3rd Qtr & 9 Mths Results-Pt 4

Telefonica SA
16 November 2001


Part 4

Telefonica Moviles Group
Selected Operating Data                                 

                                                  Cellular customers
                                                    % Change       Weighted
Thousands                            September 01     01/00        % Partic.(1)

T Moviles Espana                       15.621          22,0%         14.552 
Celular CRT                             1.661          29,5%            591
TeleSudeste Celular                     2.862          23,5%          2.187
TeleLeste Celular                         775          25,1%             77
TCP Argentina                           1.869          19,5%          1.705
T Moviles Peru                          1.028          20,8%            930
TEM Guatemala                             239          13,6%             74
TEM El Salvador                           156          29,9%             99
NewCom Wireless Puerto Rico(2)            186          65,4%              -
Telefonica Moviles Mexico               1.103           n.s.          1.028
Medi Telecom                              892         171,4%            254
Telefonica Movil Chile(3)               1.481          28,3%            646

Total Managed                          27.873          30,5%         22,142 


(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.


Participated companies
                                               September                   %
Thousands                                  2001         2000            Change

Europe and Mediterranean area customers  16.513        13.130            25,8

 Contract                                 5.153         4.523            13,9
 Prepaid                                 11.359         8.607            32,0

Latin America customers (1)               9.694         6.965            39,2

 Contract                                 3.232         2.908            11,1
 Prepaid                                  6.462         4.057            59,3

Total minutes                            23.960        18.477            29,7

(1) Includes only Telefonica Moviles participations


Telefonica Moviles Espana
                                                 June                   %
Thousands                                  2001         2000            Change

Cellular subscribers                     15.621        12.801            22,0
 Contract                                 5.098         4.501            13,3
 Prepaid                                 10.523         8.301            26,8
Subscribers net adds in year to date(a)   1.952         3.750           (47,9)
 Contract                                   331           954           (65,3)
 Prepaid                                  1.621         2.796           (42,0)
TME Penetration (b)                        38,6%         32,0%           6,6p.p.
Total airtime minutes, in millions (a)   19.455        15.134            28,6
Employees                                 4.140         3.854             7,4


(a) January-September accumulated data.
(b) Telefonica Moviles Espana cellular lines/100 inhabitants.


Telefonica Moviles Group

Combined Income Statement
Unaudited figures                                           Euros in millions
                                January-Sept       %          July-Sept       %
                                2001     2000    Change   2001      2000  Change

Operating revenues            6.168,5  5.475,3    12,7   2.234,6  2.029,9  10,1
Internal expend capitalized      
 in fixed assets (1)             83,6     47,4    76,5      28,2     18,5  52,1
Operating expenses           (3.605,2)(3.538,1)    1,9  (1.261,0)(1.313,5) (4,0)
Other operating income 
 (expense) net                 (117,6)  (117,5)    0,1     (24,0)   (39,4)(38,9)

EBITDA                        2.529,3  1.867,1    35,5     977,7    695,6  40,6

Depreciation and amortization  (945,5)  (742,4)   27,4    (317,4)  (261,4) 21,4 

Operating profit              1.583,7  1.124,8    40,8     660,3    434,1  52,1

Profit from associated 
 companies                      (96,0)   (68,0)   41,1     (25,2)   (35,2)(28,3)
Financial income(expense)net   (236,5)  (219,9)   (7,6)    (51,4)   (81,0)(36,5)
Amortization of goodwill        (30,4)   (21,8)   39,5     (14,3)    (7,9) 80,5
Extraordinary income (expense)  
 net                            (77,9)    (8,6)  802,5     (50,4)    (1,7)  n.s.

Income before taxes           1.142,9    806,3    41,7     519,0    308,3  68,3 

Income taxes                   (495,4)  (289,0)   71,4    (232.6)  (138,0) 68,5

Net Income before minority
  interests                     647,5    517,3    25,2     286,4    170,3  68,2

Minority interests               22,7    (30,1)    c.s.      5,0     (0,2)  c.s.

Net Income                      670,2    487,2    37,6     291,4    170,1  71,2 


Note: Financial statements for 2000 include all the mobile telephony assets held
by the Telefonica Moviles Group as of 1 January, and the entire stake acquired 
in the 2000 takeover round.  Telefonica Moviles Mexico is only consolidated in 
the third quarter of 2001.

(1) Including works in process


Telefonica Moviles Group

Companies Financial data
Unaudited figures                                        Euros in millions
                                       June                     %
                                       2001       2000        Change
Telefonica Moviles Espana
Operating revenues                  4.217,3      3.586,9       17,6
EBITDA                              2.098,9      1.343,5       56,2
EBITDA margin                         49,8%         37,5%      12,3 p.p.

Brazilian Companies (1)
Operating revenues                   911,0         982,6       (7,3)
EBITDA                               359,4         359,2        0,1
EBITDA margin                        39,5%         36,6%        2,9 p.p.

Telefonica Moviles Mexico
Ingresos por operaciones            124,0           n.s.        n.s.
EBITDA                               14,1           n.s.        n.s.
EBITDA margin                        11,3%          n.s.        n.s.

TCP Argentina (2)
Operating revenues                  562,9         561,8         0,2
EBITDA                               69,1          95,5       (27,7)
EBITDA margin                        12,3%         17,0%       (4,7 p.p.)

Telefonica Moviles Peru
Operating revenues                  211,7         185,9        13,9
EBITDA                               67,2          63,3         6,2
EBITDA margin                        31,7%         34,0%       (2,3 p.p.)

T.Moviles Guatemala y El Salvador
Operating revenues                  141,7         141,3         0,3
EBITDA                               15,6          13,8        13,2
EBITDA margin                       11,0%          9,7%        1,2 p.p.


(1) TeleSudeste Celular and CRT Celular.
(1) The data for TCP Argentina refer to the period October 2000-June 2001.


Telefonica Latinoamerica

Selected Operating Data 
Unaudited figures
                                    September                          %
                                      2001           2000           Change

Lines in service (thousands)           21.610       18.439           17,2%
 Telesp                                12.612        9.799           28,7%
 Telefonica de Argentina                4.521        4.259            6,2%
 Telefonica CTC Chile                   2.752        2.661            3,4%
 Telefonica del Peru                    1.725        1.720            0,3%

ADSL connections                      170.968       16.447          939,5%
 Telesp                               142.271       16.447          765,0%
 Telefonica de Argentina               15.200            0              -
 Telefonica CTC Chile                   8.432            0              -
 Telefonica del Peru (1)                5.065            0              -

%ADSL Coverage
 Telesp                                    66%           -              -
 Telefonica de Argentina                   57%           -              -
 Telefonica CTC Chile                      46%           -              -
 Telefonica del Peru                       44%           -              -


Total traffic (million of minutes)(2)  58.294       54.690            6,6%
 Telesp                                48.455       44,329            9,3%
 Telefonica de Argentina               28.053       25.559            9,8%
 Telefonica CTC Chile                   8.141        8.491           (4,1%)
 Telefonica del Peru                    6.347        6.827           (7,0%)

Employees                              28.456       31.626          (10,0%)
 Telesp                                12.270       13.775          (10,9%)
 Telefonica de Argentina                8.800        9.079           (3,1%)
 Telefonica CTC Chile                   3.700        4.996          (25,9%)
 Telefonica del Peru                    3.686        3.776           (2,4%)

Lines/Employees (3)                       867          655           32,4%
 Telesp                                 1.028          711           44,5%
 Telefonica de Argentina                  514          469            9,5%
 Telefonica CTC, Chile                    744          533           39,7%
 Telefonica del Peru                      468          455            2,7%


Note: Data for Telefonica CTC Chile correspond to its fixed telephony and Sonda
businesses. Data Mr Telefonica de Argentina refer to the period October
2000-June 2001.

(1) Including the lines in service of CABLENET 
(2) Including local, DLD and ILD minutes in cumulative terms to June 01. In Peru
    billed traffic is generated by PSTN lines and decreased 11% compared to     
    January-September 2000.

(3) This ratio excludes Sonda employees in the case of Telefonica CTC Chile,    
    Cable Magico employees in the case of Telefonica del Peru and Assist        
    employees in the case of Telesp.  The number of employees in 2000 for Telesp
    doesn't include Data.


Telefonica Latinoamerica Group
Consolidated Income Statement
Unaudited figures   
                                                            Euros in millions
                                January-Sept      %         July-Sept       %
                                2001     2000   Change   2001      2000  Change

Operating revenues             7.605,7  7.531,0    1,0   2.427,7  2.683,5  (9.5)
Internal expand capitalized 
 in fixed assets (1)             143,4    156,9    (8,6)    54,8     46,6  17,5
Operating expenses            (3,575,5)(3.590,7)   (0,4)(1.098,2)(1.231,7)(10,8)
Other operating income
  (expense) net                 (317,2)  (149,8)  111,7   (107,7)   (66,6) 61,8 
                  
EBITDA                         3.856,4   3.947,4   (2,3)  1.276,5 1.431,9 (10,8)

Depreciation & amortization   (1.943,2) (1,897,3)   2,4   (648,0) (641,1)  1,1

Operating profit               1.913,2   2.050,1   (6,7)   628,6   790,8 (20,5)
Profit from associated 
companies                          7,5       6,2   21,1      6,2     0,0   n.s.
Financial income(expense)net    (597,0)   (777,9) (23,2)  (173,4) (286,6)(39,5)
Amortization of goodwill         (59,6)    (38,7)  53,9    (19,4)  (12,3) 58,2
Extraordinary income(expense)net  13,9    (101,0)(113,7)   (78,2)  (34,2)128,6 
                                                     
Income before taxes            1.277,9   1.138,6   12,2    363,8   457,7 (20,5)

Income taxes                    (319,6)   (341,5)  (6,4)  (118,5) (203,7)(41,8)

Net income before minority 
 interests                       958,3     797,1   20,2    245,3   254,0  (3,4)

Minority interests              (107,0)   (494,3) (78,4)   (47,2)  (84,2)(43,9) 
Net Income                       851,3     302,8  181,1    198,1   169,7  16,7

(1) Including works in process.

Note: Financial statements for 2000 include only the fixed telephony assets of 
the Telefonica Latinoamerica Group as of 1 January, and the entire stake 
acquired in the 2000 takeover round.


Telefonica Latinoamerica Group
Companies Financial data
Unaudited figures
                                                        Euros In millions 
                                    September                    %
                                 2001       2000               Change
Telesp
 Operating revenues             3.273,1    3.130,8                4,5
 EBITDA                         1.701,6    1.706,7               (0,3)
 EBITDA margin                     52,0%      54,5%              (2,5 p.p.)

Telefonica de Argentina (1)
Operating revenues              2.286,3    2.245,9                1,8
EBITDA                          1.203,9    1.353,6               (11,1)
EBITDA margin                      52,7%      60,3%               (7,6 p.p.)

Telefonica CTC Chile
Operating revenues                988,2    1.083,4               (8,8)
EBITDA                            425,3      461,5               (7,8)
EBITDA margin                      43,0%      42,6%               0,4 p.p.

Telefonica del Peru
Operating revenues              1.009,5      951,0                6,2
EBITDA                            510,2      485,8                5,0
EBITDA margin                      50,5%      51,1%              (0,6 p.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.

(1) The data for Telefonica de Argentina refer to the period October 2000-June
    2001.

Telefonica Data Group
Consolidated Income Statement
Unaudited figures
                                                           Euros in millions
                              January-June       %         April-June        %
                             2001     2000    Change      2001     2000  Change

Operating revenues          1.365,4    821,7    66,2      442,8   296,3   49,5
Internal expend capitalized
  in fixed assets (1)           8,9      6,0    47,7      (1,4)    (4,9) (71,8)
Operating expenses         (1.337,5)  (747,2)   79,0    (428,3)  (268,2)  59,7
Other operating income 
 (expense) net                 (4,0)    (6,1)  (34,0)     (2,5)    (2,6)  (2,3)

EBITDA                        (32,8)   (74,4)  (55,9)     10,6     20,5  (48,1)

Depreciation and amortization(134,9)   (71,3)   89,3     (49,5)   (31,4)  57,9

Operating profit             (102,1)     3,2     c.s.    (38,9)   (10,8) 259,1

Profit from associated 
 companies                      0,6      1,1   (45,2)      1,4      3,8  (61,7)
Financial income (expense)net (36,3)    (2,5)    n.s.    (12,8)     0,3    c.s.
Amortization of goodwill      (63,4)    (3,9)    n.s.    (22,7)    (1,1)   n.s.
Extraordinary income
 (expense) net                 (0,7)     4,2  (116,7)     (0,1)    (2,0) (97.3)

Income before taxes          (201,9)     2,1     c.s.    (73,1)    (9,9) 634,4

Income taxes                   10,6    (10,3)    c.s.     13,8     (4,7)(392,2) 

Net income before minority
  interests                  (191,3)    (8,2)    n.s.    (59,3)   (14,7) 304,7

Minority interests             44,3      7,0   531,4      16,4      8,3   97,2

Net income                   (146,9)    (1,2)    n.s.    (42,9)    (6,3) 578,1
   
(1) Including works in process

Note: 2000 figures have been restated to include ETI and Telefonica Sistemas,
which were previously part of Telefonica Intercontinental and Telefonica de
Espana Group respectively.  Include all the data assets of the companies of
Telefonica Group.


Admira Media Group
Consolidated Income Statement
Unaudited figures
                                                          Euros in millions
                             January-September       %      July-September      
 %
                             2001     2000    Change      2001     2000  Change

Operating revenues          1.005,8   332,9    202,1      322,2   211,7   52,2

Internal expend capitalized    
 in fixed assets (1)            0,2     0,2    (27,0)      (0,4)    0,1    c.s.
Operating expenses          (924,6)  (350,6)   163,7     (307,9) (221,3)  39.1
Other operating income 
 (expense) net                 0,8     (6,3)     c.s.      (0,9)   (4,6) (80,9)
EBITDA                        82,2    (23,8)     c.s.      13,0   (14,1)   c.s.

Depreciation and 
 amortization                (58,0)   (31,8)    82,7      (18,5)  (13,7)  35,4
Operating profit              24,1    (55,5)     c.s.      (5,5)  (27,7) (80,1)

Profit from associated 
 companies                  (112,4)   (58,6)    92,0      (55,5)  (20,1) 176,2
  Antena 3 TV                 16,4     33,9    (51,4)      (5,1)    0,6    c.s.
  Via Digital               (102.8)   (98,0)     4,9      (34,1)  (32,6)   4,5
  Others                     (26,1)     5,6      c.s.     (16,4)   12,0 (236.7)

Financial Income(expense)net (73,1)   (42,7)    71,4      (24,3)  (28,4) (14,6)
Amortization of Goodwill     (81,9)   (60,5)    35,3      (18,3)  (28,6) (36,1)

Extraordinary income 
(expense) net                (59,3)    41,8      c.s.     (16,6)   50,5    c.s.

Income before taxes         (302,7)  (175,5)    72,5     (120,2)  (54,4) 121,1
Income taxes                  31,2     49,8    (37,2)      15,1    27,2  (44,6)
Net Income before minority
  Interest                  (271,4)  (125,7)   115,9     (105,1)  (27,2) 287,1

Minority interests            11,6     23,0    (49,5)       1,8    12,0  (85,3)
Net Income                  (259,8)  (102,7)   153,0     (103,4)  (15,1) 582,9
 

Terra-Lycos Group
Group Consolidated Income Statement
Unaudited Figures
                             January-September   %       July-September   %
                             2001     2000     Change    2001     2000  Change  
                                       
Operating revenues           526,5    139,0     278,9    169,9    58,3   191,4  
Internal expend capitalized 
 in fixed assets (1)           0,4      1,8     (78,2)     0,1     0,8   (87,3)
Operating expenses          (700,0)  (396,0)     76,8   (212,2) (161,9)   31,1
Other operating Income 
 (expense) net               (17,2)    (4,4)    290,2     (6,6)   (2,9)  126,0

EBITDA                      (190,3)  (259,7)    (26,7)   (48,8) (105,7)  (53,8)

Depreciation and 
 amortization               (131,0)   (50,8)    157,9    (43,1)  (23,9)   80,5

Operating profit            (321,3)  (310,5)      3,5    (91,9) (129,6)  (29,1)

Profit from associated 
 companies                  (173,0)   (17,7)    878,3    (46,7)  (12,9)  262,3
Financial income (expense) 
 net                          96,6      7,1       n.s.    27,7     6,8   305,6
Amortization of goodwill    (320,3)   (88,5)    261,8    (49,2)  (30,7)   60,2
Extraordinary income 
 (expense) net               (31,4)    (5,7)    447,4    (24,7)   (5,3)  370.2

Income before taxes         (749,4)  (415,4)     80,4   (185,0) (171,7)    7,7

Income taxes                 275,0    129,2     112,8    101,7    53,0    91,7

Net Income before minority 
 interests                  (474,4)  (286,0)     65,9    (83,3) (118,7)  (29,8)

Minority interests             1,1      0,5     108,0      0,4    (1,2)    c.s.

Net Income                  (473,3)  (285,5)     65,8    (82,9) (119,9)  (30,8)

(1) Including works in progress
    Note: Operating leases not included in EBITDA



TPI - Paginas Amarillas Group
Selected Operating Data (Spain)
Unaudited figures        
                                                            Euros in millions
                                               September            %
                                             2001      2000      Change
Books (published)
 Paginas Amarillas (Yellow pages)              47        43         9,3
 Paginas Blancas (White pages)                 46        39        17,9

Advertising revenues
 Paginas Amarillas (Yellow pages) (1)       200,5     184,8         8,5
 Paginas Blancas (White pages) (1)           42,2      38,9         8,6
 Revenues On-Line                            12,8       4,9       158,1
 Paginas Amarillas Habladas                   2,9       2,1        34,7

(1) On Like-for-like basis.  Paginas Blancas not including advertising revenues
from Telefonica in 2000


Atento Group
Consolidated Income Statement
Unaudited figures                                           Euros in millions
                             January-June       %         April-June        %
                             2001     2000    Change      2001     2000  Change

Operating revenues          471,5    361,5     30,5      154,5    166,5   (7,2)
Internal expend capitalized 
 in fixed assets (1)          0,0     (0,1)     c.s.       0,0      0,0    n.s. 
Operating expenses         (432,7)  (333,7)    29,7     (141,6)  (155,4)  (8,9)
Other operating Income 
 (expense) net               (1,9)    (0,8)   150,0       (1,5)    (2,6) (40,6)

EBITDA                       36,9     26,9     37,3       11,4      8,6   32,8

Depreciation and 
 amortization               (59,6)   (31,5)    89,3      (23,2)   (12,8)  81,8

Operating profit            (22,7)    (4,6)   392,8      (11,9)    (4,2) 181,2

Profit from associated 
 companies                    0,0      0,0     n.s.        0,0      0,0   n.s.
Financial income 
 (expense) net              (43,7)   (25,8)    69,2      (15,6)   (10,5)  48,5
Amortization of goodwill     (6,3)    (2,9)   120,3       (2,1)    (2,5) (16,6)
Extraordinary income 
 (expense) net              (18,6)    (3,5)   424,2      (17,8)    (2,2) 720,2

Income before taxes         (91,2)   (36,8)   147,8      (47,4)   (19,4) 143,9

Income taxes                 16,2      4,1    290,6        9,8      3,4  186,1

Net Income before minority 
 interests                  (75,0)   (32,7)   129,7      (37,6)   (16,0) 134,9

Minority interests            1,7     (0,0)    c.s.        0,6      0,1  723,1

Net Income                  (73,4)   (32,7)   124,2      (37,0)   (15,9) 132,0

(1) Including works in process


     
TPI-Paginas Amarillas Group 
Consolidated Income Statement
Unaudited Figures 
                                 Euros in millions
                             January-September   %       July-September   %
                             2001     2000     Change    2001     2000  Change  
Operating revenues           375,3    264,1      42,1    222,5    149,3   49,1
Operating expenses          (282,7)  (184,6)     53,1   (142,0)  (103,4)  37,3

EBITDA                        92,6     79,5      16,6     80,5     45,9   75,6

Depreciation and 
  amortization               (16,2)    (7,4)    120,4     (8,1)    (2,7) 205,7

Operating profit              76,4     72,1       6,0     72,5     43,2   67,8

Profit from associated 
 companies                    (0,8)    (0,1)    636,4     (0,3)    (0,1) 181,8
Financial income (expense) 
  net                         (8,6)    (0,6)     n.s.     (2,9)    (0,6) 381,7
Amortization of goodwill      (1,6)    (0.0)     n.s.     (0,5)     0,0   n.s.
Extraordinary income
  (expense) net                0,3      0,3      23,1     (0,5)     0,1   c.s.

Income before taxes           65,7     71,7      (8,4)    68,3     42,6   60,3

Income taxes                 (24,2)   (25,5)     (5,1)   (22,7)   (14,9)  52,4

Net income before minority 
 Interests                    41,6     46,2     (10,0)    42,7     27,6   54,7

Minority interests             4,9      1,5     230,4     (3,9)     0,7   c.s.

Net income                    46,5     47,7      (2,5)    38,7     28,4   36,3



Directories of Telefonica Group
Consolidated Income Statement
Unaudited Figures

                                                        Euros in millions
                            January-September   %       July-September   %
                             2001     2000     Change    2001     2000  Change  
Operating revenues           421,4    363,4      16,0    228,6    186,6   22,5
Internal expend capitalized
 in fixed assets (1)          13,5     17,8     (24,3)    13,2     (9,1)  c.s.
Operating expenses          (327,7)  (279,2)     17,3   (154,8)  (115,4)  34,1
Other operating income 
 (expense) net               (24,6)   (16,4)     50,7    (13,6)    (7,4)  82,3

EBITDA                        82,6     85,7      (3,6)    73,4     54,7   34,1

Depreciation and 
  amortization               (19,6)   (10,2)     91,5     (9,7)    (1,0)   n.s. 

Operating profit              63,1     75,5     (16,4)    63,7     53,7   18,7

Profit from associated 
 companies                    (0,8)    (0,5)     48,4     (0,6)    (0,5)   8,9
Financial income (expense) 
  net                        (12,4)    (6,1)    103,7     (3,9)    (0,9) 353.1
Amortization of goodwill      (1,8)    (0.0)      n.s.    (0,7)     0,0   c.s.
Extraordinary income
  (expense) net                0,2      0,4     (52,5)    (1,9)     0,0   c.s.

Income before taxes           48,3     69,2     (30,3)    56,6     52,3    8,3

Income taxes                 (24,3)   (27,4)    (11,6)   (25,0)   (14,9)  68,5

Net income before minority 
 Interests                    24,0     41,7     (42,4)    31,6     37,6  (15,9)

Minority interests             6,3      0,8     694,0     (3,0)    (8,0) (62,9)

Net income                    30,4     42,5     (28,5)    28,6     29,6   (3,2)

Note: Including all Telefonica Group directories businesses as of 1 January 2000
(1) Including works in progress