Telefónica Reaches 1.9 Million ADSL Subscribers

The Telefónica Group reported growth in semi-annual revenues, EBITDA and operating profits, which grew 5.2%, 10.7% and 22.8%, respectively. Strong free cash flow from operations and reduced CAPEX and OPEX was used to cut the company's net debt by EUR 2.5 billion to EUR 19.9 billion. By geographical region, Spain now accounts for 62% of the Group's overall revenues, compared to 55% a year ago. ADSL connections across the whole Telefónica Group totaled 1.9 million at the end of June 2003, up 88% over a year ago. Spain accounted for 1.3 million of the ADSL total.
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