4th Qtr & Final Rslts - Prt 2
Telefonica SA
29 February 2000
PART 2
TELEFONICA S.A. CONSOLIDATED INCOME STATEMENT
TELEFONICA INTERNACIONAL'S OPERATING SUBSIDIARIES CONSOLIDATED BY EQUITY METHOD
(million euros)
audited figures
January-December % September-December %
1999 1998 Change 1999 1998 Change
Operating
Revenues 13.552,8 12.266,2 10,5 3.695,0 3.275,4 12,8
Internal expend.
capitalized in
fixed assets (1) 559,4 638,0 (12,3) 149,0 167,2 (10,9)
Operating
expenses (7.513,4) (6.250,4) 20,2 (2.297,5) (1.842,3) 24,7
Supplies (2.398,5) (1.855,7) 29,2 (803,8) (638,5) 25,9
Personnel
expenses (2.933,1) (3.022,8) (3,0) (824,0) (749,0) 10,0
Subcontracts (1.959,7) (1.158,6) 69,1 (605,3) (396,5) 52,6
Taxes (222,2) (213,4) 4,1 (64,5) (58,3) 10,6
Other operating
income (expense),
net (21,5) (42,7) (49,6) (26,4) (7,2) 267,2
EBITDA 6.577,3 6.611,0 (0,5) 1,520,1 1,593,1 (4,6)
Depreciation and
amortization (3.715,7) (3.258,0) (14,0) (908,6) (811,1) 12,0
Operating
Profit 2.861,6 3.353,1 (14,7) 611,5 782,0 (21,8)
Profit from
associated
companies 52,1 289,1 (82,0) 42,2 93,4 (54.8)
Financial income
(expense), net (575,6) (896,5) (35,8) (57,8) (203,1) (71,6)
Amortization of
goodwill (274,1) (177,7) 54,3 (79,7) 28,3 (382,0)
Extraordinary
income (expense),
net (297,5) (1.007,0) (70,5) (493,8) (420,2) 17,5
Income before
taxes 1.766,5 1.560,9 13,2 22,4 280,3 (92,0)
Income taxes 45,9 (253,0) c.s. 371,3 45,6 713,8
Net income
before minority
interests 1.812,4 1.307,9 38,6 393,7 325,9 20,8
Minority interests (7,6) (0,2) n.s. (2,7) 0,1 n.s.
Net income 1.804,8 1.307,7 38,0 391,0 326,0 20,0
Outstanding
shares
(million) (2) 3.262,8 3.074,6 6,1 3.262,8 3.074,6 6,1
Net Income
per share 0,55 0,43 30,1 0,12 0,11 13,0
(1) Including work in process
(2) Number of shares at the end of the period, after the split (3x1)
TELEFONICA, S.A. CONSOLIDATED BALANCE SHEET
TELEFONICA INTERNACIONAL'S OPERATING SUBSIDIARIES CONSOLIDATED BY EQUITY METHOD
(million euros)
audited figures January - December %
1999 1998 Change
Subscribed shares not paid-in 3,3 3,1 6,5
Long term assets 30.836,4 31.320, (1,5)
Star up expenses 170,1 95,6 77,9
Intangible net assets 6,280, 5.307,9 18,3
Fixed net assets 15.871,5 18.082,1 (12,2)
Investments 8.514,8 7.834,4 8,7
Goodwilll on consolidation 3.602,5 1.887,4 90,9
Deferred expenses 626,6 643,6 (2,6)
Current assets 5.000,1 3.957,9 26,3
Inventories 258,4 187,6 37,7
Accounts receivable 3.663,9 3.354,6 9,2
Short term investments 857,2 248,7 244,7
Cash and banks 112,6 82, 37,3
Others 108, 85, 27,1
Assets=Liabilities 40.068,9 37.812, 6,0
Shareholders' equity 14.484,8 13.500, 7,3
Minority interests 447, 12,2 3.563,9
Deferred income 1.052,8 725, 45,2
Provisions for risks
and expenses 5.696,5 5.730,9 (0,6)
Accrued taxes payable 627,2 373,9 67,7
Long term debt 10.202,4 8.593,4 18,7
Short term debt
including current maturities 3.191,8 4.866,7 (34,4)
Interest payable 200,3 253,2 (20,9)
Other creditors 4.166,1 3.756,7 10,9
Financial Data
Consolidated net debt (1) 12.424 13,129 (5,4)
Consolidated debt ratio (2) 42,8% 47,3%
(1) Net debt: Long term debt + Short term debt including current maturities -
Short term investments - Cash and banks.
(2) Debt ratio: Net debt/Shareholders Equity + Minority interests + Deferred
income + Accrued taxes payable + Nat debt.
TELEFONICA DE ESPANA GROUP
Consolidated Income Statement
(million euros)
audited figures
January-December % September-December %
1999 1998 Change 1999 1998 Change
Operating
Revenues 10.075,2 9.836,9 2,4 2.613,4 2.580,7 1,3
Telefonica
de Espana 9.643,6 9.567,5 0,8 2.405,8 2.450,6 (1,8)
Others and
eliminations 431,6 269,4 60,2 207,6 130,1 59,6
Internal expend.
capitalized in
fixed assets (1) 359,5 450,4 (20,2) 95,8 139,4 (31,2)
Operating
expenses (5.403,6) (5.026,5) 7,5 (1.545,2)(1.398,0) 10,5
Other operating
income (expense), net 6,1 7,9 (23,2) (8,0) 14,7 c.s.
EBITDA 5.037,2 5.268,8 (4,4) 1.156,1 1.336,7 (13,5)
Depreciation
and amortization (3.145,2) (2.768,2) 13.6 (752,3) (700.9) 7,3
Operating
Profit 1.892,0 2.500,6 (24,3) 403,8 635,7 (36,5)
Profit from
associated
companies (0,2) 2,6 c.s. 0,5 2,0 (77,9)
Financial
Income
(expense), net (611,2) (676,8) (9,7) (139,2) (198,3) (29,8)
Amortization of
goodwill (3,0) (0,1) n.s. (0,5) 0,1 c.s.
Extraordinary income
(expense), net (1.722,2) (1.030,8) 67,1 (1.374,9) (398,8) 244.8
Income before taxes (444,5) 795,5 c.s. (1.110,3) 40,8 c.s.
Income taxes 282,9 (71,7) c.s. 437,3 34,2 n.s.
Net income before
minority interests (161,6) 723,8 c.s. (673,0) 75,0 c.s.
Minority interests 0,4 0,3 30,2 0,2 0,1 n.s.
Net Income (161,2) 724,2 c.s. (672,9) 75,1 c.s.
(1) Including work in process
TELEFONICA DE ESPANA (INDIVIDUAL) OPERATING REVENUES
(million euros) January-December % September-December %
audited figures 1999 1998 Change 1999 1998 Change
Revenue
derived from usage 6.026,7 6,186,8 (2,6) 1.430,2 1.535,0 (6,8)
Local 1.683,2 1.499,0 12,3 437,5 410,0 6,7
Provincial 595,8 676,3 (11,9) 130,6 156,5 (16,5)
Domestic long
distance 1.233,4 1.628,0 (24,2) 251,2 350,0 (28,2)
International
long distance
(outgoing) (1) 473,2 425,1 11,3 120,9 106,6 13,4
Fixed to mobile 1.398,7 1.151,7 21,4 388,1 325,8 19,1
Interconnection
international
(incoming) 231,6 257,0 (9,9) 47,2 47,5 (0,8)
Interconnection
national
operators (1) 380,3 266,3 42,8 129,5 80,1 61,7
Rest 30,5 283,4 (89,2) (74,7) 58,5 (227,7)
Monthly fee 2.932,9 2.710,1 8.2 732,7 726,1 0,9
Connection
fee 240,3 235,0 2,3 59,4 72,0 (17,5)
Customer
equipments 147,1 167,1 (12,0) 76,6 40,2 90,4
Others (2) 296,7 268,5 10,5 107,0 77,3 38,4
TOTAL OPERATING
REVENUES 9.643,6 9.567,5 0,8 2.405,9 2.450,6 (1,8)
(1) Net of foreign participation
(2) Including special services, IRIS services and others
December %
OPERATING DATA 1999 1998 Change
Lines installed (thousands) (1) 16.998,7 1.766,4 1,4
Lines in service/100 inhabitants (2) 48,2 45,7 5,6
Incoming international traffic
(mill. minutes) (3) 2.077 1.768 17,5
Outgoing international traffic
(mill.minutes) (3) 1.935 1.690 14,5
Usage growth (minutes/line/day) 11,9% 10,7% 1,2 p.p.
Fixed network outgoing traffic 7,2% 7,9% -0,7 p.p.
Interconnection traffic with
international operators 12,0% 8.9% 3,0 p.p.
Interconnection traffic with
domestic operators 78,9% 75,3% 3,6 p.p.
Employees 46.619 58.127 (19,8)
Lines/employee (2) 412,4 313,2 31,7
(1) Marketable basic telephony lines
(2) Basic telephony lines (including public telephones, Ibercom, ISDN and
connections with PABX)
(3) Estimated figures. Special services included
TELEFONICA SERVICIOS MOVILES GROUP
Consolidated Income Statement
(million euros) January-December % September-December %
audited figures 1999 1998 Change 1999 1998 Change
Operating
Revenues 3.739,0 2,812,9 32,9 1.065,8 782,3 36,2
Internal expend.
capitalized in
fixed assets 44,5 38,1 16,8 9,2 16,1 (42,8)
Operating
expenses (2.387,4) (1.643,8) 45,2 (712,7) (531,1) 34,2
Other operating
income (expense),
net (42,6) (39,0) (9,3) (13,3) (1,3) n.s.
EBITDA 1.353,5 1.168,2 15,9 349,0 266,1 31,2
Depreciation and
amortization (449,9) (392,8) 14,5 (118,5) (102,5) 15,7
Operating Profit 903,6 775,4 16,5 230,5 163,6 40,9
Profit from
associated
companies 0,0 0,0 n.s. 0,0 0,0 n.s.
Financial
income
(expense), net (44,7) (55,1) (18,8) (9,3) (9,4) (0,4)
Amortization of
goodwill 0,0 0,0 n.s. 0,0 0,0 n.s.
Extraordinary
income
(expense), net (26,6) (1,7) n.s. (22,9) 17,7 c.s.
Income before
taxes 832,2 718,6 15,8 198,3 171,9 15,3
Income taxes (269,4) (236,3) 14,0 (55,2) (56,3) (2,0)
Net income
before minority
interests 562,8 482,4 16,7 143,1 115,6 23,8
Minority interests (0,0) 0,4 c.s. (0,0) 0,3 c.s.
Net Income 562,8 482,8 16,6 143,1 115,9 23,5
SELECTED OPERATING DATA December %
1999 1998 Change
Cellular subscribers 9.052.347 4.894.264 85,0
MovilLine 690.138 893.192 (22,7)
MoviStar 8.362.209 4.001.072 109,0
Net adds (a) 4.158.083 1.706.568 143,7
MoviLine (203.054) (207.403) (2,1)
MoviStar 4.361.137 1.913.971 127,9
Penetration TM (b) 22,6% 12,2% 10,4p.p.
Total airtime minutes, in million (a) 13.600 8.028 69,4
Employees 3.372 2.872 17,4
(a) January-September accumulated data
(b) TSM cellular lines/100 inhabitants
TELEFONICA INTERNACIONAL GROUP
Consolidated Income Statement (a)
(million euros) January-December % September-December %
audited figures 1999 1998 Change 1999 1998 Change
Income from
Investments 305,7 458,5 (33,3) 104,4 113,3 (7,8)
Equity Income 156,1 336,5 (53,6) 72,7 77,2 (5,9)
CTC (41,0) 93,5 c.s. (26,9) 28,1 c.s.
COINTEL/TASA 77,2 119,2 (35,3) 11,9 33,2 (64,2)
Telefonica
del Peru 50,8 56,4 (10,0) 9,6 (12,1) c.s.
Telesp
Participacoes 90,4 27,7 226,4 65,3 18,3 256,5
CRT Fija (11,0) 17,3 c.s. 5,0 4,6 8,7
CRT Celular (4,5) 0,0 n.s. 1,0 0,0 n.s.
Telesp Celular
Participacoes 0,1 9,1 (99,1) (3,1) 5,3 c.s.
TeleSudeste
Celular Partic. 4,3 6,7 (35,6) 3,4 5,6 (39,6)
TeleLeste Celular
Participacoes (3,1) 0,7 c.s. (0,1) 0,5 c.s.
Publiguias 3,7 6,7 (39,6) (0,9) (0,3) 204,0
CANTV 8,1 16,3 (50,2) 1,6 5,9 (72,6)
Others (18,8) (16,6) 13,4 6,0 (11,7) c.s.
Management fee 149,6 122,0 22,7 31,8 36,1 (12,0)
Operating expenses (507,4) (405,2) 25,2 (143,7) (142,3) 0,9
Net financial
expenses (331,4) (245,9) 34,8 (108,7) (74,6) 45,7
Goodwill
amortization (61,4) (89,4) (31,4) (5,9) (41,0) (85,5)
Intangible assets
amortization (114,6) (69,9) 64,0 (29,1) (26,8) 8,6
Operating profit (201,7) 53,3 c.s. (39,2) (29,0) 35,1
Divestitures and
others 117,0 151,9 (23,0) 42,7 16,5 158,7
Other income
(expense), net 183,9 (127,5) c.s. 247,7 (30,3) c.s.
Taxes 303,6 86,2 252,2 19,8 86,2 (77,0)
Net income 402,8 163,9 145,8 271,0 43,4 524,2
(a) TISA holding incomes, Incorporating the participation in all operators
income following the economic participation
TELEFONICA INTERNACIONAL GROUP
Thousands
1. Operating Data Lines in service
% Change Proport.
dic-99 99/98 % Partic.(*)
Managed Operators 18.387 15,1 4.905
CTC 2.592 (2,2) 1.131
TASA 4.041 3,5 1.100
Telefonica de Peru 1.689 8,6 676
Telesp (2) 8.251 28,7 1.595
CETERP 177 - 128
CRT 1.630 12,5 272
CRT Celular
Tele Sudeste Celular Par.
TeleLeste Celular Par.
Telefonica El Salvador 6 2
Telefonica Guatemala 0 0,0 0
Financial participations 2.586 (1,1) 165
CANTV 2.586 (1,1) 165
Telesp Celular Par.
Cablevision 0
TOTAL 20.973 12,8 5.071
Thousands
1. Operating Data Cellular subscribers
% Change Proport.
dic-99 99/98 % Partic.(*)
Managed Operators 6.456 103,2 1.894
CTC 1.154 108,2 504
TASA 1.051 96,8 286
Telefonica de Peru 712 41,1 285
Telesp (2) 0,0
CETERP 60 - 44
CRT
CRT Celular 968 78,3 355
TeleSudeste Celular Par. 1.852 139,9 325
TeleLeste Celular Par. 535 98,5 48
Telefonica El Salvador 125 - 48
Telefonica Guatemala 49 - 25
Financial participations 4.074 66,7 275
CANTV 1,181 84,8 76
Telesp Celular Par. 2,893 60,3 200
Cablevision
TOTAL 10.530 87,4 2.169
Thousands
1. Operating Data Pay TV customers
% Change Proport.
dic-99 99/98 % Partic.(*)
Managed Operators 596 1,8 248 ,
CTC 296 (4,1) 117
TASA
Telefonica de Peru 327 7,3 131
Telesp (2)
CETERP
CRT
CRT Celular
Tele Sudeste Celular Par.
TeleLeste Celular Par.
Telefonica El Salvador
Telefonica Guatemala
Financial participations 1.453 (3,3) 522
CANTV
Telesp Celular Par.
Cablevision 1.453 (3,3) 522
TOTAL 2.049 (1,8) 770
(*) Lines weighted by TISA's economic participation in each the companies.
() Since the brasilean society reestructuration, the only company that exists
is Telecomunicacoes de Sao Paulo (Telesp), as a result of the prior Telesp Par,
Telesp S.A. Y CTBC
TERRA GROUP
Consolidated Income Statement
(million euros)
January-December %
audited figures 1999 1998 Change
Operating Revenues 40,1 5,6 n.s.
Internal expend. capitalized in fixed
assets (1) 0,6 0,5 8,2
Operating expenses (113,1) (9,4) n.s.
Other operation income (expense), net (0,5) 0,1 n.s.
EBITDA (77,4) (3,3) n.s.
Depreciation and amortization (6,3) (0,6) n.s.
Operating Profit (83,7) (3,9) n.s.
Profit from associated companies 0,0 0,0 n.s.
Financial income (expense), net 1,3 0,0 n.s.
Amortization of goodwill (28,8) 0,0 n.s.
Extraordinary income (expense), net (1,4) 0,0 n.s.
Income before taxes (112,7) (3,8) n.s.
Income taxes 33,7 1,3 n.s.
Net income before minority interests (79,0) (2,5) n.s.
Minority interests 1,5 0,0 n.s.
Net Income (77,5) (2,5) n.s.
Consolidated Income Statement
(million euros) September-December %
audited figures 1999 1998 Change
Operating Revenues 30,5 2,6 n.s.
Internal expend. capitalized in fixed
assets (1) (2,0) 0,1 c.s.
Operating expenses (68,3) (4,1) n.s.
Other operation income (expense), net (2,1) 0,0 n.s.
EBITDA (41,9) (1,4) n.s.
Depreciation and amortization (5,1) (0,2) n.s.
Operating Profit (47,0) (1,6) n.s.
Profit from associated companies (0,1) 0,0 n.s.
Financial income (expense), net 1,7 0,0 c.s.
Amortization of goodwill (19,1) 0,0 n.s.
Extraordinary income (expense), net (1,0) (0,0) n.s.
Income before taxes (65,5) (1,6) n.s.
Income taxes 21,6 0,9 n.s.
Net income before minority interests (43,9) (0,7) n.s.
Minority interests 1,4 0,0 n.s.
Net Income (42,5) (0,7) n.s.
(1) Including work in process
Operating Data December September
ISP Customers 1.317.233 860.930
Page views, in millions 434 290
Visits per month, in millions 38 22
GRUPO TERRA NETWORKS
FINANCIAL DATA PROFORMA (1)
Change
(million euros) 1999 1998 %
Revenues 78,5 52,5 49,5%
EBITDA (85,9) (7,1) n.s.
Net Income before goodwill amortization (70,3) (9,8) n.s.
Net Income (173,7) (117,2) 48,2%
(1)Include all subsidiaries as if these transactions occurred on 1/1/99
TELEFONICA DATA GROUP
Consolidated Income Statement
(million euros)
January-December %
audited figures 1999 1998 Change
Operating Revenues 574,7 458.9 25.2
Internal expend, capitalized in
fixed assets (1) (0,2) 1,9 c.s.
Operating expenses (454,0) (386,6) 17,4
Other operating income (expense),
net (0,4) (2,7) 84,0
EBITDA 120,0 71,5 68,0
Depreciation and amortization (64,4) (64,3) 0,3
Operating Profit 55,6 7,2 672,3
Profit from associated companies 1,9 0,0 n.s.
Financial income (expense), net (2,6) (3,1) (14,6)
Amortization of goodwill (4,1) (0,2) n.s.
Extraordinary income (expense), net (0,4) 0,5 c.s.
Income before taxes 50,4 4,4 1,057,9
Income taxes (14,9) (0,5) n.s.
Net income before minority interests 35,5 3,8 n.s.
Minority interests 0,0 0,0 n.s.
Net Income 35,5 3,9 818,2
(
TELEFONICA DATA GROUP
Consolidated Income Statement
(million euros)
September - December %
audited figures 1999 1998 Change
Operating Revenues 142,5 124,6 14,4
Internal expend, capitalized in
fixed assets (1) (0,5) (13,4) 96,3
Operating expenses (114,9) (89,5) (28,4)
Other operating income
(expense), net (1,0) (1,4) 28,0
EBITDA 26,0 20,2 28,8
Depreciation and amortization (16,7) (17,0) (2,2)
Operating Profit 9,3 3,2 196,0
Profit from associated companies (0,4) (1,4) (70,9)
Financial Income (expense), net (0,7) (0,8) (7,1)
Amortization of goodwill (1,8) (0,2) n.s.
Extraordinary income (expense),
net (0,2) (0,1) 30,4
Income before taxes 6,2 0,7 780,5
Income taxes 0,6 (0,5) c.s.
Net income before minority
interests 6,8 0,2 n.s.
Minority interests 0,0 0,0 n.s.
Net Income 6,8 0,2 2,812,8
(1) Including work in process
SELECTED OPERATING DATA December %
1999 1998 Change
Connections (dedicated ports) 118.942 112.910 5,3
IP Network (switched ports) 50.580 32.850 54,0
Employees 850 643 32,2
TELEFONICA MEDIA GROUP
Consolidated Income Statement (1)
(million euros)
January - December %
audited figures 1999 1998 Change
Profit from associated companies (85,2) (63,9) c.s.
Antena 3 55,6 12,1 359,3
Via Digital (110,1) (46,3) 138,0
Telefonica Medios de Comunicacion 6,3 4,2 49,2
Others (37,0) (33,9) 9,1
Operating expenses (62,8) (31,5) 99,2
Net financial expenses (25,3) (14,2) 77,9
Goodwill amortization (37,5) (17,3) 116,7
Operating profit (148,0) (95,3) 55,7
Divestures 40,4 0,0 n.s.
Other Income (expense), net (14,8) (5,5) 167,4
Taxes 19,6 26,5 (25,9)
Net Income (102,8) (74,3) 38,6
TELEFONICA MEDIA GROUP
Consolidated Income Statement (1)
(million euros)
September - December %
audited figures 1999 1998 Change
Profit from associated companies (11,6) 10,3 c.s.
Antena 3 31,3 12,2 156,9
Via Digital (43,4) 14,1 c.s.
Telefonica Medios de Comunicacion 1,7 1,7 (1,7)
Others (1,2) (17,7) (93,2)
Operating expenses 25,8 4,6 459,7
Net financial expenses ( 7,0) (6,1) 15,3
Goodwill amortization (18,8) 1,5 c.s.
Operating profit (37,4) 5,7 c.s.
Divestures 40,4 0,0 n.s.
Other Income (expense), net (3,5) (3,2) 9,4
Taxes (20,3) 7,0 c.s.
Net Income (20,8) 9,5 c.s.
(1) Consolidated by equity method
TPI-PAGINAS AMARILLAS GROUP
Income Statement
(million euros)
January - December %
Unaudited figures 1999 1998 Change
Operating Revenues 334,8 260,5 28,5
Operating expenses (234,8) (202,8) 15,8
Other operating income
(expense), net 1,5 0,6 130,7
EBITDA 108,3 68,3 58,6
Depreciation and
amortization (6,8) (9,9) (31,3)
Operating Profit 101,5 58,4 73,9
Profit from associated
companies 0,0 0,0 n.s.
Financial income (expense),
net (0,3) 7,2 c.s.
Amortization of goodwill 0,0 0,0 n.s.
Extraordinary income (expense),
net 20,5 (1,7) c.s.
Income before taxes 121,7 63,8 90,6
Income taxes (38,8) (20,9) 85,8
Net income before minority
interests 82,8 42,9 93,0
Minority interests 0,0 0,0 n.s.
Net Income 82,8 42,9 93,0
TPI PAGINAS AMARILLAS GROUP
Income Statement
(million euros)
September - December %
Unaudited figures 1999 1998 Change
Operating Revenues 142,4 117,0 21,7
Operating expenses (102,7) (101,7) 0,9
Other operating income (expense)
net 1,0 0,3 208,0
EBITDA 47,4 25,5 86,1
Depreciation and amortization (1,9) (2,4) (19,3)
Operating Profit 45,5 23,1 97,0
Profit from associated companies 0,0 0,0 n.s.
Financial income (expense),net (0,1) 6,5 c.s.
Amortization of goodwill 0,0 0,0 n.s.
Extraordinary income (expense),net (2,0) (2,3) (12,6)
Income before taxes 43,4 27,3 59,0
Income taxes (15,1) (7,9) 90,5
Net Income before minority
Interests 28,2 19,3 46,0
Minority interests 0,0 0,0 n.s.
Net Income 28,2 19,3 46,0
SELECTED OPERATING DATA December %
1999 1998 Change
Books(published)
Paginas Amarillas (Yellow Pages) 61 60 1.7
Paginas Blancas (White Pages) 47 38 23,7
Advertising revenues
Paginas Amarillas (Yellow Pages) 235,2 211,6 11,2
Paginas Blancas (White Pages) 69,4 45,6 51,9
Paginas Amarillas on Line 2,7 0,9 198,2
Paginas Amarillas Habladas 2,5 0,0 n.s.
Europages 1,2 0,8 38,5
APPENDIX
TELEFONICA, S.A.
Consolidated Income Statement
(million euros)
January - December
Unaudited figures Impact TISA
Excl. Telesp.
Particaipacoes
Equity &Telesudeste
Method (1) %Change (2) Part. (3) Group(4) %Change
1999 dic-98 1999 1999 1998 dic-98
Operating
Revenues 13.552,8 10,5 5.466,0 19.018,7 17.465,5 8,9
Internal
Expend
Capitalized
In fixed
Assets (7) 559,4 (12,3) 232,9 792,3 777,7 1,9
Operating
Expenses (7.513,4) 20,2 (2.684,8) (10.198,2) (8.316,6) 22,6
Supplies (2.398,5) 29,3 (581,9) (2.980,4) (2.183,5) 36,5
Personnel
Expenses (2.933,1) (3,0) (976,7) (3.909,8) (3.907,6) 0,1
Subcontracts (1.959,7) 69,1 (1.025,1) (2.984,8) (1.936,2) 54,2
Taxes (222,2) 4,1 (101,0) (323,2) (289,2) 11,7
Other
Operating
Income
(expense), net (21,5) (49,6) (449,4) (470,9) (666,8) 29,4
EBITDA 8.577,3 (0,5) 2.564,7 9.141,9 9.259,9 (1,3)
Depreciation
And
Amortization (3.715,7) 14,1 (1.352,8) (5.068,5) (4.359,9) 16,3
Operating
Profit 2.861,6 (14,7) 1.211,8 4.073,4 4.899,9 (16,9)
Profit from
Associated
Companies 52,1 (82,0) 33,8 85,9 73,3 (17,2)
Financial
Income
(expense),
net (575,6) (35,8) (656,9) (1.232,9) (1.380,1) 10,7
Amortization
Of goodwill (274,1) 54,3 79,8 (194,3) (127,0) 53,0
Extraordinary
Income
(expense) net(297,5) (70,5) (102,4) (399,8) (1.049,9) (61,9)
Income
Before
Taxes 1.766,5 13,2 566,2 2.332,6 2.416,1 (3,5)
Income
Taxes 45,9 c.s. (319,6) (273,7) (552,2) (50,4)
Net income
Before
Minority
Interests 1.812.4 38,6 246,5 2.058,9 1.863,9 10,5
Minority
Interests (7,6) n.s. (246,5) (254,1) (556,2) (54,3)
Net
Income 1.804,8 38,0 (0,0) 1.804,8 1.307,7 38,0
Outstanding
Shares
(million)(8) 3.262,8
Per share 0,55
Consolidated Income Statement
(million euros) January - December
Unaudited figures
Telesp+ Total %Change
TeleSudeste (5) Group (6) dic-98
Operating
Revenues 3.938,3 22.957,0 31,4
Internal
Expend
Capitalized
In fixed
Assets (7) 80,2 872,5 12,2
Operating
Expenses (2.245,0) (12.443,1) 49,6
Supplies (1.075,7) (4.056,1) 85,8
Personnel
Expenses (501,7) 4.411,5) 12,9
Subcontracts (541,1) (3.525,9) 82,1
Taxes (126,5) (449,7) 55,5
Other
Operating
Income
(expense), net (30,0) (500,9) 6,4
EBITDA 1.743,5 10.885,4 17,5
Depreciatio
And
Amortization (1.040,3) (6.108,8) 40,1
Operating
Profit 703,2 4.776,6 (2,5)
Profit from
Associated
Companies (89,8) (3,9) c.s.
Financial
Income
(expense), net (196,8) (1.429,4) 3,6
Amortization
Of goodwill 0,0 (194,3) 53,0
Extraordinary
Income
(expense) net (112,3) (512,2) (51,2)
Income
Before
Taxes 304,2 2.636,9 9,1
Income
Taxes 97,3 (176,4) (68,1)
Net income
Before
Minority
Interests 401,6 2.460,5 32,0
Minority
Interests (401,6) (655,7) 17,9
Net
Income 0,0 1.804,8 38,0
Outstanding
Shares
(million) (8) 3.262,8
Per share 0,55
(1) Telefonica Internacional's operating subsidiaries consolidated by the equity
method.
(2) Change calculated over December 1998 pro-forma income statement includig
Latinamerican subsidiaries consolidated by the equity method.
(3) Impact of TASA, CTC, Telefonica del Peru, Publiguias and TLD full
consolidation.
(4) Telegonica S.A. including TASA, CTC, Telefonica del Peru, Publiguias, CRT
Celular and TLD fully consolidated; other Latinamerican subsidiaries
consolidated by the equity method.
(5) Impact of Telesp Participacoes and TeleSudeste Participacoes full
consolidation.
(6) Telefonica S.A. Including Telesp Participacoes, TASA, CTC Telefonica del
Peru, Publiguias, CRT Celular and TLD fully consolidated; other Latinamerican
subsidiaries consolidated by the equity method
(7) Including work in process.
(8) Number of shares at the end of period, Including split (3x1)
TELEFONICA, S.A.
Consolidated Balance Sheet
(million euros) December
Unaudited figures Impact TISA
Excl. Telesp.
Particaipacoes
Equity &Telesudeste
Method (1) %Change (2) Part. (3) Group(4) %Change
1999 dic-98 1999 1999 dic-98
Subscribed
Shares not
Pad-in 3,3 8,6 0,0 3,3 8,6
Long term
Assets 30.836,4 (1,5) 10.558,8 41.395,2 3,5
Star up
Expenses 170,1 78,0 0,0 170,1 73,8
Intangible
Net assets 6.280,0 18,3 595,4 6,875,4 4,0
Fixed net
Assets 15,871,5 (12,2) 11.593,9 27.465,4 (1,3)
Investments 8.514,8 8,7 (1.630,5) 6.884,3 26,0
Goodwill on
Consolidation 3.602,5 90,9 604,5 4.207,0 75,2
Deferred
Expenses 626,6 (2,6) 239,2 865,8 4,1
Current
Assets 5.000,1 26,3 2.860,8 7.860,9 24,2
Inventories 258,4 37,7 147,5 405,9 37,3
Accounts
Receivable 3.663.9 9.2 2.163,3 5.827,2 10,6
Short term
Investments 857,2 244,6 322,5 1.179,7 225,0
Cash and banks 112,6 37,3 30,0 142,6 (0,3)
Others 108,0 27,0 197,5 305,5 17,7
Assets=
Liabilities 40.068,9 6,0 14.263,3 54,332,2 9,6
Shareholders'
Equity 14.484,8 7,3 0,0 14.484,8 7,3
Minority
Interests 447,0 c.s. 3.960,8 4.407,8 N/A
Deferred
Income 1.052,8 45,2 2,5 1.055,3 44,7
Provisions
For risks
And expenses 5.696,5 (0,6) 223,4 5.919,9 (0,7)
Accrued taxes
Payable 627,2 67,8 456,3 1.083,5 53,5
Long term
Debt 10.202,4 18,7 5.732,7 15.935,1 22,7
Short term
Debt
Including
Current
Maturities 3.191,8 (34,4) 1.766,7 4.958,5 (22,0)
Interest
Payable 200.3 (20,9) 136,4 336,7 (9,8)
Other
Creditors 4.166,1 10,9 1.984,5 6.150,6 13,9
Consolidated
Net debt (7) 12.424 (5,4) 7.147 19.571 3,9
Consolidated
Debt ratio (8) 42.8% (9,6) 61.8% 48.2% (4,5)
Consolidated Balance Sheet
(million euros) December
Unaudited figures
Telesp+ Total %Change
TeleSudeste (5) Group (6) dic-98
Subscribed shares
Not pad-in 0,0 3,3 8,6
Long term assets 8.126,4 49.521,6 23,8
Star up expenses 0,0 170,1 73,8
Intangible net assets 130,7 7.006,1 6,0
Fixed net assets 8.289,5 35.754,9 28,5
Investmeents (293,8) 6.590,5 20,7
Goodwill on
Consolidation 0,0 4.207,0 75,2
Deferred expenses 7,8 873,6 5,0
Current assets 1.679,8 9.540,7 50,7
Inventories 70,2 476,1 61,1
Accounts receivable 1.234,9 7.062,1 34,0
Short term
Investments 278,4 1.458,1 301,7
Cash and banks 43,5 186,1 30,1
Others 52,8 358,3 38,0
Assets=Liabilities 9.814,0 64.146,2 29,4
Shareholders' equity 0,0 14.484,8 7,3
Minority interests 6.206,6 10.614,4 199,4
Deferred income 0,0 1.055,3 44,7
Provisions for risks
And expenses 836.4 6.756,3 13,3
Accrued taxes payable 34,3 1.117,8 58,4
Long term debt 735,4 16.670,5 28,3
Short term debt
Including current
Maturities 487,3 5,445,8 (14,3)
Interest payable 15,6 352,3 (5,6)
Other creditors 1.498,4 7,649,0 41,7
Consolidated net
Debt (7) 901 20,472 8,7
Consolidated debt
Ratio (8) 12,6% 42,9% (15,1)
(1) Telefonica Internacional's operating subsidiaries consolidated by the equity
method.
(2) Change calculated over December 1998 pro-forma income statement including
Latinamerican subsidiaries consolidated by the equity method.
(3) Impact of TASA, CTC, Telefonica del Peru, Publiguias and TLD full
consolidation.
(4) Telegonica S.A. including TASA, CTC, Telefonica del Peru, Publiguias, CRT
Celular and TLD fully consolidated; other Latinamerican subsidiaries
consolidated by the equity method.
(5) Impact of Telesp Participacoes and TeleSudeste Participacoes full
consolidation.
(6) Telefonica S.A. Including Telesp Participacoes, TASA, CTC Telefonica del
Peru, Publiguias, CRT Celular and TLD fully consolidated; other Latinamerican
subsidiaries consolidated by the equity method
(7) Net debt: Long term debt+ Short term debt including current maturities -
Short term Investments - Cash and banks.
(8) Debt ratio: Net debt/Shareholders Equity + Minority interests + Deferred
income + Accrued taxes payable + Net debt.
TELEFONICA INTERNACIONAL GROUP
Consolidated Income Statement Full Consolidation
(million euros) January - December
Unaudited figures
Group (1) % Change Telesp+ Total %Change
1999 1999 dic-98 Telesudeste (2) Group (3) dic-98
Operating
Revenues 5.770,5 5.367,5 7,5 3.938,3 9.708,8 80,9
Internal
Expend
Capitalized
In fixed
Assets (4) 168,9 114,5 47,5 80,2 249,0 117,5
Operating
Expenses (2.955,8) (2.255,2) (31,1) (2.245,) (5.200,8) (130,6)
Other
Operating
Income
(expense),
net (299,5) (479,9) 37,6 (30,0) (329,5) 36,4
EBITDA 2.684,1 2.746,8 (2,3) 1.743,5 4.427,6 61,2
Depreciation
And
Amortization(1.396,7) (1.134,2) (23,1) (1.040,3) (2.437,) (114,9)
Operating
Profit 1.287,4 1.612,6 (20,2) 703,2 1.990,6 23,4
Profit
From
Associated
Companies 135,5 100,2 35,1 89,8 45,7 (54,4)
Financial
Income
(expense),
net (630,7) (642,2) 2 (196,8) 827,5 28,9
Amortization
Of
Goodwill (96,2) (83,) (15,8) 0 (96,2) (15,8)
Extraordinary
Income
(expense),
net 11,4 44,8 (74,6) (112,3) (101,) c.s.
Income
Before
Taxes 707.4 1032.4 (31.5) 304.2 1.011,6 (2,0)
Income
Taxes (27,5) (273,6) 90,0 97,3 69,9 c.s.
Net
Income
Before
Minority
Interests 679,9 758,8 (10,4) 401,6 1.081,5 42,5
Minority
Interests (277,2) (594,9) 53,4 (401,6) (678,7) (14,1)
Net
Income 402,8 163,9 145,8 0,0 402,8 145,8
(1) Telefonica S.A. including TASA, CTC, Telefonica del Peru, Publigulas, CRT
Celular and TLD fully consolidated; other Latinamerican subsidiaries
consolidated by the equity method.
(2) Impact of Telesp Parcipacoes and TeleSudeste Participacoes full
consolidation.
(3) Telefonica S.A. Including Telesp Participacoes, Tele Sudeste Paticipacoes,
TASA, CTC, Telefonica del Peru, Publigulas, CRT Celular and TLD fully
consolidated; other Latinamerican subsidiaries consolidated by the equity
method.
(4) Including work in process
TELEFONICA INTERNACIONAL GROUP
Consolidated Income Statement Full Consolidation
(million euros)
January - December
Unaudited figures
Group (1) % Change Telesp+ Total %Change
1999 1999 dic-98 Telesudeste (2) Group (3) dic-98
Operating
Revenues 4.213,4 4.058,7 3,8 2.605,1 6.818,5 68,0
Internal
Expend
Capitalized
In fixed
Assets (4) 115,7 79,5 45,6 57,3 173,0 117,5
Operating
Expenses 2.082,0 1.684,8 23,6 1.444,8 3.526,8 109,3
Other
Operating
Income
(expense),
net (209,0) (252,0) 17,1 (44,6) (253,6) 0,6
EBITDA 2.038,1 2.200,6 (7,4) 1.173,0 3.211,1 45,9
Depreciation
And
Amortization 906,1 851,0 6,5 745,6 1.651,7 94,1
Operating
Profit 1.132,0 1.349,6 (16,1) 427,4 1.559,4 15,5
Profit
From
Associated
Companies 34,6 66,2 (47,7) (25,7) 8,9 (86,6)
Financial
Income
(expense),
net (545,8) (527,2) (3,5) (104,9) (650,7) (23,0)
Amortization
Of
Goodwill 165,2 64,6 155,7 0,0 165,2 155,7
Extraordinary
Income
(expense),
net (117,1) 96,5 c.s. (27,9) 144,9 c.s.
Income
Before
Taxes 338,5 920,5 (63,2) 268,9 607,5 (34,0)
Income
Taxes (51,4) 305,4 c.s. 13,1 (38,3) c.s.
Net
Income
Before
Minority
Interests 389,9 615,1 (36,6) 255,8 645,8 4,9
Minority
Interests 258,1 494,8 (47,8) 255,8 513,9 3,9
Net
Income 131,8 120,3 9,4 0,0 131,9 9,4
(1) Telefonica S.A. including TASA, CTC, Telefonica del Peru, Publigulas, CRT
Celular and TLD fully consolidated; other Latinamerican subsidiaries
consolidated by the equity method.
(2) Impact of Telesp Parcipacoes and TeleSudeste Participacoes full
consolidation.
(3) Telefonica S.A. Including Telesp Participacoes, Tele Sudeste Paticipacoes,
TASA, CTC, Telefonica del Peru, Publigulas, CRT Celular and TLD fully
consolidated; other Latinamerican subsidiaries consolidated by the equity
method.
(4) Including work in process
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