1st Qtr Rslts Pt2 Replacement
Telefonica SA
13 May 2003
THE 1ST QUARTER RESULTS - PART 2 ANNOUNCEMENT
RELEASED ON 13 MAY 2003 AT 16:49 UNDER RNS No.0527L
HAS BEEN REFORMATTED. ALL MATERIAL DETAILS REMAIN UNCHANGED.
THE FULL TEXT IS SHOWN BELOW.
Telefonica Group
Market Size
Unaudited figures (Thousands)
March % Chg. 03/02 Weighted (*) % Chg. 03/02
2003 2002 2003 2002
Lines in service (1) 43,132.7 43,057.4 0.2 37,346.5 37,226.5 0.3
In Spain 18,789.8 18,690.6 0.5 18,789.8 18,690.6 0.5
In other countries 24,342.9 24,366.8 (0.1) 18,556.7 18,535.9 0.1
Cellular customer (2) 44,248.8 33,271.5 33.0 27,755.3 24,583.6 12.9
In Spain 18,693.9 17,315.0 8.0 17,280.7 16,051.0 7.7
In other countries 25,554.8 15,956.5 60.2 10,474.6 8,532.6 22.8
Pay TV Services (3) 1,073.9 1,148.9 (6.5) 687.0 723.7 (5.1)
In Spain 733.7 808.3 (9.2) 356.8 393.1 (9.2)
In other countries 340.2 340.6 (0.1) 330.2 330.6 (0.1)
Total 88,455.4 77,477.8 14.2 65,788.8 62,533.8 5.2
(*) Weighted by the equity interest of Telefonica in each of the companies.
(1) Lines in service: includes all lines in service for Telefonica de Espana, Telefonica CTC Chile, Telefonica de
Argentina, Telefonica del Peru, Telesp, CanTV and Telefonica Deutschland.
(2) Cellular customers: includes all cellular customers of Telefonica Servicios Moviles Espana, MediTelecom,
Telefonica Movil Chile, TCP Argentina, Telefonica Moviles Peru, Brasilcel, NewCom Wireless Puerto Rico, Telefonica
Moviles Guatemala, Telefonica Moviles El Salvador, Telefonica Moviles Mexico, Quam y 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-March % Chg. 03/02
2003 2002
Operating revenues 6,458.9 7,418.6 (12.9)
EBITDA 2,819.1 3,044.7 (7.4)
Operating profit 1,258.1 1,208.1 4.1
Income before taxes 827.0 (143.0) c.s.
Net income 543.4 121.1 348.9
Net income per share 0.1 0.0 348.9
Avg. No of shares, millions (1) 5,057.0 5,057.0 0.0
(1) Average number of shares in the period, considering the effect of free capital increases funded by reserves that
did not produce any variation of equity structure since January 1 of each year. Including the shares corresponding to
the capital increases funded by a charge on freely disposable reserves, recorded with the Mercantile Register on
February 18, 2003 and on April 24, 2003. Accordingly, there were 5,057,032,001 shares outstanding at the end of the
period.
Telefonica Group
Results by Companies
Unaudited figures (Euros in
millions)
REVENUES EBITDA OPERATING PROFIT
January-March January-March January-March
2003 2002 % Chg. 2003 2002 % Chg. 2003 2002 % Chg.
Telefonica de Espana G. 2,486.5 2,518.7 (1.3) 1,109.4 1,126.9 (1.6) 449.7 448.1 0.4
Cellular Businesses 2,199.9 2,348.8 (6.3) 1,016.5 940.8 8.0 640.5 580.2 10.4
Telefonica Latinoamerica 1,421.8 2,155.1 (34.0) 678.9 1,050.0 (35.3) 272.3 419.0 (35.0)
G.
Telefonica Data Global 409.6 465.4 (12.0) 58.2 1.9 n.s. (1.8) (78.5) (97.7)
Terra-Lycos G. 114.5 159.5 (28.2) (19.6) (46.8) (58.2) (39.0) (87.2) (55.3)
Directories Business 66.7 68.0 (1.9) 10.0 6.9 45.3 3.6 (0.5) c.s.
Media and Content 372.3 217.8 70.9 36.7 6.8 441.8 22.0 (9.0) c.s.
Business
Atento G. 122.5 156.4 (21.7) 13.6 10.4 31.0 (0.2) (12.9) (98.2)
Others affiliates 129.0 244.6 (47.2) (59.6) (37.7) 58.0 (80.6) (51.6) 56.1
Eliminations (863.9) (915.7) (5.7) (25.1) (14.5) 73.3 (8.3) 0.6 c.s.
Group 6,458.9 7,418.6 (12.9) 2,819.1 3,044.7 (7.4) 1,258.1 1,208.0 4.1
Telefonica S.A.
Consolidated Income Statement
Unaudited figures (Euros in millions)
January-March
2003 2002 % Chg.
Operating revenues 6,458.9 7,418.6 (12.9)
Internal expend capitalized in fixed assets (1) 102.2 102.4 (0.2)
Operating expenses (3,695.4) (4,344.8) (14.9)
Supplies (1,439.2) (1,774.9) (18.9)
Personnel expenses (1,166.0) (1,273.0) (8.4)
Subcontracts (985.3) (1,174.0) (16.1)
Taxes (105.0) (123.0) (14.6)
Other net operating income (expense) (46.6) (131.4) (64.5)
EBITDA 2,819.1 3,044.7 (7.4)
Depreciation and amortization (1,560.9) (1,836.6) (15.0)
Operating profit 1,258.1 1,208.0 4.1
Profit from associated companies (50.6) (126.8) (60.1)
Financial net income (expense) (246.2) (856.1) (71.2)
Amortization of goodwill (102.9) (170.0) (39.5)
Extraordinary net income (expense) (31.5) (198.2) (84.1)
Income before taxes 827.0 (143.0) c.s.
Income taxes (263.8) 179.1 c.s.
Net income before minority interests 563.2 36.1 n.s.
Minority interests (19.8) 84.9 c.s.
Net income 543.4 121.1 348.9
Average shares (millions) (2) 5,057.0 5,057.0 0.0
Net income per share 0.1 0.0 348.9
(1) Including work in process.
(2) Average number of shares in the period, considering the effect of free capital increases funded by reserves that
did not produce any variation of equity structure since January 1 of each year. Including the shares corresponding
to the capital increases funded by a charge on freely disposable reserves, recorded with the Mercantile Register on
February 18, 2003 and on April 24, 2003. Accordingly, there were 5,057,032,001 shares outstanding at the end of the
period.
Telefonica S.A.
Consolidated Balance Sheet
Unaudited figures (Euros in millions)
March % Chg. 03/02
2003 2002
Subscribed shares not paid-in 253.9 350.4 (27.5)
Long-term assets 48,641.2 62,140.9 (21.7)
Start up expenses 465.9 725.8 (35.8)
Intangible net assets 7,519.0 17,100.3 (56.0)
Fixed net assets 26,330.2 34,987.7 (24.7)
Investment 14,326.0 9,327.1 53.6
Goodwill on consolidation 6,455.7 8,769.2 (26.4)
Deferred expenses 790.0 690.4 14.4
Current assets 11,591.9 13,719.2 (15.5)
Inventories 694.4 839.5 (17.3)
Accounts receivable 5,808.4 8,753.4 (33.6)
Short-term investments 3,511.7 2,958.5 18.7
Cash and banks 948.8 651.7 45.6
Others 628.7 516.1 21.8
Assets = Liabilities 67,732.8 85,670.1 (20.9)
Shareholder's equity 17,672.7 24,845.9 (28.9)
Minority interests 5,691.1 7,351.9 (22.6)
Badwill on consolidation 10.8 10.2 6.0
Deferred income 916.0 1,340.9 (31.7)
Provisions for risks and expenses 7,758.2 5,720.8 35.6
Long-term debt 21,422.9 25,921.5 (17.4)
Accrued taxes payable 1,511.6 1,412.7 7.0
Short-term debt including current maturities 4,648.0 9,126.0 (49.1)
Interest payable 365.2 356.8 2.3
Other creditors 7,736.2 9,583.4 (19.3)
Financial Data
Consolidated net debt (1) 21,502.3 28,684.0 (25.0)
Consolidated debt ratio (2) 45.5% 45.0% 0.5p.p.
(1) Net debt: Long-term debt (excluding debt with minority partners) + Short-term debt including current maturities
- Short-term and Long-term investments - Cash and banks.
(2) Debt ratio: Net debt /(Shareholders' equity + Minority interests + Deferred income + Accrued taxes payable +
Net debt)
Telefonica S.A. Group
Change in Debt
Unaudited figures (Euros in millions)
March 2003
I Cash flows from operations 2,833.0
II Other payment related to operating activities (189.0)
III Net interest payment (394.0)
IV Payment for income tax (34.6)
A= I+II+III+IV Net cash provided by operating activities 2,215.4
V Net payment for investment in fixed and intangible assets (736.0)
VI Net payment for financial investment (462.9)
B= V+VI Net cash used in investing activities (1,199.0)
C Dividends paid (21.9)
D= A+B+C Free cash flow after dividends 994.6
E Effects of exchange rate changes on net debt (423.2)
F Effects on net debt of changes in consolidation and others 386.9
G Net debt at beginning of period 22,533.1
H= G-D+E+F Net debt at end of period 21,502.3
Telefonica S.A. Group
Operating Cash Flow
Unaudited figures (Euros in millions)
March 2003
EBITDA 2,819.1
- CAPEX accrued during the period (EoP exchange rate) (600.9)
- Other payment related to operating activities (189.0)
- Net interest payment (394.0)
- Income tax payment (34.6)
- Investment in working capital (158.3)
+ Cash received from fixed assets 37.0
- Net payment for financial investment (462.9)
- Payment of Dividends 21.9
= Free Cash Flow after dividends 994.6
Telefonica S.A.
Exchange Rates Applied
March
2003 2002
US Dolar/ Euro 1.073 0.876
Argentinean Peso/ Euro 3.395 1.774
Chilean Peso/Euro 787.402 574.713
Brasilian Real/ Euro 3.739 2.087
Peruvian Sol/ Euro 3.731 3.020
Mexican Peso/Euro 11.553 7.913
Note: These exchange rates are used to convert the P&L accounts of the Group foreign subsidiaries from local
currency to euros. P&L accounts for subsidiaries that use inflation adjusted accounting criteria (Mexico, Chile,
Peru, Colombia y Venezuela), are first converted to US dolars at the closing exchange rate, and then the
conversion into euros is made according at the average exchange rate.
Telefonica de Espana Group
Selected Operating Data
Unaudited figures
March % Chg. 03/02
2003 2002
Lines in service (thousands) 18,789.8 18,690.6 0.5
PSTN lines (thousands) 15,361.6 15,937.9 (3.6)
ISDN equivalent basic access (thousands) 1,763.7 1,660.1 6.2
ISDN equivalent primary access (thousands) 416.3 451.9 (7.9)
2/6 Accesses for PBX and Ibercom (thousands) 112.0 113.2 (1.0)
ADSL connections (thousands) 1,136.1 527.6 115.3
Employees 40,634.0 40,810.0 (0.4)
Traffic (millions of minutes) 35,607.0 36,264.0 (1.8)
Note: A change in the calculation of Equivalent Lines in Service has been introduced beginning the first quarter
of 2003. The following equivalences are applicable: PSTN (including Public Use Telephony) (x 1) - ISDN Basic
accesss (x 2) - ISDN Primary accesss (x 30) - 2/6 Accesses (x 30) - ADSL Lines (x1). The 2002 figures are
presented with the same criteria.
Telefonica de Espana
Operating Revenues (Individual)
Unaudited figures (Euros in
millions)
January - March
2003 2002 % Chg.
Traditional Services 1,880.8 1,930.0 (2.6)
Client network access (1) 740.0 716.2 3.3
Voice usage (Net total) (2) 854.9 933.7 (8.4)
Local 215.1 233.1 (7.7)
Provincial 69.9 72.8 (3.9)
Domestic long distance 118.7 133.1 (10.8)
International long distance 59.0 67.0 (12.0)
Fixed to mobile 304.0 334.3 (9.1)
IRIS and others (3) 88.3 93.5 (5.6)
Handsets sales and maintenance 174.8 168.9 3.5
Leased circuits and TV broadcasting 35.8 31.4 14.0
Other business lines (4) 75.2 79.8 (5.8)
Internet and Broadband Services 191.1 143.9 32.8
Narrowband 80.0 94.5 (15.4)
Broadband (retail) 111.1 49.4 125.0
Wholesale Services 334.6 368.6 (9.2)
National interconnection 85.8 88.0 (2.5)
Wholesale ADSL (Megabase and GigADSL) 35.4 22.0 60.8
International operators services 67.7 81.9 (17.2)
Other national operators services (5) 145.6 176.7 (17.6)
Total operating revenues 2,406.5 2,442.6 (1.5)
(1) Revenues derived from monthly and connection fees (PSTN, Public Use Telephony, ISDN and Corporate
Services), public telephone booths and network services.
(2) Voice usage net of discounts, foreign participation (international long distance) and payments to
Intelligent Network providers.
(3) Services included: Intelligent Network services, Special Valued Services and others.
(4) Special Projects, Services agency and others.
(5) Services included: Commercial wholesale services (access, carrier and maintenance), wholesale
leased circuits, other IP services and ULL.
Telefonica de Espana Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg.
Operating revenues 2,486.5 2,518.7 (1.3)
Internal expend capitalized in fixed assets (1) 35.4 41.0 (13.7)
Operating expenses (1,399.2) (1,408.3) (0.6)
Other net operating income (expense) (13.3) (24.5) (46.0)
EBITDA 1,109.4 1,126.9 (1.6)
Depreciation and amortization (659.7) (678.8) (2.8)
Operating profit 449.7 448.1 0.4
Profit from associated companies (0.4) (0.3) 47.3
Financial net income (expense) (116.9) (101.7) 14.9
Amortization of goodwill (0.1) (1.2) (93.6)
Extraordinary net income (expense) (0.3) (66.1) (99.5)
Income before taxes 332.0 278.8 19.1
Income taxes (92.9) (46.3) 100.8
Net income before minority interests 239.1 232.5 2.8
Minority interests 0.0 0.0 n.s.
Net income 239.1 232.5 2.8
(1) Including works in process
Telefonica Latinoamerica Group
Companies Financial Data
Unaudited figures (Euros in millions)
January-March
2003 2002 % Chg
Telesp
Operating revenues 726.2 1,138.8 (36.2)
EBITDA 349.7 581.5 (39.9)
EBITDA margin 48.2% 51.1% (2.9)p.p.
Telefonica de Argentina
Operating revenues 178.1 342.9 (48.1)
EBITDA 105.8 179.0 (40.9)
EBITDA margin 59.4% 52.0% 7.4p.p.
Telefonica CTC Chile
Operating revenues 221.5 335.6 (34.0)
EBITDA 97.1 140.4 (30.8)
EBITDA margin 43.8% 41.8% 2.0p.p.
Telefonica del Peru
Operating revenues 291.8 342.6 (14.8)
EBITDA 127.6 159.3 (19.9)
EBITDA margin 43.7% 46.5% (2.8)p.p.
Note: EBITDA before management fees. Data for Telefonica de Argentina include the ISP business of Advance, while
those of Telefonica CTC Chile (January-March 2002) and Telefonica del Peru include Sonda and CableMagico,
respectively.
Telefonica Latinoamerica Group
Selected Operating Data
Unaudited figures
March % Chg. 03/02
2003 2002
Telesp
Lineas (thousands) 12,762.8 12,792.5 (0.2)
PSTN Lines (thousands) 11,180.2 11,227.3 (0.4)
ISDN equivalent accesses (thousands) 34.2 44.4 (23.0)
2/6 Accesses for PBX and Ibercom (thousands) 1,199.1 1,305.0 (8.1)
ADSL connections (thousands) 349.3 215.7 62.0
Employees (1) 8,245 10,557 (21.9)
Traffic (millions of minutes) (2) 20,110.7 19,422.5 3.5
Telefonica de Argentina
Lines in Service (thousands) (1) 4,230.8 4,328.3 (2.3)
PSTN Lines (thousands) 4,111.4 4,214.6 (2.5)
ISDN equivalent accesses (thousands) 6.1 4.2 45.7
2/6 Accesses for PBX and Ibercom (thousands) 75.0 81.0 (7.3)
ADSL connections (thousands) 38.3 28.5 34.5
Employees (1) 8,070 8,665 (6.9)
Traffic (millions of minutes) (2) 7,887.7 7,953.7 (0.8)
Telefonica CTC Chile
Lines in Service (thousands) 2,712.9 2,781.2 (2.5)
PSTN Lines (thousands) 2,487.2 2,608.2 (4.6)
ISDN equivalent accesses (thousands) 100.1 90.4 10.7
2/6 Accesses for PBX and Ibercom (thousands) 59.6 62.9 (5.2)
ADSL connections (thousands) 66.1 19.6 236.3
Employees (1) * 3,140 6,163 (49.1)
Traffic (millions of minutes) (2) 5,766.0 6,152.6 (6.3)
Telefonica del Peru
Lines in Service (thousands) 1,878.0 1,761.0 6.6
PSTN Lines (thousands) 1,800.0 1,718.6 4.7
ISDN equivalent accesses (thousands) 34.5 32.8 4.9
2/6 Accesses for PBX and Ibercom (thousands) - - -
ADSL connections (thousands) (3) 43.5 9.5 358.0
Employees (1) 5,016 4,965 1.0
Traffic (millions of minutes) (2) 2,330.7 2,354.6 (1.0)
Grupo Telefonica Latinoamerica
Lines in Service (thousands) 21,584.6 21,662.9 (0.4)
PSTN Lines (thousands) 19,578.8 19,768.8 (1.0)
ISDN equivalent accesses (thousands) 174.8 171.9 1.7
2/6 Accesses for PBX and Ibercom (thousands) 1,333.7 1,448.9 (8.0)
ADSL connections (thousands) (3) 497.2 273.3 81.9
Employees (1) 24,471 30,350 (19.4)
Traffic (millions of minutes) (2) 36,095.0 35,883.4 0.6
Note: A change in the calculation of Equivalent Lines in Service has been introduced beginning the first quarter
of 2003. The following equivalences are applicable: PSTN (including Public Use Telephony) (x 1) - ISDN Basic
accesss (x 2) - ISDN Primary accesss (x 30) - 2/6 Accesses (x 30) - ADSL Lines (x1). The 2002 figures are
presented with the same criteria.
(1) Calculated with the wireline company staff of the fixed telephone operator (OTF) and the subsidiaries that
are consolidated by the full consolidation method.
(*) Including 2.227 employees from Sonda in 2002, that in 2003 are consolidated by the equity method.
(2) Including total invoiced incoming and outgoing traffic: Local, PUTs (except at Telesp), DLD and ILD.
(3) In Peru are included Cablemodem lines
Telefonica Latinoamerica Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg.
Operating revenues 1,421.8 2,155.1 (34.0)
Internal expend capitalized in fixed assets (1) 10.3 26.4 (61.0)
Operating expenses (709.8) (1,042.5) (31.9)
Other net operating income (expense) (43.5) (89.1) (51.2)
EBITDA 678.9 1,050.0 (35.3)
Depreciation and amortization (406.6) (631.0) (35.6)
Operating profit 272.3 419.0 (35.0)
Profit from associated companies 6.8 0.9 n.s.
Financial net income (expense) (1.1) (574.8) (99.8)
Amortization of goodwill (21.2) (22.1) (4.0)
Extraordinary net income (expense) (38.6) (12.7) 203.2
Income before taxes 218.1 (189.8) c.s.
Income taxes (90.3) 132.6 c.s.
Net income before minority interests 127.7 (57.2) c.s.
Minority interests (20.5) (15.4) 33.4
Net income 107.2 (72.6) c.s.
(1) Including works in process
Telefonica Moviles Group
Selected Operating Data
Unaudited figures (Thousands)
CELLULAR CUSTOMERS
March 2003 % Chg. 03/02 Ponderados (1)
T Moviles Espana 18,693.9 8.0 17,280.7
Brasilcel 13,771.0 n.s 4,115.1
TCP Argentina 1,546.9 (8.8) 1,400.4
T Moviles Peru 1,239.5 9.6 1,122.6
TEM El Salvador 228.0 3.1 190.2
TEM Guatemala 105.8 (25.7) 97.8
NewCom Wireless Puerto Rico (2) 175.7 (5.7) -
Telefonica Moviles Mexico 2,429.5 94.4 2,066.2
Medi Telecom 1,684.2 36.4 487.9
Telefonica Movil Chile (3) 1,883.8 14.1 822.1
Total Managed (4) 41,758.4 36.2 27,582.9
(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.
(4) After halting UMTS operations in Europe, for comparison purposes, those costumers are not included
in 2002.
Telefonica Moviles Espana
Selected Operating Data
Unaudited figures
January - March
2003 2002 % Chg.
Cellular subscribers (thousands) 18,694.0 17,315.0 8.0
Contract (thousands) 6,808.1 5,465.5 24.6
Prepaid (thousands) 11,885.9 11,849.5 0.3
Subscribers net adds in year to date (thousands) (1) 281.9 521.5 (46.0)
Contract (thousands) 332.7 166.0 100.4
Prepaid (thousands) (50.8) 355.5 c.s.
Total airtime minutes (millions) (1) 8,438.0 7,134.0 18.3
SMS (millions) 2,145 1,819 17.9
Employees 4,362 4,388 (0.6)
(1) January-March accumulated data.
Telefonica Moviles Group: Participated Companies
Selected Operating Data
Unaudited figures
January - March (1)
2003 2002 % Chg.
Spain and Mediterranean area customers (thousands) 20,378.2 18,549.5 9.9
Contract (thousands) 6,930.6 5,545.3 25.0
Prepaid (thousands) 13,447.5 13,004.2 3.4
Latin America customers (thousands) (2) 19,321.8 10,281.7 87.9
Contract (thousands) 4,888.1 3,194.1 53.0
Prepaid (thousands) 14,433.6 7,087.6 103.6
Total airtime minutes (millions) (3) 14,152.7 9,916.5 42.7
(1) Includes total customers from all operators in which Telefonica Moviles holds an economic participation.
After halting UMTS operations in Europe, for comparison purposes, those costumers are not included in 2002 and
2003.
(2) In 2003 Brasilcel costumers, the Joint Venture with Portugal Telecom in Brazil, are included . Chile and
Puerto Rico are excluded.
(3) January-March cumulative air minutes of TEM fully consolidated companies.
Telefonica Moviles Group
Selected Financial Data
Unaudited figures (Euros in
millions)
January - March
2003 2002 % Chg
Telefonica Moviles Espana
Operating Revenues 1,603.9 1,574.0 1.9
EBITDA 884.2 784.1 12.8
EBITDA Margin 55.1% 49.8% 5.3p.p.
Brazilian Companies (1)
Operating Revenues 240.6 364.3 (34.0)
EBITDA 95.8 143.1 (33.1)
EBITDA Margin 39.8% 39.3% 0.5p.p.
Telefonica Moviles Mexico (2)
Operating Revenues 130.4 110.4 18.2
EBITDA (4.5) 14.2 c.s.
EBITDA Margin (3.4%) 12.8% (16.2)p.p.
TCP Argentina
Operating Revenues 48.7 73.9 (34.2)
EBITDA 15.6 17.9 (12.8)
EBITDA Margin 32.0% 24.2% 7.8p.p.
Telefonica Moviles Peru
Operating Revenues 62.8 76.9 (18.4)
EBITDA 22.6 25.0 (9.7)
EBITDA Margin 36.0% 32.6% 3.4p.p.
T. Moviles Guatemala and El Salvador
Operating Revenues 39.9 47.2 (15.4)
EBITDA 3.5 14.2 (75.1)
EBITDA Margin 8.8% 30.0% (21.2)p.p.
(1) In March 2003 the proportionate figures for Brasilcel are included, and in 2002 the figures from
TeleSudeste Celular, TeleLeste Celular and CRT Celular.
(2) Due to the consolidation of Telefonica Moviles Mexico financial statements after the integration of
the northern Mexican operators and Grupo Pegaso Telecomunicaciones, 2002 and 2003 figures are after
intragroup adjustments between these operators. The annual change is affected by the global
consolidation of Grupo Pegaso Telecomunicaciones from September 2002.
Mobile Business of Telefonica Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg.
Operating revenues 2,199.9 2,348.8 (6.3)
Internal expend capitalized in fixed assets (1) 19.1 22.8 (16.2)
Operating expenses (1,194.9) (1,411.4) (15.3)
Other net operating income (expense) (7.7) (19.3) (60.3)
EBITDA 1,016.5 940.8 8.0
Depreciation and amortization (375.9) (360.7) 4.2
Operating profit 640.5 580.2 10.4
Profit from associated companies (23.7) (33.6) (29.5)
Financial net income (expense) (87.6) (92.5) (5.3)
Amortization of goodwill (24.1) (24.6) (2.1)
Extraordinary net income (expense) 5.4 (5.5) c.s.
Income before taxes 510.6 424.0 20.4
Income taxes (169.2) (167.3) 1.1
Net income before minority interests 341.4 256.6 33.0
Minority interests 15.6 24.1 (35.1)
Net income 357.0 280.7 27.2
(1) Including wotks in progress.
Telefonica Moviles Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg.
Operating revenues 2,129.8 2,261.6 (5.8)
Operating expenses (1,152.0) (1,385.8) (19.9)
Other net operating income (expense) 15.4 40.9 (62.3)
EBITDA 993.2 916.6 8.4
Depreciation and amortization (357.3) (340.8) 4.8
Operating profit 635.9 575.8 10.4
Profit from associated companies (23.7) (33.6) (29.4)
Financial net income (expense) (78.9) (77.8) 1.4
Amortization of goodwill (21.0) (20.6) 2.0
Extraordinary net income (expense) 5.0 (4.7) c.s.
Income before taxes 517.3 439.1 17.8
Income taxes (171.2) (168.8) 1.4
Net income before minority interests 346.1 270.3 28.1
Minority interests 13.0 16.4 (20.5)
Net income 359.1 286.7 25.3
Telefonica Data Group
Selected Financial Data
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg
T. Data Espana
Operating Revenues 196.1 181.3 8.1
EBITDA 55.5 37.3 48.6
EBITDA Margin 28.3% 20.6% 7.7p.p.
T. Data en Latinoamerica Incumbente (1)
Operating Revenues 74.2 97.1 (23.6)
EBITDA 14.1 8.2 72.0
EBITDA Margin 18.9% 8.4% 10.5p.p.
T. Deutschland (2)
Operating Revenues 100.9 103.1 (2.1)
EBITDA (0.4) 2.8 c.s.
EBITDA Margin (0.4%) 2.7% c.s.
T. Data en Latinoamerica Expansion (3)
Operating Revenues 13.2 10.6 25.5
EBITDA (4.0) (9.0) (55.7)
EBITDA Margin (30.0%) (85.0%) 55.0p.p.
Telefonica Data Total
Operating Revenues 384.1 434.2 (11.5)
EBITDA 61.9 21.5 188.4
EBITDA Margin 16.1% 4.9% 11.2p.p.
(1) Brazil, Argentina, Peru and Chile
(2) Germany and United Kingdom
(3) Mexico, USA and Colombia
Data, Solutions and International Broadband Capacity Management
Business
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January - March
2003 2002 % Chg.
Operating revenues 409.6 465.4 (12.0)
Internal expend capitalized in fixed assets (1) 0.1 3.5 (97.7)
Operating expenses (351.6) (460.1) (23.6)
Other net operating income (expense) 0.1 (6.9) (101.2)
EBITDA 58.2 1.9 n.s.
Depreciation and amortization (60.0) (80.4) (25.4)
Operating profit (1.8) (78.5) (97.7)
Profit from associated companies (0.8) (5.5) (86.3)
Financial net income (expense) (14.1) (51.4) (72.6)
Amortization of goodwill (12.6) (20.5) (38.6)
Extraordinary net income (expense) (3.6) (5.5) (35.8)
Income before taxes (32.8) (161.4) (79.7)
Income taxes (7.6) 33.5 c.s.
Net income before minority interests (40.4) (127.9) (68.4)
Minority interests (1.5) 14.8 c.s.
Net income (41.9) (113.1) (62.9)
(1) Including works in process
Media and Content Business
Consolidated Income Statement
Unaudited figures (Euros in
millions)
January - March
2003 2002 % Chg.
Operating revenues 372.3 217.8 70.9
Internal expend capitalized in fixed assets (1) 0.0 0.2 (96.8)
Operating expenses (342.3) (213.2) 60.5
Other net operating income (expense) 6.7 1.9 245.0
EBITDA 36.7 6.8 441.8
Depreciation and amortization (14.7) (15.8) (7.0)
Operating profit 22.0 (9.0) c.s.
Profit from associated companies (27.1) (65.2) (58.4)
Antena 3 TV (2) - (0.1) n.d.
Via Digital (27.6) (31.4) (12.1)
Others 0.5 (33.7) c.s.
Financial net income (expense) (10.9) (37.1) (70.5)
Amortization of goodwill (20.1) (22.1) (9.1)
Extraordinary net income (expense) (3) (14.1) (43.4) (67.5)
Income before taxes (50.2) (176.8) (71.6)
Income taxes 13.0 44.3 (70.8)
Net income before minority interests (37.2) (132.5) (71.9)
Minority interests 4.0 (1.9) c.s.
Net income (33.3) (134.3) (75.2)
(1) Including works in process.
(2) Antena 3, and its subsidiary Onda Cero, is consolidated by the full consolidation method from the
first quarter of 2003.
(3) For the presentation of these figures, the results individually obtained by both Telefonica de
Contenidos and Admira Media Corporation for the Antena 3 TV transmission to Telefonica S.A. are not
included. These results will be materialized with the effective de-consolidation of Antena 3 TV.
Terra-Lycos Group
Selected Operating Data
Unaudited figures
March
2003 2002 % Chg
Total Pay Subscribers (thousands) (1) 3,260.0 1,829.7 78.2
Access (thousands) 1,450.4 1,309.9 10.7
Narrowband (thousands) 1,031.2 1,038.1 (0.7)
Broadband (thousands) 419.1 271.8 54.2
OBP (CSP/Total) (thousands) 1,809.6 519.8 248.1
Broadband Access Subscribers by Country (thousands) 419.2 272.0 54.1
Spain (thousands) 122.2 122.0 0.2
Latin-America (thousands) 297.0 150.0 98.0
Headcount 2,256 2,871 (21.4)
Terra-Lycos Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg.
Operating revenues 114.5 159.5 (28.2)
Internal expend capitalized in fixed assets (1) 0.2 0.3 (42.7)
Operating expenses (132.1) (200.9) (34.2)
Other net operating income (expense) (2.1) (5.5) (60.9)
EBITDA (19.6) (46.8) (58.2)
Depreciation and amortization (19.5) (40.4) (51.8)
Operating profit (39.0) (87.2) (55.2)
Profit from associated companies (11.2) (21.0) (46.8)
Financial net income (expense) 12.3 14.4 (15.1)
Amortization of goodwill (20.1) (65.7) (69.3)
Extraordinary net income (expense) 2.5 (1.4) (286.2)
Income before taxes (55.6) (160.8) (65.5)
Income taxes (0.2) 30.0 (100.5)
Net income before minority interests (55.7) (130.8) (57.4)
Minority interests 0.0 0.6 (95.6)
Net income (55.7) (130.2) (57.2)
(1) Including works in process
TPI Group - Yellow Pages
Operating figures in Spain
Unaudited figures
January - March
2003 2002 % Chg
Books Published
Yellow Pages* 10 6
White Pages 8 5
(Euro million)
Revenue Breakdown (1) 33.3 21.3 56.0
Advertising 30.4 20.0 51.9
Publishing 23.9 14.2 67.6
Yellow Pages 18.1 11.2 61.8
White Pages 5.8 3.1 88.5
Internet 5.3 4.9 7.6
Operator Assisted Yellow Pages 0.8 0.9 (4.2)
Telephony Traffic 0.4 0.0 n.s.
Operator 1.1 0.1 864.3
Other 1.4 0.6 127.6
Otros 0.4 0.6 (29.0)
* Includes a breakdown by residential/business services.
Directories Business of Telefonica Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg.
Operating revenues 66.7 68.0 (1.9)
Internal expend capitalized in fixed assets (1) 0.0 0.0 0.0
Operating expenses (52.3) (56.2) (7.0)
Other net operating income (expense) (4.4) (4.9) (9.9)
EBITDA 10.0 6.9 45.3
Depreciation and amortization (6.5) (7.4) (12.9)
Operating profit 3.6 (0.5) c.s.
Profit from associated companies (0.6) (0.3) 85.8
Financial net income (expense) (2.4) (6.4) (62.3)
Amortization of goodwill (0.2) (0.5) (56.7)
Extraordinary net income (expense) (0.4) (0.0) n.s
Income before taxes 0.0 (7.7) c.s.
Income taxes (0.8) 1.7 c.s.
Net income before minority interests (0.7) (6.1) (87.8)
Minority interests 1.7 3.3 (49.6)
Net income 0.9 (2.7) c.s.
(1) Including works in process.
TPI-Paginas Amarillas Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg.
Operating revenues 66.7 62.9 5.9
Operating expenses (55.9) (55.4) 0.9
EBITDA 10.8 7.5 42.8
Depreciation and amortization (6.3) (7.0) (9.9)
Operating profit 4.5 0.6 656.4
Profit from associated companies (0.6) (0.3) 85.8
Financial net income (expense) (1.0) (2.4) (56.8)
Amortization of goodwill (0.8) (0.8) (1.2)
Consolidation adjustments 0.6 0.3 93.1
Extraordinary net income (expense) (0.4) 0.1 c.s.
Income before taxes 2.3 (2.5) c.s.
Income taxes (0.8) 1.7 c.s.
Net income before minority interests 1.6 (0.9) c.s.
Minority interests 1.7 3.3 (48.1)
Net income 3.3 2.5 32.6
Atento Group
Consolidated Income Statement
Unaudited figures (Euros in millions)
January - March
2003 2002 % Chg.
Operating revenues 122.5 156.4 (21.7)
Operating expenses (109.0) (145.9) (25.3)
Other net operating income (expense) 0.2 (0.1) c.s.
EBITDA 13.6 10.4 31.0
Depreciation and amortization (13.9) (23.4) (40.6)
Operating profit (0.2) (12.9) (98.2)
Financial net income (expense) (8.5) (17.3) (51.0)
Amortization of goodwill (1.8) (2.2) (19.0)
Extraordinary net income (expense) 0.4 (1.1) c.s.
Income before taxes (10.1) (33.5) (69.9)
Income taxes 3.8 6.0 (37.2)
Net income before minority interests (6.3) (27.6) (77.0)
Minority interests 0.0 0.4 (98.1)
Net income (6.3) (27.2) (76.7)
Telefonica, S.A.
% PART.
TELEFONICA DE ESPANA 100.00%
TELEFONICA MOVILES 92.44%
TELEFONICA DATA GLOBAL 100.00%
TELEFONICA LATINOAMERICA 100.00%
TPI 59.90%
TERRA LYCOS 38.58%
GRUPO ADMIRA MEDIA 100.00%
ATENTO 100.00%
Telefonica Moviles, S.A.
% PART.
TELEFONICA MOVILES ESPANA 100.00%
BRASILCEL (1) 50.00%
TCP ARGENTINA 97.93%
TEM PERU 97.97%
T. MOVILES MEXICO (2) 92.00%
TEM EL SALVADOR 90.30%
TEM GUATEMALA 100.00%
GROUP 3G ALEMANIA 57.20%
IPSE 2000 (ITALIA) 45.59%
3G MOBILE (AUSTRIA) 100.00%
3G MOBILE AG (SUIZA) 100.00%
MEDI TELECOM (MARRUECOS) 31.34%
TERRA MOBILE 80.00%
TELEFONICA MOBILE-SOLUTIONS 100.00%
MOBIPAY ESPANA 13.33%
MOBIPAY INTERNACIONAL 36.00%
T. MOV. APLIC. Y SOLUCIONES (CHILE) 100.00%
(1) Joint Venture witch consolidated by full integration the assets transfered by TEM (TeleSudeste, Celular CRT and
TeleLeste Celular) and by Portugal Telecom (Telesp Celular Participacoes and an additional stake in CRT Cellular).
(2) Telefonica Moviles Mexico consolidates the North Mexican operators (Nortel, Bajacel, Movitel and Cedetel) and
Grupo Pegaso Telecomunicaciones.
Telefonica Data Global
% PART.
TELEFONICA DATA ESPANA 100.00%
TELEFONICA SISTEMAS 100.00%
TELEFONICA DATA MEXICO 100.00%
TELEFONICA DATA COLOMBIA 99.99%
TELEFONICA EMPRESAS BRASIL 100.00%
TELEFONICA DATOS DE VENEZUELA 100.00%
TELEFONICA DATA PERU 97.07%
TELEFONICA DATA ARGENTINA 97.92%
TELEFONICA DATA CANADA 100.00%
TELEFONICA DATA USA 100.00%
KATALYX 100.00%
TWIS (1) 100.00%
FACTORIA DE CONTENIDOS DIGITALES (ART MEDIA) 100.00%
TELEFONICA DEUTSCHLAND 100.00%
ATLANET 34.00%
(1) Includes the participation in Emergia and International Data Network business.
Telefonica Latinoamerica
% PART.
TELESP 87.42%
TELEFONICA DEL PERU 97.07%
TELEFONICA ARGENTINA 98.04%
TLD 98.00%
TELEFONICA CTC CHILE 43.64%
CAN TELEFONOS VENEZUELA (CANTV) 6.92%
Telefonica Publicidad e Informacion (TPI)
% PART.
GOODMAN BUSINESS PRESS 100.00%
TPI INTERNACIONAL 100.00%
PUBLIGUIAS HOLDING (CHILE) 100.00%
TPI PERU 100.00%
11888 SERVICIOS CONSULTA TELEFONICA 100.00%
TPI BRASIL 51.00%
BUILDNET 97.59%
Telefonica de Contenidos and Admira Media Corp.
% PART.
ANTENA 3 TV 59.24%
TELEFE 100.00%
ENDEMOL 99.47%
PATAGONIK FILM GROUP 30.00%
LOLA FILMS 70.00%
TORNEOS Y COMPETENCIAS 20.00%
SERVICIOS DE TELEDISTRIBUCI0N 100.00%
EUROLEAGUE 70.00%
AUDIOVISUAL SPORT 40.00%
TELEFONICA SPORT 100.00%
VIA DIGITAL 83.72%
TELEFONICA SERVICIOS AUDIOVISUALES 100.00%
PEARSON 4.85%
MEDIA PARK 7.40%
TICK TACK TICKET 47.50%
HISPASAT 13.23%
Terra Lycos
% PART.
LYCOS, INC 100.00%
TERRA NETWORKS PERU 99.99%
TERRA NETWORKS MEXICO 99.99%
TERRA NETWORKS USA 100.00%
TERRA NETWORKS GUATEMALA 100.00%
TERRA NETWORKS EL SALVADOR 99.99%
TERRA NETWORKS VENEZUELA 100.00%
TERRA NETWORKS BRASIL 100.00%
TERRA NETWORKS ARGENTINA 100.00%
TERRA NETWORKS ESPANA 100.00%
TERRA NETWORKS CHILE 100.00%
TERRA NETWORKS URUGUAY 100.00%
TERRA NETWORKS MAROCS 100.00%
TERRA NETWORKS HONDURAS 99.99%
TERRA NETWORKS COSTA RICA 99.99%
TERRA NETWORKS NICARAGUA 99.99%
TERRA NETWORKS CARIBE 99.98%
TERRA NETWORKS COLOMBIA 68.30%
IFIGENIA PLUS 100.00%
EDUCATERRA 100.00%
EMPLAZA 80.00%
A TU HORA 50.00%
AZELER AUTOMOCION 50.00%
R.U.M.B.O. 50.00%
UNO-E BANK 49.00%
ONE TRAVEL .COM 39.60%
AREMATE.COM 29.50%
TERRA MOBILE 20.00%
Atento Group
% PART.
ATENTO TELESERVICIOS ESPANA, S.A. 100.00%
ATENTO BRASIL, S.A. 100.00%
ATENTO DE GUATEMALA, S.A. 100.00%
ATENTO MEXICO 100.00%
TELEATENTEO DEL PERU, S.A.C. 99.12%
ATENTO CHILE, S.A. 83.08%
ATENTO MAROC, S.A. 100.00%
ATENTO EL SALVADOR, S.A. DE C.V. 100.00%
This information is provided by RNS
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