Final Results - Part 2
Telefonica SA
27 February 2003
Telefonica Group
Market Size
Unaudited figures (Thousands)
December % Chg. 02/01 Weigthed (*) % Chg. 02/01
2002 2001 2002 2001
Lines in service 44.937,3 45.337,0 (0,9) 39.203,2 39.447,9 (0,7)
In Spain 20.803,9 21.022,8 (1,0) 20.803,9 21.022,8 (1,0)
In other countries(1) 24.133,4 24.314,2 (0,7) 18.399,3 18.455,1 (0,3)
Cellular customer 43.936,2 32.256,3 36,2 27.432,2 23.673,6 15,9
In Spain 18.412,1 16.793,5 9,6 17.018,3 15.567,5 9,3
In other countries(2) 25.524,1 15.462,8 65,1 10.413,9 8.106,0 28,5
Pay TV Services (3) 1.115,0 1.148,1 (2,9) 710,2 727,1 (2,3)
In Spain 775,0 806,4 (3,9) 376,9 392,1 (3,9)
In other countries 340,0 341,7 (0,5) 333,3 334,9 (0,5)
Total 89.988,5 78.741,3 14,3 67.345,7 63.878,6 5,4
(*) 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, Brasilcel, NewCom Wireless
Puerto Rico, Telefonica Moviles 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-December % Chg. 02/01
2002 2001
Operating revenues 28.411,3 31.052,6 (8,51)
EBITDA 11.724,2 12.804,3 (8,44)
Operating profit 5.031,8 5.430,3 (7,34)
Income before taxes (14.601,1) 2.033,9 c.s.
Net income (5.576,8) 2.106,8 c.s.
Net income per share (1,12) 0,43 c.s.
Avg. No of shares, millions (1) 4.957,9 4.893,1 1,3
(1) Average number of shares in the period, considering the effect of free capital increases funded by reserves
that did not produce any variation of equity structure since January 1 of each year. Including the shares
corresponding to the capital increase funded by a charge on freely disposable reserves, recorded with the
Mercantile Register on February 18, 2003. Accordingly, there were 4,957,874,511 shares outstanding at the end of
the period.
Telefonica Group
Results by Companies
Unaudited figures (Euros in
millions)
REVENUES EBITDA OPERATING PROFIT
January-December January-December January-September
2002 2001 % Chg. 2002 2001 % Chg. 2002 2001 % Chg.
Telefonica de Espana 10.272,1 10.220,4 0,5 4.517,2 4.508,2 0,2 1.815,4 1.703,7 6,6
G.
Cellular Businesses 9.449,3 8.730,0 8,2 3.830,0 3.418,3 12,0 2.438,1 2.086,6 16,8
Telefonica 6.954,1 10.137,4 (31,4) 3.346,7 5.163,0 (35,2) 1.347,3 2.537,3 (46,9)
Latinoamerica G.
Telefonica Data G. 1.731,4 1.849,7 (6,4) 169,9 23,6 620,1 (28,4) (166,2) (82,9)
Terra-Lycos G. 600,0 690,0 (13,0) (141,7) (260,0) (45,5) (284,4) (417,5) (31,9)
Directories 550,5 619,5 (11,2) 150,9 126,1 19,7 119,7 96,4 24,1
Businesses
Admira Media G. 1.076,2 1.403,1 (23,3) 114,5 152,5 (24,9) 64,9 77,1 (15,8)
Atento G. 571,1 643,9 (11,3) 54,3 53,8 1,0 (21,1) (35,6) (40,7)
Others affiliates 515,7 844,2 (38,9) (245,9) (304,1) (19,1) (423,3) (555,7) (23,8)
Eliminations (3.309,1) (4.085,4) (19,0) (71,8) (77,1) (6,9) 3,5 104,2 (96,6)
Group 28.411,3 31.052,6 (8,5) 11.724,2 12.804,3 (8,4) 5.031,8 5.430,3 (7,3)
Telefonica S.A.
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 28.411,3 31.052,6 (8,5) 6.944,4 7.969,2 (12,9)
Internal expend capitalized in fixed assets 527,8 736,0 (28,3) 130,1 252,2 (48,4)
(1)
Operating expenses (16.773,3) (18.146,0) (7,6) (4.184,9) (4.819,4) (13,2)
Supplies (7.002,8) (7.221,4) (3,0) (1.796,1) (2.105,0) (14,7)
Personnel expenses (4.793,8) (5.390,3) (11,1) (1.152,2) (1.421,3) (18,9)
Subcontracts (4.564,6) (4.945,5) (7,7) (1.138,2) (1.104,1) 3,1
Taxes (412,1) (588,8) (30,0) (98,3) (189,0) (48,0)
Other operating income (expense) net (441,7) (838,4) (47,3) (94,4) (239,0) (60,5)
EBITDA 11.724,2 12.804,3 (8,4) 2.795,2 3.163,1 (11,6)
Depreciation and amortization (6.692,4) (7.374,0) (9,2) (1.569,0) (1.890,2) (17,0)
Operating profit 5.031,8 5.430,3 (7,3) 1.226,3 1.272,9 (3,7)
Profit from associated companies (527,9) (376,5) 40,2 (112,4) (98,4) 14,2
Financial income (expense) net (2.221,6) (2.391,1) (7,1) (210,8) (1.044,3) (79,8)
Amortization of goodwill (665,4) (841,6) (20,9) (162,4) (196,0) (17,1)
Extraordinary income (expense) net (16.217,9) 212,8 c.s. (9.861,6) 119,9 c.s.
Income before taxes (14.601,1) 2.033,9 c.s. (9.121,0) 54,1 c.s.
Income taxes 3.228,7 (198,1) c.s. 3.022,4 456,9 n.s.
Net income before minority interests (11.372,4) 1.835,8 c.s. (6.098,6) 511,0 c.s.
Minority interests 5.795,6 271,0 n.s. 5.557,8 4,8 n.s.
Net income (5.576,8) 2.106,8 c.s. (540,7) 515,8 c.s.
Average shares (millions) (2) 4.957,9 4.893,1 1,3 4.957,9 4.957,9 0,0
Net income per share (1,12) 0,43 c.s. (0,11) 0,10 c.s.
(1) Including work in process.
(1) Average number of shares in the period, considering the effect of free capital increases
funded by reserves that did not produce any variation of equity structure since January 1 of each
year. Including the shares corresponding to the capital increase funded by a charge on freely
disposable reserves, recorded with the Mercantile Register on February 18, 2003. Accordingly,
there were 4,957,874,511 shares outstanding at the end of the period.
Telefonica S.A.
Consolidated Balance Sheet
Unaudited figures (Euros in millions)
December % Chg. 02/01
2002 2001
Subscribed shares not paid-in 292,5 370,1 (21,0)
Long-term assets 50.008,8 63.975,8 (21,8)
Start up expenses 496,5 730,5 (32,0)
Intangible net assets 7.629,6 16.959,1 (55,0)
Fixed net assets 27.099,7 36.606,1 (26,0)
Investment 14.783,1 9.680,1 52,7
Goodwill on consolidation 6.364,0 9.128,9 (30,3)
Deferred expenses 802,3 710,9 12,8
Current assets 10.573,7 12.236,8 (13,6)
Inventories 449,8 754,1 (40,3)
Accounts receivable 6.029,1 8.004,0 (24,7)
Short-term investments 3.031,7 2.308,8 31,3
Cash and banks 543,9 621,9 (12,5)
Others 519,1 548,1 (5,3)
Assets = Liabilities 68.041,3 86.422,6 (21,3)
Shareholder's equity 16.996,0 25.861,6 (34,3)
Minority interests 5.612,9 7.433,6 (24,5)
Badwill on consolidation 11,4 8,0 42,9
Deferred income 880,5 1.145,8 (23,2)
Provisions for risks and expenses 8.014,9 5.862,7 36,7
Long-term debt 20.096,7 26.151,3 (23,2)
Accrued taxes payable 1.629,5 1.541,1 5,7
Short-term debt including current maturities 6.409,3 8.707,9 (26,4)
Interest payable 409,5 448,7 (8,7)
Other creditors 7.980,6 9.262,0 (13,8)
Financial Data
Consolidated net debt (1) 22.533,1 28.941,6 (22,1)
Consolidated debt ratio (2) 47,3% 42,6% 4,7p.p.
(1) Net debt: Long-term debt (excluding debt with minority partners) + 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 +
Net debt)
Note: Telefonica Group will introduce a change in the calculation of Equivalent Lines in Service beginning with
the 2003 fiscal year. The following equivalences will become applicable: PSTN (x 1) Basic ISDN (x 2) Primary ISDN
(x 30) 2/6 Accesses (x 30) ADSL Lines (x1) This new criterion introduces a different treatment of ISDN Primary
Accesses and 2/6 Accesses for PBX and Ibercom. These will be restated by accounting the number of channels per
access (30), instead of the extensions making use of them, as was used before. This change will bring about a
better calculation of the number of equivalent lines, as it will serve a lever for understanding both the trends
of revenue and minutes over time and the evolution of activity for maintenance of Lines in Service. This change
does not imply any modification on financial or opertating data of the Company. The accompanying table includes
this criterion in the calculation of Equivalent Lines in Service. These different calculations are a step toward
the appl
Telefonica de Espana Group
Selected Operating Data - New Methodology
Unaudited figures
December % Chg. 02/01
2002 2001
Lines in service (thousands) (1) 18.705,6 18.669,6 0,2
PSTN lines (thousands) 15.470,2 16.094,7 (3,9)
ISDN equivalent basic access (thousands) 1.752,1 1.620,4 8,1
ISDN equivalent primary access (thousands) 413,9 466,1 (11,2)
2/6 Accesses for PBX and Ibercom (thousands) 112,3 112,6 (0,3)
ADSL connections (thousands) 957,2 375,8 154,7
Employees 40.659 40.856 (0,5)
Traffic (millions of minutes) 144.204 138.982 3,8
(1) Basic telephony lines (including public telephones), ISDN -primary and basic access-, ADSL connections and 2/6
Accesses)
Telefonica de Espana Group
Selected Operating Data - Current Methodology
Unaudited figures
December % Chg. 02/01
2002 2001
Lines in service (thousands) (1) 20.803,9 21.022,8 (1,0)
PSTN lines 15.470,2 16.094,7 (3,9)
ISDN basic access 876,0 810,2 8,1
ISDN primary access 13,8 15,8 (12,7)
ADSL connections 957,2 375,8 154,7
Employees 40.659 40.856 (0,5)
Lines/employees (1) 511,7 514,6 (0,6)
Traffic (millions of minutes) 144.204 138.982 3,8
% ADSL coverage (2) 83,3% 81,8% 1,5p.p.
(1) Basic telephony lines (including public telephones), ISDN -primary and basic access-, ADSL connections and 2/6
Accesses)
(2) Degree of effective ADSL coverage for Basic Service.
Telefonica de Espana Group
Operating Revenues (Individual)
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Revenue derived from usage 5.140,3 5.650,5 (9,0) 1.249,3 1.278,1 (2,3)
Local 1.573,5 1.816,1 (13,4) 387,6 455,8 (15,0)
Provincial 470,7 563,5 (16,5) 109,3 139,8 (21,8)
Domestic long distance 654,1 918,0 (28,7) 154,3 217,9 (29,2)
International long distance (outgoing) 364,3 641,3 (43,2) 76,6 131,9 (41,9)
(1)
Fixed to mobile 1.476,9 1.478,2 (0,1) 354,7 360,7 (1,7)
Interconnection International (Incoming) 273,9 294,5 (7,0) 55,8 70,3 (20,6)
Interconnection National Operators (1) 424,3 490,9 (13,6) 101,9 116,2 (12,3)
Others (2) (97,4) (552,0) (82,4) 9,0 (214,4) (104,2)
Monthly fee 3.850,3 3.341,3 15,2 1.004,9 880,0 14,2
Connection fee 260,1 295,9 (12,1) 62,9 95,9 (34,4)
Customer equipments 337,2 304,2 10,9 100,4 103,5 (3,0)
Others 241,1 239,6 0,6 57,5 75,3 (23,6)
Total operating revenues 9.829,0 9.831,5 (0,0) 2.475,0 2.432,9 1,7
(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-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 10.272,1 10.220,4 0,5 2.587,2 2.549,8 1,5
Telefonica de Espana 9.829,0 9.831,5 (0,0) 2.475,0 2.432,9 1,7
Others and eliminations 443,1 388,9 13,9 112,2 116,9 (4,0)
Internal expend capitalized in fixed 179,2 195,1 (8,2) 54,3 64,8 (16,3)
assets (1)
Operating expenses (5.868,6) (5.703,4) 2,9 (1.493,5) (1.520,4) (1,8)
Other operating income (expense) net (65,5) (203,9) (67,9) (0,9) (69,4) (98,8)
EBITDA 4.517,2 4.508,2 0,2 1.147,2 1.024,9 11,9
Depreciation and amortization (2.701,8) (2.804,5) (3,7) (665,1) (689,8) (3,6)
Operating profit 1.815,4 1.703,7 6,6 482,1 335,1 43,9
Profit from associated companies (2,4) (1,8) 31,3 (1,1) (0,6) 103,6
Financial income (expense) net (398,5) (403,1) (1,2) (106,8) (103,5) 3,3
Amortization of goodwill (8,2) (0,7) n.s. (0,9) (0,1) n.s.
Extraordinary income (expense) net (373,7) 286,1 c.s. (126,6) 121,4 c.s.
Income before taxes 1.032,7 1.584,2 (34,8) 246,6 352,3 (30,0)
Income taxes (224,7) (506,6) (55,6) (58,9) (176,2) (66,6)
Net income before minority interests 808,0 1.077,6 (25,0) 187,7 176,1 6,6
Minority interests (0,1) 0,0 n.s. 0,0 0,0 n.s.
Net income 807,9 1.077,6 (25,0) 187,8 176,1 6,6
(1) Including works in process
Telefonica Latinoamerica Group
Companies Financial Data
Unaudited figures (Euros in millions)
January-December
2002 2001 % Chg
Telesp
Operating revenues 3.700,3 4.343,9 (14,8)
EBITDA 1.903,2 2.305,7 (17,5)
EBITDA margin 50,6% 53,1% (2,5p.p.)
Telefonica de Argentina
Operating revenues 784,1 2.981,0 (73,7)
EBITDA 393,7 1.522,9 (74,2)
EBITDA margin 50,2% 51,1% (0,9p.p.)
Telefonica CTC Chile
Operating revenues 1.149,2 1.421,3 (19,1)
EBITDA 472,2 600,6 (21,4)
EBITDA margin 39,8% 42,3% (2,5p.p.)
Telefonica del Peru
Operating revenues 1.273,2 1.341,7 (5,1)
EBITDA 590,5 657,1 (10,1)
EBITDA margin 44,6% 49,0% (4,4p.p.)
Note: EBITDA before management fees. 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, respective
Note: TASA modified its fiscal year, therefore, the data are for the January-December '01 and January-December '02
periods
Note: Telefonica Group will introduce a change in the calculation of Equivalent Lines in Service beginning with the
2003 fiscal year. The following equivalences will become applicable: PSTN (x 1) Basic ISDN (x 2) Primary ISDN (x
30) 2/6 Accesses (x 30) ADSL Lines (x1) This new criterion introduces a different treatment of ISDN Primary
Accesses and 2/6 Accesses for PBX and Ibercom. These will be restated by accounting the number of channels per
access (30), instead of the extensions making use of them, as was used before. This change will bring about a
better calculation of the number of equivalent lines, as it will serve a lever for understanding both the trends of
revenue and minutes over time and the evolution of activity for maintenance of Lines in Service. This change does
not imply any modification on financial or opertating data of the Company. The accompanying table includes this
criterion in the calculation of Equivalent Lines in Service. These different calculations are a step toward the
applic
Telefonica Latinoamerica Group
Operating Data - New Methodology
Unaudited figures
December % Chg. 02/01
Telesp 2002 2001
Lineas (thousands) (1) 12.839,2 12.814,3 0,2
PSTN Lines (thousands) 11.174,5 11.252,8 (0,7)
ISDN equivalent accesses (thousands) 37,5 45,5 (17,7)
2/6 Accesses for PBX and Ibercom (thousands) 1.293,9 1.317,6 (1,8)
ADSL connections (thousands) 333,3 198,3 68,1
Employees (3) * 9.515 10.587 (10,1)
Traffic (millions of minutes) (2) 81.401,0 81.334,0 0,1
Unaudited figures
December % Chg. 02/01
Telefonica de Argentina 2002 2001
Lines in Service (thousands) (1) 4.222,6 4.344,4 (2,8)
PSTN Lines (thousands) 4.095,8 4.226,8 (3,1)
ISDN equivalent accesses (thousands) 5,8 3,6 62,6
2/6 Accesses for PBX and Ibercom (thousands) 86,6 88,6 (2,3)
ADSL connections (thousands) 34,4 25,5 35,1
Employees (3) 8.284 8.668 (4,4)
Traffic (millions of minutes) (2) 33.298,4 35.773,7 (6,9)
Unaudited figures
December % Chg. 02/01
Telefonica CTC Chile 2002 2001
Lines in Service (thousands) (1) 2.757,0 2.753,2 0,1
PSTN Lines (thousands) 2.546,0 2.586,0 (1,5)
ISDN equivalent accesses (thousands) 97,7 89,5 9,2
2/6 Accesses for PBX and Ibercom (thousands) 59,1 62,9 (6,1)
ADSL connections (thousands) 54,2 14,8 265,8
Employees (3) ** 3.150 6.098 (48,3)
Traffic (millions of minutes) (2) 25.981,0 26.740,0 (2,8)
Unaudited figures
December % Chg. 02/01
Telefonica del Peru 2002 2001
Lines in Service (thousands) (1) 1.850,0 1.730,2 6,9
PSTN Lines (thousands) 1.780,9 1.689,5 5,4
ISDN equivalent accesses (thousands) 34,7 33,4 3,7
2/6 Accesses for PBX and Ibercom (thousands) - - -
ADSL connections (thousands) 34,4 7,2 375,2
Employees (3) 4.668 4.983 (6,3)
Traffic (millions of minutes) (2) 9.349,0 10.437,0 (10,4)
(1) Basic telephony lines (including public telephones, Ibercom, ISDN -basic access-, ADSL connections and connections
lines with PBX)
Telefonica Latinoamerica Group
Selected Operating Data - Current Methodology
Unaudited figures
January-December
2002 2001 % Chg.
Lines in service (thousands) 21.427 21.612 (0,9)
Telesp 12.506 12.616 (0,9)
Telefonica de Argentina 4.419 4.555 (3,0)
Telefonica CTC Chile 2.687 2.723 (1,3)
Telefonica del Peru (1) 1.816 1.723 5,4
ADSL connections 456.136 245.919 85,5
Telesp 333.281 198.306 68,1
Telefonica de Argentina 34.410 25.462 35,1
Telefonica CTC Chile 54.163 14.808 265,8
Telefonica del Peru 34.282 7.237 373,7
% ADSL coverage
Telesp 83% 70%
Telefonica de Argentina 57% 57%
Telefonica CTC Chile 68% 55%
Telefonica del Peru 89% 48%
Total traffic (million of minutes) (2) 150.029 154.285 (2,8)
Telesp 81.401 81.334 0,1
Telefonica de Argentina 33.298 35.774 (6,9)
Telefonica CTC Chile 25.981 26.740 (2,8)
Telefonica del Peru 9.349 10.437 (10,4)
Employees (3) 25.617 30.336 (15,6)
Telesp (*) 9.515 10.587 (10,1)
Telefonica de Argentina 8.284 8.668 (4,4)
Telefonica CTC Chile (**) 3.150 6.098 (48,3)
Telefonica del Peru 4.668 4.983 (6,3)
Lines/Employees (4) 836 712 17,4
Telesp (*) 1.314 1.192 10,3
Telefonica de Argentina 533 526 1,5
Telefonica CTC Chile (***) 980 803 22,0
Telefonica del Peru 571 473 20,8
Note: Telefonica CTC Chile's data reflect the fixed telephony business (OTF) and Sonda during 2001. TdP's data
include OTF and other subsidiaries, of which Cablemagico is the most relevant.
(*) Including cash contributions to Telesp, Assist, and long distance, the criterion for which was retroactively
changed.
(**) The number of employees listed for 2001 reflects the assignment of OSI employees similar to the current fiscal
year.
(***) Istel's employees and the repairers and installers are not included.
(1) Including the rural PUTs, cellular PUTs, and Publifon, retroactively.
(2) Including total invoiced incoming and outgoing traffic: Local, PUTs (except at Telesp), NLD and ILD.
(3) The cash contribution of the fixed telephone operator (OTF).
(4) A ratio based on the cash contribution of the fixed telephone operator (OTF).
Telefonica Latinoamerica Group
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 6.954,1 10.137,4 (31,4) 1.519,9 2.531,7 (40,0)
Internal expend capitalized in fixed assets 63,4 212,5 (70,2) 10,9 69,1 (84,3)
(1)
Operating expenses (3.407,5) (4.719,6) (27,8) (771,1) (1.144,1) (32,6)
Other operating income (expense) net (263,3) (467,3) (43,7) (48,0) (150,1) (68,0)
EBITDA 3.346,7 5.163,0 (35,2) 711,6 1.306,6 (45,5)
Depreciation and amortization (1.999,4) (2.625,7) (23,9) (419,9) (682,5) (38,5)
Operating profit 1.347,3 2.537,3 (46,9) 291,8 624,1 (53,3)
Profit from associated companies (4,3) 8,4 c.s. 0,4 0,9 (62,4)
Financial income (expense) net (1.181,1) (1.318,5) (10,4) (79,5) (721,5) (89,0)
Amortization of goodwill (89,7) (86,6) 3,6 (22,5) (27,0) (16,8)
Extraordinary income (expense) net (317,2) 164,6 c.s. (207,7) 150,7 c.s.
Income before taxes (245,0) 1.305,1 c.s. (17,6) 27,2 c.s.
Income taxes 103,7 136,2 (23,8) 51,2 455,8 (88,8)
Net income before minority interests (141,3) 1.441,3 c.s. 33,6 483,0 (93,1)
Minority interests (41,3) (166,4) (75,2) (20,5) (59,4) (65,5)
Net income (182,6) 1.274,9 c.s. 13,1 423,6 (96,9)
(1) Including works in process
Telefonica Moviles Group
Selected Operating Data
Unaudited figures (Thousands)
CELLULAR CUSTOMERS
September - 2002 % Chg. 02/01 Weighted(1)
T Moviles Espana 18.412 9,6 17.068
Brasilcel 13.742 n.s. 4.054
TCP Argentina 1.617 (9,9) 1.468
T Moviles Peru 1.239 14,0 1.123
TEM El Salvador 231 (3,2) 193
TEM Guatemala 97 (38,0) 90
NewCom Wireless Puerto Rico (2) 169 (9,7) -
Telefonica Moviles Mexico 2.419 n.s. 2.063
Medi Telecom 1.601 43,9 465
Telefonica Movil Chile (3) 1.849 17,8 807
Total Managed 41.376 38,9 27.333
(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-December
2002 2001 % Chg.
Cellular subscribers 18.412 16.793 9,6%
Contract 6.475 5.299 22,2%
Prepaid 11.937 11.494 3,9%
Subscribers net adds in year to date (a) 1.619 3.124 -48,2%
Contract 1.176 533 120,8%
Prepaid 443 2.592 -82,9%
TME Penetration (b) 43,8% 40,5% 3,3p.p.
Total airtime minutes, in millions (a) 31,9 26,7 19,2%
SMS 8.442 6.307 33,9%
Employees 4.371 4.372 0,0%
(a) January-December accumulated data.
(b) Telefonica Moviles Espana cellular lines / 100 inhabitants
Telefonica Moviles Group: Participated Companies
Selected Operating Data
Unaudited figures (Thousands)
January-December
2002 2001 % Chg.
Europe and Mediterranean area customers 20.013 17.914 11,7
Contract 6.589 5.372 22,6
Prepaid 13.423 12.542 7,0
Latin America customers (1) 19.345 10.124 91,1
Contract 4.868 3.255 49,6
Prepaid 14.478 6.869 110,8
Total airtime minutes (2) 43,8 37,2 17,6
(1) (1) Includes total customers from all operators in which Telefonica Moviles holds an economic
participation, except those from the brazilian operators contributed in December 2002 by Portugal
Telecom to the Joint Venture in Brazil (Telesp Celular Participacoes and a additional stake in CRT
Celular). Grupo Pegaso Telecomunicaciones subscribers are included from September 2002. Excludes Chile
and Puerto Rico.
(2) January-December accumulated air minutes of TEM fully consolidated companies
Telefonica Moviles Group
Selected Financial Data
Unaudited figures (Euros in millions)
January - December
2002 2001 % Chg
Telefonica Moviles Espana
Operating Revenues 6.770,0 5.736,0 18,0
EBITDA 3.490,3 2.816,3 23,9
EBITDA Margin 51,6% 49,1% 2,5p.p.
Brazilian Companies (1)
Operating Revenues 1.160,3 1.206,1 (3,8)
EBITDA 425,8 448,4 (5,0)
EBITDA Margin 36,7% 37,2% (0,5p.p.)
Telefonica Moviles Mexico (2)
Operating Revenues 465,0 238,6 n.s.
EBITDA (14,73) 10,4 n.s.
EBITDA Margin (3,2%) 4,3% n.s.
TCP Argentina
Operating Revenues 194,8 724,9 (73,1)
EBITDA 48,3 109,0 (55,7)
EBITDA Margin 24,8% 15,0% 9,8p.p.
Telefonica Moviles Peru
Operating Revenues 282,5 276,7 2,1
EBITDA 95,0 89,3 6,3
EBITDA Margin 33,6% 32,3% 1,3p.p.
T. Moviles Guatemala and El Salvador
Operating Revenues 188,9 198,9 (5,0)
EBITDA 38,5 26,8 44,0
EBITDA Margin 20,4% 13,4% 7,0p.p.
(1) TeleSudeste Celular, CRT Celular and TeleLeste.
(2) Telefonica Mexico included Pegaso's customers during 2002. The annual variations in the January-December period
are not comparable, due to the changes in the consolidation perimeter brought about by the global integration of
the operators in northern Mexico since July 2001 and consolidation through the global integration method of the
Pegaso Telecommunications Group since September 2002.
As a result of the consolidation of Telefonica Moviles Mexico's financial statements after the integration of both
the operators in northern Mexico and Grupo Pegaso Telecomunicaciones, for comparative purposes, the revenue shown
here for 2001 and 2002 reflects the figures net of intragroup eliminations among these operators.
Mobile Business of Telefonica Group
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 9.449,3 8.730,0 8,2 2.401,2 2.342,6 2,5
Internal expend capitalized in fixed 75,3 128,6 (41,4) 9,6 45,0 (78,8)
assets (1)
Operating expenses (5.600,3) (5.250,9) 6,7 (1.458,2) (1.499,0) (2,7)
Other operating income (expense) net (94,3) (189,3) (50,2) (28,0) (61,0) (54,1)
EBITDA 3.830,0 3.418,3 12,0 924,5 827,7 11,7
Depreciation and amortization (1.391,9) (1.331,8) 4,5 (349,3) (335,1) 4,2
Operating profit 2.438,1 2.086,6 16,8 575,2 492,6 16,8
Profit from associated companies (159,5) (119,2) 33,8 (41,3) (23,2) 78,3
Financial income (expense) net (364,1) (384,6) (5,3) (126,7) (102,7) 23,4
Amortization of goodwill (101,6) (73,2) 38,7 (30,0) (29,2) 2,6
Extraordinary income (expense) net (12.077,8) (119,1) n.s. (7.189,0) (31,2) n.s.
Income before taxes (10.264,8) 1.390,5 c.s. (6.811,8) 306,4 c.s.
Income taxes 2.130,4 (622,5) c.s. 2.734,4 (127,0) c.s.
Net income before minority interests (8.134,4) 768,0 c.s. (4.077,4) 179,3 c.s.
Minority interests 4.389,9 91,8 n.s. 4.269,4 35,9 n.s.
Net income (3.744,5) 859,7 c.s. 192,0 215,2 (10,8)
(1) Including wotks in progress.
Telefonica Moviles Group
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 9.139,8 8.411,1 8,7 2.310,8 2.242,6 3,0
Operating expenses (5.364,8) (4.999,7) 7,3 (1.327,5) (1.385,7) (4,2)
Other operating income (expense) (39,2) (77,7) (49,5) (86,3) (52,5) 64,4
net
EBITDA 3.735,8 3.333,7 12,1 897,0 804,4 11,5
Depreciation and amortization (1.316,4) (1.258,2) 4,6 (327,6) (312,6) 4,8
Operating profit 2.419,4 2.075,5 16,6 569,4 491,8 15,8
Profit from associated companies (159,5) (119,2) 33,8 (41,3) (23,2) 78,0
Financial income (expense) net (316,2) (328,1) (3,6) (115,0) (91,5) 25,7
Amortization of goodwill (87,1) (53,8) 61,9 (25,9) (23,4) 10,7
Extraordinary income (expense) net (12.075,9) (100,7) n.s. (7.187,5) (22,8) n.s.
Income before taxes (10.219,3) 1.473,7 c.s. (6.800,3) 330,9 c.s.
Income taxes 2.130,8 (628,8) c.s. 2.738,2 (133,4) c.s.
Net income before minority (8.088,5) 845,0 c.s. (4.062,1) 197,5 c.s.
interests
Minority interests 4.364,0 48,4 n.s. 4.260,8 25,7 n.s.
Net income (3.724,5) 893,4 c.s. 198,7 223,2 (11,0)
Telefonica Data Group
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 1.731,4 1.849,7 (6,4) 431,0 484,3 (11,0)
Internal expend capitalized in fixed assets 9,9 21,2 (53,2) 3,6 12,3 (70,8)
(1)
Operating expenses (1.553,3) (1.841,6) (15,7) (365,1) (504,1) (27,6)
Other operating income (expense) net (18,1) (5,7) 219,8 (10,4) (1,6) n.s.
EBITDA 169,9 23,6 620,1 59,0 (9,2) c.s.
Depreciation and amortization (198,3) (189,8) 4,5 (44,0) (54,9) (20,0)
Operating profit (28,4) (166,2) (82,9) 15,1 (64,2) c.s.
Profit from associated companies (38,7) (5,1) n.s. (12,0) (5,7) 111,5
Financial income (expense) net (76,8) (58,7) 31,0 (11,7) (22,4) (47,7)
Amortization of goodwill (68,2) (101,3) (32,7) (7,8) (37,9) (79,5)
Extraordinary income (expense) net (836,8) (272,8) 206,7 (95,5) (272,1) (64,9)
Income before taxes (1.048,9) (604,1) 73,6 (111,9) (402,2) (72,2)
Income taxes 547,8 56,2 n.s. 128,2 45,5 181,5
Net income before minority interests (501,1) (547,9) (8,5) 16,4 (356,7) c.s.
Minority interests 36,4 61,7 (41,0) (0,9) 17,4 c.s.
Net income (464,7) (486,2) (4,4) 15,4 (339,3) c.s.
(1) Including works in process
Admira Media Group
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 1.076,2 1.403,1 (23,3) 352,0 397,2 (11,4)
Internal expend capitalized in fixed assets 0,5 0,3 43,8 0,1 0,2 (25,0)
(1)
Operating expenses (964,4) (1.258,0) (23,3) (316,1) (333,3) (5,2)
Other operating income (expense) net 2,2 7,1 (68,7) 0,9 6,3 (86,3)
EBITDA 114,5 152,5 (24,9) 36,9 70,3 (47,6)
Depreciation and amortization (49,6) (75,4) (34,3) (9,8) (17,4) (43,4)
Operating profit 64,9 77,1 (15,8) 27,0 53,0 (49,0)
Profit from associated companies (191,3) (184,5) 3,7 (13,0) (72,0) (81,9)
Antena 3 TV (17,1) 22,8 c.s. 15,9 6,4 147,7
Via Digital (116,6) (162,6) (28,3) (16,2) (59,8) (72,9)
Others (57,7) (44,7) 29,0 (12,7) (18,6) (31,9)
Financial income (expense) net (133,5) (113,6) 17,6 (19,6) (40,4) (51,7)
Amortization of goodwill (94,5) (114,8) (17,7) (25,1) (32,9) (23,8)
Extraordinary income (expense) net (530,2) (69,6) n.s. (361,8) (10,3) n.s.
Income before taxes (884,7) (405,4) 118,2 (392,5) (102,7) 282,0
Income taxes 217,0 58,0 274,2 97,3 26,8 263,5
Net income before minority interests (667,7) (347,4) 92,2 (295,2) (76,0) 288,6
Minority interests (1,5) 0,2 c.s. 0,3 (11,5) c.s.
Net income (669,2) (347,2) 92,7 (295,0) (87,4) 237,4
(1) Including works in process
Note: Onda Cero consolidated within Antena 3 in 2002.
Terra-Lycos Group
Selected Operating Data
Unaudited figures
December 2002 December 2001 % Chg
Total Subscribers (million) 5,9 4,7 25%
Access Subscribers (million) 4,1 4,3 -5%
% Pay 34% 30%
% Free 66% 70%
ADSL (thousand) 378 233 62%
Spain 125 109 15%
Latam 253 124 104%
Comm. Services+Portal Subscribers (million) 1,70 0,4 325%
Total Pay Subscribers (million) 3,10 1,7 82%
Access 45% 78% -42%
Communication Services+Portal 55% 22%
Average daily page views (million) 368 500 -26%
Unique users (million) 120 111 8%
Terra-Lycos Group
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 600,0 690,0 (13,0) 134,5 163,4 (17,7)
Internal expend capitalized in fixed assets 1,7 2,5 (33,3) 0,9 2,1 (59,2)
(1)
Operating expenses (741,5) (930,0) (20,3) (174,3) (208,4) (16,3)
Other operating income (expense) net (1,8) (22,5) (91,8) 13,6 (5,3) c.s.
EBITDA (141,7) (260,0) (45,5) (25,4) (48,1) (47,3)
Depreciation and amortization (142,7) (157,4) (9,3) (32,3) (48,1) (32,8)
Operating profit (284,4) (417,5) (31,9) (57,7) (96,2) (40,0)
Profit from associated companies (148,9) (181,7) (18,1) (88,7) (8,7) n.s.
Financial income (expense) net 63,5 126,3 (49,7) 14,2 29,7 (52,1)
Amortization of goodwill (252,6) (383,5) (34,1) (61,5) (63,2) (2,7)
Extraordinary income (expense) net (1.046,3) (74,9) n.s. (1.047,2) (43,4) n.s.
Income before taxes (1.668,7) (931,3) 79,2 (1.240,8) (181,9) n.s.
Income taxes (342,6) 363,4 c.s. (435,4) 88,4 c.s.
Net income before minority interests (2.011,3) (567,9) 254,1 (1.676,1) (93,5) n.s.
Minority interests 2,4 1,6 48,8 (0,6) 0,5 c.s.
Net income (2.008,9) (566,3) 254,7 (1.676,7) (93,0) n.s.
(1) Including works in process
TPI Group - Yellow Pages
Operating figures in Spain
Unadited figures
December
2002 2001 % Chg
Books Published
Yellow Pages* 78 67 16,4
White Pages 61 61 0,0
(Euro million)
Revenue Breakdown 373,9 353,9 5,7
Advertising 347,4 334,0 4,0
Publishing 285,7 276,5 3,3
Yellow Pages 60,6 56,5 7,4
White Pages 1,1 1,1 0,0
Others 22,8 16,8 35,7
Internet 3,4 3,1 9,1
Operator Assisted Yellow Pages 0,4 0,0 n.s.
Operator 24,2 25,6 (5,4)
Other 4,2 4,3 (1,6)
* Includes a breakdown by residential/business services
Directories Business of Telefonica Group
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 550,5 619,5 (11,2) 134,9 198,1 (31,9)
Internal expend capitalized in fixed assets 0,0 0,0 n.s. 0,0 (13,5) n.s.
(1)
Operating expenses (361,5) (444,9) (18,7) (91,3) (117,2) (22,1)
Other operating income (expense) net (38,1) (48,6) (21,5) (9,3) (24,0) (61,1)
EBITDA 150,9 126,1 19,7 34,2 43,4 (21,2)
Depreciation and amortization (31,2) (29,7) 5,2 (9,9) (10,1) (1,9)
Operating profit 119,7 96,4 24,1 24,3 33,3 (27,0)
Profit from associated companies (1,8) (1,7) 3,5 (0,7) (0,9) (21,0)
Financial income (expense) net (5,0) (15,2) (67,2) (9,1) (2,8) 225,5
Amortization of goodwill (1,3) (0,5) 170,2 (0,0) 1,3 c.s.
Extraordinary income (expense) net (8,4) (6,9) 23,1 (7,6) (7,0) 8,8
Income before taxes 103,2 72,2 43,0 6,9 23,9 (71,1)
Income taxes (36,0) (33,4) 8,0 (4,0) (9,1) (55,7)
Net income before minority interests 67,2 38,8 73,0 2,9 14,8 (80,6)
Minority interests 4,3 9,2 (52,7) 5,7 2,8 103,2
Net income 71,5 48,0 49,0 8,6 17,7 (51,2)
(1) Including works in process
Note: Includes all directory businesses of Telefonica Group from January 1, 2001
TPI-Paginas Amarillas Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 532,8 511,7 4,1 123,9 136,4 (9,1)
Operating expenses (382,7) (382,9) (0,0) (90,8) (100,2) (9,4)
EBITDA 150,1 128,8 16,6 33,1 36,2 (8,4)
Depreciation and amortization (30,1) (25,5) 17,7 (9,7) (9,3) 4,0
Operating profit 120,1 103,3 16,3 23,4 26,8 (12,7)
Profit from associated companies (1,8) (1,7) 3,5 (0,7) (0,9) (21,1)
Financial income (expense) net (1,8) (10,8) (83,0) (5,9) (2,2) 171,0
Amortization of goodwill (3,0) (2,2) 40,1 (0,7) (0,5) 35,2
Consolidation adjustments 1,8 1,7 3,5 0,7 1,7 (59,1)
Extraordinary income (expense) net (7,9) (0,3) n.s. (7,4) (0,6) n.s.
Income before taxes 107,3 90,1 19,1 9,4 24,4 (61,3)
Income taxes (36,0) (33,7) 7,0 (4,0) (9,5) (57,6)
Net income before minority interests 71,3 56,4 26,4 5,4 14,9 (63,7)
Minority interests 4,1 8,5 (51,6) 5,8 3,6 60,0
Net income 75,4 64,9 16,2 11,2 18,5 (39,5)
Atento Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-December October-December
2002 2001 % Chg. 2002 2001 % Chg.
Operating revenues 571,1 643,9 (11,3) 135,5 172,3 (21,4)
Operating expenses (513,9) (588,2) (12,6) (112,4) (155,4) (27,7)
Other operating income (expense) net (2,9) (1,9) 50,3 0,7 (0,0) c.s.
EBITDA 54,3 53,8 1,0 23,8 16,9 41,1
Depreciation and amortization (75,4) (89,4) (15,6) (15,2) (29,8) (48,9)
Operating profit (21,1) (35,6) (40,7) 8,6 (13,0) c.s.
Financial income (expense) net (85,6) (57,5) 48,9 (18,0) (13,8) 29,9
Amortization of goodwill (8,3) (8,4) (1,7) (1,9) (2,1) (7,2)
Extraordinary income (expense) net (3,5) (32,2) (89,0) (2,5) (13,6) (81,3)
Income before taxes (118,5) (133,7) (11,3) (13,9) (42,4) (67,3)
Income taxes 18,3 20,8 (12,1) (2,7) 4,6 c.s.
Net income before minority interests (100,2) (112,9) (11,2) (16,6) (37,8) (56,1)
Minority interests 1,1 3,4 (66,2) 0,5 1,7 (68,5)
Net income (99,1) (109,5) (9,5) (16,1) (36,1) (55,5)
Telefonica S.A. Group
Operating Cash Flow
Unaudited figures
2002
EBITDA 11.724,2
- CAPEX accrued during the period (EoP exchange rate) (3.789,00)
- Net financial payments (1.610,90)
- Extraordinary income/payment (1.139,10)
- Income tax payment (226,60)
- Investment in working capital (489,50)
- Financial investments (1.475,90)
- Dividends paid (10,80)
= Cash flow from operations 2.982,4
Telefonica S.A. Group
Change in Debt
Unaudited Data
2002
I Cash flows from operations 11.757,5
II Other payment related to operating activities (1.139,10)
III Net interest payment (1.610,90)
IV Payment for income tax (226,60)
A= I+II+III+IV Net cash provided by operating activities 8.780,9
V Net payment for investment in fixed and intangible assets (4.223,70)
VI Net payment for financial investment (1.564,00)
B= V+VI Net cash used in investing activities (5.787,70)
C Dividends paid (10,80)
D= A+B+C Free cash flow after dividends 2.982,4
E Effects of exchange rate changes on net debt (3.044,00)
F Effects on net debt of changes in consolidation and others (382,10)
G Net debt at beginning of period 28.941,6
H= G-D+E+F Net debt at end of period 22.533,1
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