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Name | Symbol | Market | Type |
---|---|---|---|
Telefonica SA | NYSE:TEF | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.03 | 0.68% | 4.47 | 4.4862 | 4.46 | 4.47 | 58,897 | 15:00:30 |
Form 20-F | X | Form 40-F |
Yes | No | X |
Yes | No | X |
Item | Sequential Page Number | |||||||
1. | Telefónica - Half yearly financial Report January June 2022 | 2 | ||||||
Condensed Consolidated Interim Financial Statements 2022 |
Condensed Consolidated Interim Financial Statements 2022 |
Millions of euros | Notes | 06/30/2022 | 12/31/2021 | ||||||||
ASSETS | |||||||||||
A) NON-CURRENT ASSETS | 89,033 | 84,284 | |||||||||
Intangible assets | 12,458 | 11,725 | |||||||||
Goodwill | 18,725 | 16,519 | |||||||||
Property, plant and equipment | 23,723 | 22,725 | |||||||||
Rights of use | 8,172 | 7,579 | |||||||||
Investments accounted for by the equity method | 12,661 | 12,773 | |||||||||
Financial assets and other non-current assets | 7,881 | 7,347 | |||||||||
Deferred tax assets | 5,413 | 5,616 | |||||||||
B) CURRENT ASSETS | 22,108 | 24,929 | |||||||||
Inventories | 1,565 | 1,749 | |||||||||
Receivables and other current assets | 9,240 | 8,287 | |||||||||
Tax receivables | 2,210 | 2,120 | |||||||||
Other current financial assets | 2,669 | 3,835 | |||||||||
Cash and cash equivalents | 6,385 | 8,580 | |||||||||
Non-current assets and disposal groups held for sale | 39 | 358 | |||||||||
TOTAL ASSETS (A+B) | 111,141 | 109,213 |
Notes | 06/30/2022 | 12/31/2021 | |||||||||
EQUITY AND LIABILITIES | |||||||||||
A) EQUITY | 31,685 | 28,684 | |||||||||
Equity attributable to equity holders of the parent and other holders of equity instruments | 24,909 | 22,207 | |||||||||
Equity attributable to non-controlling interests | 6,776 | 6,477 | |||||||||
B) NON-CURRENT LIABILITIES | 55,317 | 55,034 | |||||||||
Non-current financial liabilities | 34,914 | 35,290 | |||||||||
Non-current lease liabilities | 6,754 | 6,391 | |||||||||
Payables and other non-current liabilities | 3,628 | 3,089 | |||||||||
Deferred tax liabilities | 3,080 | 2,602 | |||||||||
Non-current provisions | 6,941 | 7,662 | |||||||||
C) CURRENT LIABILITIES | 24,139 | 25,495 | |||||||||
Current financial liabilities | 5,387 | 7,005 | |||||||||
Current lease liabilities | 1,964 | 1,679 | |||||||||
Payables and other current liabilities | 13,537 | 13,210 | |||||||||
Current tax payables | 1,740 | 2,026 | |||||||||
Current provisions | 1,511 | 1,441 | |||||||||
Liabilities associated with non-current assets and disposal groups held for sale | — | 134 | |||||||||
TOTAL EQUITY AND LIABILITIES (A+B+C) | 111,141 | 109,213 |
Telefónica, S.A. 3 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | Notes | January- June 2022 | January- June 2021 | ||||||||
Revenues | 19,450 | 20,305 | |||||||||
Other income | 1,069 | 10,875 | |||||||||
Supplies | (6,200) | (6,217) | |||||||||
Personnel expenses | (2,673) | (2,744) | |||||||||
Other expenses | (5,301) | (5,333) | |||||||||
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION (OIBDA) | 6,345 | 16,886 | |||||||||
Depreciation and amortization | (Notes 4, 6, 8 and 21) | (4,336) | (4,139) | ||||||||
OPERATING INCOME | 2,009 | 12,747 | |||||||||
Share of income (loss) of investments accounted for by the equity method | 105 | (68) | |||||||||
Finance income | 680 | 901 | |||||||||
Exchange gains | 2,964 | 1,513 | |||||||||
Finance costs | (1,266) | (1,430) | |||||||||
Exchange losses | (3,038) | (1,536) | |||||||||
Net financial expense | (660) | (552) | |||||||||
PROFIT BEFORE TAX | 1,454 | 12,127 | |||||||||
Corporate income tax | (312) | (1,200) | |||||||||
PROFIT FOR THE PERIOD | 1,142 | 10,927 | |||||||||
Attributable to equity holders of the Parent | 1,026 | 8,629 | |||||||||
Attributable to non-controlling interests | 116 | 2,298 | |||||||||
Basic and diluted earnings per share attributable to equity holders of the parent (euros) | 0.16 | 1.44 |
Telefónica, S.A. 4 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Profit for the period | 1,142 | 10,927 | ||||||
Other comprehensive (loss) income | 2,761 | 4,411 | ||||||
(Losses) gains from financial assets measured at Fair value through comprehensive income | (3) | 1 | ||||||
Income tax impact | 1 | — | ||||||
(2) | 1 | |||||||
Gains (losses) on hedges | 1,110 | 509 | ||||||
Income tax impact | (286) | (121) | ||||||
Reclassification of (gains) losses included in the income statement | (900) | (1,353) | ||||||
Income tax impact | 224 | 337 | ||||||
148 | (628) | |||||||
(Losses) gains on hedges costs | (46) | 105 | ||||||
Income tax impact | 11 | (26) | ||||||
Reclassification of (gains) losses included in the income statement | (5) | (5) | ||||||
Income tax impact | 1 | 1 | ||||||
(39) | 75 | |||||||
Share of gains (losses) recognized directly in equity of associates and others | 51 | 5 | ||||||
Income tax impact | — | — | ||||||
51 | 5 | |||||||
Translation differences | 2,422 | 4,465 | ||||||
Total other comprehensive income (loss) recognized in the period (Items that may be reclassified subsequently to profit or loss) | 2,580 | 3,918 | ||||||
Actuarial gains (losses) and impact of limit on assets for defined benefit pension plans | 220 | 58 | ||||||
Income tax impact | (70) | (15) | ||||||
Reclassification to reserve actuarial losses (gains) and impact of limit on assets for defined benefit pension plans (Note 2) | — | 392 | ||||||
150 | 435 | |||||||
(Losses) gains from financial assets measured at Fair value through comprehensive income | (30) | 60 | ||||||
Income tax impact | — | (2) | ||||||
Reclassification to reserve of gains (losses) from financial assets measured at Fair value through comprehensive income | 71 | — | ||||||
41 | 58 | |||||||
Share of gains (losses) recognized directly in equity of associates | (10) | — | ||||||
(10) | — | |||||||
Total other comprehensive income (loss) recognized in the period (Items that will not be reclassified subsequently to profit or loss) | 181 | 493 | ||||||
Total comprehensive income (loss) recognized in the period | 3,903 | 15,338 | ||||||
Attributable to: | ||||||||
Equity holders of the parent and other holders of equity instruments | 3,217 | 12,830 | ||||||
Non-controlling interests | 686 | 2,508 | ||||||
3,903 | 15,338 |
Telefónica, S.A. 5 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Attributable to equity holders of the parent and other holders of equity instruments | Non-controlling interests | Total equity | |||||||||||||||||||||||||||||||||||||||
Millions of euros | Share capital | Share premium | Treasury Shares | Other equity instruments | Legal reserve | Retained earnings | Fair value financial assets | Hedges | Equity of associates and others | Translation differences | Total | ||||||||||||||||||||||||||||||
Financial position at December 31, 2021 | 5,779 | 4,233 | (547) | 7,550 | 1,038 | 26,091 | (547) | 438 | 64 | (21,892) | 22,207 | 6,477 | 28,684 | ||||||||||||||||||||||||||||
Profit for the year | — | — | — | — | — | 1,026 | — | — | — | — | 1,026 | 116 | 1,142 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year | — | — | — | — | — | 104 | 39 | 161 | 3 | 1,884 | 2,191 | 570 | 2,761 | ||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | — | — | — | — | 1,130 | 39 | 161 | 3 | 1,884 | 3,217 | 686 | 3,903 | ||||||||||||||||||||||||||||
Dividends and distribution of profit (Note 11) | 135 | — | — | — | 21 | (369) | — | — | — | — | (213) | (309) | (522) | ||||||||||||||||||||||||||||
Capital reduction | (139) | (409) | 548 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net movement in treasury shares | — | — | (108) | — | — | (12) | — | — | — | — | (120) | — | (120) | ||||||||||||||||||||||||||||
Acquisitions and disposals of non-controlling interests and business combinations (Note 2) | — | — | — | — | — | (64) | — | — | — | — | (64) | (78) | (142) | ||||||||||||||||||||||||||||
Undated deeply subordinated securities (Note 11) | — | — | — | — | — | (132) | — | — | — | — | (132) | — | (132) | ||||||||||||||||||||||||||||
Other movements | — | — | — | — | — | 14 | — | — | — | — | 14 | — | 14 | ||||||||||||||||||||||||||||
Financial position at June 30, 2022 | 5,775 | 3,824 | (107) | 7,550 | 1,059 | 26,658 | (508) | 599 | 67 | (20,008) | 24,909 | 6,776 | 31,685 |
Telefónica, S.A. 6 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Attributable to equity holders of the parent and other holders of equity instruments | Non-controlling interests | Total equity | |||||||||||||||||||||||||||||||||||||||
Millions of euros | Share capital | Share premium | Treasury Shares | Other equity instruments | Legal reserve | Retained earnings | Available-for-sale investments | Hedges | Equity of associates and others | Translation differences | Total | ||||||||||||||||||||||||||||||
Financial position at December 31, 2020 | 5,526 | 4,538 | (476) | 7,550 | 1,038 | 19,046 | (597) | 647 | (57) | (25,980) | 11,235 | 7,025 | 18,260 | ||||||||||||||||||||||||||||
Profit for the year | — | — | — | — | — | 8,629 | — | — | — | — | 8,629 | 2,298 | 10,927 | ||||||||||||||||||||||||||||
Other comprehensive income (loss) for the year | — | — | — | — | — | 426 | 59 | (641) | 80 | 4,277 | 4,201 | 210 | 4,411 | ||||||||||||||||||||||||||||
Total comprehensive income (loss) for the year | — | — | — | — | — | 9,055 | 59 | (641) | 80 | 4,277 | 12,830 | 2,508 | 15,338 | ||||||||||||||||||||||||||||
Dividends and distribution of profit (Note 11) | 195 | — | — | — | — | (503) | — | — | — | — | (308) | (282) | (590) | ||||||||||||||||||||||||||||
Capital reduction | (83) | (305) | 388 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net movement in treasury shares | — | — | (79) | — | — | (11) | — | — | — | — | (90) | — | (90) | ||||||||||||||||||||||||||||
Acquisitions and disposals of non-controlling interests and business combinations (Note 2) | — | — | — | — | — | (382) | — | — | — | — | (382) | (15) | (397) | ||||||||||||||||||||||||||||
Undated deeply subordinated securities | — | — | — | 242 | — | (164) | — | — | — | — | 78 | — | 78 | ||||||||||||||||||||||||||||
Other movements | — | — | — | — | — | (1) | — | — | — | — | (1) | 1 | — | ||||||||||||||||||||||||||||
Financial position at June 30, 2021 | 5,638 | 4,233 | (167) | 7,792 | 1,038 | 27,040 | (538) | 6 | 23 | (21,703) | 23,362 | 9,237 | 32,599 |
Telefónica, S.A. 7 |
Condensed Consolidated Interim Financial Statements 2022 |
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Cash received from operations | 23,208 | 24,368 | ||||||
Cash paid from operations | (17,463) | (18,238) | ||||||
Net payments of interest and other financial expenses net of dividends received | (738) | (777) | ||||||
Taxes (paid)/proceeds | (268) | (241) | ||||||
Net cash flow provided by operating activities | 4,739 | 5,112 | ||||||
(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets, net | (2,632) | (3,550) | ||||||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 135 | 13,514 | ||||||
Payments on investments in companies, net of cash and cash equivalents acquired | (1,511) | (328) | ||||||
Proceeds on financial investments not included under cash equivalents | 1,513 | 607 | ||||||
Payments on financial investments not included under cash equivalents | (771) | (1,026) | ||||||
Proceeds/(payments) on placements of cash surpluses not included under cash equivalents | 1,638 | (607) | ||||||
Net cash flow used in investing activities | (1,628) | 8,610 | ||||||
Dividends paid | (388) | (498) | ||||||
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | (226) | (112) | ||||||
Operations with other equity holders | (175) | 19 | ||||||
Proceeds on issuance of debentures and bonds, and other debts | 1,100 | 152 | ||||||
Proceeds on loans, borrowings and promissory notes | 300 | 2,028 | ||||||
Repayments of debentures and bonds, and other debts | (1,993) | (3,353) | ||||||
Repayments of loans, borrowings and promissory notes | (2,656) | (1,907) | ||||||
Lease principal payments (Note 21) | (1,011) | (916) | ||||||
Financed operating payments and investments in property, plant and equipment and intangible assets payments (Note 16) | (490) | (124) | ||||||
Net cash used in financing activities | (5,539) | (4,711) | ||||||
Effect of changes in exchange rates | 235 | (74) | ||||||
Cash reclassified to assets held for sale | — | (7) | ||||||
Effect of changes in consolidation methods and others | (2) | (12) | ||||||
Net increase (decrease) in cash and cash equivalents during the period | (2,195) | 8,918 | ||||||
CASH AND CASH EQUIVALENTS AT JANUARY 1 | 8,580 | 5,604 | ||||||
CASH AND CASH EQUIVALENTS AT JUNE 30 | 6,385 | 14,522 | ||||||
RECONCILIATION OF CASH AND CASH EQUIVALENTS WITH THE STATEMENT OF FINANCIAL POSITION | ||||||||
BALANCE AT JANUARY 1 | 8,580 | 5,604 | ||||||
Cash on hand and at banks | 7,353 | 4,600 | ||||||
Other cash equivalents | 1,227 | 1,004 | ||||||
BALANCE AT JUNE 30 | 6,385 | 14,522 | ||||||
Cash on hand and at banks | 5,559 | 12,953 | ||||||
Other cash equivalents | 826 | 1,569 |
Telefónica, S.A. 8 |
Condensed Consolidated Interim Financial Statements 2022 |
Telefónica, S.A. 9 |
Condensed Consolidated Interim Financial Statements 2022 |
Telefónica, S.A. 10 |
Condensed Consolidated Interim Financial Statements 2022 |
Variation of average exchange rate versus euro | ||||||||
First half (2021 vs 2020) | First half (2022 vs 2021) | |||||||
Brazilian real | (17.5 | %) | 17.4 | % | ||||
Pound sterling | 0.7 | % | 3.1 | % | ||||
New peruvian sol | (16.2 | %) | 8.9 | % | ||||
Chilean peso | 3.1 | % | (3.8 | %) | ||||
Colombian peso | (7.3 | %) | 2.2 | % | ||||
Mexican peso | (2.8 | %) | 9.8 | % |
Variation of closing exchange rate versus euro | ||||||||
06/30/21 vs 12/31/20 | 06/30/22 vs 12/31/21 | |||||||
Brazilian real | 7.2 | % | 16.1 | % | ||||
Pound sterling | 4.7 | % | (2.1 | %) | ||||
New peruvian sol | (3.2 | %) | 13.6 | % | ||||
Chilean peso | 0.8 | % | (1.2 | %) | ||||
Colombian peso | (5.5 | %) | 4.5 | % | ||||
Mexican peso | 3.2 | % | 10.8 | % |
Telefónica, S.A. 11 |
Condensed Consolidated Interim Financial Statements 2022 |
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Operating Income Before Depreciation and Amortization (OIBDA) | 6,345 | 16,886 | ||||||
Depreciation and amortization | (4,336) | (4,139) | ||||||
Operating income | 2,009 | 12,747 |
January - June 2022 | |||||||||||||||||||||||
Millions of euros | Telefónica Spain | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Elimina-tions | Total Group | ||||||||||||||||
Operating Income Before Depreciation and Amortization (OIBDA) | 2,254 | 1,247 | 1,714 | 1,094 | 78 | (42) | 6,345 | ||||||||||||||||
Depreciation and amortization | (1,075) | (1,131) | (1,133) | (922) | (94) | 19 | (4,336) | ||||||||||||||||
Operating income | 1,179 | 116 | 581 | 172 | (16) | (23) | 2,009 |
January - June 2021 | ||||||||||||||||||||||||||
Millions of euros | Telefónica Spain | Telefónica United Kingdom | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Elimina-tions | Total Group | ||||||||||||||||||
Operating Income Before Depreciation and Amortization (OIBDA) | 2,352 | 919 | 1,172 | 1,479 | 769 | 10,382 | (187) | 16,886 | ||||||||||||||||||
Depreciation and amortization | (1,071) | — | (1,192) | (927) | (984) | (128) | 163 | (4,139) | ||||||||||||||||||
Operating income | 1,281 | 919 | (20) | 552 | (215) | 10,254 | (24) | 12,747 |
Telefónica, S.A. 12 |
Condensed Consolidated Interim Financial Statements 2022 |
Millions of euros | January-June 2022 | January-June 2021 | ||||||
Operating income | 2,009 | 12,747 | ||||||
Depreciation and amortization | (4,336) | (4,139) | ||||||
OIBDA | 6,345 | 16,886 | ||||||
Capital expenditures in intangibles assets (Note 6) | (716) | (1,271) | ||||||
Capital expenditures in property, plant and equipment (Note 8) | (1,766) | (2,129) | ||||||
CapEx | (2,482) | (3,400) | ||||||
OIBDA-CapEx | 3,863 | 13,486 | ||||||
Spectrum acquisitions (Note 6) | 132 | 674 | ||||||
OIBDA-CapEx excluding spectrum acquisitions | 3,995 | 14,160 |
Telefónica, S.A. 13 |
Condensed Consolidated Interim Financial Statements 2022 |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Non-current financial liabilities | 34,914 | 35,290 | ||||||
Current financial liabilities | 5,387 | 7,005 | ||||||
Gross financial debt (Note 16) | 40,301 | 42,295 | ||||||
Cash and cash equivalents | (6,385) | (8,580) | ||||||
Other assets included in "Other current financial assets" | (2,659) | (3,823) | ||||||
Cash and other financial assets included in "Non-current assets and disposal groups classified as held for sale" | — | (7) | ||||||
Positive mark-to-market value of long-term derivative instruments (notes 12 and 17) | (2,780) | (2,772) | ||||||
Other liabilities included in "Payables and other non-current liabilities" | 1,397 | 933 | ||||||
Other liabilities included in "Payables and other current liabilities" | 183 | 455 | ||||||
Other assets included in "Financial assets and other non-current assets" | (1,799) | (1,808) | ||||||
Other assets included in "Receivables and other current assets" | (352) | (468) | ||||||
Other current assets included in "Tax receivables" | (120) | (250) | ||||||
Financial liabilities included in "Liabilities associated with non-current assets held for sale" | — | 35 | ||||||
Mark-to-market adjustment by cash flow hedging activities related to debt | 1,031 | 22 | ||||||
Net financial debt | 28,817 | 26,032 | ||||||
Lease liabilities | 8,683 | 8,080 | ||||||
Net financial debt plus leases | 37,500 | 34,112 | ||||||
Gross commitments related to employee benefits | 5,441 | 6,337 | ||||||
Value of associated long-term assets | (95) | (94) | ||||||
Tax benefits | (1,395) | (1,626) | ||||||
Net commitments related to employee benefits | 3,951 | 4,617 | ||||||
Net financial debt plus commitments | 32,768 | 30,649 | ||||||
Net financial debt plus leases plus commitments (*) | 41,451 | 38,729 | ||||||
(*) Includes assets and liabilities considered to be "net financial debt plus leases plus commitments" for companies classified as held for sale (see Note 27). |
Telefónica, S.A. 14 |
Condensed Consolidated Interim Financial Statements 2022 |
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Net cash flow provided by operating activities (Note 25) | 4,739 | 5,112 | ||||||
(Payments on investments)/Proceeds from the sale of property, plant and equipment and intangible assets, net (Note 25) | (2,632) | (3,550) | ||||||
Dividends paid to minority shareholders (Note 25) | (170) | (181) | ||||||
Payments related to cancellation of commitments related to employee benefits (Note 25) | 443 | 466 | ||||||
Payments of financed spectrum without explicit interest (Note 25) | (21) | (21) | ||||||
Free cash flow excluding lease principal payments | 2,359 | 1,826 | ||||||
Lease principal payments (notes 21 and 25) | (1,011) | (916) | ||||||
Free cash flow | 1,348 | 910 |
Telefónica, S.A. 15 |
Condensed Consolidated Interim Financial Statements 2022 |
Telefónica, S.A. 16 |
Condensed Consolidated Interim Financial Statements 2022 |
Standards and amendments | Mandatory application: annual periods beginning on or after | |||||||
Amendments to IAS 1 | Classification of Liabilities as Current and Non-Current | 1 January 2023 | ||||||
IFRS 17 | Insurance Contracts | 1 January 2023 | ||||||
Amendments to IAS 1 | Disclosure of Accounting Policies | 1 January 2023 | ||||||
Amendments to IAS 8 | Definition of Accounting Estimates | 1 January 2023 | ||||||
Amendments to IAS 12 | Deferred Taxes related to Assets and Liabilities arising from a Single Transaction | 1 January 2023 |
Telefónica, S.A. 17 |
Condensed Consolidated Interim Financial Statements 2022 |
Telefónica, S.A. 18 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
January - June 2022 | ||||||||||||||||||||||||||
Millions of euros | Telefónica Spain | VMO2 | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group | ||||||||||||||||||
Revenues | 6,164 | — | 3,949 | 4,199 | 4,526 | 1,499 | (887) | 19,450 | ||||||||||||||||||
External revenues | 6,053 | — | 3,938 | 4,191 | 4,471 | 799 | (2) | 19,450 | ||||||||||||||||||
Inter-segment revenues | 111 | — | 11 | 8 | 55 | 700 | (885) | — | ||||||||||||||||||
Other operating income and expenses | (3,910) | — | (2,702) | (2,485) | (3,432) | (1,421) | 845 | (13,105) | ||||||||||||||||||
OIBDA | 2,254 | — | 1,247 | 1,714 | 1,094 | 78 | (42) | 6,345 | ||||||||||||||||||
Depreciation and amortization | (1,075) | — | (1,131) | (1,133) | (922) | (94) | 19 | (4,336) | ||||||||||||||||||
Operating income | 1,179 | — | 116 | 581 | 172 | (16) | (23) | 2,009 | ||||||||||||||||||
Share of (loss) income of investments accounted for by the equity method | — | 138 | — | — | (4) | (29) | — | 105 | ||||||||||||||||||
Capital expenditures (CapEx) | 642 | — | 556 | 809 | 429 | 45 | 1 | 2,482 | ||||||||||||||||||
Acquisitions of rights of use | 187 | — | 340 | 321 | 264 | 7 | 7 | 1,126 |
January - June 2021 | |||||||||||||||||||||||||||||
Millions of euros | Telefónica Spain | Telefónica United Kingdom (1) | VMO2 | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group | ||||||||||||||||||||
Revenues | 6,095 | 2,628 | — | 3,743 | 3,318 | 3,945 | 1,547 | (971) | 20,305 | ||||||||||||||||||||
External revenues | 5,968 | 2,609 | — | 3,731 | 3,310 | 3,895 | 798 | (6) | 20,305 | ||||||||||||||||||||
Inter-segment revenues | 127 | 19 | — | 12 | 8 | 50 | 749 | (965) | — | ||||||||||||||||||||
Other operating income and expenses | (3,743) | (1,709) | — | (2,571) | (1,839) | (3,176) | 8,835 | 784 | (3,419) | ||||||||||||||||||||
OIBDA | 2,352 | 919 | — | 1,172 | 1,479 | 769 | 10,382 | (187) | 16,886 | ||||||||||||||||||||
Depreciation and amortization | (1,071) | — | — | (1,192) | (927) | (984) | (128) | 163 | (4,139) | ||||||||||||||||||||
Operating income | 1,281 | 919 | — | (20) | 552 | (215) | 10,254 | (24) | 12,747 | ||||||||||||||||||||
Share of (loss) income of investments accounted for by the equity method | — | — | (65) | — | — | (1) | (2) | — | (68) | ||||||||||||||||||||
Capital expenditures (CapEx) | 720 | 933 | — | 508 | 647 | 501 | 107 | (16) | 3,400 | ||||||||||||||||||||
Acquisitions of rights of use | 283 | 389 | — | 532 | 260 | 122 | 93 | (251) | 1,428 | ||||||||||||||||||||
(1) On June 1, 2021 Telefónica United Kingdom was excluded from the scope of consolidation (see Note 2). |
Telefónica, S.A. 19 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
VMO2 | ||||||||
Millions of euros | January-June, 2022 | June 1 to June 30, 2021 | ||||||
Revenues | 5,996 | 993 | ||||||
Other operating income and expenses | (3,771) | (640) | ||||||
OIBDA | 2,225 | 353 | ||||||
Depreciation and amortization | (2,065) | (345) | ||||||
Operating income | 160 | 8 | ||||||
Share of income (loss) of investments accounted for by the equity method | 1 | — | ||||||
Financial income | 9 | 2 | ||||||
Financial expenses | (457) | (66) | ||||||
Exchange rate differences and change in fair value of derivatives | 523 | (84) | ||||||
Net financial expense | 75 | (148) | ||||||
Result before taxation | 236 | (140) | ||||||
Taxes | (41) | 9 | ||||||
Result for the period (100% VMO2) | 195 | (131) | ||||||
50% attributable to Telefónica Group | 97 | (65) | ||||||
Share-based compensation | 8 | — | ||||||
Other adjustments | 33 | — | ||||||
Share of income (loss) of investments accounted for by the equity method | 138 | (65) | ||||||
Capital expenditures (CapEx) (100% VMO2) | 1,270 | 188 | ||||||
Acquisitions of rights of use (100% VMO2) | 64 | — |
Telefónica, S.A. 20 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
June 2022 | ||||||||||||||||||||||||||
Millions of euros | Telefónica Spain | VMO2(1) | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group | ||||||||||||||||||
Fixed assets | 14,246 | — | 11,762 | 18,580 | 8,120 | 2,207 | (9) | 54,906 | ||||||||||||||||||
Rights of use | 1,419 | — | 3,360 | 2,140 | 1,196 | 105 | (48) | 8,172 | ||||||||||||||||||
Investments accounted for by the equity method | 263 | 11,874 | — | — | 164 | 360 | — | 12,661 | ||||||||||||||||||
Financial assets and other non-currents assets | 701 | — | 861 | 1,113 | 1,532 | 7,079 | (3,405) | 7,881 | ||||||||||||||||||
Deferred tax assets | 2,151 | — | 415 | 539 | 660 | 1,648 | — | 5,413 | ||||||||||||||||||
Other current financial assets | 40 | — | 53 | 57 | 565 | 7,059 | (5,105) | 2,669 | ||||||||||||||||||
Non-current assets and disposal groups classified as held for sale | — | — | — | — | 39 | — | — | 39 | ||||||||||||||||||
Total allocated assets | 24,958 | 11,874 | 18,965 | 25,677 | 16,902 | 26,344 | (13,579) | 111,141 | ||||||||||||||||||
Non-current financial liabilities | 736 | — | 1,552 | 207 | 2,820 | 30,620 | (1,021) | 34,914 | ||||||||||||||||||
Non-current lease liabilities | 1,050 | — | 2,703 | 1,692 | 1,278 | 55 | (24) | 6,754 | ||||||||||||||||||
Deferred tax liabilities | 103 | — | 272 | 1,143 | 750 | 812 | — | 3,080 | ||||||||||||||||||
Current financial liabilities | 2,150 | — | 133 | 139 | 4,053 | 7,693 | (8,781) | 5,387 | ||||||||||||||||||
Current lease liabilities | 382 | — | 563 | 605 | 413 | 19 | (18) | 1,964 | ||||||||||||||||||
Liabilities associated with non-current assets held for sale | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total allocated liabilities | 16,065 | — | 10,149 | 9,939 | 14,148 | 42,494 | (13,339) | 79,456 |
Telefónica, S.A. 21 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
December 2021 | ||||||||||||||||||||||||||
Millions of euros | Telefónica Spain | VMO2 | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group | ||||||||||||||||||
Fixed assets | 14,499 | — | 12,124 | 15,056 | 7,637 | 1,667 | (14) | 50,969 | ||||||||||||||||||
Rights of use | 1,433 | — | 3,349 | 1,701 | 1,064 | 99 | (67) | 7,579 | ||||||||||||||||||
Investments accounted for by the equity method | 263 | 12,129 | — | — | 128 | 253 | — | 12,773 | ||||||||||||||||||
Financial assets and other non-currents assets | 549 | — | 883 | 888 | 1,001 | 7,428 | (3,402) | 7,347 | ||||||||||||||||||
Deferred tax assets | 2,345 | — | 433 | 454 | 713 | 1,671 | — | 5,616 | ||||||||||||||||||
Other current financial assets | 40 | — | 70 | 56 | 838 | 8,379 | (5,548) | 3,835 | ||||||||||||||||||
Non-current assets and disposal groups held for sale | — | — | — | — | 102 | 256 | — | 358 | ||||||||||||||||||
Total allocated assets | 24,971 | 12,129 | 19,953 | 21,461 | 15,628 | 29,544 | (14,473) | 109,213 | ||||||||||||||||||
Non-current financial liabilities | 2,140 | — | 1,627 | 11 | 2,778 | 31,288 | (2,554) | 35,290 | ||||||||||||||||||
Non-current lease liabilities | 1,082 | — | 2,781 | 1,317 | 1,192 | 55 | (36) | 6,391 | ||||||||||||||||||
Deferred tax liabilities | 119 | — | 291 | 1,040 | 594 | 558 | — | 2,602 | ||||||||||||||||||
Current financial liabilities | 1,019 | — | 89 | 199 | 4,620 | 9,669 | (8,591) | 7,005 | ||||||||||||||||||
Current lease liabilities | 378 | — | 548 | 460 | 295 | 14 | (16) | 1,679 | ||||||||||||||||||
Liabilities associated with non-current assets and disposal groups held for sale | — | — | — | — | — | 134 | — | 134 | ||||||||||||||||||
Total allocated liabilities | 17,042 | — | 10,819 | 7,600 | 14,306 | 45,129 | (14,367) | 80,529 |
Telefónica, S.A. 22 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
VMO2 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Fixed assets | 44,671 | 46,258 | ||||||
Rights of use | 968 | 1,058 | ||||||
Financial assets and other non-currents assets | 2,489 | 1,348 | ||||||
Deferred tax assets | 67 | 115 | ||||||
Other current financial assets | 287 | 214 | ||||||
Total assets | 51,939 | 52,333 | ||||||
Non-current financial liabilities | 19,658 | 19,185 | ||||||
Non-current lease liabilities | 774 | 885 | ||||||
Deferred tax liabilities | 6 | 9 | ||||||
Current financial liabilities | 2,963 | 2,841 | ||||||
Current lease liabilities | 230 | 219 | ||||||
Total liabilities | 28,315 | 28,198 |
Telefónica, S.A. 23 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | January - June 2022 | January - June 2021 | ||||||||||||||||||||||||
Segments | Fixed | Mobile | Other and elims. | Total | Fixed | Mobile | Other and elims. | Total | ||||||||||||||||||
T. Spain (1) | 6,164 | 6,095 | ||||||||||||||||||||||||
T. United Kingdom (2) | — | — | — | — | 95 | 2,533 | — | 2,628 | ||||||||||||||||||
T. Germany | 399 | 3,540 | 10 | 3,949 | 400 | 3,342 | 1 | 3,743 | ||||||||||||||||||
T. Brazil | 1,357 | 2,842 | — | 4,199 | 1,136 | 2,182 | — | 3,318 | ||||||||||||||||||
T. Hispam | 1,582 | 2,944 | — | 4,526 | 1,363 | 2,574 | 8 | 3,945 | ||||||||||||||||||
Other and inter-segment eliminations | 612 | 612 | 576 | 576 | ||||||||||||||||||||||
Total Group | 19,450 | 20,305 |
Millions of euros | ||||||||
Telefónica Spain | January - June 2022 | January - June 2021 | ||||||
Mobile handset sale | 283 | 154 | ||||||
Ex-Mobile handset sale | 5,881 | 5,941 | ||||||
Retailers | 4,772 | 4,827 | ||||||
Wholesalers and others | 1,109 | 1,114 | ||||||
Total | 6,164 | 6,095 |
Telefónica, S.A. 24 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | |||||
Consideration | 1,091 | ||||
Intangible assets | |||||
Licenses | 506 | ||||
Customer relationships | 22 | ||||
Property, plant and equipment | 29 | ||||
Rights of use | 129 | ||||
Deferred tax assets | 53 | ||||
Trade receivables | 79 | ||||
Other assets | 30 | ||||
Cash and cash equivalents | 13 | ||||
Lease liabilities | (142) | ||||
Trade payables | (24) | ||||
Provisions | (245) | ||||
Other liabilities | (55) | ||||
Fair value of net assets | 395 | ||||
Preliminary goodwill (Note 7) | 696 |
Telefónica, S.A. 25 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | |||||
Share purchase price | 104 | ||||
Payment obligations cancelled | 91 | ||||
Total | 195 | ||||
Intangible assets | |||||
Customer relationships | 23 | ||||
Other intangible assets | 1 | ||||
Property, plant and equipment | 1 | ||||
Rights of use | 1 | ||||
Accounts receivable | 11 | ||||
Other assets | 1 | ||||
Cash and cash equivalents | 9 | ||||
Lease liabilities | (2) | ||||
Accounts payable | (3) | ||||
Deferred tax liabilities | (6) | ||||
Other liabilities | (10) | ||||
Fair value of net assets | 26 | ||||
Preliminary goodwill (Note 7) | 169 |
Millions of euros | |||||
Share purchase price | 191 | ||||
Payment obligations cancelled | 162 | ||||
Total | 353 | ||||
Property, plant and equipment | 6 | ||||
Rights of use | 4 | ||||
Accounts receivable | 15 | ||||
Other assets | 12 | ||||
Cash and cash equivalents | 18 | ||||
Lease liabilities | (4) | ||||
Trade payables | (12) | ||||
Deferred tax liabilities | (3) | ||||
Current tax payables | (6) | ||||
Other liabilities | (14) | ||||
Accounting value of net assets | 16 | ||||
Preliminary goodwill (Note 7) | 337 |
Telefónica, S.A. 26 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
January-June 2022 | |||||||||||||||||||||||
Millions of euros | Balance at 12/31/2021 | Additions | Amortization | Transfers and others | Translation differences and hyperinflation adjustments | Business acquisitions | Balance at 06/30/2022 | ||||||||||||||||
Service concession arrangements and licenses | 7,328 | 132 | (414) | — | 497 | 506 | 8,049 | ||||||||||||||||
Software | 2,494 | 189 | (664) | 481 | 149 | — | 2,649 | ||||||||||||||||
Customer base | 971 | — | (175) | 2 | 5 | 45 | 848 | ||||||||||||||||
Trademarks | 276 | — | (17) | 1 | 21 | 1 | 282 | ||||||||||||||||
Other intangible assets | 42 | 13 | (12) | 1 | 1 | — | 45 | ||||||||||||||||
Intangible assets in process | 614 | 382 | — | (434) | 23 | — | 585 | ||||||||||||||||
Total intangible assets | 11,725 | 716 | (1,282) | 51 | 696 | 552 | 12,458 |
January-June 2021 | |||||||||||||||||||||||
Millions of euros | Balance at 12/31/2020 | Additions (1) | Amortization | Disposals | Transfers and others | Translation differences and hyperinflation adjustments | Balance at 06/30/2021 | ||||||||||||||||
Service concession arrangements and licenses | 6,573 | 159 | (359) | — | 228 | 149 | 6,750 | ||||||||||||||||
Software | 2,380 | 243 | (610) | (1) | 407 | 55 | 2,474 | ||||||||||||||||
Customer base | 1,238 | — | (183) | — | — | 5 | 1,060 | ||||||||||||||||
Trademarks | 512 | — | (23) | (207) | — | 17 | 299 | ||||||||||||||||
Other intangible assets | 51 | 7 | (8) | — | (3) | — | 47 | ||||||||||||||||
Intangible assets in process | 734 | 294 | — | (4) | (544) | 5 | 485 | ||||||||||||||||
Total intangible assets | 11,488 | 703 | (1,183) | (212) | 88 | 231 | 11,115 |
Telefónica, S.A. 27 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Balance at 06/30/2022 | ||||||||||||||
Millions of euros | Gross cost | Accumulated amortization | Impairment losses | Intangible assets | ||||||||||
Service concession arrangements and licenses | 16,182 | (7,986) | (147) | 8,049 | ||||||||||
Software | 16,674 | (14,013) | (12) | 2,649 | ||||||||||
Customer base | 5,055 | (4,207) | — | 848 | ||||||||||
Trademarks | 951 | (669) | — | 282 | ||||||||||
Other intangible assets | 869 | (824) | — | 45 | ||||||||||
Intangible assets in process | 585 | — | — | 585 | ||||||||||
Total intangible assets | 40,316 | (27,699) | (159) | 12,458 |
Balance at December 31, 2021 | ||||||||||||||
Millions of euros | Gross cost | Accumulated amortization | Impairment losses | Intangible assets | ||||||||||
Service concession arrangements and licenses | 14,456 | (7,007) | (121) | 7,328 | ||||||||||
Software | 15,442 | (12,938) | (10) | 2,494 | ||||||||||
Customer base | 4,888 | (3,917) | — | 971 | ||||||||||
Trademarks | 901 | (625) | — | 276 | ||||||||||
Other intangible assets | 910 | (868) | — | 42 | ||||||||||
Intangible assets in process | 614 | — | — | 614 | ||||||||||
Total intangible assets | 37,211 | (25,355) | (131) | 11,725 |
Telefónica, S.A. 28 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
January-June 2022 | |||||||||||||||||
Millions of euros | Balance at 12/31/2021 | Additions | Transfers | Exchange rate impact | Balance at 06/30/2022 | ||||||||||||
Telefónica Spain | 4,291 | — | — | — | 4,291 | ||||||||||||
Telefónica Brazil | 6,278 | 696 | — | 959 | 7,933 | ||||||||||||
Telefónica Germany | 4,386 | — | — | — | 4,386 | ||||||||||||
Telefónica Hispam | 1,166 | — | — | 49 | 1,215 | ||||||||||||
Others | 398 | 515 | (5) | (8) | 900 | ||||||||||||
Total | 16,519 | 1,211 | (5) | 1,000 | 18,725 |
January-June 2021 | |||||||||||||||||
Millions of euros | Balance at 12/31/2020 | Additions | Transfers | Exchange rate impact and other | Balance at 06/30/2021 | ||||||||||||
Telefónica Spain | 4,299 | — | (8) | — | 4,291 | ||||||||||||
Telefónica Brazil | 6,258 | — | (36) | 448 | 6,670 | ||||||||||||
Telefónica Germany | 4,558 | — | (171) | — | 4,387 | ||||||||||||
Telefónica Hispam | 1,778 | — | (145) | (19) | 1,614 | ||||||||||||
Others | 151 | 8 | — | 3 | 162 | ||||||||||||
Total | 17,044 | 8 | (360) | 432 | 17,124 |
Telefónica, S.A. 29 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Telefónica Spain | 4,291 | 4,291 | ||||||
Telefónica Brazil | 7,933 | 6,278 | ||||||
Telefónica Germany | 4,386 | 4,386 | ||||||
Telefónica Hispam | 1,215 | 1,166 | ||||||
Colombia | 161 | 154 | ||||||
Ecuador | 141 | 129 | ||||||
Chile | 615 | 622 | ||||||
Peru | 271 | 239 | ||||||
Uruguay | 24 | 20 | ||||||
Others T. Hispam | 3 | 2 | ||||||
Others | 900 | 398 | ||||||
TOTAL | 18,725 | 16,519 |
Telefónica, S.A. 30 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
January-June 2022 | ||||||||||||||||||||||||||
Millions of euros | Balance at 12/31/2021 | Additions | Depreciation | Disposals | Transfers and others | Translation differences and hyperinflation adjustments | Business acquisitions | Balance at 06/30/2022 | ||||||||||||||||||
Land and buildings | 2,660 | 5 | (110) | (13) | 28 | 123 | 5 | 2,698 | ||||||||||||||||||
Plant and machinery | 17,752 | 556 | (1,839) | (7) | 717 | 1,156 | 27 | 18,362 | ||||||||||||||||||
Furniture, tools and other items | 552 | 31 | (102) | — | 33 | 40 | 3 | 557 | ||||||||||||||||||
PP&E in progress | 1,761 | 1,174 | — | (10) | (924) | 104 | 1 | 2,106 | ||||||||||||||||||
Total PP&E | 22,725 | 1,766 | (2,051) | (30) | (146) | 1,423 | 36 | 23,723 |
January-June 2021 | |||||||||||||||||||||||
Millions of euros | Balance at 12/31/2020 | Additions (1) | Depreciation | Disposals | Transfers and others | Translation differences and hyperinflation adjustments | Balance at 06/30/2021 | ||||||||||||||||
Land and buildings | 2,829 | 6 | (130) | (13) | (115) | 37 | 2,614 | ||||||||||||||||
Plant and machinery | 18,676 | 529 | (1,978) | (19) | 910 | 389 | 18,507 | ||||||||||||||||
Furniture, tools and other items | 623 | 24 | (115) | (3) | 51 | 13 | 593 | ||||||||||||||||
PP&E in progress | 1,641 | 1,171 | — | (3) | (1,386) | 26 | 1,449 | ||||||||||||||||
Total PP&E | 23,769 | 1,730 | (2,223) | (38) | (540) | 465 | 23,163 |
Telefónica, S.A. 31 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Balance at June 30, 2022 | ||||||||||||||
Millions of euros | Gross cost | Accumulated depreciation | Impairment losses | PP&E | ||||||||||
Land and buildings | 9,138 | (6,371) | (69) | 2,698 | ||||||||||
Plant and machinery | 93,054 | (74,319) | (373) | 18,362 | ||||||||||
Furniture, tools and other items | 5,120 | (4,549) | (14) | 557 | ||||||||||
PP&E in progress | 2,119 | — | (13) | 2,106 | ||||||||||
Total PP&E | 109,431 | (85,239) | (469) | 23,723 |
Balance at December 31, 2021 | ||||||||||||||
Millions of euros | Gross cost | Accumulated depreciation | Impairment losses | PP&E | ||||||||||
Land and buildings | 8,624 | (5,905) | (59) | 2,660 | ||||||||||
Plant and machinery | 86,779 | (68,713) | (314) | 17,752 | ||||||||||
Furniture, tools and other items | 4,697 | (4,133) | (12) | 552 | ||||||||||
PP&E in progress | 1,774 | — | (13) | 1,761 | ||||||||||
Total PP&E | 101,874 | (78,751) | (398) | 22,725 |
Telefónica, S.A. 32 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
% Holding | Investments accounted for by the equity method | Share of (loss) income of investments accounted for by the equity method | |||||||||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | January - June 2022 | January - June 2021 | |||||||||||||
VMED O2 UK Ltd | 50% | 11,874 | 12,129 | 138 | (65) | ||||||||||||
Movistar Prosegur Alarmas | 50% | 263 | 263 | — | — | ||||||||||||
FiBrasil Infraestructura e Fibra Ótica, S.A. | 50% | 78 | 68 | (3) | — | ||||||||||||
Unsere Grüne Glasfaser | 50% | 110 | 53 | (33) | (7) | ||||||||||||
Adquira España, S.A. | 44.44% | 4 | 4 | — | — | ||||||||||||
Other companies | 9 | 9 | 1 | — | |||||||||||||
Joint ventures | 12,338 | 12,526 | 103 | (72) | |||||||||||||
Nabiax | 20% | 122 | 81 | 1 | — | ||||||||||||
Infraco SpA | 40% | 77 | 76 | (1) | — | ||||||||||||
Alamo HoldCo, S.L. | 40% | 29 | — | (1) | — | ||||||||||||
Internet para todos S.A.C. | 54.67% | 58 | 52 | (2) | (1) | ||||||||||||
Telefónica Factoring España, S.A. | 50% | 6 | 7 | 2 | 2 | ||||||||||||
Telefónica Factoring do Brasil, Ltda. | 50% | 2 | 3 | 1 | 1 | ||||||||||||
Telefónica Factoring Peru, S.A.C. | 50% | 2 | 3 | — | 1 | ||||||||||||
Telefónica Factoring Colombia, S.A. | 50% | 1 | 2 | — | — | ||||||||||||
Telefónica Factoring México,S.A.de C.V. | 50% | 1 | 1 | — | — | ||||||||||||
Telefónica Factoring Chile, SpA. | 50% | — | 1 | — | — | ||||||||||||
Telefónica Factoring Ecuador, S.A. | 50% | — | — | — | — | ||||||||||||
Telefónica Consumer Finance, Establecimiento Financiero de Crédito, S.A. | 50% | 19 | 19 | 2 | 1 | ||||||||||||
Movistar Consumer Finance Colombia SAS | 50% | 3 | 1 | (1) | — | ||||||||||||
Other companies | 3 | 1 | 1 | — | |||||||||||||
Associates | 323 | 247 | 2 | 4 | |||||||||||||
Total | 12,661 | 12,773 | 105 | (68) |
Telefónica, S.A. 33 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Investments accounted for by the equity method | Millions of euros | ||||
Balance at 12/31/2021 | 12,773 | ||||
Additions | 112 | ||||
Translation differences and other comprehensive income (loss) | (170) | ||||
Income (loss) | 105 | ||||
Dividends | (159) | ||||
Balance at 06/30/2022 | 12,661 |
Investments accounted for by the equity method | Millions of euros | ||||
Balance at 12/31/2020 | 427 | ||||
Additions | 11,991 | ||||
Disposals | (5) | ||||
Translation differences and other comprehensive income (loss) | 69 | ||||
Income (loss) | (68) | ||||
Dividends | (6) | ||||
Transfers and others | (2) | ||||
Balance at 06/30/2021 | 12,406 |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Non current assets | 48,195 | 48,779 | ||||||
Current assets | 3,744 | 3,554 | ||||||
Cash and cash equivalents | 585 | 415 | ||||||
Total Assets | 51,939 | 52,333 | ||||||
Non current liabilities | 20,876 | 20,593 | ||||||
Non current financial liabilities | 19,658 | 19,185 | ||||||
Non current lease liabilities | 774 | 885 | ||||||
Other non current liabilities | 444 | 523 | ||||||
Current liabilities | 7,439 | 7,605 | ||||||
Current financial liabilities | 2,963 | 2,841 | ||||||
Current lease liabilities | 230 | 219 | ||||||
Other current liabilities | 4,246 | 4,545 | ||||||
Total Liabilities | 28,315 | 28,198 | ||||||
Equity (100% VMO2) | 23,624 | 24,135 | ||||||
50% Telefónica Group | 11,812 | 12,068 | ||||||
Acquisition costs | 62 | 61 | ||||||
Investments accounted for by the equity method | 11,874 | 12,129 |
Telefónica, S.A. 34 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | ||||||||||||||||||
Purchase commitments | 795 | 469 | 154 | 71 | 53 | 52 | 41 | 1,635 | ||||||||||||||||||
Programming commitments | 159 | 295 | 199 | 38 | 35 | 9 | — | 735 | ||||||||||||||||||
Network and connectivity commitments | 769 | 120 | 70 | 42 | 14 | 9 | 10 | 1,034 | ||||||||||||||||||
Other commitments | 179 | 271 | 267 | 267 | 269 | 126 | 17 | 1,396 | ||||||||||||||||||
Total commitments VMO2 (100%) | 1,902 | 1,155 | 690 | 418 | 371 | 196 | 68 | 4,800 |
Telefónica, S.A. 35 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 30/06/2022 | 31/12/2021 | ||||||
Receivables from associates and joint ventures for current operations | 60 | 54 | ||||||
Payables to associates and joint ventures | 207 | 259 | ||||||
Millions of euros | 06/30/2022 | 06/30/2021 | ||||||
Revenue from operations with associates and joint ventures | 61 | 10 | ||||||
Expenses from operations with associates and joint ventures | 31 | — | ||||||
Telefónica, S.A. 36 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
06/30/2022 | 12/31/2021 | |||||||||||||||||||
Millions of euros | Associates | Joint ventures | Total | Associates | Joint ventures | Total | ||||||||||||||
Credits and other financial assets to associates and joint ventures | 257 | 13 | 270 | 87 | 10 | 97 | ||||||||||||||
Receivables from associates and joint ventures for current operations (Note 14) | 46 | 104 | 150 | 34 | 87 | 121 | ||||||||||||||
Long-term contractual liabilities from associates and joint ventures | — | 52 | 52 | — | 31 | 31 | ||||||||||||||
Payables to associates and joint ventures (Note 19) | 77 | 218 | 295 | 72 | 272 | 344 | ||||||||||||||
Short-term contractual liabilities from associates and joint ventures | — | 26 | 26 | — | 8 | 8 |
January - June 2022 | January - June 2021 | |||||||||||||||||||
Millions of euros | Associates | Joint ventures | Total | Associates | Joint ventures | Total | ||||||||||||||
Revenue from operations with associates and joint ventures | 86 | 129 | 215 | 7 | 129 | 136 | ||||||||||||||
Expenses from operations with associates and joint ventures | 93 | 57 | 150 | 13 | — | 13 | ||||||||||||||
Financial revenues with associates and joint ventures | 5 | 1 | 6 | — | — | — | ||||||||||||||
Financial expenses with associates and joint ventures | 1 | — | 1 | — | — | — |
Telefónica, S.A. 37 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
January-June 2022 | ||||||||
Millions of euros | BBVA | Caixabank | ||||||
Finance costs | 5 | 11 | ||||||
Receipt of services | 3 | 6 | ||||||
Purchase of goods (2) | — | 225 | ||||||
Other expenses | 2 | — | ||||||
Total costs | 10 | 242 | ||||||
Finance income | 6 | — | ||||||
Dividends received(1) | 10 | N/A | ||||||
Services rendered | 15 | 34 | ||||||
Sale of goods | 4 | 151 | ||||||
Other income | 3 | — | ||||||
Total revenue | 38 | 185 | ||||||
Purchase of assets (2) | — | 36 | ||||||
Finance arrangements: loans, capital contributions and others (borrower) | 492 | 197 | ||||||
Guarantees | 166 | 163 | ||||||
Commitments (2) | — | 609 | ||||||
Finance arrangements: loans and capital contributions (lessee) | 115 | — | ||||||
Dividends paid | 35 | 22 | ||||||
Factoring operations | 235 | 40 | ||||||
Other transactions | 1 | — |
Telefónica, S.A. 38 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
January-June 2021 | ||||||||
Millions of euros | BBVA | Caixabank | ||||||
Finance costs | 3 | 3 | ||||||
Receipt of services | 7 | 8 | ||||||
Purchase of goods | — | 69 | ||||||
Other expenses | 2 | — | ||||||
Total costs | 12 | 80 | ||||||
Finance income | 4 | — | ||||||
Dividends received(1) | 3 | N/A | ||||||
Services rendered | 10 | 36 | ||||||
Sale of goods | 3 | 36 | ||||||
Other income | 3 | — | ||||||
Total revenue | 23 | 72 | ||||||
Finance arrangements: loans, capital contributions and others (borrower) | 255 | 169 | ||||||
Guarantees | 149 | 177 | ||||||
Commitments | — | 94 | ||||||
Finance arrangements: loans and capital contributions (lessee) | 1,496 | — | ||||||
Dividends paid | 19 | 58 | ||||||
Factoring operations | 255 | — | ||||||
Other transactions | — | 1 |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Receivables from associates and joint ventures for current operations | 8 | 6 | ||||||
Payables to associates and joint ventures | 30 | 36 | ||||||
Millions of euros | January-June 2022 | January-June 2021 | ||||||
Revenue from operations with associates and joint ventures | 7 | 6 | ||||||
Expenses from operations with associates and joint ventures | 4 | 5 | ||||||
Finance cost from operations with associates and joint ventures | 1 | — |
Telefónica, S.A. 39 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Directors | January-June | January-June | ||||||
Thousands of euros | 2022 | 2021 | ||||||
Remuneration for belonging to the Board of Directors and/or Board Committees | 1,669 | 1,823 | ||||||
Salary | 1,762 | 1,762 | ||||||
Variable Remuneration in cash (1) | 2,931 | 2,931 | ||||||
Remuneration Systems based on shares (2) | — | — | ||||||
Compensation | — | — | ||||||
Long-Term Savings Systems | 529 | 530 | ||||||
Other Concepts | 381 | 40 | ||||||
Total | 7,272 | 7,086 |
Senior Executives | January- June | January- June | ||||||
Thousands of euros | 2022 | 2021 | ||||||
Total compensation paid to Senior Executives(3) | 6,311 | 4,320 |
Telefónica, S.A. 40 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 41 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Issue date | Annual Fix | Variable | Exercisa-ble from issuer | 12/31/2021 | Tender Offer | Amount repurchased | Amortization | 06/30/2022 | ||||||||||||||||||
11/24/2021 | 2.875 | % | from 05/24/2028 rate SWAP + spread incremental | 2028 | 750 | — | — | — | 750 | |||||||||||||||||
02/12/2021 | 2.376 | % | from 05/12/2029 rate SWAP + spread incremental | 2029 | 1,000 | — | — | — | 1,000 | |||||||||||||||||
02/05/2020 | 2.502 | % | from 05/05/2027 rate SWAP + spread incremental | 2027 | 500 | — | — | — | 500 | |||||||||||||||||
09/24/2019 | 2.875 | % | from 09/24/2027 rate SWAP + spread incremental | 2027 | 500 | — | — | — | 500 | |||||||||||||||||
03/14/2019 | 4.375 | % | from 03/14/2025 rate SWAP + spread incremental | 2025 | 1,300 | — | — | — | 1,300 | |||||||||||||||||
03/22/2018 | 3 | % | from 12/04/2023 rate SWAP + spread incremental | 2023 | 824 | — | — | — | 824 | |||||||||||||||||
3.875 | % | from 09/22/2026 rate SWAP + spread incremental | 2026 | 1,000 | — | — | — | 1,000 | ||||||||||||||||||
12/07/2017 | 2.625 | % | from 06/07/2023 rate SWAP + spread incremental | 2023 | 676 | — | — | — | 676 | |||||||||||||||||
03/31/2014 | 5.875 | % | from 03/31/2024 rate SWAP + spread incremental | 2024 | 1,000 | — | — | — | 1,000 | |||||||||||||||||
7,550 | 7,550 |
Telefónica, S.A. 42 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Brazilian real | (13,744) | (15,292) | ||||||
Bolivar fuerte | (3,745) | (3,755) | ||||||
Sterling pound | 68 | 309 | ||||||
Argentine peso | (1,337) | (1,702) | ||||||
Other currencies | (1,250) | (1,452) | ||||||
Total Group | (20,008) | (21,892) |
Number of shares | |||||
Treasury shares at 12/31/2021 | 139,329,370 | ||||
Acquisitions | 27,559,890 | ||||
Scrip dividend | 563,415 | ||||
Employee share option plan | (2,986,528) | ||||
Capital amortization | (139,275,057) | ||||
Sales | (411,681) | ||||
Treasury shares at 06/30/2022 | 24,779,409 |
Number of shares | |||||
Treasury shares at 12/31/2020 | 98,231,380 | ||||
Acquisitions | 23,848,648 | ||||
Scrip dividend | 1,536,656 | ||||
Employee share option plan | (2,279,620) | ||||
Capital amortization | (82,896,466) | ||||
Treasury shares at 06/30/2021 | 38,440,598 |
Telefónica, S.A. 43 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | Balance at 12/31/2021 | Sales of non-controlling interests and inclusion of companies | Acquisitions of non-controlling interests and exclusion of companies | Dividends paid | Profit/ (loss) for the year | Change in translation differences | Other movements | Balance at 06/30/2022 | ||||||||||||||||||
Telefônica Brasil, S.A. | 3,106 | — | (28) | (148) | 69 | 494 | — | 3,493 | ||||||||||||||||||
Telefónica Deutschland Holding, A.G. | 2,353 | — | (7) | (161) | 19 | — | 50 | 2,254 | ||||||||||||||||||
Colombia Telecomunicaciones, S.A., ESP | 409 | — | — | — | 3 | 22 | (2) | 432 | ||||||||||||||||||
Telefónica Centroamericana Inversiones, S.L. | 42 | — | (44) | — | — | — | — | (2) | ||||||||||||||||||
Telxius Telecom, S.A. | 546 | — | — | — | 24 | 21 | (14) | 577 | ||||||||||||||||||
Other | 21 | — | 1 | — | 1 | 1 | (2) | 22 | ||||||||||||||||||
Total | 6,477 | — | (78) | (309) | 116 | 538 | 32 | 6,776 |
Millions of euros | Balance at 12/31/2020 | Sales of non-controlling interests and inclusion of companies | Acquisitions of non-controlling interests and exclusion of companies | Dividends paid | Profit/ (loss) for the year | Change in translation differences | Other movements | Balance at 06/30/2021 | ||||||||||||||||||
Telefônica Brasil, S.A. | 3,106 | (15) | — | (117) | 121 | 209 | — | 3,304 | ||||||||||||||||||
Telefónica Deutschland Holding, A.G. | 2,346 | — | — | (165) | 106 | — | 9 | 2,296 | ||||||||||||||||||
Colombia Telecomunicaciones, S.A., ESP | 408 | — | — | — | (14) | (23) | 17 | 388 | ||||||||||||||||||
Telefónica Centroamericana Inversiones, S.L. | 55 | — | — | — | (2) | 1 | (2) | 52 | ||||||||||||||||||
Telxius Telecom, S.A. | 1,089 | — | — | — | 2,087 | — | (4) | 3,172 | ||||||||||||||||||
Other | 21 | — | — | — | — | 1 | 3 | 25 | ||||||||||||||||||
Total | 7,025 | (15) | — | (282) | 2,298 | 188 | 23 | 9,237 |
Telefónica, S.A. 44 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Non-current financial assets (Note 15) | 6,605 | 6,361 | ||||||
Investments | 426 | 479 | ||||||
Long-term receivables for indirect taxes | 371 | 299 | ||||||
Other long-term credits | 1,257 | 890 | ||||||
Deposits and guarantees | 1,016 | 1,254 | ||||||
Trade receivables | 853 | 752 | ||||||
Receivables for subleases | 26 | 27 | ||||||
Impairment of trade receivables | (124) | (112) | ||||||
Derivative financial assets (Note 17) | 2,780 | 2,772 | ||||||
Other non-current assets | 1,276 | 986 | ||||||
Contractual assets | 308 | 209 | ||||||
Deferred expenses | 721 | 555 | ||||||
Prepayments | 247 | 222 | ||||||
Total | 7,881 | 7,347 |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Audiovisual rights, handsets and other inventories | 1,597 | 1,786 | ||||||
Inventories impairment provision | (32) | (37) | ||||||
Inventories | 1,565 | 1,749 |
Telefónica, S.A. 45 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Receivables (Note 15) | 7,243 | 6,903 | ||||||
Trade receivables | 9,495 | 8,926 | ||||||
Impairment of trade receivables | (2,849) | (2,531) | ||||||
Receivables from associates and joint ventures (Note 9) | 150 | 121 | ||||||
Other receivables | 447 | 387 | ||||||
Other current assets | 1,997 | 1,384 | ||||||
Contractual assets | 200 | 133 | ||||||
Capitalized costs | 764 | 668 | ||||||
Prepayments | 1,033 | 583 | ||||||
Total | 9,240 | 8,287 |
06/30/2022 | ||||||||
Millions of euros | Trade receivables | Impairment | ||||||
Trade receivables pending billing | 2,512 | (10) | ||||||
Amount not overdue invoiced | 2,735 | (120) | ||||||
Less than 90 days | 1,059 | (156) | ||||||
Between 90 and 180 days | 407 | (154) | ||||||
Between 180 and 360 days | 499 | (342) | ||||||
More than 360 days | 2,283 | (2,067) | ||||||
Total | 9,495 | (2,849) |
12/31/2021 | ||||||||
Millions of euros | Trade receivables | Impairment | ||||||
Trade receivables pending billing | 2,316 | (16) | ||||||
Amount not overdue invoiced | 2,976 | (114) | ||||||
Less than 90 days | 893 | (141) | ||||||
Between 90 and 180 days | 333 | (125) | ||||||
Between 180 and 360 days | 416 | (306) | ||||||
More than 360 days | 1,992 | (1,829) | ||||||
Total | 8,926 | (2,531) |
Telefónica, S.A. 46 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Millions of euros | Fair value through profit or loss | Fair value through Other Comprehensive Income | Hedges | Measurement hierarchy | Amortized cost | Total carrying amount | Total fair value | ||||||||||||||||||||||||||||
Held for trading | Fair value option | Debt instruments | Equity instruments | Level 1 (Quoted prices) | Level 2 (Other directly observable market inputs) | Level 3 (Inputs not based on observable market data) | |||||||||||||||||||||||||||||
Non-current financial assets (Note 12) | 345 | — | 199 | 385 | 2,485 | 328 | 3,086 | — | 3,191 | 6,605 | 6,605 | ||||||||||||||||||||||||
Investments | 41 | — | — | 385 | — | 319 | 107 | — | — | 426 | 426 | ||||||||||||||||||||||||
Credits and other financial assets | 9 | — | — | — | — | 9 | — | — | 1,619 | 1,628 | 1,628 | ||||||||||||||||||||||||
Deposits and guarantees | — | — | — | — | — | — | — | — | 1,016 | 1,016 | 1,016 | ||||||||||||||||||||||||
Derivative instruments (Note 17) | 295 | — | — | — | 2,485 | — | 2,780 | — | — | 2,780 | 2,780 | ||||||||||||||||||||||||
Trade receivables | — | — | 199 | — | — | — | 199 | — | 654 | 853 | 729 | ||||||||||||||||||||||||
Trade receivables for subleases | — | — | — | — | — | — | — | — | 26 | 26 | 26 | ||||||||||||||||||||||||
Impairment of trade receivables | — | — | — | — | — | — | — | — | (124) | (124) | — | ||||||||||||||||||||||||
Current financial assets | 540 | — | 844 | — | 794 | 113 | 2,065 | — | 14,119 | 16,297 | 16,297 | ||||||||||||||||||||||||
Trade receivables (Note 14) | — | — | 834 | — | — | — | 834 | — | 9,258 | 10,092 | 7,243 | ||||||||||||||||||||||||
Impairment of trade receivables (Note 14) | — | — | — | — | — | — | — | — | (2,849) | (2,849) | — | ||||||||||||||||||||||||
Other current financial assets | 540 | — | 10 | — | 794 | 113 | 1,231 | — | 1,325 | 2,669 | 2,669 | ||||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | 6,385 | 6,385 | 6,385 | ||||||||||||||||||||||||
Total financial assets | 885 | — | 1,043 | 385 | 3,279 | 441 | 5,151 | — | 17,310 | 22,902 | 22,902 |
Telefónica, S.A. 47 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 48 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
Fair value through profit or loss | Measurement hierarchy (1) | ||||||||||||||||||||||||||||
Millions of euros | Held for trading | Fair value option | Hedges | Level 1 | Level 2 | Level 3 | Liabilities at amortized cost | Total carrying amount | Total fair value | ||||||||||||||||||||
Issues | — | — | — | — | — | — | 34,307 | 34,307 | 33,123 | ||||||||||||||||||||
Loans and other payables | — | — | — | — | — | — | 4,499 | 4,499 | 4,355 | ||||||||||||||||||||
Derivative instruments (Note 17) | 955 | — | 540 | — | 1,495 | — | — | 1,495 | 1,495 | ||||||||||||||||||||
Total | 955 | — | 540 | — | 1,495 | — | 38,806 | 40,301 | 38,973 |
December 31, 2021 | |||||||||||||||||||||||||||||
Fair value through profit or loss | Measurement hierarchy (1) | ||||||||||||||||||||||||||||
Millions of euros | Held for trading | Fair value option | Hedges | Level 1 | Level 2 | Level 3 | Liabilities at amortized cost | Total carrying amount | Total fair value | ||||||||||||||||||||
Issues | — | — | — | — | — | — | 35,408 | 35,408 | 39,412 | ||||||||||||||||||||
Loans and other payables | — | — | — | — | — | — | 4,693 | 4,693 | 4,656 | ||||||||||||||||||||
Derivative instruments (Note 17) | 524 | — | 1,670 | 6 | 2,188 | — | — | 2,194 | 2,194 | ||||||||||||||||||||
Total | 524 | — | 1,670 | 6 | 2,188 | — | 40,101 | 42,295 | 46,262 |
Telefónica, S.A. 49 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Issuer | ISIN Code | Issue / Redemption | Type of security | Transaction date | Nominal amount (million) | Issue currency | Equivalent (millions euros) | Interest rate | Listing Market | ||||||||||||||||||||
Telefónica Emisiones, S.A.U. | XS2197675288 | Issue | Bond | 04/05/2022 | 100 | EUR | 100 | 1.864% | Dublin | ||||||||||||||||||||
Telefónica Emisiones, S.A.U. | XS2484587048 | Issue | Bond | 05/25/2022 | 1,000 | EUR | 1,000 | 2.592% | Dublin | ||||||||||||||||||||
Telefónica Emisiones, S.A.U. | XS1394777665 | Redemption | Bond | 04/13/2022 | (874) | EUR | (874) | 0.750% | Dublin | ||||||||||||||||||||
Telefónica Emisiones, S.A.U. | XS1069430368 | Redemption | Bond | 05/27/2022 | (938) | EUR | (938) | 2.242% | Dublin | ||||||||||||||||||||
Telefónica Brasil, S.A. | BRVIVTDBS069 | Redemption | Debentures | 02/08/2022 | (1,000) | BRL | (166) | 108.25% CDI | Sao Paulo | ||||||||||||||||||||
Telefónica, S.A. | various | Redemption | Promissory Note | various | (30) | EUR | (30) | (0.475%) | n/a | ||||||||||||||||||||
Telefónica Europe, B.V. | various | Issue | Commercial Paper | various | 1,116 | EUR | 1,116 | (0.419%) | n/a | ||||||||||||||||||||
Telefónica Europe, B.V. | various | Redemption | Commercial Paper | various | (1,199) | EUR | (1,199) | (0.499%) | n/a |
Telefónica, S.A. 50 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Description | Limit 06/30/2022 (million euros) | Currency | Outstanding balance 06/30/2022 (million euros) | Arrangement date | Maturity date | Drawndown January-June 2022 (million euros) | Repayment January-June 2022 (million euros) | ||||||||||||||||
Telefónica, S.A. | |||||||||||||||||||||||
Syndicated (1) | 5,500 | EUR | — | 03/15/18 | 01/13/27 | — | — | ||||||||||||||||
Telefónica Brasil, S.A. | |||||||||||||||||||||||
Bilateral loan | — | USD | 204 | 04/04/22 | 09/28/23 | 204 | |||||||||||||||||
Telxius Telecom, S.A. | |||||||||||||||||||||||
Syndicated | 300 | EUR | 274 | 12/01/17 | 12/01/24 | 100 | — | ||||||||||||||||
Colombia Telecomunicaciones S.A. ESP | |||||||||||||||||||||||
Bilateral loan (2) | — | USD | — | 03/24/20 | 01/26/22 | — | (117) |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Non-current asset derivatives (Note 12) | 2,780 | 2,772 | ||||||
Current asset derivatives | 1,222 | 995 | ||||||
Non-current liability derivatives (Note 16) | (987) | (1,835) | ||||||
Current liability derivatives (Note 16) | (508) | (359) | ||||||
Net asset position | 2,507 | 1,573 |
Telefónica, S.A. 51 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Payables | 1,966 | 1,733 | ||||||
Trade payables | 374 | 236 | ||||||
Debt for spectrum acquisition | 1,454 | 1,361 | ||||||
Other payables | 138 | 136 | ||||||
Other non-current liabilities | 1,662 | 1,356 | ||||||
Contractual liabilities | 869 | 829 | ||||||
Deferred revenue | 271 | 217 | ||||||
Tax payables | 522 | 310 | ||||||
Total | 3,628 | 3,089 |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
T. Spain | 80 | 79 | ||||||
Colombia Telecomunicaciones | 96 | — | ||||||
T. Brazil | 305 | 292 | ||||||
T. Germany | 973 | 990 | ||||||
Total | 1,454 | 1,361 |
Telefónica, S.A. 52 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Payables | 12,129 | 11,872 | ||||||
Trade payables | 7,492 | 6,982 | ||||||
Payables to suppliers of property, plant and equipment | 2,556 | 2,752 | ||||||
Debt for spectrum acquisition | 299 | 569 | ||||||
Other payables | 1,084 | 997 | ||||||
Dividends pending payment | 403 | 228 | ||||||
Payables to associates and joint ventures (Note 9) | 295 | 344 | ||||||
Other current liabilities | 1,408 | 1,338 | ||||||
Contractual liabilities | 1,007 | 958 | ||||||
Deferred revenue | 125 | 115 | ||||||
Advances received | 276 | 265 | ||||||
Total | 13,537 | 13,210 |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
T. Germany | 108 | 107 | ||||||
Colombia Telecomunicaciones | 47 | 5 | ||||||
T.Brazil | 124 | 434 | ||||||
T. Spain | 7 | 7 | ||||||
Others | 13 | 16 | ||||||
Total | 299 | 569 |
Telefónica, S.A. 53 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
06/30/2022 | 12/31/2021 | |||||||||||||||||||
Millions of euros | Current | Non-current | Total | Current | Non-current | Total | ||||||||||||||
Employee benefits | 903 | 4,581 | 5,484 | 1,003 | 5,395 | 6,398 | ||||||||||||||
Termination plans | 159 | 341 | 500 | 254 | 374 | 628 | ||||||||||||||
Post-employment defined benefit plans | 8 | 280 | 288 | 8 | 400 | 408 | ||||||||||||||
Other benefits | 736 | 3,960 | 4,696 | 741 | 4,621 | 5,362 | ||||||||||||||
Desmantling of assets | 149 | 472 | 621 | 25 | 552 | 577 | ||||||||||||||
Other provisions | 459 | 1,888 | 2,347 | 413 | 1,715 | 2,128 | ||||||||||||||
Total | 1,511 | 6,941 | 8,452 | 1,441 | 7,662 | 9,103 |
Millions of euros | Rights of use | ||||
Balance at 12/31/2021 | 7,579 | ||||
Additions | 1,126 | ||||
Amortization | (1,003) | ||||
Disposals | (27) | ||||
Business acquisitions | 135 | ||||
Translation differences and hyperinflation | 359 | ||||
Transfers and others | 3 | ||||
Balance at 06/30/2022 | 8,172 |
Millions of euros | Rights of use | ||||
Balance at 12/31/2020 | 4,982 | ||||
Additions (*) | 977 | ||||
Amortization | (733) | ||||
Disposals | (82) | ||||
Translation differences and hyperinflation | 134 | ||||
Transfers and others | 1,998 | ||||
Balance at 06/30/2021 | 7,276 |
Telefónica, S.A. 54 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Rights of use on land and natural properties | 913 | 793 | ||||||
Rights of use on buildings | 3,974 | 3,561 | ||||||
Rights of use on plant and machinery | 3,072 | 3,024 | ||||||
Other rights of use | 211 | 201 | ||||||
Advance payments for rights of use | 2 | — | ||||||
Total | 8,172 | 7,579 |
Millions of euros | Lease liabilities | ||||
Balance at 12/31/2021 | 8,070 | ||||
Additions | 1,146 | ||||
Principal and interests payments | (1,176) | ||||
Principal payments (Note 25) | (1,011) | ||||
Interest payments | (165) | ||||
Business acquisitions | 148 | ||||
Disposals | (27) | ||||
Accrued interests | 183 | ||||
Translation differences | 378 | ||||
Transfers and others | (4) | ||||
Balance at 06/30/2022 | 8,718 |
Millions of euros | Lease liabilities | ||||
Balance at 12/31/2020 | 5,294 | ||||
Additions | 994 | ||||
Principal and interests payments | (864) | ||||
Principal payments (Note 25) | (761) | ||||
Interest payments | (103) | ||||
Disposals | (140) | ||||
Accrued interests | 110 | ||||
Translation differences | 130 | ||||
Transfers and others | 2,151 | ||||
Balance at 06/30/2021 | 7,675 |
Telefónica, S.A. 55 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Average number of employees | January - June 2022 | January - June 2021 | ||||||
Males | 62,857 | 69,062 | ||||||
Females | 39,105 | 42,428 | ||||||
Total | 101,962 | 111,490 |
Telefónica, S.A. 56 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Own work capitalized | 368 | 405 | ||||||
Gain on disposal of businesses | 205 | 10,201 | ||||||
Gain on disposal of property, plant and equipment | 300 | 107 | ||||||
Gain on disposal of intangible assets | — | 6 | ||||||
Government grants | 6 | 7 | ||||||
Other operating income | 190 | 149 | ||||||
Total | 1,069 | 10,875 |
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Leases included in "Other expenses" (1) | 50 | 35 | ||||||
External services | 4,321 | 4,428 | ||||||
Taxes other than income tax | 460 | 250 | ||||||
Impairment of trade receivables (Note 14) | 355 | 346 | ||||||
Losses on disposal of fixed assets and changes in provisions for fixed assets | 21 | 25 | ||||||
Other operating expenses | 94 | 249 | ||||||
Total | 5,301 | 5,333 |
Telefónica, S.A. 57 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Tax credits for loss carryforwards | 2,589 | 2,639 | ||||||
Unused tax deductions | 915 | 903 | ||||||
Deferred tax assets for temporary differences | 1,909 | 2,074 | ||||||
Total deferred tax assets | 5,413 | 5,616 |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Current income taxes payable | 907 | 1,120 | ||||||
Indirect taxes payable | 401 | 476 | ||||||
Other current income taxes payable | 432 | 430 | ||||||
Total | 1,740 | 2,026 |
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Current income taxes receivable | 1,560 | 1,310 | ||||||
Indirect taxes receivable | 549 | 705 | ||||||
Other current income taxes receivable | 101 | 105 | ||||||
Total | 2,210 | 2,120 |
Telefónica, S.A. 58 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 59 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Cash received from operations | 23,208 | 24,368 | ||||||
Cash paid from operations | (17,463) | (18,238) | ||||||
Cash paid to suppliers | (14,794) | (15,493) | ||||||
Cash paid to employees | (2,226) | (2,279) | ||||||
Payments related to cancellation of commitments related to employee benefits | (443) | (466) | ||||||
Net payments of interest and other financial expenses net of dividends received | (738) | (777) | ||||||
Net interest and other financial expenses paid | (907) | (791) | ||||||
Dividends received | 169 | 14 | ||||||
Taxes proceeds/ (payments) | (268) | (241) | ||||||
Net cash flow provided by operating activities | 4,739 | 5,112 |
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Proceeds from the sale in property, plant and equipment and intangible assets | 368 | 167 | ||||||
Payments on investments in property, plant and equipment and intangible assets | (3,000) | (3,717) | ||||||
(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets, net | (2,632) | (3,550) |
Telefónica, S.A. 60 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Incorporation of VMO2 (1) (Note 2) | (48) | 6,142 | ||||||
Sale of telecommunications towers divisions of Telxius (Note 2) | 2 | 7,012 | ||||||
Sale of fiber assets in Colombia | 149 | — | ||||||
Tax associated with the sale of InfraCo, SpA | (123) | — | ||||||
Sale of T.M. El Salvador | 118 | — | ||||||
Others | 37 | 360 | ||||||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 135 | 13,514 | ||||||
OI mobile assets acquisition | (975) | — | ||||||
Incremental acquisition | (156) | — | ||||||
BE-Terna acquisition | (325) | — | ||||||
Others | (55) | (328) | ||||||
Payments on investments in companies, net of cash and cash equivalents acquired | (1,511) | (328) |
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Collateral guarantees on derivatives | 1,449 | 529 | ||||||
Legal deposits | 1 | 38 | ||||||
Others | 63 | 40 | ||||||
Proceeds on financial investments not included under cash equivalents | 1,513 | 607 | ||||||
Collateral guarantees on derivatives of Telefónica, S.A. | (454) | (753) | ||||||
Others | (317) | (273) | ||||||
Payments on financial investments not included under cash equivalents | (771) | (1,026) |
Telefónica, S.A. 61 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Dividends paid to the shareholders of Telefónica, S.A. (*) | (218) | (317) | ||||||
Payments to non-controlling interests of Telefônica Brasil, S.A. | (10) | (16) | ||||||
Payments to non-controlling interests of Telefónica Deutschland Holding, A.G. | (160) | (165) | ||||||
Dividends paid (Note 11) | (388) | (498) | ||||||
Transactions carried out by Telefónica, S.A. (Note 11) | (119) | (90) | ||||||
Telefónica Centroamérica Inversiones, S.L. share premium (ECPN.) refund related to the sale of T. Guatemala, T. Nicaragua and T. Panama | (44) | — | ||||||
Others | (63) | (22) | ||||||
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | (226) | (112) | ||||||
Issuance of undated deeply subordinated securities (Note 11) | — | 1,000 | ||||||
Acquisition of undated deeply subordinated securities (Note 11) | — | (758) | ||||||
Payment of the coupon related to the issuances of undated deeply subordinated securities issued (see Note 11) | (175) | (223) | ||||||
Operations with other equity holders | (175) | 19 |
Telefónica, S.A. 62 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | January - June 2022 | January - June 2021 | ||||||
Issued under the EMTN program of Telefónica Emisiones, S.A.U. (see Note 16) | 1,100 | — | ||||||
Issuance of Telefónica Móviles Chile | — | 104 | ||||||
Others | — | 48 | ||||||
Proceeds on issue of debentures and bonds, and other debts | 1,100 | 152 | ||||||
Disposal bilateral loans of Telefónica, S.A. | — | 200 | ||||||
Disposal loans of Chile | — | 170 | ||||||
Disposal loans of Telefónica Germany | — | 600 | ||||||
Disposal bilateral loans of Telefónica Brasil (*) (Note 16) | 204 | — | ||||||
Disposal bilateral loans of Telxius Telecom, S.A. (Note 16) | 100 | 70 | ||||||
Issuance of promissory notes | 7 | 760 | ||||||
Others | (11) | 228 | ||||||
Proceeds on loans, borrowings and promissory notes | 300 | 2,028 | ||||||
Repayments of debentures and bonds, and other debts | (1,993) | (3,353) | ||||||
Amortization of financing of Telefónica, S.A. | (1,149) | (611) | ||||||
Bilateral loan amortization by Telefónica Colombia (*) (Note 16) | (117) | (139) | ||||||
Amortization of financing of Telefónica Germany | (33) | (252) | ||||||
Amortization of financing of Telxius | — | (195) | ||||||
Others | (1,357) | (710) | ||||||
Repayments of loans, borrowings and promissory notes | (2,656) | (1,907) | ||||||
Lease principal payments (Note 21) | (1,011) | (916) | ||||||
Financed spectrum licenses payments | (436) | (34) | ||||||
Payments for investments in spectrum use licenses financed without explicit interest | (21) | (21) | ||||||
Payments to suppliers with extended payment terms | (33) | (69) | ||||||
Financed operating payments and investments in property, plant and equipment and intangible assets payments (Nota 16) | (490) | (124) |
Telefónica, S.A. 63 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 64 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 65 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | 06/30/2022 | 12/31/2021 | ||||||
Telefónica Móviles El Salvador | — | 253 | ||||||
Fiber optic assets in Colombia | — | 57 | ||||||
Other assets | 39 | 48 | ||||||
Non-current assets and disposal groups classified as held for sale | 39 | 358 | ||||||
Telefónica Móviles El Salvador | — | 134 | ||||||
Liabilities associated with non-current assets held for sale | — | 134 |
Telefónica, S.A. 66 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 67 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 68 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 69 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 70 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 71 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 72 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 73 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
ACCESSES | ||||||||||||||
Thousands of accesses | June 2021 | June 2022 | %Reported YoY | %Org YoY | ||||||||||
Fixed telephony accesses (1) (2) | 31,395.9 | 28,548.7 | (9.1 | %) | (8.6 | %) | ||||||||
Broadband (2) | 25,662.6 | 25,924.4 | 1.0 | % | 1.0 | % | ||||||||
UBB | 21,481.7 | 22,920.1 | 6.7 | % | 6.7 | % | ||||||||
FTTH | 11,142.7 | 13,178.5 | 18.3 | % | 18.3 | % | ||||||||
Mobile accesses (3) | 274,917.0 | 293,654.9 | 6.8 | % | 8.6 | % | ||||||||
Prepay | 131,764.2 | 135,528.7 | 2.9 | % | 5.7 | % | ||||||||
Contract | 114,988.2 | 124,163.1 | 8.0 | % | 8.8 | % | ||||||||
IoT (3) | 28,164.6 | 33,963.1 | 20.6 | % | 20.9 | % | ||||||||
Pay TV | 11,258.2 | 10,811.9 | (4.0 | %) | (4.0 | %) | ||||||||
Retail Accesses | 343,474.8 | 359,158.4 | 4.6 | % | 6.0 | % | ||||||||
Wholesale Accesses | 23,747.4 | 25,007.9 | 5.3 | % | 5.3 | % | ||||||||
Fixed wholesale accesses | 3,679.6 | 3,681.5 | 0.1 | % | 0.1 | % | ||||||||
FTTH wholesale accesses | 2,808.6 | 3,115.6 | 10.9 | % | 10.9 | % | ||||||||
Mobile wholesale accesses | 20,067.8 | 21,326.4 | 6.3 | % | 6.3 | % | ||||||||
Total Accesses | 367,222.2 | 384,166.4 | 4.6 | % | 6.0 | % |
Telefónica, S.A. 74 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Contribution to reported growth (percentage points) | |||||||||||
%Reported YoY | %Org YoY | CAM | |||||||||
Fixed telephony accesses | (9.1 | %) | (8.6 | %) | 0.0 | ||||||
Broadband | 1.0 | % | 1.0 | % | 0.0 | ||||||
UBB | 6.7 | % | 6.7 | % | 0.0 | ||||||
FTTH | 18.3 | % | 18.3 | % | 0.0 | ||||||
Mobile accesses | 6.8 | % | 8.6 | % | (1.2) | ||||||
Prepay | 2.9 | % | 5.7 | % | (1.0) | ||||||
Contract | 8.0 | % | 8.8 | % | (0.3) | ||||||
IoT | 20.6 | % | 20.9 | % | 0.0 | ||||||
Pay TV | (4.0 | %) | (4.0 | %) | 0.0 | ||||||
Retail Accesses | 4.6 | % | 6.0 | % | (1.3) | ||||||
Wholesale Accesses | 5.3 | % | 5.3 | % | 0.0 | ||||||
Fixed wholesale accesses | 0.1 | % | 0.1 | % | 0.0 | ||||||
FTTH wholesale accesses | 10.9 | % | 10.9 | % | 0.0 | ||||||
Mobile wholesale accesses | 6.3 | % | 6.3 | % | 0.0 | ||||||
Total Accesses | 4.6 | % | 6.0 | % | (1.3) |
Telefónica, S.A. 75 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
First half | Variation | |||||||||||||
Consolidated Results | 2021 | 2022 | 2022 vs 2021 | |||||||||||
Millions of euros | Total | Total | Total | % | ||||||||||
Revenues | 20,305 | 19,450 | (855) | (4.2 | %) | |||||||||
Other income | 10,875 | 1,069 | (9,806) | (90.2 | %) | |||||||||
Supplies | (6,217) | (6,200) | 17 | (0.3 | %) | |||||||||
Personnel expenses | (2,744) | (2,673) | 71 | (2.6 | %) | |||||||||
Other expenses | (5,333) | (5,301) | 32 | (0.6 | %) | |||||||||
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION (OIBDA) | 16,886 | 6,345 | (10,541) | (62.4 | %) | |||||||||
Margin OIBDA | 83.2 | % | 32.6 | % | (50.5 p.p.) | |||||||||
Depreciation and amortization | (4,139) | (4,336) | (197) | 4.7 | % | |||||||||
OPERATING INCOME | 12,747 | 2,009 | (10,738) | (84.2 | %) | |||||||||
Margin OI | 62.8 | % | 10.3 | % | (52.4 p.p.) | |||||||||
Share of income (loss) of investments accounted for by the equity method | (68) | 105 | 173 | c.s. | ||||||||||
Net financial expense | (552) | (660) | (108) | 19.5 | % | |||||||||
PROFIT BEFORE TAX | 12,127 | 1,454 | (10,673) | (88.0 | %) | |||||||||
Corporate income tax | (1,200) | (312) | 888 | (74.0 | %) | |||||||||
PROFIT FOR THE PERIOD | 10,927 | 1,142 | (9,785) | (89.5 | %) | |||||||||
Attributable to equity holders of the Parent | 8,629 | 1,026 | (7,603) | (88.1 | %) | |||||||||
Attributable to non-controlling interests | 2,298 | 116 | (2,182) | (94.9 | %) |
Telefónica, S.A. 76 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 77 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Contribution to reported growth (percentage points) | ||||||||||||||||||||||||||
TELEFÓNICA 2022 | Exchange rate effect | Perimeter changes | Capital gains/losses on sale of businesses | Restructuring costs | Reported variation in hyperinflacionary countries | Judicial decision PIS/COFINS | Spectrum acquisition | Other adjustments | ||||||||||||||||||
Revenues | 3.8 | (13.3) | — | — | 1.1 | — | — | — | ||||||||||||||||||
Other income | 0.3 | (0.6) | (92.1) | — | 0.0 | — | — | — | ||||||||||||||||||
Supplies | 2.6 | (14.8) | — | — | 0.7 | — | — | — | ||||||||||||||||||
Personnel expenses | 3.4 | (8.0) | — | (3.3) | 2.2 | — | — | — | ||||||||||||||||||
Other expenses | 4.9 | (11.9) | 0.1 | (0.3) | 1.6 | 4.5 | — | (2.7) | ||||||||||||||||||
OIBDA | 1.7 | (5.9) | (59.3) | 0.6 | 0.3 | (1.4) | — | 0.9 | ||||||||||||||||||
Depreciation and amortization | 4.9 | 2.9 | — | — | 1.0 | — | — | (1.7) | ||||||||||||||||||
Operating income | 0.6 | (8.8) | (78.6) | 0.8 | — | (1.9) | — | 1.7 | ||||||||||||||||||
CapEx | 3.7 | (28.6) | — | — | 0.5 | — | (8.5) | — | ||||||||||||||||||
OIBDA-CapEx | 1.2 | (0.2) | (74.3) | 0.8 | 0.2 | (1.8) | 2.1 | 1.1 |
YoY variation | ||||||||
TELEFÓNICA JUNE 2022 | % Reported YoY | % Organic YoY | ||||||
Revenues | (4.2 | %) | 4.2 | % | ||||
Other income | (90.2 | %) | 34.8 | % | ||||
Supplies | (0.3 | %) | 10.7 | % | ||||
Personnel expenses | (2.6 | %) | 2.6 | % | ||||
Other expenses | (0.6 | %) | 3.6 | % | ||||
OIBDA | (62.4 | %) | 2.7 | % | ||||
Depreciation and amortization | 4.7 | % | (2.2 | %) | ||||
Operating income | (84.2 | %) | 18.4 | |||||
CapEx | (27.0 | %) | (1.1 | %) | ||||
OIBDA-CapEx | (71.4 | %) | 5.3 | % |
Telefónica, S.A. 78 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 79 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 80 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
ACCESSES | |||||||||||
Thousands of accesses | June 2021 | June 2022 | %Reported YoY | ||||||||
Fixed telephony accesses (1) | 8,523.4 | 8,207.8 | (3.7 | %) | |||||||
Broadband | 5,888.6 | 5,851.3 | (0.6 | %) | |||||||
FTTH | 4,726.7 | 4,937.3 | 4.5 | % | |||||||
Mobile accesses (2) | 18,658.2 | 19,027.5 | 2.0 | % | |||||||
Prepay | 806.0 | 715.1 | (11.3 | %) | |||||||
Contract | 15,185.8 | 15,082.9 | (0.7 | %) | |||||||
IoT (2) | 2,666.4 | 3,229.5 | 21.1 | % | |||||||
Pay TV | 3,801.3 | 3,589.3 | (5.6 | %) | |||||||
Retail Accesses | 36,881.0 | 36,684.5 | (0.5 | %) | |||||||
Wholesale Accesses | 3,658.3 | 3,662.8 | 0.1 | % | |||||||
FTTH Wholesale Accesses | 2,801.7 | 3,110.0 | 11.0 | % | |||||||
Total Accesses | 40,539.3 | 40,347.3 | (0.5 | %) |
Telefónica, S.A. 81 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 82 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | ||||||||||||||
TELEFÓNICA SPAIN | June 2021 | June 2022 | % Reported YoY | % Organic YoY | ||||||||||
Revenues | 6,095 | 6,164 | 1.1 | % | 1.1 | % | ||||||||
Mobile handset revenues | 154 | 283 | 84.5 | % | 84.5 | % | ||||||||
Revenues ex-mobile handset mobile | 5,941 | 5,881 | (1.0 | %) | (1.0 | %) | ||||||||
Retail | 4,827 | 4,772 | (1.2 | %) | (1.2 | %) | ||||||||
Wholesale and Other | 1,114 | 1,109 | (0.5 | %) | (0.5 | %) | ||||||||
OIBDA | 2,352 | 2,254 | (4.2 | %) | (4.2 | %) | ||||||||
Depreciation and amortization | (1,071) | (1,075) | 0.3 | % | 0.3 | % | ||||||||
Operating income (OI) | 1,281 | 1,179 | (8.0 | %) | (8.0 | %) | ||||||||
CapEx | 720 | 642 | (10.8 | %) | (7.8 | %) | ||||||||
OIBDA-CapEx | 1,632 | 1,611 | (1.3 | %) | (2.7 | %) |
YoY variation | Contribution to reported growth (percentage points) | ||||||||||
TELEFÓNICA SPAIN JUNE 2022 | % Reported YoY | % Organic YoY | Spectrum acquisition | ||||||||
Revenues | 1.1 | % | 1.1 | % | — | ||||||
OIBDA | (4.2 | %) | (4.2 | %) | — | ||||||
Depreciation and amortization | 0.3 | % | 0.3 | % | — | ||||||
Operating Income (OI) | (8.0 | %) | (8.0 | %) | — | ||||||
CapEx | (10.8 | %) | (7.8 | %) | (3.2) | ||||||
OIBDA-CapEx | (1.3 | %) | (2.7 | %) | 1.4 |
Telefónica, S.A. 83 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
ACCESSES | |||||||||||
Thousands of accesses | 2021 | 2022 | %Reported YoY | ||||||||
Broadband | 5,523.6 | 5,620.4 | 1.8 | % | |||||||
UBB | 5,494.1 | 5,612.0 | 2.1 | % | |||||||
Mobile accesses | 31,358.0 | 33,095.4 | 5.5 | % | |||||||
Prepay | 8,362.5 | 8,134.1 | (2.7 | %) | |||||||
Contract | 15,701.2 | 15,961.9 | 1.7 | % | |||||||
IoT | 7,294.3 | 8,999.4 | 23.4 | % | |||||||
Retail Accesses (1) | 44,990.9 | 46,244.9 | 2.8 | % | |||||||
Wholesale Accesses | 9,594.4 | 10,431.1 | 8.7 | % | |||||||
Total Accesses | 54,585.4 | 56,676.0 | 3.8 | % |
Telefónica, S.A. 84 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | |||||||||||
VMO2 | June 1 to June 30 2021 | June 2022 | % Organic YoY | ||||||||
Revenues | 993 | 5,996 | 0.1 | % | |||||||
Mobile Business | 539 | 3,336 | 1.6 | % | |||||||
Handset revenues | 133 | 853 | 3.6 | % | |||||||
Fixed Business | 400 | 2,377 | (2.6 | %) | |||||||
Other | 43 | 282 | 6,3% | ||||||||
OIBDA | 353 | 2,225 | 3.7 | % | |||||||
Depreciation and amortization | (345) | (2,065) | (1.3 | %) | |||||||
Operating income (OI) | 8 | 160 | 148.0 | % | |||||||
Financial income | 2 | 9 | — | ||||||||
Financial expenses | (66) | (457) | — | ||||||||
Exchange rate differences and change in fair value of derivatives | (84) | 523 | — | ||||||||
Net financial result | (148) | 75 | — | ||||||||
Result before taxation | (140) | 236 | — | ||||||||
Net Result | (131) | 195 | — | ||||||||
CapEx | 188 | 1,270 | 5.6 | % | |||||||
Opcf (OIBDA-CapEx) | 165 | 955 | 1.8 | % |
Telefónica, S.A. 85 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
ACCESSES | |||||||||||
Thousands of accesses | June 2021 | June 2022 | %Reported YoY | ||||||||
Fixed telephony accesses (1) | 2,171.5 | 2,174.0 | 0.1 | % | |||||||
Broadband | 2,253.2 | 2,256.6 | 0.2 | % | |||||||
UBB | 1,823.2 | 1,880.8 | 3.2 | % | |||||||
Mobile accesses | 44,974.5 | 46,696.4 | 3.8 | % | |||||||
Prepay | 19,265.5 | 19,243.6 | (0.1 | %) | |||||||
Contract | 24,175.3 | 25,768.7 | 6.6 | % | |||||||
IoT | 1,533.7 | 1,684.1 | 9.8 | % | |||||||
Retail Accesses | 49,485.1 | 51,208.5 | 3.5 | % | |||||||
Total Accesses | 49,485.1 | 51,208.5 | 3.5 | % |
Telefónica, S.A. 86 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | ||||||||||||||
TELEFÓNICA GERMANY | June 2021 | June 2022 | % Reported YoY | % Organic YoY | ||||||||||
Revenues | 3,743 | 3,949 | 5.5 | % | 5.5 | % | ||||||||
Mobile Business | 3,342 | 3,540 | 5.9 | % | 5.9 | % | ||||||||
Handset revenues | 665 | 787 | 18.4 | % | 18.4 | % | ||||||||
Fixed Business | 400 | 399 | (0.4 | %) | (0.4 | %) | ||||||||
OIBDA | 1,172 | 1,247 | 6.4 | % | 5.0 | % | ||||||||
Depreciation and amortization | (1,192) | (1,131) | (5.2 | %) | (5.2 | %) | ||||||||
Operating income (OI) | (20) | 116 | c.s. | c.s. | ||||||||||
CapEx | 508 | 556 | 9.5 | % | 9.5 | % | ||||||||
OIBDA-CapEx | 664 | 690 | 3.9 | % | 1.5 | % |
YoY variation | Contribution to reported growth (percentage points) | ||||||||||
TELEFÓNICA GERMANY JUNE 2022 | % Reported YoY | % Organic YoY | Restructuring costs | ||||||||
Revenues | 5.5 | % | 5.5 | % | — | ||||||
OIBDA | 6.4 | % | 5.0 | % | 1.3 | ||||||
Depreciation and amortization | (5.2 | %) | (5.2 | %) | — | ||||||
Operating Income (OI) | c.s. | c.s. | (77.0) | ||||||||
CapEx | 9.5 | % | 9.5 | % | — | ||||||
OIBDA-CapEx | 3.9 | % | 1.5 | % | 2.3 |
Telefónica, S.A. 87 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
TELEFÓNICA GERMANY | June 2021 | June 2022 | % Local Currency YoY | ||||||||
ARPU (EUR) | 9.9 | 9.8 | (0.5 | %) | |||||||
Prepay | 6.1 | 6.5 | 5.4 | % | |||||||
Contract (1) | 13.4 | 12.9 | (4.0 | %) | |||||||
Data ARPU (EUR) | 5.9 | 6.4 | 8.1 | % |
Telefónica, S.A. 88 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
ACCESSES | |||||||||||
Thousands of accesses | June 2021 | June 2022 | %Reported YoY | ||||||||
Fixed telephony accesses (1) | 8,328.1 | 7,222.4 | (13.3 | %) | |||||||
Broadband | 6,283.8 | 6,297.3 | 0.2 | % | |||||||
UBB | 5,313.0 | 5,732.3 | 7.9 | % | |||||||
FTTH | 4,046.3 | 5,048.2 | 24.8 | % | |||||||
Mobile accesses | 80,956.5 | 99,192.3 | 22.5 | % | |||||||
Prepay | 33,871.7 | 42,264.2 | 24.8 | % | |||||||
Contract | 35,911.4 | 43,144.6 | 20.1 | % | |||||||
IoT | 11,173.4 | 13,783.5 | 23.4 | % | |||||||
Pay TV | 1,186.2 | 1,033.2 | (12.9 | %) | |||||||
IPTV | 918.6 | 890.6 | (3.0 | %) | |||||||
Retail Accesses | 96,813.8 | 113,799.8 | 17.5 | % | |||||||
Total Accesses | 96,814.9 | 113,800.1 | 17.5 | % |
Telefónica, S.A. 89 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | ||||||||||||||
TELEFÓNICA BRAZIL | June 2021 | June 2022 | % Reported YoY | % Organic YoY | ||||||||||
Revenues | 3,318 | 4,199 | 26.6 | % | 7.8 | % | ||||||||
Mobile Business | 2,182 | 2,842 | 30.3 | % | 11.0 | % | ||||||||
Handset revenues | 184 | 254 | 37.9 | % | 17.5 | % | ||||||||
Fixed Business | 1,136 | 1,357 | 19.5 | % | 1.8 | % | ||||||||
OIBDA | 1,479 | 1,714 | 15.9 | % | 4.9 | % | ||||||||
Depreciation and amortization | (927) | (1,133) | 22.2 | % | 4.1 | % | ||||||||
Operating income (OI) | 552 | 581 | 5.2 | % | 6.5 | % | ||||||||
CapEx | 647 | 809 | 24.9 | % | 6.2 | % | ||||||||
OIBDA-CapEx | 832 | 906 | 8.8 | % | 3.8 | % |
Telefónica, S.A. 90 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
TELEFÓNICA BRAZIL | June 2021 | June 2022 | % YoY | % Local Currency YoY | ||||||||||
ARPU (EUR) | 4.0 | 4.6 | 14.1 | % | (2.8 | %) | ||||||||
Prepay | 1.9 | 2.2 | 17.8 | % | 0.4 | % | ||||||||
Contract (1) | 7.2 | 8.2 | 14.3 | % | (2.6 | %) | ||||||||
Data ARPU (EUR) | 3.0 | 3.7 | 23.8 | % | 5.4 | % | ||||||||
Telefónica, S.A. 91 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
ACCESSES | |||||||||||
Thousands of accesses | June 2021 | June 2022 | %Reported YoY | ||||||||
Fixed telephony accesses (1) | 7,489.2 | 6,647.4 | (11.2 | %) | |||||||
Broadband | 5,654.8 | 5,852.0 | 3.5 | % | |||||||
UBB | 4,108.5 | 4,757.6 | 15.8 | % | |||||||
FTTH (2) | 3,886.5 | 4,624.4 | 19.0 | % | |||||||
Mobile accesses | 93,400.5 | 94,559.5 | 1.2 | % | |||||||
Prepay | 65,926.8 | 65,171.8 | (1.1 | %) | |||||||
Contract | 23,099.6 | 24,204.9 | 4.8 | % | |||||||
IoT | 4,374.2 | 5,182.9 | 18.5 | % | |||||||
Pay TV | 2,872.5 | 2,957.3 | 3.0 | % | |||||||
IPTV | 724.9 | 1,115.8 | 53.9 | % | |||||||
Retail Accesses | 109,498.6 | 110,090.2 | 0.5 | % | |||||||
Total Accesses | 109,518.8 | 110,108.7 | 0.5 | % |
Telefónica, S.A. 92 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Millions of euros | ||||||||||||||
TELEFÓNICA HISPAM | June 2021 | June 2022 | % Reported YoY | % Organic YoY | ||||||||||
Revenues | 3,945 | 4,526 | 14.7 | % | 4.3 | % | ||||||||
Mobile Business | 2,574 | 2,944 | 14.4 | % | 3.7 | % | ||||||||
Handset revenues | 654 | 736 | 12.4 | % | 3.7 | % | ||||||||
Fixed Business | 1,363 | 1,582 | 16.0 | % | 5.7 | % | ||||||||
OIBDA | 769 | 1,094 | 42.3 | % | 6.2 | % | ||||||||
Depreciation and amortization | (984) | (922) | (6.2 | %) | (7.4 | %) | ||||||||
Operating income (OI) | (215) | 172 | c.s. | c.s. | ||||||||||
CapEx | 501 | 429 | (14.3) | % | (22.8 | %) | ||||||||
OIBDA-CapEx | 268 | 665 | 148.2 | % | 27.9 | % |
Telefónica, S.A. 93 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 94 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 95 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 96 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 97 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 98 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 99 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 100 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 101 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 102 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 103 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 104 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 105 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 106 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 107 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 108 |
Condensed Consolidated Interim Financial Statements 2022 | ||||||||
Telefónica, S.A. 109 |
Telefónica, S.A. | |||||||||||||||||
Date: | July 28, 2022 | By: | /s/ Laura Abasolo García de Baquedano | ||||||||||||||
Name: | Laura Abasolo García de Baquedano | ||||||||||||||||
Title: | Chief Finance and Control Officer for Telefonica, S.A. |
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