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TELEFONICA DE ESPANA REPORTS RESULTS FOR THE FIRST QUARTER 1993

 MADRID, Spain, April 30 /PRNewswire/ -- Over the first quarter, Telefonica de Espana (NYSE: TEF) announced today, it obtained a figure for income before tax of 18.292 million pesetas, which represents an interannual growth of 22.7 percent. The higher effective corporate tax rate of 23 percent, - due to the conclusion of the fiscal benefits derived from the Olympic Games and the World Fair - has placed net income at 14,085 million pesetas, 15.9 percent higher than the figure for the same period of 1992.
 The slowdown in economic activity is reflected in revenue from operations, with its growth rate having slowed when compared with previous years. At the end of March this item reached 292,987 million pesetas, having grown 8.5 percent over the figure for the same period of 1992. The breakdown of operating revenue is as follows: 78.7 percent from telephone services, 12.4 percent from data transmission services, 7.4 percent from the sales and rental of terminals and, finally, 1.5 percent from advertising.
 As a consequence of the company's cost control restrainment policy, operating expenses have also registered a slowdown in growth, going up 4.0 percent. This has resulted in a growth rate in operating margin of almost four percentage points higher than that of revenue.
 Investments in fixed assets carried out over the first quarter totalled 63,805 million pesetas, 28 percent lower than the figure for the previous year. The total number of lines installed amounted to 15,515,557, reflecting a 1.7 percent annual growth rate. Of these lines 36.7 percent were digital.
 Over this period, cash-flow has continued its favorable trend, rising to 116,651 million pesetas, a 14.8 percent increase over same period last year.
 TELEFONICA DE ESPANA
 Results (in millions) (A)
 Period ended Jan.-March Increase Jan.-March
 1993 1992 percent 1993 1992
 $(B) $(B)
 Revenue from
 operations $292,987 $270,125 8.5 2,540.8 2,601.9
 Internal expenditure
 capitalized in
 fixed assets 17,330 15,765 9.9 150.3 151.9
 Operating expenses 132,721 127,651 4.0 1,151.0 1,229.6
 Operating margin 177,596 158,239 12.2 1,540.1 1,524.2
 Other operating income 4,439 3,211 38.2 38.5 30.9
 Depreciation and
 amortization 94,685 82,315 15.0 821.1 792.9
 Other operating expenses 8,509 9,729 (12.5) 73.8 93.7
 Operating profit 78,841 69,406 13.6 683.7 668.5
 Financial income 698 685 1.9 6.1 6.6
 Financial expenses 54,375 50,798 7.0 471.6 489.3
 Net extraordinary items (6,872) (4,388) (56.6) (59.6) (42.2)
 Income before tax 18,292 14,905 22.7 158.6 143.6
 Corporate tax provisions 4,207 2,757 52.6 36.5 26.6
 Net income 14,085 12,148 15.9 122.1 117.0
 (A) These interim results are unaudited.
 (B) March 31, 1992 exchange rate: $1.00 equals Ptas. 103.819; March 31, 1993: $1.00 equals Ptas. 115.311.
 TELEFONICA DE ESPANA
 Economic Financial Data (C)
 Period ended Jan.-March Increase Jan.-March
 1993 1992 percent 1993 1992
 $(D) $(D)
 Net income per share
 (Ptas.) $15.19 $13.11 15.9 0.13 0.13
 Weighted average
 number of shares
 (thousands) 926,960 926,959 -- -- --
 Net income 14,085 12,148 15.9 122.1 177.0
 Depreciation and
 amortization 94,685 82,315 15.0 821.1 792.9
 Amortization of debentures
 issue expenditures 1,229 1,156 6.3 10.7 11.1
 Non-depreciated
 dismantled plant 6,652 6,037 10.2 57.7 58.2
 Cash-flow (funds
 generated from
 operations) 116,651 101,656 14.8 1,011.6 979.2
 (c) Million pesetas.
 (d) March 31, 1992 exchange rate, $1.00 equals ptas. 103.819; March 31, 1993, $1.00 equals ptas. 115.311.
 -0- 4/30/93
 /CONTACT: Susana Marti of Telefonica de Espana, 011-341-556-8753; or Jason Thompson of Dewe Rogerson Inc., 212-688-6840, for Telefonica de Espana/
 (TEF)


CO: Telefonica de Espana ST: IN: TLS SU: ERN

WB-OS -- NY039 -- 3170 04/30/93 11:39 EDT
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Date:Apr 30, 1993
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