Final Results - Part 2

Telefonica SA
28 February 2002


PART 2


Telefonica Group 
Market Size

Unaudited figures                                                                      (Thousands)
                                 January - December     % Chg         Weighed (*)         % Chg
                                  2001       2000       01/00       2001       2000       01/00

Lines in service                44.955,8    42.263,5      6,4     39.086,1    36.676,5      6,6 
  In Spain                      20.646,9    20.317,8      1,6     20.646,9    20.317,8      1,6
  In other countries(1)         24.308,9    21.945,7     10,8     18.439,1    16.358,7     12,7

Cellular customer               32.255,6    24.920,3     29,4     23.658,8    18,400,3     28,6        
  In Spain                      16.793,4    13.669,0     22,9     15.567,5    12.602,8     23,5
  In other countries(2)         15.462,2    11.251,3     37,4      8.091,3     5.797,5     39,6 
                                                                                                                      
Pay TV Services(3)              1.148,1        982,5     16,9        723,8       633,4     14,3 
  In Spain                        806,4        633,1     27,4        392,1       307,7     27,4
  In other countries(3)           341,7        349,4     (2,2)       331,7       325,7      1,8  
                                                                                                                      
Total:                         78.359,5     68.166,3     15,0     63.468,7    55.710,2     13,9 

                                                                                                                      
(*) Weighted by the equity interest in each of the companies. 

(1) Lines in service: includes all in service as of December 2001 and 2000, for
Telefonica de Espana, Telefonica CTC Chile, Telefonica de Argentina, Telefonica
del Peru, Telesp and CanTV.
 
(2) Cellular customers: includes all cellular customers, as of December 2001 and 
2000, of Telefonica Servicios Moviles Espana, MediTelecom, Telefonica Movil
Chile, TCP Argentina, Telefonica Moviles Peru, CRT Celular, TeleSudeste
Celular, NewCom Wireless Puerto Rico, Telefonica Moviles Guatemala, Telefonica
Moviles El Salvador, Telefonica Moviles Mexico, Quam and CanTV Celular. In
December of 2000 the customers of Telefonica Moviles Mexico are not included 

(3) Pay TV services: includes all pay TV customers, as of December 2001 and
2000, of Via Digital in Spain and Cable Magico in Peru
 


Telefonica Group 
Selected Financial Data

Unaudited figures                                      (Euros in millions)
                                  January - December         % Chg.
                                   2001       2000            01/00

Operating revenues              31.052,6    28.485,5            9,0

EBITDA                          12.804,3    11.918,8            7,4

Operating profit                 5.430,3     4.958,0            9,5

Income before taxes              2.033,9     2.867,9          (29,1)

Net Income                       2.106,8     2.504,8          (15,9)

Net income per share                0,46        0,64          (29,0)

Avg. No of shares, millions(1)   4.607,2     3.886,8           18,5
 

Note: The account reflects the alignment of Telefonica assets in Argentina with
Telefonica Group's fiscal year. The process translates into inserting the
accounts of Telefonica's companies in Argentina for the period January-December
2001 and inserting into the nonrecurrent results the October-December 2000
quarter. 

(1) Average number of shares of the period. It includes capital increases to
fund the acquisition of additional holdings new in Telefonica de Argentina,
Telefonica del Peru, Telesp, TeleSudeste, Endemol, ATCO and cellular companies
acquired 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 4,671,915,885. 



Telefonica Group
Results by Companies

Unaudited figures                                                                                (Euros in Millions)
                                REVENUES                          EBITDA                     OPERATING PROFIT
                            January-December                 January-December                January-December
                      2001       2000      % Chg.      2001      2000       % Chg.      2001       2000        % Chg.

Telefonica de
Espana G.         10.220,4   10.182,9         0,4   4.508,1   4.448,4          1,3   1.703,7    1.547,2          10,1
Telefonica
Moviles G.         8.411,1    7.401,2        13,6   3.333,7   2.451,4         36,0   2.075,5    1.411,9          47,0
Telefonica
Latinoamerica G.  10.137,4   10.371,3        (2,3)  5.163,0   5.359,3         (3,7)  2.537,3    2.705,9          (6,2)
Telefonica Data
G.                 1.849,7    1.123,7        64,6      23,6      75,0        (68,5)   (166,2)     (16,0)         n.s.
Terra-Lycos G.       690,0      304,0       127,0    (232,0)   (359,3)       (35,4)   (417,4)    (442,8)         (5,7)
TPI G.               511,7      413,0        23,9     128,8     121,2          6,2     103,3      110,1          (6,2)
Admira Media G.    1.403,1      723,9        93,8     152,5      13,6          n.s.     77,1      (35,2)          c.s.
Atento G.            643,9      526,9        22,2      53,8      25,2        113,1     (35,6)     (26,0)         36,9
Other affiliates   1.574,8    1.668,5        (5,6)   (120,2)   (267,2)       (55,0)   (336,7)    (375,7)        (10,4)
Eliminations      (4.389,5)  (4.229,9)        3,8    (207,0)     51,1          c.s.   (110,7)      78,5           c.s.
Group             31.052,6   28.485,5         9,0  12.804,2  11.918,8          7,4   5.430,3    4.958,0           9,5



Telefonica S.A.
Consolidated Income Statement Full Consolidation

Unaudited figures                                                                                  (Euros in millions)
                                                             January-December                   October-December
                                                       2001      2000       % Chg.      2001       2000         % Chg.

Operating revenues                                 31.052,6  28.485,5          9,0   7.969,2    7.730,9            3,1
Internal expend cap. In fixed assets(1)               736,0     951,8        (22,7)    252,2      294,1          (14,2)
Operating expenses                                (18.146,0)(16.883,5)         7,5  (4.819,4)  (4.706,1)           2,4
  Supplies                                         (7.221,4) (5.985,7)        20,6  (2.105,0)  (1.755,9)          19,9
  Personnel expenses                               (5.390,3) (5.111,7)         5,4  (1.421,3)  (1.374,4)           3,4
  Subcontracts                                     (4.945,5) (5.344,0)        (7,5) (1.104,1)  (1.452,8)         (24,0)
  Taxes                                              (588,8)   (442,0)        33,2    (189,0)    (123,0)          53,6
Other operating income (expense) net                 (838,4)   (635,0)        32,0    (279,1)    (287,0)          (2,7)

EBITDA                                             12.804,3  11.918,8          7,4   3.163,1    3.031,9            4,3

Depreciation and amortization                      (7.374,0) (6.960,8)         5,9  (1.890,2)  (1.912,5)          (1,2)

Operating profit                                    5.430,3   4.958,0          9,5   1.272,9    1.119,4           13,7

Profit from associated companies                     (376,5)   (161,3)       133,3     (98,4)     (69,4)          41,7

Financial income (expense) net                     (2.391,1) (1.860,3)        28,5  (1.044,3)    (559,5)          86,7

Amortization of goodwill                             (841,6)   (500,6)        68,1    (195,9)    (210,4)          (6,9)

Extraordinary income (expense) net                    212,9     431,9        (50,7)    119,9       17,4          587,3

Income before taxes                                 2.033,9   2.867,9        (29,1)     54,1      297,6          (81,8)

Income taxes                                         (198,1)   (242,2)       (18,2)    456,9      415,6            9,9

Net income before minority interests                1.835,8   2.625,5        (30,1)    511,0      713,2          (28,4)

Minority interests                                    271,0    (120,6)         c.s.      4,8      308,0          (98,4)

Net income                                          2.106,8   2.504,8        (15,9)    515,8    1.021,1          (49,5)

Average shares (millions)(2)                        4.607,2   3.886,8         18,5   4.671,9    4.262,3            9,6

Net income per share                                   0,46      0,64        (29,0)     0,11       0,24          (53,9)


Note:  The account reflects the alignment of Telefonica de Argentina's fiscal
year with Grupo Telefonica's.  The process translates into inserting Telefonica
de Argentina's operating accounts for the period January-December 2001 into the
nonrecurrent results for the October-December 2000 quarter.

(1) Including work in process.

(2) Average number of shares of the period. It includes capital increases to
fund the acquisition of additional holdings new in Telefonica de Argentina,
Telefonica del Peru, Telesp, TeleSudeste, Endemol, ATCO and cellular companies
acquired 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 4,671,915,885.'



Telefonica S.A.
Consolidated Balance Sheet

Unaudited figures                                                                     (Euros in millions)
                                                                      December                   % Chg.
                                                              2001                2000            01/00

Subscribed shares not paid-in                                370,1               528,3            (29,9)

Long-term assets                                          63.975,7            66.807,1             (4,2)
  Start up expenses                                          730,4               495,5               47
  Intangible net assets                                   16.959,1            16.693,1            (13,9)
  Fixed net assets                                        36.606,1            38.722,0             (5,5)
  Investment                                               9.680,1             7.896,5               23

Goodwill on consolidation                                  9.121,0             7.699,4               18
Deferred expenses                                            710,9               735,0             (3,3)

Current assets                                            12.236,8            16.592,1            (26,2)
  Inventories                                                754,1               791,5             (4,7)
  Accounts receivable                                      8.004,0             8.527,2             (6,1)
  Short-term investments                                   2.308,8             6.094,4            (62,1)
  Cash and banks                                             621,9               765,6            (18,8)
  Others                                                     548,1               413,5               33

Assets = Liabilities                                      86.414,6            92.361,9             (6,4)

Shareholder's equity                                      25.846,3            25.930,5             (0,3)
Minority interests                                         7.432,4             9.329,8            (20,3)
Deferred income                                            1.145,8             1.442,0            (20,5)
Provisions for risks and expenses                          5.862,7             6.887,8            (14,9)
Accrued taxes payable                                      1.557,6             1.389,4               12
Long-term debt                                            26.151,3            23.303,5               12
Short-term debt including current maturities               8.707,9            10.507,9            (17,1)
Interest payable                                             448,7               577,3            (22,3)
Others creditors                                           9.262,0            12.993,6            (28,7)

Financial Data
Consolidated net debt(1)                                  28.941,6            26.951,4              7,4
Consolidated debt ratio(2)                                    42,6%               41,4%           1,2p.p.

(1) Net debt: Long-term (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)



Telefonica de Espana Group
Selected Operating Data

Unaudited figures                                                                     
                                                                      December                   % Chg.
                                                              2001                2000            01/00

Lines in service (thousands)(1)                           20.646,9            20.317,8              1,6%
ISDN basic access                                          810.197             632.466             28,1%
ISDN primary access                                         15.794              13.703             15,3%
Lines in service/100 inhabitants(1)                           51,8%               51,0%            0,8p.p.

ADSL connections                                           375.816              47.950            683,8%
% ADSL coverage                                               88,2%               73,0%           15,2p.p.

Traffic (million of minutes)                               138.580             108.068             28.2%

Employees                                                   40.856              41.193             (0,8%)
Lines/employees(1)                                           505,4               493,2              2,5

(1) Basic telephony lines (including public telephones, Ibercom, ISDN and
connections lines with PABX)



Telefonica de Espana Group
Operating Revenues (Individual)

Unaudited figures                                                                                (Euros in millions)
                                                             January-December                   October-December
                                                       2001      2000       % Chg.      2001       2000         % Chg.

Revenue derived from usage                          5.650,5    5.793,6        (2,5)  1.278,1    1.454,0          (12,1)
  Local                                             1.815,3    1.774.2         2,3     455,8      464,7           (1,9)
  Provincial                                          563,5      556,7         1,2     139,8      138,4            1,0
  Domestic long distance                              918,0    1.014,7        (9,5)    217,9      259,9          (16,2)
  International long distance (outgoing)(1)           641,3      562,9        13,9     131,9      149,4          (11,8)
  Fixed to mobile                                   1.478,2    1.559,1        (5,2)    360,7      402,1          (10,3)
  Interconnection International (Incoming)            294,5      243,5        20,9      70,3       65,5            7,4
  Interconnection National Operators(1)               527,7      409,4        28,9     125,6      107,3           17,1
  Others(2)                                          (588,0)    (326,9)       79,9    (223,9)    (133,3)          67,9

Monthly fee                                         3.341,3    3.074,5         8,7     880,0      777,0           13,3
Connection fee                                        295,9      318,3        (7,0)     95,9      102,5           (6,5)
Customer equipments                                   304,2      168,7        80,3     103,5       57,6           79,7
Others                                                239,6      237,8         0,8      75,3       65,5           15,0

Total operating revenues                            9.831,5    9.592,9         2,5   2.432,9    2.456,6           (1,0)


(1) Net of foreign participation
(2) Including discounts, special services, IRIS services and others.
 


Telefonica de Espana Group
Consolidated Income Statement

Unaudited                                                                                         (Euros in millions)
                                                             January-December                   October-December
                                                       2001      2000       % Chg.      2001       2000         % Chg.

Operating revenues                                 10.220,4  10.182,9          0,4   2.549,8    2.581,8           (1,2)
  Telefonica de Espana                              9.831,5   9.592,9          2,5   2.432,9    2.456,6           (1.0)
  Others and eliminations                             388,9     590,0        (34,1)    116,9      125,2           (6,7)
Internal expend capitalized in fixed assets (1)       195,1     236,5        (17,5)     64,8       49,8           30,1
Operating expenses                                 (5.703,4) (5.884,8)        (3,1) (1.520,4)  (1.489,6)           2,1
Other operating income (expense) net                 (203,9)    (86,1)       136,8     (69,4)     (75,7)          (8,4)

EBITDA                                              4.508,1   4.448,4          1,3   1.024,9    1.066,4           (3,9)

Depreciation and amortization                      (2.804,4) (2.901,2)        (3,3)   (689,8)    (724,4)          (4,8)

Operating profit                                    1.703,7   1.547,2         10,1     335,1      342,0           (2,0)

Profit from associated companies                       (1,8)      0,1          c.s.     (0,6)       0,0            c.s.
Financial income (expense) net                       (403,1)   (480,9)       (16,2)   (103,5)    (102,4)           1,1
Amortization of goodwill                               (0,6)     (0,3)       111,8      (0.1)      (0,1)          76,9
Extraordinary income (expense) net                    286,1    (806,8)         c.s.    121,4     (846,4)           c.s.

Income before taxes                                 1.584,2     259,3        510,9     352,3     (606,8)           c.s.

Income taxes                                         (506,6)    (43,6)         n.s.   (176,2)     188,4            c.s.

Net income before minority interests                1.077,6     215,8        399,5     176,1     (418,4)           c.s.

Minority interests                                      0,0       0,8          n.s.      0,0        0,7            n.s.

Net income                                          1.077,6     216,6        397,6     176,1     (417,7)           c.s.

(1) Including works in process

Note:  TTP has been included on the accounts of Telefonica de Espana, both in
2000 and 2001.

Note:  Telefonica Sistemas Group and TSIP are not consolidated in Telefonica de
Espana, both in 2000 and 2001.



Telefonica Latinoamerica Group
Selected Operating Data

Unaudited figures                                                                                (Euros in millions)
                                                                   January-December                   
                                                              2001                2000            % Chg.

Lines in service (thousands)                                21.612              19.323              11,8%
  Telesp                                                    12.616              10.596              19,1%
  Telefonica de Argentina                                    4.556               4.310               5,7%
  Telefonica CTC Chile                                       2.723               2.701               0,8%
  Telefonica del Peru (1)                                    1.716               1.717              (0,1%)

ADSL connections                                           245.919              41.167             497,4%
  Telesp                                                   198.306              40.888             385,0%
  Telefonica de Argentina                                   25.568                   0                 -
  Telefonica CTC Chile                                      14.808                 279               n.s.
  Telefonica del Peru                                        7.237                   0                 -

% ADSL coverage
  Telesp                                                        70%                  -                 -
  Telefonica de Argentina                                       57%                  -                 -
  Telefonica CTC Chile                                          55%                  -                 -
  Telefonica del Peru                                           48%                  -                 -

Total traffic (million of minutes) (2)                     119.171             112.990               5,5%
  Telesp                                                    66.308              59.829              10,8%
  Telefonica de Argentina                                   27.224              26.279               3,6%
  Telefonica CTC Chile                                      16.825              17.439              (3,5%)
  Telefonica del Peru                                        8.815               9.443              (6,6%)

Employees                                                   26.738              30.293             (11,7%)
  Telesp                                                    10.529              12.783             (17,6%)
  Telefonica de Argentina                                    8.668               8.836              (1,9%)
  Telefonica CTC Chile                                       3.899               5.007             (22,1%)
  Telefonica del Peru                                        3.642               3.667              (0,7%)

Lines/Employees (3)                                            804                 368              26,0%
  Telesp                                                     1.198                 829              44,5%
  Telefonica de Argentina                                      526                 488               7,8%
  Telefonica CTC Chile                                         803                 586              37,0%
  Telefonica del Peru                                          471                 488               0,6%


Note:  Data for Telefonica CTC Chile correspond to its fixed telephony and Sonda
Businesses.  Data for Telefonica de Argentina refer to the period January-
December 2001.

(1)  Including the lines in service of CABLENET

(2)  Including local, DLD and ILD minutes in cumulative terms to December 01.

(3)  Considering the employees of the fixed telephony business


Telefonica Latinoamerica Group
Companies Financial Data

Unaudited figures                                                                     (Euros in millions)
                                                                   January-December                   
                                                              2001                2000            % Chg.

Telesp
  Operating revenues                                       4.343,9             4.326,6               0,4
  EBITDA                                                   2.305,7             2.394,2              (3,7)
  EBITDA margin                                               53,1%               55,3%            (2,3p.p.)

Telefonica de Argentina (1)
  Operating revenues                                       2.981,0             3.153,0              (5,5)
  EBITDA                                                   1.522,9             1.747,2             (12,8)
  EBITDA margin                                               51,1%               55,4%            (4,3p.p.)

Telefonica CTC Chile
  Operating revenues                                       1.421,3             1.492,9              (4,8)
  EBITDA                                                     600,6               538,5              11,5
  EBITDA margin                                               42,3%               36,1%             6,2p.p.

Telefonica del Peru
  Operating revenues                                       1.341,7             1.311,9               2,3
  EBITDA                                                     657,1               691,4              (5,0)
  EBITDA margin                                               49,0%               52,7%            (3,7 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 January-December
2001.


Telefonica Latinoamerica Group
Consolidated Income Statement

Unaudited                                                                                      (Euros in millions)
                                                             January-December                October-December
                                                       2001        2000    % Chg.        2001       2000     % Chg.

Operating revenues                                 10.137,4    10.371,3     (2,3)     2.531,7    2.840,3     (10,9)
Internal expend capitalized in fixed assets(1)        212,5       218,6     (2,8)        69,1       61,7      11,9
Operating expenses                                 (4.719,6)   (4.928,6)    (4,2)    (1.144,1)  (1.337,9)    (14,5)
Other operating income (expense) net                 (467,3)     (302,1)    54,7       (150,1)    (152,3)     (1,4)

EBITDA                                              5.163,0     5.359,3     (3,7)     1.306,6    1.411,9      (7,5)

Depreciation and amortization                      (2.625,7)   (2.653,4)    (1,0)      (682,5)    (756,1)     (9,7)

Operating profit                                    2.537,3     2.705,9     (6,2)       624.1      655,8      (4,8)

Profit from associated companies                        8,4        (2,9)     c.s.         0,9       (9,1)      c.s.
Financial income (expense) net                     (1.318,5)   (1.047,0)    26,1       (721,5)    (268,1)    169,1
Amortization of goodwill                              (86,6)      (53,6)    61,7        (27,0)     (14,8)     81,9
Extraordinary income (expense) net                    164,6      (331,4)     c.s.       150,7     (230,3)      c.s.

Income before taxes                                 1.305,1     1.272,1      2,6         27,2      133,4     (79,6)

Income taxes                                          136,2      (286,1)     c.s.       455,8       55,4     723,3

Net income before minority interests                1.441,3       985,9     46,2        483,0      188,8     155,8

Minority interests                                   (166,4)     (538,5)   (69,1)       (59,4)     (44,2)    (34,0)

Net income                                          1.274,9       447,4    185,0        423,6      144,6     193,0


Note: The account reflects the alignment of Telefonica de Argentina's fiscal
year with Grupo Telefonica's. The process translates into inserting Telefonica
de Argentina's operating accounts for the period January-December 2001 into the
nonrecurrent results for the October-December 2000 quarter.

(1) Including Works in process
Note: Financial statements for 2000 include only the fixed telephony assets of
the Telefonica Latinoamericana Group as of 1 January, and the entire stake
acquired in the 2000 takeover round.



Telefonica Moviles Group
Selected Operating Data

Unaudited figures                                              (Thousands)
                                             CELLULAR CUSTOMERS
                                                   % Chg.      Weighted
                               December - 2001      01/00      % Partic(1)

T Moviles Espana                   16.793           22,9%        15.568
Celular CRT                         1.785           22,9%           632
TeleSudeste Celular                 3.028           21,0%         3.302
TeleLeste Celular                     822           21,9%            82
TCP Argentina                       1.794            2,1%         1.629
T Moviles Peru                      1.087           21,0%           978
TEM El Salvador                       239            3,7%           102
TEM Guatemale                         157           10,3%            74
NewCom Wireless Puerto Rico (2)       187           25,3%             -
Telefonica Moviles Mexico           1.212                n.s.     1.124
Medi Telecom                        1.113           16,0%           315
Telefonica Movil Chile (3)          1.570           28,2%           685
Quam                                    8                n.s.         0

Total Managed                      29.794           28,3%        23.490


(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 Group
Selected Operating Data
                                                             
Unaudited figures                                                    (Thousands)
                                                     January-December     
                                               2001        2000           % Chg.

Cellular subscribers                         16.793      13.669            22,9
   Contract                                   5.299       4.767            11,2
   Prepaid                                   11.494       8.902            29,1

Subscribers net adds in year to data (a)     3.124       4.617            (32,3)
   Contract                                    533       1.220            (56,4)  
   Prepaid                                   2.592       3.397            (23,7) 

TME Penetration (b)                          40,5%       32,4%          8,1 p.p.

Total airtime minutes, in millions (a)      26.735      21.013             28,2

Employees                                    4.372       3.982              9,8


(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     
                                               2001        2000           %Chg.

Europe and Mediterranean area customers      17.914      14.184           26,3
   Contract                                   5.369       4.788           12,1
   Prepaid                                   12.537       9.396           33,4

Latin America Customers (1)                  10.124       7.656           32,2
   Contract                                   3.255       3.007            8,2
   Prepaid                                    6.869       4.649           47,7

Total minutes (2)                            37.244      29.407           26,7


(1) Includes only Telefonica Moviles participations

(2) January-December accumulated minutes of the TEM consolidated companies



Telefonica Moviles Group
Selected Financial Data
                                                             
Unaudited figures                                                    (Euros in millions)
                                                     January-December     
                                               2001        2000          % Chg.
Telefonica Moviles Espana                   
   Operating Revenues                       5.736,0     4.796,5           19,6
   EBITDA                                   2.816,3     1.790,6           57,3  
   EBITDA Margin                              49,1%       37,3%        11,8 p.p.

Brazilian Companies (1)                     
   Operating Revenues                       1.206,1     1.359,1          (11,3)  
   EBITDA                                     448,4       475,1           (5,6)
   EBITDA Margin                              37,2%       35,0%        2,2 p.p.

Telefonica Moviles Mexico (2)                 
   Operating Revenues                         279,4     n.a.               n.s. 
   EBITDA                                      10,4     n.a.               n.s.
   EBITDA Margin                               3,7%     n.a.               n.s.

TCP Argentina (3)
   Operating Revenues                         724,9       773,7           (6,3)
   EBITDA                                     109,0       107,2            1,7
   EBITDA Margin                              15,0%       13,9%          1 p.p.

Telefonica Moviles Peru
   Operating Revenues                         276,7       247,5           11,8
   EBITDA                                      89,3        89,9           (0,7)
   EBITDA Margin                              32,3%       36,3%     (4,06 p.p.)

T. Moviles Guatemala and El Salvador
   Operating Revenues                        198,9        193,8            2,6
   EBITDA                                     26,6         25,0            6,1
   EBITDA Margin                             13,4%        12,9%         0,4 p.p.


(1) TeleSudeste Celular and CRT Celular

(2) July-December period

(3) The data for TCP Argentina refer to the period January-December 2001.



Telefonica Moviles Group
Consolidated Income Statement

Unaudited                                                                                      (Euros in millions)
                                                             January-December                October-December
                                                       2001        2000    % Chg.        2001       2000     % Chg.

Operating revenues                                  8.411,1     7.401,2     13,6      2.242,6    1.925,9      16,4
Internal expend capitalized in fixed assets(1)        128,6       137,1     (6,2)        45,0       89,7     (49,8)
Operating expenses                                 (5.029,4)   (4.942,6)     1,8     (1.424,3)  (1.404,5)      1,4
Other operating income (expense) net                 (176,5)     (144,3)    22,3        (58,9)     (26,8)    119,8

EBITDA                                              3.333,7     2.451,4     36,0        804,4      584,3      37,7

Depreciation and amortization                      (1.258,2)   (1.039,5)    21,0       (312,6)    (297,1)      5,2

Operating profit                                    2.075,5     1.412,0     47,0        491,8      287,3      71,2

Profit from associated companies                     (119,2)      (97,0)    22,9        (23,2)    (28,9)     (19,9)
Financial income (expense) net                       (328,1)     (296,1)    10,8        (91,5)    (76,2)      20,1
Amortization of goodwill                              (53,8)      (29,5)    82,6        (23,4)     (7,7)     205,0      
Extraordinary income (expense) net                   (100,7)      (58,2)    73,1        (22,8)    (49,5)     (54,1)

Income before taxes                                 1.473,8       931,3     58,3        330,9     124,9      164,9

Income taxes                                         (628,8)     (320,0)    96,5       (133,4)   (30,9)      331,4

Net income before minority interests                  845,0       611,3     38,2        197,5     94,0       110,2  

Minority interests                                     48,4       (20,6)     c.s.        25,7      9,5       170,0

Net income                                            893,4       890,7     51,2        223,2    103,5       115,7


(1) Including works in process

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
second half of 2001.



Telefonica Data Group
Consolidated Income Statement

Unaudited                                                                                      (Euros in millions)
                                                             January-December                October-December
                                                       2001        2000    % Chg.        2001       2000     % Chg.

Operating revenues                                  1.849,7     1.123,7     64,6        484,2      302,0      60,4 
Internal expend capitalized in fixed assets(1)         21,1        36,1    (41,4)        12,2       30,1     (59,3)
Operating expenses                                 (1.841,6)   (1.077,5)    70,9       (504,1)     330,3      52,6    
Other operating income (expense) net                   (5,7)       (7,3)   (22,6)        (1,6)      (1,2)     36,0
                                                    
EBITDA                                                 23,6        75,0    (68,5)        (9,2)       0,5       c.s.

Depreciation and amortization                        (189,8)     (91,0)    108,5        (54,9)     (19,8)    177,9

Operating profit                                     (166,2)     (16,0)    935,8        (64,1)     (19,2)    233,7

Profit from associated companies                       (5,0)      (1,1)    369,3         (5,7)      (2,2)    158,1
Financial income (expense) net                        (58,7)     (10,7)    448,6        (22,4)      (8,2)    173,5
Amortization of goodwill                             (101,3)      (6,1)      n.s.       (37,9)      (2,2)      n.s.
Extraordinary income (expense) net                   (272,8)     (23,7)      n.s.      (272,1)     (27,9)      n.s.

Income before taxes                                  (604,1)     (57,6)      n.s.      (402,2)     (59,7)    573,7

Income taxes                                           56,2        1,2       n.s.        45,5       11.5     297,5

Net income before minority interests                 (547,9)     (56,5)      n.s.      (356,7)     (48,2)    639,2

Minority interests                                     61,7        7,3       n.s.        17,4        0,3       n.s.

Net income                                           (486,2)     (49,1)      n.s.      (339,3)     (47,9)    607,7


(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.  Additionally, Telefonica Data ISP business is no longer been
consolidated both in 2000 and 2001.



Admira Media Group
Consolidated Income Statement

Unaudited figures                                                                     (Euros in millions)
                                       January - December                        October-December
                                  2001       2000       % Chg            2001      2000       % Chg

Operating revenues               1.403,1     723,9       93,8            397,2     391,0        1,6
Internal expend capitalized in
 fixed assets (1)                    0,3       0,3       20,5              0,2       0,0      271,4
Operating expenses              (1.258,0)   (709,0)      77,4           (333,3)   (358,5)      (7,0)
Other operating income (expense)
 net                                 7,1      (1,5)       c.s.             6,3       4,8       31,4

EBITDA                             152,5      13,6        n.s.            70,3      37,4       88,3

Depreciation and amortization      (75,4)    (48,8)      54,5            (17,4)    (17,1)       2,0

Operating profit                    77,1     (35,2)       c.s.            52,9      20,3      160,7

Profit from associated companies  (184,5)    (86,1)     114,3            (72,0)    (27,5)     161,7
 Antena 3 TV                        22,8      56,9      (60,0)             6,4      23,0      (72,2)
 Via Digital                      (162,6)   (123,4)      31,7            (59,8)    (25,4)     135,3
 Others                            (44,7)    (19,6)     127,8            (18,6)    (25,2)     (25,9)
Financial income (expense) net    (113,6)    (79,4)      43,0            (40,4)    (36,8)      10,0
Amortization of goodwill          (114,8)    (93,8)      22,4            (32,9)    (33,3)      (1,2)
Extraordinary income (expense) net (69,6)   (606,5)     (88,5)           (10,3)   (648,4)     (98,4)

Income before taxes               (405,4)   (901,1)     (55,0)          (102,7)   (725,6)     (85,8)

Income taxes                        58,0     221,5      (73,8)            26,8     171,7      (84,4)

Net income before minority 
 interests                        (347,4)   (679,6)     (48,9)           (76,0)   (553,9)     (86,3)

Minority interests                   0,2      52,2        n.s            (11,5)     29,2        c.s.

Net income                        (347,3)   (627,4)     (44,7)           (87,4)   (524,7)     (83,3)

(1) Including works in process


Terra-Lycos Group
Selected Operating Data

Unaudited figures                                                                     
                                       December 2001          December 2000
                               
ISP Customers, in millions (1)                4,4                  4,1
Average daily page vies (mill.)               504                  350
Unique Visitors (mill.)                       111                   94

(1) Without Lycos-Europe



Terra-Lycos Group
Consolidated Income Statement

Unaudited figures                                                                     (Euros in millions)
                                       January - December                        October-December
                                  2001       2000       % Chg            2001      2000       % Chg

Operating revenues                 690,0     304,0      127,0            163,4     165,0      (1,0)
Internal expend capitalized in
 fixed assets (1)                    2,5       1,0      157,1              2,1      (0,8)      c.s
Operating expenses                (901,9)   (649,1)      39,0           (201,9)   (253,1)     (20,2)
Other operating income (expense)
 net                               (22,5)    (15,2)      47,9             (5,3)    (10,8)     (51,3)

EBITDA                            (232,0)   (359,3)     (35,4)           (41,7)    (99,6)     (58,2)

Depreciation and amortization     (185,5)    (83,5)     122,1            (54,5)    (32,7)      66,5

Operating profit                  (417,4)   (442,9)      (5,7)           (96,2)   (132,4)     (27,3)

Profit from associated companies  (181,7)    (59,3)     206,7             (8,7)    (41,6)     (79,1)
Financial income (expense) net     126,3      35,8      252,9             29,7      28,6        3,6
Amortization of goodwill          (383,5)   (203,6)      88,4            (63,2)   (115,1)     (45,1)
Extraordinary income (expense) net (74,9)   (134,2)     (44,2)           (43,4)   (128,5)     (66,2)

Income before taxes               (931,3)   (804,2)      15,8           (181,8)   (388,8)     (53,2)

Income taxes                       363,3     248,1       46,4             88,4     118,9      (25,7)

Net income before minority 
 interests                        (567,9)   (555,9)       2,2            (93,5)   (269,9)     (65,4)

Minority interests                   1,6       0,7      133,9              0,5       0,2      218,5

Net income                        (566,3)   (555,2)       2,0            (93,0)   (269,7)     (65,5)

(1) Including works in process
Note: operating leases not included in EBITDA


TPI Group - Yellow Pages
Operating figures in Spain

Non-Audited data                   
                                             December 
                                      2001            2000        % Var

Books Published
 Yellow Pages                           64 (1)         62
 White Pages                            61             61

(Euro million)
 Revenue Breakdown
  Advertising                        353,9          322,3           9,8
   Publishing                        334,0          312,1           7,0
      Yellow Pages                   275,7          256,9           7,3
      White Pages 2)                  56,5           53,6           5,4
      Other                            1,8            1,6          11,9
   Internet                           16,8            7,8         114,6
   Operator Assisted Yellow Pages      3,1            2,4          27,3
 Operator (3)                         25,6           26,2          (2,4)
 Other (4)                             4,3           28,2         (84,8)

(1) It includes new Residential - Professional split in Madrid capital and 
    Sevilla

(2) It does not include Telefonica's White Pages advertising revenues 
    contribution to 2000's total revenues

(3) It includes revenues from the Basic Reference Guide

(4) It includes Telefonica's White Pages advertising revenues in year 2000,
    telephone traffic revenues, waste paper and sales of printed books



TPI-Paginas Amarillas Group
Consolidated Income Statement

Unaudited figures                                                                     (Euros in millions)
                                       January - December                        October-December
                                  2001       2000       % Chg            2001      2000       % Chg

Operating revenues                 511,7     413,0       23,9            136,4     148,9      (8,4)
Operating expenses                (382,9)   (291,7)      31,2           (100,2)   (107,2)     (6,5)

EBITDA                             128,8     121,2        6,2             36,2      41,8      (13,4)

Depreciation and amortization      (25,5)    (11,1)     129,7             (9,3)     (3,8)     147,7

Operating profit                   103,3     110,1       (6,2)            26,8      38,0      (29,4)

Profit from associated companies    (1,7)     (0,1)        n.s            (0,9)      0,0        n.s
Financial income (expense) net     (10,8)     (0,9)        n.s            (2,2)     (0,3)     623,3
Amortization of goodwill            (2,2)     (0,2)        n.s            (0,5)     (0,2)     200,0
Consolidation adjustments            1,7       0,0         n.s             1,7       0,0        n.s
Extraordinary income (expense) net  (0,3)     (1,7)     (85,5)            (0,6)     (2,0)     (71,2)

Income before taxes                 90,1     107,2      (16,0)            24,4      35,5      (31,3)

Income taxes                       (33,7)    (38,2)     (11,8)            (9,5)    (12,7)     (25,1)

Net income before minority 
 interests                          56,4      69,0      (18,3)            14,8      22,9      (35,1)

Minority interests                   8,5       3,2      169,5              3,6       1,7      115,6

Net income                          64,5      72,2      (10,1)            18,5      24,5      (24,8)



Directories of Telefonica Group
Consolidated Income Statement

Unaudited figures                                                                     (Euros in millions)
                                       January - December                        October-December
                                  2001       2000       % Chg            2001      2000       % Chg

Operating revenues                 619,5     607,7        2,0            198,1     244,2      (18,9)
Internal expend capitalized in
 fixed assets (1)                    0,0      (1,9)       c.s.           (13,5)    (19,7)     (31,5)
Operating expenses                (444,9)   (450,6)      (1,3)          (117,2)   (171,3)     (31,6)
Other operating income (expense)
 net                               (48,6)    (41,6)      16,9            (23,9)    (25,2)      (5,1)

EBITDA                             126,1     113,7       10,9             43,4      28,0       55,4

Depreciation and amortization      (29,7)    (19,2)      54,3            (10,1)     (9,0)      12,1

Operating profit                    96,4      94,4        2,1             33,3      18,9       76,0

Profit from associated companies    (1,7)     (1,4)      20,9             (0,9)     (0,9)       3,5
Financial income (expense) net      (15,2)    (11,8)     28,4             (2,8)     (5,7)     (51,5)
Amortization of goodwill             (0,5)     (0,0)      n.s.             1,3      (0,0)       c.s.
Extraordinary income (expense) net   (6,9)     (3,6)     92,9             (7,0)     (3,9)      79,3

Income before taxes                  72,2      77,6      (7,0)            23,9       8,4      184,8

Income taxes                        (33,4)    (38,3)    (12,8)            (9,1)    (10,8)     (15,9)

Net income before minority interests 38,9      39,3      (1,1)            14,8      (2,3)       c.s.

Minority interests                    9,2      15,7     (41,5)             2,8      14,9      (81,0)

Net income                           48,0      55,0     (12,6)            17,7      12,6       40,5

(1) Including works in process

Note: Including all Telefonica Group directories businesses as of 1 January 2000



Atento Group
Consolidated Income Statement

Unaudited figures                                                                     (Euros in millions)
                                       January - December                        October-December
                                  2001       2000       % Chg            2001      2000       % Chg


Operating revenues                 643,9     526,9       22,2            172,3     165,5        4,2
Internal expend capitalized in
 fixed assets (1)                    0,0       0,0        n.s.             0,0       0,1        n.s.
Operating expenses                (588,1)   (495,7)      18,7           (155,4)   (161,9)      (4,0)
Other operating income (expense)
 net                                (1,9)     (6,0)     (67,9)            (0,0)     (5,2)     (99,3)

EBITDA                              53,8      25,2      113,1             16,9      (1,6)       c.s.

Depreciation and amortization      (89,4)    (51,3)      74,4            (29,8)    (19,8)      50,8

Operating profit                   (35,6)    (26,0)      36,9            (12,9)    (21,4)     (39,5)

Profit from associated companies     0,0       0,0        n.s.             0,0       0,0        n.s.
Financial income (expense) net     (57,5)    (37,8)      52,1            (13,8)    (12,0)      15,3
Amortization of goodwill            (8,4)     (7,1)      18,9             (2,1)     (4,2)     (50,1)
Extraordinary income (expense) net (32,2)    (78,4)     (59,0)           (13,6)    (74,9)     (81,9)

Income before taxes               (133,7)   (149,3)     (10,5)           (42,4)   (112,5)     (62,3)

Income taxes                        20,8      37,3      (44,1)             4,6      33,1      (86,0)

Net income before minority 
 interests                        (112,9)   (112,0)       0,7            (37,8)    (79,4)     (52,4)

Minority interests                   3,4       0,3        n.s              1,7       0,3      438,5

Net income                        (109,5)   (111,8)      (2,0)           (36,1)    (79,1)     (54,3)

(1) Including works in process



                      This information is provided by RNS
            The company news service from the London Stock Exchange