2nd Quarter Results- Part 2
Telefonica SA
25 July 2002
PART 2
Telefonica Group
Market Size (Thousands)
June % Chg. Weighted (*) % Chg.
2002 2001 02/01 2002 2001 02/01
Lines in service 45.362,3 44.334,8 2,3 39.594,9 38.492,8 2,9
In Spain 21.192,6 20.776,1 2,0 21.192,6 20.776,1 2,0
In other countries(1) 24.169,7 23.558,7 2,6 18.402,2 17.716,8 3,9
Cellular customer 34.065,6 28.520,7 19,4 25.179,6 20.139,3 25,0
In Spain 17.623,6 14.853,3 18,7 16.344,1 13.754,2 18,8
In other countries(2) 16.442,0 13.667,4 20,3 8.835,5 6.385,2 38,4
Pay TV Services (3) 1.151,6 1.061,5 8,5 728,2 672,6 8,3
In Spain 811,0 710,2 14,2 394,4 345,2 14,3
In other countries 340,6 351,3 (3,0) 333,9 327,4 2,0
Total 80.579.5 73,917.0 9.0 65,502,7 59.304,7 10,5
(*) Weighted by the equity interest of Telefonica in each of the companies.
(1) Lines in service: includes all in service for Telefonica de Espana,
Telefonica CTC Chile, Telefonica de Argentina, Telefonica del Peru, Telesp
and CanTV.
(2) Cellular customers; Includes all cellular customers of Telefonica Servicios
Moviles Espana, MediTelecom, Telefonica Movil Chile, TCP Argentina, Telefonica
Moviles Peru, CRT Celular, TeleSudeste Celular, NewCom Wireless Puerto Rico,
Telefonica Movilas Guatemala, Telefonica Moviles El Salvador, Telefonica Moviles
Mexico, Quam and CanTV Celular.
(3) Pay TV customers: Includes all pay TV customers of Via Digital in Spain and
Cable Magico in Peru
Telefonica Group
Selected Financial Data
Unaudited figures (Euros in millions)
January-June % Chg.
2002 2001 02/01
Operating revenues 14.635,5 15.302,7 (4,4)
EBITDA 6.075,8 6.356,6 (4,4)
Operating profit 2.515,0 2.737,9 (8,1)
Income before taxes (5.849,3) 1.351,0 c.s.
Net income (5.574,2) 1.148,6 c.s.
Net incomer per share (1,1) 0,24 c.s.
Avg. No. of shares, millions(1) 4.860,7 4.732,2 2,7
(1) Average number of shares of the period. It includes capital increases to
fund the acquisition of the cellular companies from Motorola, as well as the
issuance of new shares with respect to convertible bonds, weighted for the
number of days listed. Bonus capital increases charged to reserves, which do not
involve any change in the ownership structure, are considered as of 1st of
January
The total number of shares at the end of the period is 4,860,661,286 shares.
Telefonica Group
Results by Companies
Unaudited figures (Euros in millions)
OPERATING
REVENUES EBITDA PROFIT
January January January
- June - June - June
2002 2001 % Chg. 2002 2001 % Chg. 2002 2001 % Chg.
Telefonica de Espana G. 5.131,2 5.159,8 (0,6) 2.285,5 2.440,2 (6,3) 932,2 1.058,8 (12.0)
Cellular Businesses 4.677,1 4.095,5 14,2 1.912,6 1.590,6 20,2 1,202,5 926,2 29.8
Telefonica Latinoamerica G. 3.974,1 5.178,0 (23,3) 1.927,1 2.579,8 (25,3) 760,7 1.284,6 (40,8)
Telefonica Data G. 911.3 922,6 (1,2) 44,1 22,2 98,9 (66,1) (63,2) 4,6
Terra-Lycos G. 320,5 356,6 (10,1) (84,8) (155,6) (45,5) (161,4) (229,3) (29,6)
Directories Businesses 196,7 192,8 2,0 30,6 9,2 230,7 15,3 (0,6) c.s.
Admira Media G. 478,7 683,6 (30,0) 60,7 69,2 (12,3) 26.6 29,6 (10,2)
Atento G. 312.0 317,0 (1,6) 16,1 25,6 (37,2) (27,9) (10,8) 158,3
Others affiliates 495,3 323,3 53,2 (107,1) (143,9) (25,5) (194,5) (151,6) 28,3
Eliminations (1.861,4) (1.926,6) (3,4) (8,8) (80,5) (89,0) 27,5 (105,7) c.s.
Group 14.635,5 15.302,7 (4,4) 6.075,8 6.356,6 (4,4) 2.515,0 2.737,9 (8,1)
Consolidated Income Statement Full Consolidation
Unaudited figures (Euros in millions)
January-June April-June
2002 2001 %Chg. 2002 2001 %Chg.
Operating revenues 14.635,5 15.302,7 (4,4) 7.216,9 7.699,4 (6,3)
Internal expend cap. in
fixed assets(1) 233,6 323,6 (27,8) 131,2 213,4 (38,5)
Operating expenses (8.543,0) (8.914,8) (4,2) (4.198,1) (4.504,0) (6,8)
Supplies (3.480,1) (3.452,9) 0,8 (1.705,3) (1.801,7) (5,4)
Personnel expenses (2.518,5) (2.686,5) (6,3) (1.245,6) (1.353,1) (7,9)
Subcontracts (2.319,1) (2.521,8) (8.0) (1.145,1) (1.228,4) (6,8)
Taxes (225,2) (253,6) (11,2) (102,2) (120,8) (15,4)
Other operating income
(expense) net (250,3) (354,9) (29,5) (118,9) (180,5) (34,1)
EBITDA 6.075,8 6.356,6 (4,4) 3.031,1 3.228,4 (6,1)
Depreciation and amortization (3.560,8) (3.618,7) (1,6) (1.724,1) (1.846,0) (6,6)
Operating profit 2.515,0 2.737,9 (8,1) 1.306,9 1.382,3 (5,5)
Profit from associated
companies (252,9) (180,3) 40,3 (126,2) (39,2) 221,6
Financial income (expense) net (1.609,0) (926,8) 73,6 (752,8) (439,1) 71,4
Amortization of goodwill (345,1) (483,2) (28,6) (175,1) (251,1) (30,3)
Extraordinary Income (expense)
net (6.157,3) 203,4 c.s. (5.959,1) 174,1 c.s.
Income before taxes (5.849,3) 1.351,0 c.s. (5.706,2) 827,1 c.s.
Income taxes 102,8 (459,1) c.s. (76,4) (254,1) (69,9)
Net income before minority
interests (5.746,5) 891,9 c.s. (5.782,6) 572,9 c.s.
Minority interests 172,3 256,6 (32,9) 87,4 143,8 (39,2)
Net income (5.574,2) 1.148,6 c.s. (5.695.3) 716.7 c.s.
Average shares (millions)(2) 4,860,7 4.732,2 2,7 4.860,7 4.748,0 2,4
Net income per share (1,15) 0,24 c.s. (1,17) 0,15 c.s.
(1)Including work in process.
(2)Average number of shares of the period. It includes capital increases to fund
the acquisition of the cellular companies from Motorola, as well as the
issuance of new shares with respect to convertible bonds, weighted for the
number of days listed. Bonus capital increases charged to reserves, which do
not involve any change in the ownership structure, are considered as of 1st
of January
The total number of shares at the end of the period is 4,860,661,286
Consolidated Balance Sheet
Unaudited figures (Euros in millions)
June % Chg.
2002 2001 02/01
Subscribed shares not paid-in 335,1 423,8 (20,9)
Long-term assets 56.537,4 68.706,1 (17,7)
Start up expenses 695,9 635,9 9,4
Intangible net assets 16.938,7 20.357,9 (16,8)
Fixed net assets 29.599,3 39.574,2 (25,2)
Investment 9.303,5 8.138,1 14,3
Goodwill on consolidation 7.708,6 9.219,9 (16,4)
Deferred expenses 648,8 950,5 (31,7)
Current assets 13.561,1 15.110,7 (10,3)
Inventories 714,2 870,1 (17,9)
Accounts receivable 9.223,5 10.133,6 (9,0)
Short-term Investments 2.457,2 2.374,1 3,5
Cash and banks 616,7 647,6 (4,8)
Others 549,5 1.085,2 (49,4)
Assets = Liabilities 78.790,9 94.411,0 (16,5)
Shareholder's equity 18.061,6 27.251,5 (33,7)
Minority interests 9.643,0 8.852,3 8,9
Badwill on consolidation 12,6 34,6 (63,7)
Deferred income 1.296,5 1.384,3 (6,3)
Provisions for risks and expenses 10.278,4 6.712,6 53,1
Long-term debt 21.537,1 24.426,5 (11,8)
Accrued taxes payable 1.373,3 1.857,7 (26,1)
Short-term debt including current
maturities 7.325,5 9.839,7 (25,6)
Interest payable 453,2 508,3 (10,8)
Others creditors 6.809,6 13.543,5 (35,0)
Financial Data
Consolidated net debt(1) 25.788,8 31.244,0 (17,5)
Consolidated debt ratio(2) 45,9% 44,3% 1.6p.p.
(1)Net debt: Long-term debt (excluding debt with minority partners) + Short-term
debt including currant maturities - Short-term investments - Cash and banks.
(2)Debt ratio: Net debt/(Shareholders' equity + Minority interests + Deferred
income + Accrued taxes payable + Net debt)
Selected Operating Data
Unaudited figures
June % Chg.
2002 2001 02/01
Lines in service (thousands)(1) 21.192,6 20.776,3 2,0%
PSTN lines 15.805,7 16.239,6 (2,7%)
ISDN basic access 854 753 13,5%
ISDN primary access 16 15 7,0%
ADSL connections 661 158 319,1%
Employees 40.908 41.010 (0,2%)
Lines/employees(1) 518,1 506,6 2,3%
Traffic (million of minutes) 73.642 69.323 6,2%
% ADSL coverage(2) 81,6% 81,2% 0,4p.p.
(1)Basic telephony lines (including public telephones, Ibercom, ISDN -basic
access-, ADSL connections and connections lines with PABX)
(2)Degree of effective ADSL coverage for Basic Service.
TELEFONICA de Espana Group
Operating Revenues (Individual)
Unaudited figures (Euros in millions)
January April
- June -June
2002 2001 % Chg. 2002 2001 % Chg.
Revenue derived from usage 2.602,8 2.967,1 (12,3) 1.315,9 1.474,4 (10,7)
Local 838,4 957,3 (12,4) 414,1 468,6 (11,6)
Provincial 245,2 283,4 (13,5) 122,6 137,9 (11,1)
Domestic long distance 348,2 478,1 (27,2) 171,1 228,4 (25,1)
International long distance
(outgoing) (1) 195,4 337,2 (42,1) 96,2 163,8 (41,3)
Fixed to mobile 736,5 741,9 (0,7) 381,4 366,5 4,1
Interconnection
International (incoming) 144,3 140.3 2,9 70,2 75,2 (6,7)
Interconnection National
Operators (1) 203,7 245,8 (17,2) 101,4 128,2 (20,9)
Others (2) (108,9) (216,9) (49,8) (41,0) (94,2) (56,5)
Monthly fee 1.890,0 1.638,5 15,4 949,2 822,2 15,4
Connection fee 138,0 130,6 5,7 79,0 66,4 19,0
Customer equipments 164,2 136,1 20,6 87,6 70,9 23,7
Others 135,3 113,3 19,3 74,5 58,1 28,2
Total operating revenues 4.930,3 4.985,6 (1,1) 2.506,2 2.491,9 0,6
(1) Net of foreign participation
(2) Including discounts, special services, IRIS services and others.
Note: 2001 local revenues include Internet revenues billed at destination.
Telefonica de Espana Group
Consolidated Income Statement
Unaudited figures
(Euros in millions)
January April
- June - June
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 5.131,2 5.159,8 (0,6) 2.612,5 2.571,1 1,6
Telefonica de Espana 4.930,3 4.985,6 (1,1) 2.506,2 2.491,9 0,6
Others and eliminations 200,9 174,2 15,4 106,3 79,2 34,2
Internal expend
capitalized in fixed
assets (1) 82,0 88,9 (7,8) 41,0 46,1 (11,1)
Operating expenses (2.877,5) (2.750,7) 4,6 (1.469,2) (1.395,1) 5,3
Other operating income
(expense) net (50,3) (57,9) (13,2) (25,7) (37,6) (31,6)
EBITDA 2.285,5 2.440,2 (6,3) 1.158,6 1.184,5 (2,2)
Depreciation and
amortization (1.353,3) (1.381,4) (2,0) (674,5) (704,7) (4,3)
Operating profit 932,2 1.058,8 (12,0) 484,1 479,8 0,9
Profit from associated
companies (0,9) (0,6) 50,8 (0,6) (0,6) (1,2)
Financial income (expense)
net (201,4) (204,1) (1,3) (99,7) (99,2) 0,5
Amortization of goodwill (6,5) (0,2) n.s. (5,3) (0,1) n.s.
Extraordinary income
(expense) net (148,0) 129,6 c.s. (81,9) 77,9 c.s.
Income before taxes 575,4 983,6 (41,5) 296,7 457,9 (35,2)
Income taxes (108,1) (263,1) (58,9) (61,9) (120,0) (48,4)
Net income before minority
interests 467,3 720,5 (35,1) 234,8 337,9 (30,5)
Minority interests (0,1) 0,0 n.s. 0,0 0,0 n.s.
Net income 467,3 720,5 (35,1) 234,8 337,9 (30,5)
(1) Including works in process
Telefonica Latinoamerica Group
Selected Operating Data
Unaudited figures
January-June
2002 2001 % Chg.
Lines in service (thousands) 21.483 20.912 2,7%
Telesp 12.512 12.006 4,2%
Telefonica de Argentina 4.447 4.450 (0,1%)
Telefonica CTC Chile 2.760 2.743 0,6%
Telefonica del Peru 1.764 1.713 3,0%
ADSL connections 356.946 112.115 218,4%
Telesp 282.269 100.634 180,5%
Telefonica de Argentina 28.697 5.135 -
Telefonica CTC Chile 30.262 3.786 -
Telefonica del Peru (1) 15.718 2.560 514,0%
% ADSL coverage
Telesp 74% 61% 12,9p.p.
Telefonica de Argentina 57% 57% (0,2p.p.)
Telefonica CTC Chile 56% 46% 10,0p.p.
Telefonica del Peru 48% 44% 4,0p.p.
Total traffic (million of minutes) (2) 57.292 56.099 2,1%
Telesp 34.228 31.403 9,0%
Telefonica de Argentina 11.385 12.466 (8,7%)
Telefonica CTC Chile 8.138 8.141 (0,0%)
Telefonica del Peru 3.541 4.090 (13,4%)
Employees (3) 29.376 32,553 (9.8%)
Telesp 10.065 12.616 (20,2%)
Telefonica de Argentina 8.627 8.822 (2,2%)
Telefonica CTC Chile 6.265 6.052 3,5%
Telefonica del Peru 4,419 5.063 (12,7%)
Lines/Employees (4) 731 642 13,8%
Telesp 1.243 952 30,6%
Telefonica de Argentina 516 504 2,2%
Telefonica CTC Chile 816 819 (0,4%)
Telefonica del Paru 581 459 26,6%
Note: The data for Telefonica CTC Chile are for Fixed Telephony (FTO) and Sonda.
TdP data include FTO and Cablemagico. TASA modified its fiscal year,
therefore, the data are for the January-June '01 and January-June '02
periods.
(1) For TdP, includes CABLENET lines in service.
(2) Includes total local traffic billed and incoming and outgoing LDN and LDI.
(3) Telesp includes effective endowment made by Telesp, Assist and long
distance in both June 2002 and June 2001. TASA includes effective
endowment made by including Interactiva, a criterion adopted
retroactively. In CTC, the number of employees as of June 2001 includes
employees assigned to CSC for the current fiscal year.
(4) Calculated ratio with effective endowment made by Fixed Telephony Operator
(FTO). In CTC is not Included Istel employees or repairers and installers.
Telefonica Latinoamerica Group
Companies Financial Data
Unaudited figures (Euros in millions)
January-June
2002 2001 % Chg.
Telesp
Operating revenues 2.167,8 2.206,2 (1,7)
EBITDA 1.116,7 1.128,0 (1,0)
EBITDA margin 51,5% 51,1% 0,4p.p.
Telefonica de Argentina
Operating revenues 481,9 1.482,1 (67,5)
EBITDA 244,4 780,6 (68,7)
EBITDA margin 50,7% 52,7% (2,0p.p.)
Telefonica CTC Chile
Operating revenues 623,6 719,8 (13,4)
EBITDA 258,1 303,8 (15,0)
EBITDA margin 41,4% 42,2% (0,8p.p.)
Telefonica del Peru
Operating revenues 659,1 663,0 (0,6)
EBITDA 308,0 342,4 (10,0)
EBITDA margin 46,7% 51,6% (4,9p.p.)
Note: EBITDA before management fees.
Note: Data for Telefonica de Argentina include the ISP business of Advance,
while those of Telefonica CTC Chile and Telefonica del Peru include Sonda
and CableMagico, respectively.
Telefonica Latinoamerica Group
Consolidated Income Statement
Unaudited figures
(Euros in millions)
January-June April-June
2002 2001 %Chg. 2002 2001 %Chg.
Operating revenues 3.974,1 5.178,0 (23.3) 1.818,9 2.583,3 (29,6)
Internal expend capitalized in
fixed assets 42,8 88,5 (51,7) 16,4 43,9 (62,7)
Operating expenses (1.914,9) (2.477,3) (22,7) (872,4) (1.199,1) (27,2)
Other operating income
(expense) net (174,9) (209,5) (16,5) (85.8) (139,7) (38,6)
EBITDA 1.927,1 2,579,8 (25,3) 887,1 1.288,3 (31,9)
Depreciation and amortization (1.166,4) (1.295,2) (9.9) (535,4) (638,1) (16,1)
Operating profit 760.7 1.284,6 (40,8) 341,7 650,2 (47,5)
Profit from associated companies 4,4 1,2 256,0 3,5 3,2 10,9
Financial income (expense) net (1.032,2) (423,7) 143,6 (457,4) (225,7) 102,6
Amortization of goodwill (45,2) (40,2) 12,4 (23,1) (19,6) 18,0
Extraordinary income
(expense) net (48,4) 92,1 c.s. (35,7) 168,4 c.s.
Income before taxes (360,7) 914,1 c.s. (170,9) 576,5 c.s.
Income taxes 154.3 (201,1) c.s. 21,7 (79,7) c.s.
Net income before
minority interests (206,5) 713,0 c.s. (149,2) 496,8 c.s.
Minority interests (17,1) (59,8) (71,4) (1,7) (18,1) (90,5)
Net income (223,6) 653,2 c.s. (151,0) 478,7 c.s.
(1) including works in process
Telefonica Moviles Group
Selected Operating Data
Unaudited figures (Thousands)
CELLULAR CUSTOMERS
June - 2002 % Chg. Weighted
02/01 % Partic(1)
T Moviles Espana 17.624 18,7% 16.344
Cellular CRT 1.924 20,8% 719
TeleSudeste Celular 3.226 18,2% 2.500
TeleLeste Celular 885 19,7% 228
TCP Argentina 1.662 (10,7%) 1.509
T Moviles Peru 1.181 21,3% 1.073
TEM El Salvador 226 (5,5%) 141
TEM Guatemala 130 (15,8%) 81
NewCom Wireless Puerto Rico (2) 188 4,1% -
Telefonica Moviles Mexico 1.281 20,8% 1.188
Medi Telecom 1.321 75,0% 374
Telefonica Movil Chile (3) 1,710 20,8% 746
Quam 197 - 104
Total Managed 31.554 18,8% 25.006
(1) Number of lines weighted for the Telefonica Group's stake in each company.
(2) Managed by TEM
(3) Managed by TEM and part-owned by the Telefonica Group.
Telefonica Moviles Espana
Selected Operating Data
Unaudited figures (Thousands)
January-June
2002 2001 % Chg.
Cellular subscribers 17.624 14.853 18,7%
Contract 5.802 4.988 16,3%
Prepaid 11.822 9.865 19,8%
Subscribers net adds in year to data (a) 830 1.184 -29,9%
Contract 502 221 127,4%
Prepaid 328 963 -66,0%
TME Penetration (b) 42,2% 37,1% 5,1 p.p.
Total airtime minutes, in millions (a) 14.997 12.618 19,0%
SMS 3.928 2.586 51,9%
Employees 4.385 4.089 7,2%
(a) January-June accumulated data.
(b) Telefonica Moviles Espana cellular lines / 100 inhabitants
Telefonica Moviles Group: Participated Companies
Selected Operating Data
Unaudited figures (Thousands)
January-June
2002 2001 % Chg.
Europe and Mediterranean area customers 19.142 15.608 22,6%
Contract 5.977 5,035 18,7%
Prepaid 13.165 10.573 24,5%
Latin America customers (1) 10.514 8.287 26.9%
Contract 3.149 3.028 4.0%
Prepaid 7.365 5.259 40.0%
Total minutes (2) 20.777 17.355 19.7
(1) Includes only Telefonica Moviles participations.
(2) January-June accumulated air minutes of the TEM consolidated companies.
Telefonica Moviles Group
Selected Financial Data
Unaudited figures (Euros in millions)
January-June
2002 2001 % Chg.
Telefonica Moviles Espana
Operating Revenues 3.217,6 2.671,1 20,5%
EBITDA 1.657,5 1.244,9 33,1%
EBITDA Margin 51,5% 46,6% 4,9p.p.
Brazilian Companies (1)
Operating Revenues 694,4 632,0 9,9%
EBITDA 273,1 263,6 3,6%
EBITDA Margin 39,3% 41,7% (2,4p.p.)
Telefonica Moviles Mexico
Operating Revenues 241,1 -
EBITDA 25,1 -
EBITDA Margin 10,4% -
TCP Argentina
Operating Revenues 108,8 371,2 -70,7%
EBITDA 23,6 50,8 -53,6%
EBITDA Margin 21,7% 13,7% 8p.p.
Telefonica Moviles Peru
Operating Revenues 145,2 142,6 1,8%
EBITDA 48,1 44,2 8.8%
EBITDA Margin 33,1% 31,0% 2,1p.p.
T. Moviles Guatemala and El Salvador
Operating Revenues 98.8 93,3 5,9%
EBITDA 20,5 (0.6) c.s.
EBITDA Margin 20,8% (0.6%) 21,4p.p.
(1) TeleSudeste Celular, TeleLeste and CRT Celular
Mobile Business of Telefonica Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-June April-June
2002 2001 %Chg. 2002 2001 %Chg.
Operating revenues 4.677,1 4.095,5 14.2 2.328,3 2.073,8 12,3
Internal expend capitalized in 49,9 55,4 (9,9) 27,1 39,3 (31,0)
fixed assets(1)
Operating expenses (2.765,8) (2.458,2) 12,5 (1.318,5) (1.236,6) 6,6
Other operating income (expense) (48,5) (102,1) (52,4) (65,2) (40,5) 61,0
net
EBITDA 1.912,6 1.590,6 20,2 971,7 836,1 16,2
Depreciation and amortization (710,1) (664,4) 6,9 (349,4) (340,6) 2,6
Operating profit 1.202,5 926,2 29,8 622,3 495,5 25,6
Profit from associated companies (65,7) (70,8) (7,1) (32,2) (40,3) (20,2)
Financial income (expense) net (231,6) (213,6) 8,4 (139,1) (110,3) 26,0
Amortization of goodwill (48,5) (25,9) 86,8 (23,8) (13,7) 73,6
Extraordinary Income (expense) net(4.910,2) (35.0) n.s (4.904,7) 13,8 c.s.
Income before taxes (4.053,5) 580,8 c.s (4.477,5) 344,9 c.s.
Income taxes (341,5) (260,7) 31,0 (174,1) (133,6) 30,3
Net income before minority (4.395,0) 320,2 c.s. (4.651,6) 211,3 c.s.
interests
Minority Interests 52,5 40,8 28,7 28,4 11,0 157,9
Net income (4.342,5) 360,9 c.s. (4.623,2) 222,3 c.s.
(1) Including works in process
Telefonica Moviles Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-June April-June
2002 2001 %Chg. 2002 2001 %Chg.
Operating revenues 4.515,7 3.933,9 14,8 2.254,1 1.994,6 13,0
Internal expend capitalized in 49,9 55,4 (9,9) 27,1 39,3 (31,0)
fixed assets(1)
Operating expenses (2.567,1) (2.344,1) 13,4 (1.271,3) (1.194,1) 6,5
Other operating income (expense) (44,1) (93,6) (52,9) (62,2) (39,3) 58,0
net
EBITDA 1.864,4 1.551,6 20,2 947,7 800,4 18,4
Depreciation and amortization (673,3) (628,1) 7,2 (332,5) (323,2) 2,9
Operating profit 1.191,1 923,4 29,0 615,3 477,2 28,9
Profit from associated companies (65,7) (70,8) (7,1) (32,2) (40,3) (20,2)
Financial income (expense) net (205,2) (185,1) 10,9 (127,3) (100,1) 27,1
Amortization of goodwill (40,8) (16,1) 153,3 (20,2) (8,8) 128,7
Extraordinary Income (expense) net(4.909,2) (27,6) n.s (4.904,7) 20,1 c.s.
Income before taxes (4.029,8) 623,9 c.s (4.469,0) 348,0 c.s.
Income taxes (343,9) (262,8) 30,9 (175,0) (132,0) 32,6
Net income before minority (4.373,7) 361,1 c.s (4.644,0) 216,0 c.s.
interests
Minority Interests 40,5 17,7 128,6 24,1 8,3 189,4
Net income (4.333,3) 378,8 c.s. (4.619,9) 224,4 c.s.
(1) Including works in process
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-June April-June
2002 2001 %Chg. 2002 2001 %Chg.
Operating revenues 911,3 922,6 (1,2) 454,5 516,3 (12,0)
Internal expend capitalized in
fixed asset 6,3 10,3 (38,7) 2,8 1,2 128,0
Operating expenses (860,7) (909,2) (5,3) (423,8) (500,5) (15,3)
Other operating income (expense)
net (12,8) (1,5) 747,0 (6,3) (2,1) 200,6
EBITDA 44,1 22,2 98,9 27,2 14,9 82,1
Depredation and amortization (110,2) (85,4) 29,1 (55,6) (45,6) 21,9
Operating profit (66,1) (63,2) 4,6 (28,5) (30,7) (7,3)
Profit from associated companies (14,4) (0,8) n.s. (9,2) (0,7) n.s.
Financial Income (expense) net (47,6) (23,4) 102,9 (23,1) (16,5) 39,5
Amortization of goodwill (45,0) (40,7) 10,5 (24,8) (20,3) 22,2
Extraordinary income (expense)
net (708,2) (0,6) n.s. (703,0) 2,9 c.s.
Income before taxes (881,2) (128,8) 584,0 (788,5) (65,3) n.s.
Income taxes 80,3 (3,1) c.s. 46,7 5,2 794,0
Net Income before minority
interests (801,0) (132,0) 507,0 (741,8) (60,1) n.s.
Minority interests 37,9 27,9 36,0 22,2 16,5 34,8
Net income (763,0) (104,1) 633,3 (719,5) (43,6) n.s.
(1)Including works in process
Admira Media Group
Consolidated income Statement
Unaudited figures
(Euros in millions)
January-June April-June
2002 2001 % chg. 2002 2001 % chg.
Operating revenues 478,7 683,6 (30,0) 260,9 400,0 (34,8)
International expend
capitalized in fixed assets (1) 0,3 0,6 (45,5) 0,1 0,5 (86,5)
Operating expenses (424,1) (616,7) (31,2) (210,8) (343,3) (38,6)
Other operating income (expense)net 5,7 1,7 242,2 3,8 1,5 149,4
EBITDA 60,7 69,2 (12,3) 53,9 58,7 (8,2)
Depreciation and amortization (34,1) (39,5) (13,8) (18,3) (22,3) (18,0)
Operating profit 26,6 29,6 (10,2) 35,6 36,4 (2,1)
Profit from associated companies (116,4) (56,9) 104,4 (51,2) (26,5) 92,9
Antena 3 TV (9.3) 21,5 c.s. (9,2) 13,1 c.s.
Via Digital (66,6) (68,7) (3,1) (35,2) (35,5) (0,9)
Others (40,5) (9,7) 316,0 (6,8) (4,1) 64,7
Financial income(expense)net (74,6) (48,9) 52,6 (37,5) (27,7) 35,6
Amortization of goodwill (45,5) (63,6) (28,6) (23,4) (33,6) (30,6)
Extraordinary income(expense) net (192,3) (42,7) 350,6 (148,9) (40,1) 271,4
Income before taxes (402,1) (182,5) 120,4 (225,3) (91,5) 146,2
Income taxes 97,9 16,2 505,8 53,6 (5,5) c.s.
Net income before minority interests (304,2) (166,3) 82,9 (171,7) (97,1) 77,0
Minority interests (1,4) 9,9 c.s. 0,4 3,8 (88,2)
Net income (305,6) (156,5) 95,3 (171,3) (93,2) 83,7
(1) Including works in process
Note: In June 2002, Onda Cero was consolidated within Antena 3.
Terra-Lycos Group
Selected Operating Data
Unaudited figures
June 2002 June 2001 % Change
Total Subscribers (million) 5,0 4,3 16,3
Access Subscribers (million) 4,1 4,3 (4,7)
% Pay 34% 30% 13,3
% Free 66% 70% (5,7)
ADSL(thousand) 309 133 132,3
Spain 126 79 59,5
Latam 183 54 238,9
Comm.Services+Portal Subscribers(million) 0,9 n.s.
Total Pay Subscribers(million) 2,3 1,3 79,0
Access 1,3 1,3 0,0
Communication Services+Portal 0,9 n.s.
Average daily page views(million) 416 460 (10,0)
Unique users(million) 116 103 12,6
Terra-Lycos Group
Consolidated Income Statement
Unaudited figures
(Euros in millions)
January-June April-June
2002 2001 % chg. 2002 2001 % chg.
Operating revenues 320,5 356,6 (10,1) 161,0 179,4 (10,3)
International expend
capitalized in fixed assets (1) 0,6 0,3 103,5 0,3 0,2 48,6
Operating expenses (392,7) (502,0) (21,8) (191,8) (255,3) (24,9)
Other operating income (expense)net (13,2) (10,6) 24,8 (7,8) (3,3) 135,9
EBITDA (84,8) (155,6) (45,5) (37,9) (78,9) (51,9)
Depreciation and amortization (76,6) (73,7) 3,9 (36,2) (35,3) 2,8
Operating profit (161,4) (229,3) (29,6) (74,2) (144,2) (35,0)
Profit from associated companies (39,1) (126,3) 69,1 (18,1) (13,8) 30,8
Financial income(expense)net 33,7 68,9 (51,1) 19,3 38,9 (50,5)
Amortization of goodwill (128,9) (271,0) (52,4) (63,2) (143,4) (55,9)
Extraordinary income(expense) net (2,9) (6,7) (56,1) (1,6) (72,2) (97,8)
Income before taxes (298,6) (564,4) (47,1) (137,8) (304.7) (54,8)
Income taxes 62,3 173,3 (64,1) 32,2 87,8 (63,3)
Net income before minority interests (236) (391,1) (39,6) (105,5) (216,9) (51,3)
Minority interests 2,8 0,7 303,2 2,2 0,9 143,5
Net income (233,5) (390,4) (40,2) (103,3) (216,0) (52,2)
TPI Group - Yellow Pages
Operating figures in Spain
Non audited data
June
2002 2001 % Var
Books Published
Yellow Pages 29 25 16,0
White Pages 24 17 41,2
(Euro million)
Revenue Breakdown
Advertising 118,3 108,2 9,4
Publishing 105,1 98,7 6,4
Yellow Pages 85,4 86,7 (1,6)
White Pages 19,6 11,9 65,6
Internet 11,4 7,9 44,1
Operator Assisted Yellow Pages 1,8 1,6 16,7
Operator 5,7 3,4 68,9
Other 1,6 1,7 (6,0)
TPI-Paginas Amarillas Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-June April-June
2002 2001 %Chg. 2002 2001 %Chg.
Operating revenues 191,0 152,8 25,0% 128,1 128,2 -0,1%
Operating expenses (160,5) (140,7) 14,1% (105,2) (107,1) -1,8%
EBITDA 30,5 12,0 153,1% 22,9 21,1 8,7%
Depreciation and amortization (14,2) (8,1) 75,2% (7,3) (4,3) 68,8%
Operating profit 16,2 3,9 314,6% 15,6 16,8 -6,9%
Profit from associated companies (0,7) (0,5) 56,1% (0,4) (0,3) 46,4%
Financial Income (expense) net (5,8) (5,7) 2,0% (3,4) (3,7) -8,8%
Amortization of goodwill (1,5) (1,1) 41,5% (0,8) (0,6) 40,0%
Consolidation adjustments 0,7 0,0 n.s. 0,4 0,0 n.s.
Extraordinary Income (expense) net (0,2) 0,8 c.s. (0,3) 0,7 c.s.
Income before taxes 8,7 (2,5) c.s. 11,2 12,9 -13,0%
Income taxes (8,1) 1,5 c.s. (9,8) (3,9) 151,7%
Net income before minority
interests 0,6 (1,1) c.s. 1,4 9,0 -84,3%
Minority interests 12,6 8,8 42,5% 9,3 6,5 41,8%
Net income 13,1 7,8 69,3% 10,7 15,5 -31,3%
Directories of Telefonica Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-June April-June
2002 2001 %Chg. 2002 2001 %Chg.
Operating revenues 196,7 192,8 2,0 128,7 141,2 (8,9)
Internal expend capitalized in
fixed assets 0,0 0,3 n.s. 0,0 1,1 n.s.
Operating expenses (152,4) (172,8) (11,8) (96,2) (115,9) (17,0)
Other operating income (expense)
net (13,7) (11,1) 23,8 (8,9) (6,3) 41,3
EBITDA 30,6 9,2 230,7 23,6 20,2 17,2
Depreciation and amortization (15,2) (9,9) 54,0 (7,8) (4,5) 71,9
Operating profit 15,3 (0,6) c.s. 15,9 15,7 1,4
Profit from associated companies (0,7) (0,2) 217,9 (0,4) (0,1) 651,3
Financial income (expense) net (4,9) (8,5) (42,2) 1,5 (2,6) c.s.
Amortization of goodwill (0,8) (1,1) (23,5) (0,4) (0,5) (33,6)
Extraordinary income (expense) net (0,5) 2,0 c.s. (0,5) 2,0 c.s.
Income before taxes 8,4 (8,4) c.s. 16,1 14,5 11,3
Income taxes (8,1) 0,8 c.s. (9,8) (4,1) 140,2
Net income before minority
interests 0,3 (7,6) c.s. 6,3 10,4 (39,1)
Minority interests 12,6 9,3 35,2 9,3 6,6 40,2
Net income 12,9 1,7 650,7 15,6 17,0 (8,3)
(1)Including works in process
Note: Includes all directory businesses of Grupo Telefonica from January 1, 2001
Atento Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-June April-June
2002 2001 %Chg. 2002 2001 %Chg.
Operating revenues 312,0 317,0 (1,6) 155,6 163,5 (4,8)
Internal expend capitalized in
fixed assets(1) 0,0 0,0 n.s. 0,0 0,0 n.s.
Operating expenses (292,0) (291,1) 0,3 (146,1) (149,0) (2,0)
Other operating Income (expense)
net (4,0) (0,3) n.s. (3,9) (0,3) n.s.
EBITDA 16,1 25,6 (37,2) 5,7 14,2 (60,1)
Depreciation and amortization (43,9) (36,4) 20,9 (20,6) (20,2) 2,0
Operating profit (27,9) (10,8) 158,3 (14,9) (6,0) 149,0
Profit from associated companies 0,0 0,0 n.s. 0,0 0,0 n.s.
Financial income (expense) net (45,7) (28,1) 62,6 (28,4) (13,7) 107,2
Amortization of goodwill (4,4) (4,2) 3,6 (2,1) (2,1) 2,1
Extraordinary income (expense)
net (2,9) (0,8) 260,8 (1,7) 1,3 c.s.
Income before taxes (80,7) (43,9) 84,1 (47.2) (20,5) 130,6
Income taxes 13,9 6,4 115,7 7,9 2,6 199,2
Net income before minority
interests (66,9) (37,4) 78,6 (39,3) (17,8) 120,5
Minority interests 0,7 1,0 (34,1) 0,3 0,6 (55,9)
Net income (66,2) (36,4) 81,9 (39,0) (17,2) 126,8
(1)Including works in process
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