions for exchange losses amounting to 12,411 million pesetas, a 70.6 percent increase.
 Over the past fiscal year both financial income and net extraordinary items have reflected singularly outstanding performances: financial income having increased four-fold reaching the figure of more than 23,000 million pesetas and net extraordinary items showing a debit balance of 33,536 million pesetas, a 226.4 percent difference compared with the previous year.
 Consolidated Group
 Telefonica's consolidated net income for 1992 amounted to 79,503 million pesetas, a 23.7 percent decrease when compared with the figure for the previous year. The annual figure is 5.2 percent lower than that of the parent company, coming principally as a consequence of two causes. On the one hand the group's financial income has amounted to 4,898 million pesetas, compared with more than 23,000 million pesetas registered by Telefonica. This is due to the dividend payments carried out by Taetel on the capital gains obtained in 1991 for the sale of Telettra S.p.A. On the other hand the debit balance reflected by the group's net extraordinary income rose to 34,131 million pesetas, 595 million pesetas more than that registered by the parent company as a result of the absence of significant extraordinary income from capital gains, as occurred in 1991.
 However, the group's revenue from operations and operating margin have shown favorable performances. Revenue from operations rose 16.1 percent, operating margin was 14.7 percent higher than that of the previous year and operating profit went up 7.5 percent. The 5.8 percent growth in financial expenses was lower than that of the parent company, 8.9 percent, and the results reflected by the associated companies, 8,731 million pesetas, were 13.6 percent higher than those for 1991.
 TELEFONICA CONSOLIDATED GROUP
 Results (in Pesetas)
 (in millions)(A) Dec. Dec. Dec. Dec. Dec.(B)
 1992 1991 1992 1991 1992$
 Revenue from opers. 1,154,696 1,008,031 1,218,026 1,048,998 10,626
 Internal expenditure
 capitalized in fixed
 assets 68,920 65,633 104,638 108,437 913
 Operating expenses 536,095 477,507 629,381 552,916 5,491
 Operating margin 687,521 596,157 693,283 604,519 6,048
 Other operating inc. 23,500 22,490 24,497 19,890 214
 Depreciation & amort. 341,903 291,870 344,758 294,775 3,008
 Other oper. expenses 41,491 24,004 44,780 24,346 391
 Operating profit 327,627 302,773 328,242 305,288 2,864
 Financial income 23,076 5,640 4,898 7,600 43
 Financial expenses 217,433 199,592 214,937 203,161 1,875
 Net extraord. items (33,536) (10,274) (34,131) 11,109 (296)
 Revenue from associated
 companies -- -- 8,731 7,683 76
 Results attributed to the
 shareholders' interests
 Income before tax 99,734 98,547 92,803 128,519 810
 Corporate tax provs. 15,832 17,700 13,300 24,272 116
 Net income 83,902 80,847 79,503 104,247 694
 (A) -- These interim results are unaudited.
 (B) -- Dec. 30, 1992 exchange rate: $1 equals ptas. 114.623.
 TELEFONICA
 Economic Financial Data Dec. Dec. Inc. Dec. Dec.
 1992 1991
 1992 1991 pct. $ $
 Net income per
 share (Ptas.) 90.5 87.22 3.8 0.79 0.90
 Weighted average number
 of shares (thousands) 926,960 926,858 -- -- --
 Net income 83,902 80,847 3.8 732.0 863.1
 Depreciation & amort. 341,903 291,870 17.1 2,962.8 3,018.7
 Amortization of debenture
 issue expenditure 5,461 3,955 38.1 47.6 40.9
 Non-depreciation
 dismantled part 35,160 25,477 38.0 306.8 263.5
 Cash-flow (funds generated
 from operations) 466,426 402,149 16.0 4,069.2 4,159.2
 Data in accordance with
 U.S. GAAP
 Net income 141,676 171,539 (17.4) 1,236.0 1,774.1
 Net inc. per ADS (Ptas.) 458.5 555.2 (17.4) 4.0 5.7
 NOTE: Dec. 30, 1992 exchange rates $1 equals 114.623; Dec. 30, 1991, $1 equals ptas. 96.688.
 TELEFONICA DE ESPANA, S.A.
 HIGHLIGHTS
 Lines in service 14,057,930
 Lines in service per 100 inhabitants 35.4
 Growth in average usage per line (percent) 4.7
 Line applications 1,068,475
 Growth in line applications (percent) (9.3)
 Employees 74,437
 BALANCE SHEET DATA (In millions)
 TELEFONICA CONSOLIDATED GROUP TELEFONICA U.S. GAAP
 Peseta $ Pesetas $ Pesetas $
 Property, plant &
 equipment, net 3,212,207 28,024 3,216,816 28,064 3,151,556 27,495
 Total assets 3,899,876 34,024 4,015,795 35,035 3,804,045 33,187
 Shareholders'
 equity 1,376,754 12,011 1,424,765 12,430 1,321,861 11,532
 Long-term
 indebtedness 1,625,155 14,178 1,638,008 14,290 1,625,155 14,178
 NOTE: Dec. 30, 1992 exchange rate $1 equals ptas. 114.623.
 -0- 3/1/93
 /CONTACT: Felicia Vonella or 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: ERN

TS-PS -- NY048 -- 1420 03/01/93 12:37 EST
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