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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