Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Cover [Abstract] | |
Entity Registrant Name | TELEFONICA S A |
Entity Central Index Key | 0000814052 |
Document Type | 20-F |
Amendment Flag | false |
Entity Current Reporting Status | Yes |
Document Period End Date | Dec. 31, 2019 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Well Known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Common Stock, Shares Outstanding | 5,192,131,686 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||||
NON-CURRENT ASSETS | € 94,549 | € 90,707 | ||||
Intangible assets | 16,034 | 16,856 | € 18,005 | |||
Goodwill | 25,403 | 25,748 | ||||
Property, plant and equipment | 32,228 | 33,295 | 34,225 | |||
Rights of use | 6,939 | € 7,870 | 0 | |||
Investments accounted for by the equity method | 140 | 68 | ||||
Financial assets and other non-current assets | 7,123 | 7,109 | ||||
Deferred tax assets | 6,682 | 7,631 | 7,820 | |||
CURRENT ASSETS | 24,328 | 23,340 | ||||
Inventories | 1,999 | 1,692 | ||||
Receivables and other current assets | 10,785 | 10,579 | ||||
Tax receivables | 1,561 | 1,676 | ||||
Other current financial assets | 3,123 | 2,209 | ||||
Cash and cash equivalents | 6,042 | 5,692 | 5,192 | € 3,736 | ||
Non-current assets classified as held for sale | 818 | 1,492 | ||||
Total allocated assets | 118,877 | 114,047 | ||||
EQUITY AND LIABILITIES | ||||||
EQUITY | 25,450 | € 26,996 | 26,980 | € 29,229 | 26,618 | € 28,385 |
Equity attributable to equity holders of the parent and other holders of equity instruments | 17,118 | 17,947 | ||||
Equity attributable to non-controlling interests | 8,332 | 9,033 | ||||
NON-CURRENT LIABILITIES | 63,236 | 57,418 | ||||
Non-current financial liabilities | 43,288 | 45,334 | ||||
Non-current lease liabilities | 5,626 | 0 | ||||
Payables and other non-current liabilities | 2,928 | 1,890 | ||||
Deferred tax liabilities | 2,908 | 2,674 | € 2,145 | |||
Non-current provisions | 8,486 | 7,520 | ||||
CURRENT LIABILITIES | 30,191 | 29,649 | ||||
Current financial liabilities | 9,076 | 9,368 | ||||
Current lease liabilities | 1,600 | 0 | ||||
Payables and other current liabilities | 14,903 | 15,485 | ||||
Current tax payables | 2,560 | 2,047 | ||||
Current provisions | 1,672 | 1,912 | ||||
Liabilities associated with non-current assets classified as held for sale | 380 | 837 | ||||
TOTAL EQUITY AND LIABILITIES | € 118,877 | € 114,047 |
Consolidated Income Statements
Consolidated Income Statements - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Revenues | € 48,422 | € 48,693 | € 52,008 |
Other income | 2,842 | 1,622 | 1,489 |
Supplies | (13,635) | (14,013) | (15,022) |
Personnel expenses | (8,066) | (6,332) | (6,862) |
Other expenses | (14,444) | (14,399) | (15,426) |
Depreciation and amortization | (10,582) | (9,049) | (9,396) |
OPERATING INCOME | 4,537 | 6,522 | 6,791 |
Share of income (loss) of investments accounted for by the equity method | 13 | 4 | 5 |
Finance income | 842 | 1,458 | 1,073 |
Exchange gains | 2,461 | 3,389 | 3,958 |
Finance costs | (2,795) | (2,690) | (3,363) |
Exchange losses | (2,340) | (3,112) | (3,867) |
Net financial expense | (1,832) | (955) | (2,199) |
PROFIT BEFORE TAX | 2,718 | 5,571 | 4,597 |
Corporate income tax | (1,054) | (1,621) | (1,219) |
PROFIT FOR THE YEAR | 1,664 | 3,950 | 3,378 |
Attributable to equity holders of the parent | 1,142 | 3,331 | 3,132 |
Attributable to non-controlling interests | € 522 | € 619 | € 246 |
Basic and diluted earnings per share attributable to equity holders of the parent (EUR per share) | € 0.17 | € 0.57 | € 0.56 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of comprehensive income [abstract] | |||
Profit for the year | € 1,664 | € 3,950 | € 3,378 |
Other comprehensive (loss) income | (111) | (2,390) | (4,820) |
Gains (losses) from financial assets measured at Fair value through other comprehensive income | 2 | 9 | 26 |
Income tax impact | 0 | (3) | 6 |
Reclassification of (gains) losses included in the income statement (Note 19) | (62) | 0 | 33 |
Income tax impact | 0 | 0 | 0 |
Other comprehensive income (loss), available-for-sale investments, net of tax | (60) | 6 | 65 |
Gains (losses) on hedges | 361 | 935 | 62 |
Income tax impact | (98) | (243) | 6 |
Reclassification of (gains) losses included in the income statement (Note 19) | (439) | (706) | 162 |
Income tax impact | 118 | 181 | (40) |
Other comprehensive income, hedges, net of tax | (58) | 167 | 190 |
(Losses) gains on hedges costs | (14) | 51 | 0 |
Income tax impact | 4 | (13) | 0 |
Reclassification of (gains) losses included in the income statement (Note 19) | (4) | (2) | 0 |
Income tax impact | 1 | 1 | 0 |
Other comprehensive income, hedges costs, net of tax | (13) | 37 | 0 |
Share of (losses) gains recognized directly in equity of associates and others | 0 | (34) | 8 |
Income tax impact | 0 | 1 | (2) |
Reclassification of (gains) losses included in the income statement | (7) | 0 | 0 |
Income tax impact | 0 | 0 | 0 |
Other comprehensive income, share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax | (7) | (33) | 6 |
Translation differences (Note 17) | 96 | (2,602) | (5,094) |
Total other comprehensive (loss) income recognized for the year (Items that may be reclassified subsequently to profit or loss) | (42) | (2,425) | (4,833) |
Actuarial (losses) gains and impact of limit on assets for defined benefit pension plans | (188) | 203 | 14 |
Income tax impact | 45 | (24) | (1) |
Reclassification to reserve actuarial losses (gains) and impact of limit on assets for defined benefit pension plans (Note 2) | 89 | 0 | 0 |
Actuarial gains (losses) and impact of limit on assets for defined benefit pension plans, net of tax | (54) | 179 | 13 |
(Losses) gains from financial assets measured at fair value through comprehensive income | (1) | (133) | 0 |
Income tax impact | (14) | (11) | 0 |
(Losses) gains from financial assets measured at fair value through comprehensive income, net of tax | (15) | (144) | 0 |
Total other comprehensive (loss) income recognized for the year (Items that will not be reclassified subsequently to profit or loss) | (69) | 35 | 13 |
Total comprehensive income (loss) for the year | 1,553 | 1,560 | (1,442) |
Attributable to: | |||
Equity holders of the parent and other holders of equity instruments | 1,118 | 1,513 | (858) |
Non-controlling interests | € 435 | € 47 | € (584) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - EUR (€) € in Millions | Total | Total | 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 | Non-controlling interests |
Financial position, beginning balance at Dec. 31, 2016 | € 28,385 | € 18,157 | € 5,038 | € 3,227 | € (1,480) | € 7,803 | € 985 | € 13,928 | € 9 | € 191 | € 31 | € (11,575) | € 10,228 |
Profit for the year | 3,378 | 3,132 | 3,132 | 246 | |||||||||
Other comprehensive income (loss) for the year | (4,820) | (3,990) | 16 | 65 | 193 | 6 | (4,270) | (830) | |||||
Total comprehensive income (loss) for the year | (1,442) | (858) | 3,148 | 65 | 193 | 6 | (4,270) | (584) | |||||
Dividends and distribution of profit (Note 17) | (2,602) | (2,019) | 2 | (2,021) | (583) | ||||||||
Net movement in treasury shares | 35 | 35 | 35 | ||||||||||
Acquisitions and disposals of non-controlling interests and business combinations (Note 2) | 1,843 | 1,194 | 754 | 449 | (9) | 649 | |||||||
Undated deeply subordinated securities and notes mandatorily convertible (Note 17) | 725 | 737 | 154 | 1,311 | (285) | (443) | (12) | ||||||
Translation effect of financial statements in hyperinflation economies (Note 2) | (328) | (328) | (328) | ||||||||||
Other movements | 2 | 2 | 3 | (1) | |||||||||
Financial position, ending balance at Dec. 31, 2017 | 26,618 | 16,920 | 5,192 | 4,538 | (688) | 7,518 | 987 | 14,732 | 74 | 384 | 37 | (15,854) | 9,698 |
Financial position, ending balance at Jan. 01, 2018 | 29,229 | 19,465 | 5,192 | 4,538 | (688) | 7,518 | 987 | 14,435 | (231) | 384 | 37 | (12,707) | 9,764 |
Financial position, beginning balance at Dec. 31, 2017 | 26,618 | 16,920 | 5,192 | 4,538 | (688) | 7,518 | 987 | 14,732 | 74 | 384 | 37 | (15,854) | 9,698 |
Profit for the year | 3,950 | 3,331 | 3,331 | 619 | |||||||||
Other comprehensive income (loss) for the year | (2,390) | (1,818) | 181 | (138) | 176 | 7 | (2,044) | (572) | |||||
Total comprehensive income (loss) for the year | 1,560 | 1,513 | 3,512 | (138) | 176 | 7 | (2,044) | 47 | |||||
Dividends and distribution of profit (Note 17) | (2,957) | (2,051) | 51 | (2,102) | (906) | ||||||||
Net movement in treasury shares | 1 | 1 | 2 | (1) | |||||||||
Acquisitions and disposals of non-controlling interests and business combinations (Note 2) | 371 | 232 | 232 | 139 | |||||||||
Undated deeply subordinated securities and notes mandatorily convertible (Note 17) | (426) | (414) | (22) | (392) | (12) | ||||||||
Translation effect of financial statements in hyperinflation economies (Note 2) | (799) | (799) | (799) | ||||||||||
Other movements | 1 | 1 | |||||||||||
Financial position, ending balance at Dec. 31, 2018 | 26,980 | 17,947 | 5,192 | 4,538 | (686) | 7,496 | 1,038 | 14,885 | (369) | 560 | 44 | (14,751) | 9,033 |
Adjustment on initial application of new reporting (Note 17) | 578 | 512 | 817 | (305) | 66 | ||||||||
Accounting change impact and initial impact of hyperinflation | 2,033 | 2,033 | (1,114) | 3,147 | |||||||||
Profit for the year | 1,664 | 1,142 | 1,142 | 522 | |||||||||
Other comprehensive income (loss) for the year | (111) | (24) | (35) | (75) | (57) | (20) | 163 | (87) | |||||
Total comprehensive income (loss) for the year | 1,553 | 1,118 | 1,107 | (75) | (57) | (20) | 163 | 435 | |||||
Dividends and distribution of profit (Note 17) | (2,756) | (2,046) | (2,046) | (710) | |||||||||
Net movement in treasury shares | (85) | (85) | (80) | (5) | |||||||||
Acquisitions and disposals of non-controlling interests and business combinations (Note 2) | (507) | (89) | (89) | (418) | |||||||||
Undated deeply subordinated securities and notes mandatorily convertible (Note 17) | 479 | 491 | 747 | (256) | (12) | ||||||||
Translation effect of financial statements in hyperinflation economies (Note 2) | (258) | (258) | (258) | ||||||||||
Other movements | 28 | 29 | 29 | (1) | |||||||||
Financial position, ending balance at Dec. 31, 2019 | € 25,450 | € 17,118 | € 5,192 | € 4,538 | € (766) | € 8,243 | € 1,038 | € 13,378 | € (444) | € 503 | € 24 | € (14,588) | € 8,332 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of cash flows [abstract] | |||
Cash received from operations | € 57,699 | € 58,815 | € 63,456 |
Cash paid from operations | (41,224) | (42,891) | (46,929) |
Net payments of interest and other financial expenses net of dividends received | (1,725) | (1,636) | (1,726) |
Taxes proceeds/(paid) | 272 | (865) | (1,005) |
Net cash flow provided by operating activities | 15,022 | 13,423 | 13,796 |
(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets, net | (7,659) | (8,585) | (8,992) |
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 1,723 | 29 | 40 |
Payments on investments in companies, net of cash and cash equivalents acquired | (12) | (3) | (128) |
Proceeds on financial investments not included under cash equivalents | 1,835 | 1,004 | 296 |
Payments on financial investments not included under cash equivalents | (1,132) | (965) | (1,106) |
(Payments)/proceeds on placements of cash surpluses not included under cash equivalents | (396) | (202) | (357) |
Government grants received | 0 | 37 | 2 |
Net cash flow used in investing activities | (5,641) | (8,685) | (10,245) |
Dividends paid | (2,742) | (2,794) | (2,459) |
Proceeds from share capital increase | 0 | 0 | 2 |
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | (504) | 379 | 1,269 |
Operations with other equity holders | 390 | (561) | 646 |
Proceeds on issue of debentures and bonds and other debts | 4,186 | 4,289 | 8,390 |
Proceeds on loans, borrowings and promissory notes | 1,702 | 3,973 | 4,844 |
Repayments of debentures and bonds and other debts | (3,653) | (4,654) | (6,687) |
Repayments of loans, borrowings and promissory notes | (6,356) | (4,040) | (6,711) |
Lease principal payments | (1,518) | 0 | 0 |
Financed operating payments and investments in property, plant and equipment and intangible assets payments | (526) | (472) | (1,046) |
Net cash used in financing activities | (9,021) | (3,880) | (1,752) |
Effect of changes in exchange rates | 7 | (244) | (341) |
Cash reclassified to assets held for sale | (14) | (111) | 0 |
Effect of changes in consolidation methods and others | (3) | (3) | (2) |
Net increase (decrease) in cash and cash equivalents during the year | 350 | 500 | 1,456 |
RECONCILIATION OF CASH AND CASH EQUIVALENTS WITH THE STATEMENTS OF FINANCIAL POSITION | |||
CASH AND CASH EQUIVALENTS AT JANUARY 1 | 5,692 | 5,192 | 3,736 |
CASH AND CASH EQUIVALENTS AT DECEMBER 31 | 6,042 | 5,692 | 5,192 |
CASH AND CASH EQUIVALENTS TOTAL | € 6,042 | € 5,692 | € 5,192 |
Background and General Informat
Background and General Information | 12 Months Ended |
Dec. 31, 2019 | |
General Information About Financial Statements [Abstract] | |
Background and General Information | Background and general information Telefónica, S.A. and its subsidiaries and investees (hereinafter also referred to as Telefónica, the Company, the Telefónica Group or the Group) make up an integrated and diversified telecommunications group operating mainly in Europe and Latin America. The Group’s activity is centered around services of fixed and wireless telephony, broadband, Internet, data traffic, Pay TV and other digital services. The parent company of the Group is Telefónica, S.A., a public limited company incorporated on April 19, 1924 for an indefinite period. Its registered office is at calle Gran Vía 28, Madrid (Spain). Appendix I lists the main companies composing the Telefónica Group, their corporate purpose, country, functional currency, share capital, the Group’s effective shareholding and their method of consolidation. As a multinational telecommunications company which operates in regulated markets, the Group is subject to different laws and regulations in each of the jurisdictions in which it operates, pursuant to which permits, concessions or licenses must be obtained in certain circumstances to provide the various services. In addition, certain fixed and wireless telephony services are provided under regulated rate and price systems. Key regulatory issues, and concessions and licenses held by the Telefónica Group are detailed in Appendix VI. The accompanying consolidated financial statements for the year ended December 31, 2019 were approved by the Company’s Board of Directors at its meeting on February 19, 2020 for submission for approval at the General Shareholders’ Meeting, which is expected to occur without modification. |
Basis of Presentation of the Co
Basis of Presentation of the Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of Presentation of the Consolidated Financial Statements | Basis of presentation of the consolidated financial statements The accompanying consolidated financial statements were prepared from the accounting records of Telefónica, S.A. and each of the companies comprising the Telefónica Group, whose separate financial statements were prepared in accordance with the generally accepted accounting principles applicable in the various countries in which they are located, and for the purposes of these consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements give a true and fair view of the consolidated equity and financial position at December 31, 2019 , and of the consolidated results of operations, changes in consolidated equity and the consolidated cash flows obtained and used in the year then ended. The euro is the Group’s reporting currency. The figures in these consolidated financial statements are expressed in million euros, unless indicated otherwise, and may therefore be rounded. Note 3 contains a detailed description of the most significant accounting policies used to prepare these consolidated financial statements. Materiality criteria These consolidated financial statements do not include certain information or disclosures that, not having to be presented due to their qualitative significance, were deemed to be immaterial or of no relevance pursuant to the concepts of materiality or relevance defined in the IFRS conceptual framework, insofar as the Telefónica Group’s consolidated financial statements, taken as a whole, are concerned. Comparative information and main changes in the consolidation scope For comparative purposes, the accompanying consolidated financial statements for 2019 include the figures for 2018 , and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows, and the notes thereto for the year then ended, they also include those of 2017 . The main events and changes in the consolidation scope affecting comparability of the consolidated information for 2019 and 2018 (see Appendix I for a detailed description of the consolidation scope and the changes during the year) are as listed below. Impact of adopting IFRS 16 Leases On January 1, 2019 IFRS 16 Leases ("IFRS 16") became effective, resulting in changes in the accounting policies applied to lease contracts in prior periods. IFRS 16 requires lessees to recognize assets and liabilities arising from lease contracts in the statement of financial position. A lessee may elect not to apply the general requirements to short-term leases and leases of low-value assets. The Group acts as a lessee on a very significant number of lease agreements over different assets. This mainly include third-party towers, circuits, office buildings and stores and land where its own towers are located. A significant portion of these contracts was accounted for as operating lease under the previous lease standard, with lease expenses being recognized on a straight-line basis over the contract term. The implementation of IFRS 16 in the Group was highly complex due to factors such as the high number of contracts affected and the diversity of data source systems, as well as the need to make certain estimates. These estimates included the estimation of the lease term, based on the non-cancellable period and the periods covered by options to extend the lease, when the exercise depends only on Telefónica and where such exercise is reasonably certain. This will depend, to a large extent, on the specific facts and circumstances by class of assets in the telecom industry (technology, regulation, competition, business model, among others). In addition to this, assumptions are required to calculate the discount rate, which is based mainly on the incremental borrowing rate of interest for the estimated term. The standard allows for two transition methods: retrospectively for all periods presented, or using a modified retrospective approach where the cumulative effect of adoption is recognized at the date of initial application. The Group has adopted the latter transition method; therefore, the Group has recognized the cumulative effect of initial application as an adjustment to equity at the transition date, January 1, 2019, amounting to 16 million euros (see Note 17). Consequently, the 2018 information presented for comparative purposes has not been restated (i.e., it is prepared and presented in accordance with the accounting standard effective at that moment: under IAS 17 Leases). Moreover, the Group has applied the practical expedient that allows not reassessing whether a contract is or contains a lease on the date of initial application of IFRS 16 but to directly apply the new requirements to all those contracts identified as leases under the previous accounting standard. The Group applied the following options available in the standard for the transition to the new requirements: • Right of use asset measurement: for a vast majority of leases the Group has recognized a right-of-use asset at the date of initial application measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the statement of financial position immediately before the date of initial application. • Discount rates: the Group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics such as lease term, class of underlying asset, currency and economic environment. • Leases expiring in 2019: the Group has used the practical exemption from application of the new requirements to leases whose lease term ends within 12 months of the date of initial application. • Initial direct costs: the Group has excluded initial direct costs from the measurement of the right-of-use asset at the date of initial application. The modifications introduced by IFRS 16 have had a significant impact on the group's financial statements since the date of adoption, as shown below: Millions of euros Impact of the first application Opening balance of rights of use at January 1, 2019 (Note 9) 7,870 Impact of IFRS 16 on rights of use of companies held for sale at December 31, 2018 (1) 155 Reclassification of property, plant and equipment deriving from finance leases under IAS 17 (Note 8) (249 ) Reclassification of advance payments of lease contracts in force at December 31, 2018 (178 ) Accounts receivable for subleases 18 Impact of IFRS 16 on assets at transition date 7,616 Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 Impact of IFRS 16 on lease liabilities of companies held for sale at December 31, 2018 (1) 152 Reclassification of finance lease liabilities under IAS 17 at December 31, 2018 (201 ) Reclassification of other liabilities at December 31, 2018 (56 ) Impact of IFRS 16 on liabilities at transition date 7,600 Impact of IFRS 16 on equity at transition date (Note 17) 16 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). The weighted average lessee's incremental borrowing rate applied to lease liabilities recognized in the statement of financial position at the date of initial application ranges from 2.4% to 3.0% . The main differences between operating lease commitments disclosed in the Group's annual consolidated financial statements of 2018 and lease liabilities recognized upon transition relate to, among others: • Differences relating to the contract population considered: lease liabilities under IFRS 16 do not include short-term leases or leases of low-value or intangible assets, while those are included in the expected payment schedule. • Payments relating to contracts that can be canceled without penalty are not included within lease payment commitments, but they are included in the lease liability under IFRS 16. • Differences in the lease term: extension options that are reasonably certain are part of the measurement of the lease liability, whereas they are not taken into consideration in the estimated payments schedule for operating leases. In addition to this, the discount rates used also differ, as a result of such differences in the terms considered. The table below shows the reconciliation between the operating lease obligations as reported in the consolidated financial statements of 2018 and the opening balance of lease liabilities under IFRS 16: Millions of euros 1/1/2019 Present value of future payments for operating leases at December 31, 2018 7,229 Present value of future payments for operating leases of companies held for sale at December 31, 2018 (1) (98 ) Finance lease liabilities under IAS 17 201 Low cost and/or short-term lease contracts (337 ) Cancelable contracts without penalty cost 541 Differences in lease term and discount rates 247 Other items (78 ) Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). Following is a summary of estimated impacts of IFRS 16 on the Group’s consolidated income statement in 2019, presented on a voluntary basis: Millions of euros 2019 INCOME STATEMENT IFRS 16 IAS 17 IFRS 16 Impact Revenues 48,422 48,422 — Other income 2,842 3,032 (190 ) Supplies (13,635 ) (14,490 ) 855 Personnel expenses (8,066 ) (8,070 ) 4 Other expenses (14,444 ) (15,284 ) 840 Depreciation and amortization (10,582 ) (8,950 ) (1,632 ) OPERATING INCOME 4,537 4,660 (123 ) Share of income (loss) of investments accounted for by the equity method 13 13 — Finance income 842 842 — Exchange gains 2,461 2,449 12 Finance costs (2,795 ) (2,599 ) (196 ) Exchange losses (2,340 ) (2,310 ) (30 ) Net financial expense (1,832 ) (1,618 ) (214 ) PROFIT BEFORE TAX 2,718 3,055 (337 ) Corporate income tax (1,054 ) (1,104 ) 50 PROFIT FOR THE YEAR 1,664 1,951 (287 ) Attributable to equity holders of the Parent 1,142 1,383 (241 ) Attributable to non-controlling interests 522 568 (46 ) Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.17 0.21 (0.05 ) The impact in Other income is due to the different approach under IFRS 16 to determine the gain on sale and leaseback transactions (see Note 20). In addition, as explained in Note 28, the statement of cash flows was also impacted by IFRS 16. The main impact is the recording within the “cash flow from financing activities” of principal payments for lease contracts amounting to 1,518 million euros (see Note 20), as well as the recording of interests related to said contracts under the heading “interest payments and other financial expenses” amounting to 185 million euros (see Note 20). Until the entry into force of IFRS 16 the operating leases payments were recorded under "Cash paid from operations". Payments for low cost and short-term leases continue to be recorded under "Cash received from operations" (see Note 9). Impact of adopting new accounting standards in 2018 On January 1, 2018 the new IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers became effective, resulting in changes in the accounting policies applied in prior periods. IFRS 15 Revenues from Contracts with Customers IFRS 15 sets out the requirements for recognizing revenue from contracts with customers. The Group has adopted IFRS 15 using one of the two transition methods allowed: the modified retrospective method, with the cumulative effect from initial application recognized as an adjustment to the opening balance of retained earnings at the date of initial application on January 1, 2018, with a corresponding impact in "Non-controlling interests" (see Note 17). Accordingly, the 2017 information presented for comparative purposes was not restated - i.e. it is prepared and presented in accordance with the accounting standards effective at that moment: under IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The details of the new significant accounting policies and the nature of the main changes to previous accounting policies in relation to revenue recognition under the new model in IFRS 15 are set out in Note 3. The most significant impacts relate to the first-time recognition of contract assets, that, under IFRS 15, lead to the earlier recognition of revenue from the sale of goods, and the capitalization and deferral of the incremental costs of obtaining contracts, that under IFRS 15, result in the later recognition of customer acquisition costs. The impacts of adopting IFRS 15 on the Group’s financial statements for the year ended December 31, 2018 are set out below: Millions of euros 12/31/2018 ASSETS IFRS 15 IAS 18 IFRS 15 impact A) NON-CURRENT ASSETS 90,707 90,448 259 Intangible assets 16,856 16,856 — Goodwill 25,748 25,748 — Property, plant and equipment 33,295 33,295 — Investments accounted for by the equity method 68 68 — Financial assets and other non-current assets 7,109 6,823 286 Deferred tax assets 7,631 7,658 (27 ) B) CURRENT ASSETS 23,340 22,540 800 Inventories 1,692 1,692 — Receivables and other current assets 10,579 9,789 790 Tax receivables 1,676 1,666 10 Other current financial assets 2,209 2,209 — Cash and cash equivalents 5,692 5,692 — Non-current assets classified as held for sale 1,492 1,492 — TOTAL ASSETS (A+B) 114,047 112,988 1,059 Millions of euros 12/31/2018 EQUITY AND LIABILITIES IFRS 15 IAS 18 IFRS 15 Impact A) EQUITY 26,980 26,193 787 Equity attributable to equity holders of the parent and other holders of equity instruments 17,947 17,262 685 Equity attributable to non-controlling interests 9,033 8,931 102 B) NON-CURRENT LIABILITIES 57,418 57,267 151 Non-current financial liabilities 45,334 45,334 — Payables and other non-current liabilities 1,890 1,903 (13 ) Deferred tax liabilities 2,674 2,510 164 Non-current provisions 7,520 7,520 — C) CURRENT LIABILITIES 29,649 29,528 121 Current financial liabilities 9,368 9,368 — Payables and other-current liabilities 15,485 15,460 25 Current tax payables 2,047 1,951 96 Current provisions 1,912 1,912 — Liabilities associated with non-current assets classified as held for sale 837 837 — TOTAL EQUITY AND LIABILITIES (A+B+C) 114,047 112,988 1,059 Millions of euros 2018 INCOME STATEMENT IFRS 15 IAS 18 IFRS 15 Impact Revenues 48,693 48,728 (35 ) Depreciation and amortization (9,049 ) (9,049 ) — OPERATING INCOME 6,522 6,446 76 Share of income (loss) of investments accounted for by the equity method 4 4 — Net financial expense (955 ) (944 ) (11 ) PROFIT BEFORE TAX 5,571 5,506 65 Corporate income tax (1,621 ) (1,609 ) (12 ) PROFIT FOR THE YEAR 3,950 3,897 53 Attributable to equity holders of the Parent 3,331 3,291 40 Attributable to non-controlling interests 619 606 13 Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.57 0.56 0.01 IFRS 9 Financial Instruments IFRS 9 set out a new accounting framework for the recognition, classification, measurement and derecognition of financial instruments, impairment losses on financial assets and hedge accounting. The details of the new significant accounting policies and the nature of the main changes to previous accounting policies in relation to financial instruments under IFRS 9 are set out in Note 3. Pursuant to the transition provisions in IFRS 9, the Group has elected the exemption not to restate comparative periods to be presented in the year of initial application (i.e. 2017 information presented for comparative purposes is prepared and presented in accordance with the accounting standards effective at that moment: under IAS 39 Financial Instruments: Recognition and Measurement, and related interpretations). The difference in the carrying amounts of financial assets and financial liabilities resulting from the adoption of the new requirements is recognized in "retained earnings" as of January 1, 2018 (see Note 17). The main impact of adopting IFRS 9 on the Group’s financial statements resulted in an increase amounting to 221 million euros over the bad debt provision balance and fair value adjustments on customer receivables. In addition to this, financial assets have changed to the new measurement categories under IFRS 9 (see Note 16). Translation of Telefónica Venezolana’s financial statements Venezuela has been considered a hyperinflationary economy since 2009. We regularly review the economic conditions in Venezuela and the specific circumstances of our Venezuelan operations. Assessment of the exchange rate that better reflects the economics of Telefónica’s business activities in Venezuela relies on several factors and is performed considering all the information available at each closing date. On August 20, 2018 Venezuela introduced the Bolivar Soberano (VES), which replaced the Bolívar Fuerte (VEF) removing five zeros (1 VES = 100,000 VEF). In light of the economic environment and in the absence of official rates that are representative of the situation in Venezuela, the Group maintained its policy for estimating an exchange rate to match the progression of inflation in Venezuela and attempts to reflect the economic and financial position of the Group’s Venezuelan operations within its consolidated financial statements more accurately (hereinafter, synthetic exchange rate). At December 31, 2019, the synthetic exchange rate was calculated considering the inflation rates that were published ( 9,585.5% from January to December 2019). The inflation rate applied by the Group to Venezuela for January to December 2018 was 2,106,600.6% . Thus, the exchange rate used to translate the financial statements of the Venezuelan subsidiaries as of December 31, 2019 amounts to 68,448 VES/USD ( 7,608 VES/USD as of December 31, 2018). The official reference exchange rate at December 31, 2019 was 46,621 VES/USD ( 638 VES/USD at December 31, 2018). The translation of the financial statements of Telefónica Venezolana in 2019 had an impact in retained earnings amounting to -212 million euros ( -23 million euros in 2018). The following table presents the figures of Telefónica Venezolana in certain items of the consolidated income statement, the consolidated statement of cash flows and the consolidated statement of financial position of the Telefónica Group, by applying the synthetic exchange rate: Millions of euros 2019 2018 2017 Revenues 79 18 106 Depreciation and amortization (10 ) (67 ) (103 ) Operating income 7 (64 ) (69 ) Net financial expense (1) 63 216 81 Profit before tax 70 152 9 Corporate income tax (2) 3 (186 ) (138 ) Result for the year 73 (34 ) (129 ) Net cash flow provided by operating activities 14 7 35 Capital expenditures (CapEx) 20 2 9 Non-current assets 43 238 295 (1) Mainly resulting from the hyperinflation adjustment to the net monetary position and the exchange differences arising from foreign currency items held by Telefónica Venezolana. (2) Mainly deferred tax recognized for the inflation adjustments of the net assets, which are not deductible according to the present tax regime in Venezuela. Hyperinflation in Argentina Argentina has been considered a hyperinflationary economy since 2018 and the Group applied hyper-inflation accounting to its companies whose functional currency is the Argentine peso for financial information for periods ended after July 1, 2018. As of January 1, 2018 the total impact in net equity amounted to 2,033 million euros (see consolidated statement of changes in equity), which included the transfer of 3,147 million euros of translation differences arisen prior to the economy being considered as hyperinflationary, as a consequence of the full retrospective application of IAS 29. The main impacts of the application of hyperinflation adjustments in Argentina in the consolidated financial statements of the Group for the years 2019 and 2018, are summarized below: Millions of euros 2019 2018 Revenues (104 ) (313 ) Depreciation and amortization (207 ) (160 ) Operating income (246 ) (308 ) Financial result 40 59 Income tax (73 ) (57 ) Result for the year (280 ) (306 ) Capital expenditures (CapEx) (13 ) (70 ) The translation of the financial statements of the Group companies in Argentina in 2019 had an impact in Retained earnings amounting to -46 million euros ( -776 million euros in 2018) . Sale of Antares On November 8, 2018, Telefónica reached an agreement with Grupo Catalana Occidente for the sale of 100% of Seguros de Vida y Pensiones Antares, S.A. for a total amount of 161 million euros. At December 31, 2018, the assets corresponding to Antares were classified as non-current assets held for sale and the liabilities as liabilities associated with non-current assets classified as held for sale, amounting to 793 million euros and 661 million euros, respectively. On February 14, 2019, after obtaining the relevant regulatory approvals, the sale was concluded. This transaction generated a gain in the consolidated income statement of 2019 amounting to 98 million euros, under "Other income". In addition, it has involved an equity reclassification between "Actuarial gains and losses and impact of limit on assets for defined benefit pension plans" and "Retained earnings" amounting to 89 million euros. Sale of Telefónica Móviles Guatemala and Telefónica Móviles El Salvador On January 24, 2019, Telefónica Centroamérica Inversiones, S.L. ( 60% of which is owned, directly and indirectly, by Telefónica and 40% of which is owned by Corporación Multi Inversiones), reached an agreement with América Móvil, S.A.B. of C.V. for the sale of the entire share capital of Telefónica Móviles Guatemala, S.A. and 99.3% of Telefónica Móviles El Salvador, S.A. de C.V. The aggregate consideration for both companies (enterprise value) is 648 million US dollars (approximately 570 million euros at the exchange rate on the date of the agreement, 293 million euros of which corresponds to Telefónica Móviles Guatemala and 277 million euros of which corresponds to Telefónica Móviles El Salvador). At December 31, 2018, the assets corresponding to those companies were classified as non-current assets held for sale and the liabilities as liabilities associated with non-current assets classified as held for sale. The closing of the sale of Telefónica Móviles Guatemala took place the same day. This transaction did not have a significant impact in the consolidated financial statements of 2019. Due to the exclusion of Telefónica Móviles Guatemala from the scope of consolidation, the Equity attributable to non-controlling interests decreased by 114 million euros. At the date of approval of these financial statements, the closing of the Telefónica El Salvador sale is pending approval by the competition authority (see Note 30). Sale of Telefonía Celular de Nicaragua, Telefónica Móviles Panamá and Telefónica de Costa Rica On February 20, 2019 Telefónica reached an agreement with Millicom International Cellular, S.A. for the sale of the entire share capital of Telefónica de Costa Rica TC, S.A., and for the sale by Telefónica Centroamérica Inversiones, S.L. of the entire share capital of Telefónica Móviles Panamá, S.A. and Telefonía Celular de Nicaragua, S.A. The aggregate amount of the transaction (enterprise value) for all the companies is 1,650 million US dollars (approximately 1,455 million euros at the exchange rate of the date of the agreement). On May 16, 2019, after obtaining the relevant regulatory approvals, Telefónica Centroamérica de Inversiones, S.L. transferred the entire share capital of Telefonía Celular de Nicaragua, S.A. to Millicom International Cellular, S.A. for an amount of 437 million US dollars, approximately 390 million euros at that date. The impact of this transaction in the consolidated income statement for 2019 amounted to 172 million euros, under "Other income" (Note 26). On August 29, 2019, after obtaining the relevant regulatory approvals, the entire share capital of Telefónica Moviles Panamá, S.A. was transferred to Cable Onda S.A. subsidiary of Millicom International Cellular, S.A., for an amount of 594 million US dollars, approximately 536 million euros at that date. The impact of this transaction in the consolidated income statement of 2019 amounted to 190 million euros, under "Other income" (Note 26). As a result of the exclusion of Telefonía Celular de Nicaragua, S.A. and Telefónica Móviles Panamá, S.A. from the scope of consolidation, the Equity attributable to non-controlling interests decreased by 112 million euros and 188 million euros, respectively. At the date of approval of the financial statements, the closing of the sale of Telefónica de Costa Rica sale is subject to applicable regulatory conditions (see Note 30). Individual Suspension Plan On September 27, 2019, Telefónica Spain signed the II Collective Agreement of Related Companies (CEV), wholly backed by the largest labor unions. The overall resources plan that was approved is based on: • Evolution of the Collective Agreement of Related Companies, in order to have a framework of employment stability with greater flexibility and continue advancing on work-life balance and diversity, including, among other proposals, an Individual Suspension Plan which is entirely voluntary for 2019 (with the same conditions as the previous one). • Training, reskilling and upskilling plan that enables improving skills and taking advantage of the potential of the current staff, focusing on new business needs (digitization, robotization and processes automation). The present value of the payment flows of the Plan, together with the update of the estimates of the previous plan and the provision for the training plan resulted in expenses amounting to 1,732 million euros before taxes, reflected in "Personnel expenses" of the accompanying consolidated income statement for 2019 (see Note 24). The update of the provision of the plan included in the previous collective agreement, together with the updated termination plans, entailed an expense of 297 and 165 million euros in the 2018 and 2017 consolidated income statement, respectively (see Note 24). Sale of a portfolio of Data Centers On May 8, 2019, Telefónica reached an agreement for the sale of a portfolio of 11 Data Centers located in seven jurisdictions (Spain, Brazil, USA, Mexico, Peru, Chile and Argentina) with a company controlled by Asterion Industrial Partners SGEIC (currently, Nabiax, S.A.) for a total amount of 550 million euros. In accordance with this agreement, in July, 2019 Telefónica transferred nine of the Data Centers (located in Spain, Brazil, Mexico, Peru, Chile and Argentina) for a total amount of 472 million euros. In December 2019 Telefónica transferred the Data Center located in USA for 43 million euros (Note 28). The total capital gain reflected in "Other income" generated in 2019 amounted to 213 million euros (Note 26). At the date of issue of these consolidated financial statements, the remaining Data Center located in Spain is pending to be transferred, subject to several authorizations and administrative procedures. Transformation of the operating model of Telefónica México On November 21, 2019 Pegaso PCS, S.A. de C.V. (Telefónica México) and AT&T Comunicaciones Digitales, S. de R.L. de C.V. (AT&T Mexico) entered into a Wholesale Access Services Agreement (see Note 29.c), under which AT&T Mexico will provide wholesale wireless access to Telefónica México on 3G, 4G and any other future technology available in Mexico. The Wholesale Agreement will be of a minimum duration of eight years, renewable for additional consecutive periods of three years. Such Wholesale Agreement establishes a gradual migration of Telefónica Mexico’s traffic to AT&T Mexico's access network over the first three years of the agreement. As such migration is carried out, Telefónica México’s wireless access infrastructure will be turned off and, consequently, Telefónica México will discontinue using the licensed spectrum used in the past to operate its network. The main impacts of the transformation of the operating model of Telefónica México in 2019 consolidated financial statements were as follows: • A provision amounting to 167 million euros with a counterparty in Other expenses (see Note 26) due to the impact in certain pre-existing service contracts (energy supply, access to fiber optic networks and others), and additional restructuring expenses amounting to 44 million euros. • A net loss amounting to 27 million euros, due to the partial return of spectrum licenses, -123 million euros corresponding to fully paid licenses (see Notes 6 and 26), and + 95 million euros corresponding to licenses with deferred payments (associated debt) that were released (see Note 26). • Accelerated depreciation of property, plant and equipment and amortization of rights of use due to the reduction of the useful lives of certain assets, with an impact of 36 million euros in the 2019 consolidated income statement. • Reduction of payables for spectrum acquisition amounting to 508 million euros due to the cancelation of the debt associated with the licenses that were returned (see Note 21). Additionally, Telefónica Mexico reversed deferred tax assets with a counterparty in Corporate income tax, amounting to 454 million euros (see Note 25), due to the new estimations regarding the time horizon in which the Group expects to recover the assets. In 2018 Telefónica Mexico reversed deferred tax assets amounting to 327 million euros. IFRIC 23 Uncertainty over Income Tax Treatment This interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 (see Note 3.n). The Group's current practice is in line with this interpretation, so the application of these requirements did not have a significant impact on the Group's results in the period. These items are now presented in the statement of financial position under the headings Deferred tax liabilities or Current tax payables, depending on whether they are deferred tax liabilities or current tax liabilities, as appropriate. This involved a reclassification from the heading Provisions amounting to 856 million euros (see Notes 24 and 25). Court proceedings in favor of Telefónica Brazil which recognizes the right to exclude ICMS (VAT) from the basis of calculation of the contributions to PIS and COFINS In 2018 two final decisions in favor of Telefónica Brazil were passed, which recognized the right to deduct the state tax on goods and services (ICMS) from the calculation basis of the Social Integration Program-PIS (Programa de Integração Social) and the Financing of Social Security-COFINS (Contribuição para Financiamento da Seguridade Social). Once the values were determined, Telefónica Brazil presented to the tax authorities a refund request for the payments of PIS/COFINS affected by the judicial decision, together with the corresponding default interest. The total amounted 6,240 million Brazilian reals (around 1,454 million euros at an average exchange rate of 2018). I n 2018, the impact on the consolidated income statement amounted to 3,386 million Brazilian reals ( 789 million euros at an average exchange rate of 2018), reducing the Taxes item under Other expenses (Note 26), and 2,854 million Brazilian reals ( 665 million euros at an average exchange rate of 2018) under Finance Income (see Note 19). The outstanding credit at December 31, 2019 amounted to 2,046 million Brazilian reals equivalent to 452 million euros at the closing exchange rate for 2019 ( 4,915 million Brazilian reals, equivalent to 1,107 million euros at the closing exchange rate for 2018, see Note 12) . Sale of non-controlling interests in Telxius On July 27, 2018 Telefónica transferred to a company of the Pontegadea Group 16.65% of the share capital of the Telefónica´s subsidiary Pontel Participaciones, S.L. ("Pontel") that owns 60% of the share capital of the company Telxius Telecom, S.A. ("Telxius"), for 378.8 million euros, which entailed a price of 15.2 euros per share of Telxius. This holding of 16.65% in the capital stock of Pontel is equivalent, in economic terms, to an indirect holding of 9.99% in the share capital of Telxius. The impact of this transaction in the equity attributable to equity holders of the parent amounted to 232 million euros, with the impact attributable to non-controlling interest being 139 million euros. On October 24, 2017, Telefónica transferred 62 million shares of Telxius (representing 24.8% of its share capital) to Taurus Bidco S.à.r.l. (hereinafter, KKR, an entity managed by K |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Accounting Policies | Accounting policies As stated in Note 2, the Group’s consolidated financial statements have been prepared in accordance with IFRSs and interpretations issued by the International Accounting Standards Board (IASB). Accordingly, only the most significant accounting policies used in preparing the accompanying consolidated financial statements, in light of the nature of the Group’s activities, are set out below, as well as the accounting policies applied where IFRSs permit a policy choice, and those that are specific to the sector in which the Group operates. a) Hyperinflationary economies Venezuela has been considered a hyperinflationary economy since 2009. The inflation rates used to prepare the financial information are the Indice Nacional de Precios al Consumidor de Venezuela, published by the Central Bank of Venezuela, or the best estimate in case the final index is not available. On an annual basis, these rates are 9,585.5% , 2,106,600.6% and 2,874.1% for 2019 , 2018 and 2017 , respectively. The exchange rate used to translate inflation-adjusted bolivar-denominated items is the exchange rate as of the closing date of each reporting period in the consolidated financial statements, amounting to 68,448 bolivars per U.S. dollar (synthetic exchange rate, see Note 2), 7,608 bolivars per U.S. dollar (synthetic exchange rate) and 36,115 bolivars per U.S. dollar (synthetic exchange rate) as of December 31, 2019 , 2018 and 2017 , respectively. In 2018 Argentina became a hyperinflationary economy (see Note 2). In order to restate its financial statements, the Company uses the series of indices defined by resolution JG No. 539/18 issued by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), based on the National Consumer Price Index (IPC) published by the Instituto Nacional de Estadística y Censos (INDEC) of the Argentine Republic and the Wholesale Internal Price Index (IPIM) published by FACPCE. The cumulative index at December 31, 2019 and 2018 is 283.44% and 184.85% , respectively while on an annual basis the index for 2019 is 53% ( 48% in 2018). The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the 2019 financial statements is the closing exchange rate as of December 31, 2019 which was 67.26 Argentine pesos per euro ( 43.30 Argentine pesos per euro at December 31, 2018) . The Group includes in a single line item all the equity effects derived from hyperinflation. This is as follows: (a) the restatement for inflation of the financial statements of the Group companies operating in hyperinflationary economies, and (b) the effects of translating their respective financial statements into euros using the exchange rate at the end of the period. b) Translation methodology The income statements and statements of cash flows of the Group’s foreign subsidiaries (except Venezuela and Argentina) were translated into euros at the average exchange rates for the year, as a rate that approximates the exchange rates at the dates of the transactions. c) Goodwill After initial recognition, goodwill is carried at cost, less any accumulated impairment losses. Goodwill is recognized as an asset denominated in the currency of the company acquired and is tested for impairment annually at the least, or more frequently, if there are certain events or changes indicating the possibility that the carrying amount may not be fully recoverable. The potential impairment loss is determined by assessing the recoverable amount of the cash generating unit (or group of cash generating units) to which the goodwill is allocated from the acquisition date. d) Intangible assets Intangible assets are carried at acquisition or production cost, less any accumulated amortization or any accumulated impairment losses. Intangible assets are amortized on a straight-line basis according to the following: • Licenses granted to the Telefónica Group by various public authorities to provide telecommunications services and the value allocated to licenses held by certain companies at the time they were included in the Telefónica Group (“Service concession arrangements and licenses”) are amortized on a straight-line basis over the duration of related licenses from the moment commercial operation begins. • The allocation of acquisition costs attributable to customers acquired in business combinations, as well as the acquisition value of these types of assets in a third-party transaction for consideration (Customer base) are amortized on a straight-line basis over the estimated period of the customer relationship. The term length is between 5 and 14 years, based on the customer segment (residential, business, etc.) and the business model (prepaid, postpaid, etc.). • Software is amortized on a straight-line basis over its useful life, generally estimated to be between two and five years . e) Property, plant and equipment Property, plant and equipment is carried at cost less any accumulated depreciation and any accumulated impairment in value. Cost includes, among others, direct labor used in installation and the allocable portion of the indirect costs required for the related asset. The latter two items are recorded as revenue under the concept Own work capitalized of the line item Other income. Interest and other financial expenses incurred and directly attributable to the acquisition or construction of qualifying assets are capitalized. Qualifying assets for the Telefónica Group are those assets that require a period of at least 18 months to bring the assets to the condition necessary for their intended use or sale. The Group’s subsidiaries depreciate their property, plant and equipment, from the time they can be placed in service, amortizing the cost of the assets, net of their residual values on a straight-line basis over the assets’ estimated useful lives, which are calculated in accordance with technical studies that are revised periodically in light of technological advances and the rate of dismantling, as follows: Years of estimated Buildings 25 – 40 Plant and machinery 10 – 15 Telephone installations, networks and subscriber equipment 5 – 20 Furniture, tools and other items 2 – 10 f) Impairment of non-current assets Non-current assets, including goodwill and intangible assets are assessed at each reporting date for indicators of impairment. Whenever such indicators exist, or in the case of assets which are subject to an annual impairment test, the recoverable amount is estimated. An asset’s recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future post-tax cash flows deriving from the use of the asset or its cash generating unit, as applicable, are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset, provided that the result obtained is the same that would be obtained by discounting pre-tax cash flows at a pre-tax discount rate. Following the adoption of IFRS 16, changes in the accounting treatment of leases have been considered in the impairment test. The Group bases the calculation of impairment on the approved business plans of the various cash generating units to which the assets are allocated. The projected cash flows, based on the approved strategic business plans, cover a period of five years. Starting with the sixth year, an expected constant growth rate is applied . g) Lease agreements The determination of whether an arrangement is, or contains a lease is based on the substance of the agreement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset and the agreement conveys a right to the use of the asset. As indicated in Note 2, IFRS 16 Leases became effective on January 1, 2019, introducing changes in the accounting policies applied to lease contracts until that date. Section (n) of this Note describes the new recognition and measurement requirements for leases. h) Investment in associates and joint arrangements The Group assesses whether it has significant influence not only on the basis of its ownership percentage but also on the existence of qualitative factors such as representation on the board of directors of the investee, its participation in decision-making processes, interchange of managerial personnel and access to technical information. The Group assesses rights and obligations agreed to by the parties to a joint arrangement and, when relevant, other facts and circumstances in order to determine whether the joint arrangement in which it is involved is a joint venture or a joint operation. i) Financial assets and liabilities Financial Assets All regular way purchases and sales of financial assets are recognized in the statement of financial position on the trade date, i.e. the date that the Company commits to purchase or sell the asset. The Group applies an impairment model for financial assets based on expected credit losses, using a simplified method for certain short- and long-term assets (commercial receivables, lease receivables and contractual assets). Under this simplified approach, credit impairment is recognized by reference to expected credit losses over the life of the asset. For this purpose the Group uses matrices based on historical bad debt experience by geographical area on a portfolio segmented by customer category according to credit pattern. The matrix for each category has a defined time horizon divided into intervals in accordance with the collection management policy and is fed with historical data that covers at least 24 collection cycles. This data is updated on a regular basis. Based on the information observable at each close, the Group assesses the need to adjust the rates resulting from these matrices, considering current conditions and future economic forecasts. Derivative financial instruments and hedge accounting The accounting treatment of any gain or loss resulting from changes in the fair value of a derivative depends on whether the derivative in question meets all the criteria for hedge accounting and, if appropriate, on the nature of the hedge. Changes in fair value of derivatives that qualify as fair value hedging instruments are recognized in the income statement, together with changes in the fair value of the hedged asset or liability attributable to the risk being hedged. Changes in the fair value of derivatives that qualify and have been designated as cash flow hedges, which are highly effective, are recognized in equity. The ineffective portion is recognized immediately in the income statement. Fair value changes recognized in equity arising from hedges that relate to firm commitments or forecast transactions that result in the recognition of non-financial assets or liabilities are included in the initial carrying amount of those assets or liabilities. Otherwise, changes in fair value previously recognized in equity are recognized in the income statement in the period in which the hedged transaction affects profit or loss. An instrument designated to hedge foreign currency exposure from a net investment in a foreign operation is accounted for in a similar manner to cash flow hedges. When the Group chooses not to apply hedge accounting criteria, gains or losses resulting from changes in the fair value of derivatives are taken directly to the income statement. In this respect, transactions used to reduce the exchange rate risk of income contributed by foreign subsidiaries are not treated as hedging transactions. j) Inventories Materials stored for use in investment projects and inventories for consumption and replacement are valued at the lower of weighted average cost and net realizable value. Inventories include audio-visual rights which will generally be consumed in a period of less than twelve months, and advanced payments to suppliers for future rights, as well as own content whose production cycle will in no case exceed thirty-six months. The cost of film, documentary, short film and series rights acquired from third parties is charged to the income statement on a straight-line basis from the time of first broadcasting or release until the completion of the rights. Broadcasting rights to football and motor sports events, including their inherent production costs, are charged to the income statement on a straight-line basis over twelve months from the start of the season, while rights to other premium sports are charged over the period of the competition. All other sports rights are recognized in the income statement upon first broadcast. In-house produced programs and series and program titles are charged at the time of their broadcast or up to thirty-six months from the date of release, depending on their nature and broadcasting strategy. The cost of in-house productions that the Group expects to recover through sale to third parties is recognized as an intangible asset. The cost of broadcasting rights that have expired or whose recovery value is estimated to be lower than the acquisition cost is recognized directly as an expense. k) Pensions and other employee obligations Provisions required to cover the accrued liability for defined benefit pension plans are determined using the projected unit credit actuarial valuation method. The calculation is based on demographic and financial assumptions determined at a country level, and in consideration of the macroeconomic environment. The discount rates are determined based on high quality market yield curves. Plan assets are measured at fair value. Provisions for post-employment benefits (e.g. early retirement or other) are calculated individually based on the terms agreed with the employees. In some cases, these may require actuarial valuations based on both demographic and financial assumptions. l) Revenues and expenses The Telefónica Group revenues are derived principally from providing the following telecommunications services: traffic, connection fees, regular (normally monthly) network usage fees, interconnection, network and equipment leasing, handset sales and other digital services such as Pay TV and value-added services or maintenance. Products and services may be sold separately or bundled in promotional packages. Revenues from calls carried on Telefónica’s networks (traffic) entail an initial call establishment fee plus a variable call rate, based on call length, distance and type of service. Both fixed and wireless traffic is recognized as revenue as service is provided. For prepaid calls, the amount of unused traffic generates deferred revenues presented in Contractual liabilities on the statement of financial position. Revenues from traffic sales and services at a fixed rate over a specified period of time (flat rate) are recognized on a straight-line basis over the term covered by the rate paid by the customer. Installation fees are taken to the income statement on a straight-line basis over the related period. Equipment leases and other services are taken to the income statement as they are consumed. Interconnection revenues from fixed-wireless and wireless-fixed calls and other customer services are recognized in the period in which the calls are made. Revenues from handset and equipment sales are recognized once the sale is considered complete, i.e., generally when delivered to the end customer. For bundled packages that include multiple elements sold in the fixed, wireless, Internet and television businesses it is determined whether it is necessary to identify the separate performance obligations and apply the corresponding revenue recognition policy to each one. Total package revenues are allocated among the identified performance obligations based on their respective standalone selling prices. As connection or initial activation fees, or upfront non-refundable fees, are not separately identifiable performance obligations in these types of packages, any consideration received from the customer for these items is allocated to the remaining elements. When the customer has a right of return, the agreed consideration is considered variable. The Group estimates the amount of variable consideration to which it is entitled using the expected value method (probability-weighted possible amounts), considering all historical, current and forecast information that is reasonably available, and only to the extent that it determines that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Expenses relating to customer contracts (mainly, commissions payable to dealers for customer acquisitions) are recognized as an asset to the extent that they are incremental and are expected to be recovered. Subsequently, these costs are amortized over the same term as the revenues associated with such contract are recognized, unless the expected amortization period is one year or less, in which case they are expensed as incurred. m) Use of estimates The key assumptions concerning the future and other relevant sources of uncertainty in estimates at the reporting date that could have a significant impact on the consolidated financial statements within the next financial year are discussed below. A significant change in the facts and circumstances on which these estimates and related judgments are based could have a material impact on the Group’s results and financial position. Accordingly, sensitivity analysis are disclosed for the most relevant situations (see Notes 7 and 24). Property, plant and equipment, intangible assets and goodwill The accounting treatment of investments in property, plant and equipment and intangible assets entails the use of estimates to determine the useful life for depreciation and amortization purposes and to assess fair value at their acquisition dates for assets acquired in business combinations. Determining useful life requires making estimates in connection with future technological developments and alternative uses for assets. There is a significant element of judgment involved in making technological development assumptions, since the timing and scope of future technological advances are difficult to predict. The decision to recognize an impairment loss involves developing estimates that include, among others, an analysis of the causes of the potential impairment, as well as its timing and expected amount. Furthermore, additional factors, such as technological obsolescence, the suspension of certain services and other circumstantial changes, which highlight the need to evaluate a possible impairment, are taken into account. The Telefónica Group evaluates its cash-generating units’ performance on a regular basis to identify potential goodwill impairments. Determining the recoverable amount of the cash-generating units to which goodwill is allocated also entails the use of assumptions and estimates and requires a significant element of judgment. Deferred income taxes The Group assesses the recoverability of deferred tax assets based on estimates of future earnings, and of all the options available to achieve an outcome, it considers the most efficient one in tax terms within the legal framework the Group is subject to. Such recoverability ultimately depends on the Group’s ability to generate taxable earnings over the period for which the deferred tax assets remain deductible. This analysis is based on the estimated schedule for reversing deferred tax liabilities, as well as estimates of taxable earnings, which are sourced from internal projections that are continuously updated to reflect the latest trends. The recognition of tax assets and liabilities depends on a series of factors, including estimates as to the timing and realization of deferred tax assets and the projected tax payment schedule. Actual Group company income tax receipts and payments could differ from the estimates made by the Group as a result of changes in tax legislation, the outcome of underway tax proceedings or unforeseen future transactions that could affect tax balances. Provisions Provisions are recorded when, at the end of the period, we have a present obligation as a result of past events, whose settlement requires an outflow of resources that is considered probable and can be measured reliably. This obligation may be legal or constructive, arising from, but not limited to, regulation, contracts, common practice or public commitments, which have created a valid expectation for third parties that we will assume certain responsibilities. The amount recorded is the best estimation performed by the management in respect of the expenditure that will be required to settle the obligations, considering all the information available at the closing date, including the advice of external experts, such as legal advisors or consultants. Should we be unable to reliably measure the obligation, no provision would be recorded and information would then be presented in the notes to the Consolidated Financial Statements. Because of the inherent uncertainties in this estimation, actual expenditures may be different from the originally estimated amount recognized. Revenue recognition Bundled offers Bundled offers that combine different elements are assessed to determine whether it is necessary to separate the different identifiable components and apply the corresponding revenue recognition policy to each element. Total package revenues are allocated among the identified elements based on their respective standalone selling prices. Determining standalone selling prices for each identified element requires estimates that are complex due to the nature of the business. A change in estimates of standalone selling prices could affect the apportionment of revenue among the elements and, as a result, the timing of recognition of revenues. Leases Accounting for rights and obligations as a lessee under a lease contract requires the use of estimations to determine the lease term in contracts that include extension options or early termination options. Determining the lease term involves making estimates over the time horizon of the Group's strategic planning process with respect to relevant factors such as expected technological progress, possible regulatory developments, market and competition trends or changes in the business model. The assumptions regarding these variables involve a significant degree of judgment to the extent that the timing and nature of future changes are difficult to anticipate. Due to the uncertainties inherent to these estimates, changes in the assumptions made in respect of uncertain matters when determining the lease term of a lease contract may have an impact on the amounts of the right of use assets and lease liabilities recognized on the basis of the estimates made by the Group. Exchange rate and inflation rates used to translate the financial statements of our Venezuelan subsidiaries The Group reviews, on a regular basis, the economic conditions in Venezuela and the specific circumstances of its Venezuelan operations. In light of the worsening of the economic and political crisis in Venezuela and in the absence of official rates that are representative of the situation in the country, at December 31, 2019 the Group maintains its policy to estimate an exchange rate that matches the progression of inflation in Venezuela and reflects the economic and financial position of the Group’s Venezuelan operations within its consolidated financial statements in a more accurate way. Assessment of the exchange rate that best reflects the economics of Telefónica’s business activities in Venezuela relies on several factors and is performed considering all the information available at the closing date, and entails the use of assumptions and estimates and significant management judgment. Due to inherent uncertainties in the estimates required to determine the appropriate exchange rate for the conversion of Venezuelan bolivar-denominated financial statements, actual cash flows denominated in such currency may differ from the amounts currently recognized on the basis of our estimates, as a result of changes in currency laws or changes in exchange mechanisms or published exchange rates that may have an impact on the conversion rate used for our Venezuelan subsidiaries’ financial statements, affecting the net monetary position of Venezuelan bolivar-denominated assets (liabilities). In addition to this, Venezuela has been considered a hyperinflationary economy since 2009. Telefónica recognizes the effects of inflation by restating the financial information of its Venezuelan operation using the Indice Nacional de Precios al Consumidor de Venezuela issued by the Central Bank of Venezuela, or the best estimate in case the final index is not available. Significant management judgment is required to determine the appropriate inflation rate when the official rate is not available. The estimates and underlying assumptions are based on careful consideration of factors that are deemed to be relevant and rely on all the information available at the closing date. Actual results may differ from these estimates as a result of changes in circumstances and assumptions about future developments in Venezuela due to evolving market conditions, uncertainty about currency and operating restrictions or other circumstances arising beyond the control of the Company. n) New IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) The accounting policies applied in the preparation of the consolidated financial statements for the year ended December 31, 2019 are consistent with those used in the preparation of the Group’s consolidated annual financial statements for the year ended December 31, 2018 , with the exception of the following new standards and amendments to existing standards issued by the IASB and adopted by the European Union for application in Europe, which are mandatory for annual periods beginning on or after January 1, 2019: • IFRS 16 Leases Following is a detail of the Group's new accounting policies pursuant to the adoption of IFRS 16, which have been applied since the date of its initial application. Information on the impact of the first-time application of this new standard is included in Note 2. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure requirements for leases, requiring a lessee to account for all leases on the statement of financial position under a single model, similar to the recognition of finance leases in IAS 17. At the inception date of the lease (i.e. the date when the underlying asset is available for use), a lessee recognizes a liability for the present value of the lease payments payable over the lease term and a right of use asset that represents the right to use the underlying asset over the term of the lease. Rights of use assets are measured at cost, less accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The cost of rights of use assets includes the amount of initial direct costs incurred and lease payments made before the commencement date less incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. The Group does not recognize non-lease components separately from lease components for those classes of assets in which non-lease components are not significant with respect to the total value of the arrangement. Lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable, variable lease payments that depend on an index or rate, and amounts expected to be paid as residual value guarantees. Similarly, the measurement of the lease liability includes the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option, and payments of penalties for early termination, if the lease term reflects the lessee exercising such cancellation option. For the calculation of the present value of the lease payments, the Group uses the incremental borrowing rate at the start date of the lease. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for the payments made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, changes in future lease payments resulting from a change in an index or rate used to determine those payments. The amount of such remeasurement is generally recognized against an adjustment to the right-of-use asset. The standard includes two recognition exemptions: "low value" asset leases (the Group uses this exemption for office equipment) and short-term leases (the Group uses this exemption for all leases with a term of 12 months or less). In such cases, lease payments are recognized as an expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the contract, together with any period covered by an extension (or termination) option whose exercise is discretionary for the Group, if there is reasonable certainty that it will be exercised (or it will not be exercised). In its assessment, the Group considers all available information by asset class in the industry and evaluates all relevant factors (technology, regulation, competition, business model) that create an economic incentive to exercise or not a renewal/cancellation option. In particular, the Group takes into consideration the time horizon of the strategic planning of its operations. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control that may affect its ability to exercise (or not to exercise) an option to extend or terminate (for example, a change in business strategy). Lessor accounting is substantially unchanged under the new standard. Lessors continue to classify all leases using the classification principles in the prior standard, IAS 17, and distinguishing between operating and finance leases. Leases in which the lessor retains a significant portion of the risks and rewards of ownership of the leased asset are treated as operating leases. Otherwise, the lease is a finance lease. • IFRIC 23 Uncertainty over Income Tax Treatment The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 (see Note 3.n). The Interpretation clarifies that the approach that better predicts the resolution of the uncertainty should be followed, and specifically addresses the assumptions an entity makes about the examination of tax treatments by taxation authorities and how an entity determines taxable profit (loss), tax bases, unused tax losses and tax credits, and tax rates, where there is uncertainty over an income tax treatment. The Group's current practice is in line with this Interpretation, so the application of these requirements did not have a significant impact on the Group's results in the period. These items are now presented in the statement of financial position under the headings Deferred tax liabilities or Current tax payables, depending on whether they are deferred tax liabilities or current tax liabilities, as appropriate. This involved a reclassification from the heading Provisions amounting to 856 million euros (see Notes 24 and 25). • Prepayment Features with Negative Compensation (Amendments to IFRS 9) Under IFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are ‘solely payments of principal and interest on the principal amount outstanding’ (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of the event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. This amendment did not have a significant impact on the Group's financial position or results in the period. • Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) The amendments to IAS 19 specify that when a plan amendment, curtailment or settlement occurs during the annua |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Operating Segments [Abstract] | |
Segment Information | Segment information On November 27, 2019, the Board of Directors of Telefónica approved an action plan with five strategic decisions: (i) focus investment and growth in the most important markets of the company: Spain, Brazil, the UK and Germany; (ii) the creation of Telefónica Tech; (iii) the creation of Telefónica Infra; (iv) an operational spin-off of Hispanoamérica in a single unit; and (v) the redefinition of the company’s corporate center. The structure of Telefónica's Executive Committee has been modified to reflect these changes. Such changes will also result in a change to the financial information that needs to be presented to Telefónica's Management and will result in a change of the reporting segments, which as of the date of approval of these consolidated financial statements is still pending . During 2019 the Group continued reporting financial information, both internally and externally, based on the organizational structure approved by the Board of Directors on January 31, 2018. Thus, the reportable segments for the 2019 consolidated financial statements are: Telefónica Spain, Telefónica United Kingdom, Telefónica Germany, Telefónica Brazil, Telefónica Hispam Norte (formed by the Group's operators in Colombia, Mexico, Venezuela, Ecuador and Central America) and Telefónica Hispam Sur (formed by the Group’s operators in Argentina, Chile, Peru and Uruguay). The segments referred to above include the information related to the fixed, wireless, cable, data, Internet and television businesses and other digital services provided in each country. Inter-segment transactions are carried out on an arm's length basis. Information relating to other Group companies not specifically included in these segments is reported under "Other companies" (see Appendix I), which includes Telxius, Telefónica, S.A. and other holding companies, as well as companies whose main purpose is to provide cross-sectional services to Group companies and other operations not included in the segments. The revenues of Telxius in 2019 amounted to 842 million euros ( 792 million euros in 2018), of which 482 million euros corresponded to intersegment revenues ( 458 million euros in 2018). The OIBDA of Telxius in 2019 amounted to 504 million euros ( 370 million euros in 2018) and the operating income in 2019 amounted to 255 million euros ( 245 million euros in 2018). The capital expenditures of Telxius in 2019 amounted to 284 million euros ( 181 million euros in 2018) and the acquisitions of rights of use in 2019 amounted to 88 million euros . The fixed assets of Telxius amounted to 1,145 million euros at December 31, 2019 ( 1,116 million euros at December 31, 2018) and the rights of use amounted to 388 million euros at December 31, 2019. The "Eliminations" of the Group at OIBDA level in 2019 mainly reflect the leases of Telxius to other Group companies, due to the asymmetry in accounting between lessor and lessee under IFRS 16. This impact is mostly offset at operating income level. The Group centrally manages borrowing activities, mainly through Telefónica, S.A. and other companies included in Other companies (see Note 19, Appendix III and Appendix V ), so most of the Group's financial assets and liabilities are reported under Other companies. In addition, Telefónica, S.A. is the head of the Telefónica tax group in Spain (see Note 25 ). Therefore, a significant part of the deferred tax assets and liabilities is included under Other companies. For these reasons, the results of the segments are disclosed up to operating income. The sale of the Telefónica Group's operating companies in Guatemala, Nicaragua and Panama was completed in 2019. The capital gains generated are reported under "Other companies" (see Note 2). The closing of the sale of the Group's operating companies in El Salvador and Costa Rica is pending approval of the relevant regulatory authorizations (see Note 30). Revenues and expenses arising from intra-group invoicing for the use of the trademark and management services were eliminated from the operating results of each Group segment. The results of the holding companies also exclude dividends from Group companies and impairments of investments in Group companies. These adjustments have no impact on the Group’s consolidated results. In addition, segment reporting considers the impact of the purchase price allocation to the assets acquired and the liabilities assumed by the companies included in each segment. The assets and liabilities presented in each segment are those managed by the heads of each segment, regardless of their legal structure. Operating income before depreciation and amortization (OIBDA) is calculated by excluding solely depreciation and amortization from operating income. OIBDA is used to track the performance of the business and to establish operating and strategic targets of the Telefónica Group companies. OIBDA is a commonly reported measure and is widely used among analysts, investors and other interested parties in the telecommunications industry, although not a measure explicitly defined in IFRS, and therefore, may not be comparable to similar indicators used by other companies. OIBDA should not be considered as a substitute for operating income . The following table presents income, CapEx information (capital expenditures in intangible assets and property, plant and equipment, see Notes 6 and 8) and acquisitions of rights of use (since the entry into force of IFRS 16, see Note 9) regarding the Group’s operating segments: 2019 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Hispam Norte Telefónica Other companies Eliminations Total Group Revenues 12,767 7,109 7,399 10,035 3,795 6,384 2,624 (1,691 ) 48,422 External revenues 12,527 7,068 7,364 10,018 3,698 6,334 1,413 — 48,422 Intersegment revenues 240 41 35 17 97 50 1,211 (1,691 ) — Other operating income and expenses (9,080 ) (4,995 ) (5,073 ) (5,773 ) (2,965 ) (4,986 ) (1,737 ) 1,306 (33,303 ) OIBDA 3,687 2,114 2,326 4,262 830 1,398 887 (385 ) 15,119 Depreciation and amortization (1,988 ) (1,204 ) (2,463 ) (2,516 ) (981 ) (1,279 ) (424 ) 273 (10,582 ) Operating income 1,699 910 (137 ) 1,746 (151 ) 119 463 (112 ) 4,537 CapEx 1,646 914 2,469 2,005 580 965 388 (183 ) 8,784 Acquisitions of rights of use 127 157 230 409 214 160 117 (122 ) 1,292 2018 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Telefónica Other companies Eliminations Total Group Revenues 12,706 6,790 7,320 10,126 4,075 6,677 2,679 (1,680 ) 48,693 External revenues 12,461 6,757 7,281 10,105 3,986 6,630 1,473 — 48,693 Intersegment revenues 245 33 39 21 89 47 1,206 (1,680 ) — Other operating income and expenses (7,943 ) (4,925 ) (5,486 ) (5,815 ) (3,282 ) (4,958 ) (2,315 ) 1,602 (33,122 ) OIBDA 4,763 1,865 1,834 4,311 793 1,719 364 (78 ) 15,571 Depreciation and amortization (1,650 ) (943 ) (2,071 ) (1,990 ) (967 ) (1,167 ) (304 ) 43 (9,049 ) Operating income 3,113 922 (237 ) 2,321 (174 ) 552 60 (35 ) 6,522 CapEx 1,719 1,464 966 1,910 668 1,116 295 (19 ) 8,119 2017 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Telefónica Other companies Eliminations Total Group Revenues 12,653 6,540 7,296 12,019 4,331 8,218 2,779 (1,828 ) 52,008 External revenues 12,364 6,505 7,252 11,994 4,220 8,170 1,503 — 52,008 Intersegment revenues 289 35 44 25 111 48 1,276 (1,828 ) — Other operating income and expenses (7,701 ) (4,901 ) (5,475 ) (7,828 ) (3,068 ) (5,943 ) (2,657 ) 1,752 (35,821 ) OIBDA 4,952 1,639 1,821 4,191 1,263 2,275 122 (76 ) 16,187 Depreciation and amortization (1,688 ) (1,047 ) (1,954 ) (2,228 ) (992 ) (1,198 ) (327 ) 38 (9,396 ) Operating income 3,264 592 (133 ) 1,963 271 1,077 (205 ) (38 ) 6,791 CapEx 1,683 827 951 2,225 1,264 1,414 334 (1 ) 8,697 The following table presents main assets and liabilities by segment: 2019 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Telefónica Other companies Eliminations Total Group Fixed assets 15,116 10,051 14,091 20,585 3,396 8,440 1,986 — 73,665 Rights of use (1) 1,499 716 2,499 1,933 755 623 464 (1,550 ) 6,939 Investments accounted for by the equity method — 9 — 2 1 72 56 — 140 Financial assets and other non-currents assets 166 468 457 1,159 187 423 6,873 (2,610 ) 7,123 Deferred tax assets 2,357 2 314 337 525 221 2,926 — 6,682 Other current financial assets 42 72 17 67 217 220 5,634 (3,146 ) 3,123 Total allocated assets 24,307 13,869 20,143 28,120 7,640 12,421 24,313 (11,936 ) 118,877 Non-current financial liabilities 775 1,132 2,153 572 798 1,868 37,948 (1,958 ) 43,288 Non-current lease liabilities 1,252 490 2,027 1,582 807 490 356 (1,378 ) 5,626 Deferred tax liabilities 158 101 358 945 33 386 927 — 2,908 Current financial liabilities 854 — 339 464 630 357 10,860 (4,428 ) 9,076 Current lease liabilities 282 213 462 448 108 139 133 (185 ) 1,600 Total allocated liabilities 16,020 5,450 10,659 8,599 4,951 6,318 53,362 (11,932 ) 93,427 (1) The eliminations of rights of use amounted to 1,550 million euros mainly correspond to the rights of use for assets leased by Telxius to the operating companies of the Group. 2018 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Telefónica Other companies Eliminations Total Group Fixed assets 15,347 9,646 13,520 21,230 4,971 9,041 2,144 — 75,899 Investments accounted for by the equity method 2 8 — 2 1 — 55 — 68 Financial assets and other non-currents assets 163 304 377 1,718 363 469 7,058 (3,343 ) 7,109 Deferred tax assets 2,084 2 204 335 1,063 165 3,778 — 7,631 Other current financial assets 31 79 9 88 68 145 5,635 (3,846 ) 2,209 Total allocated assets 23,622 12,609 16,837 27,402 8,672 12,043 26,363 (13,501 ) 114,047 Non-current financial liabilities 649 1,077 2,004 1,058 1,101 1,618 39,624 (1,797 ) 45,334 Deferred tax liabilities 189 102 236 693 134 397 923 — 2,674 Current financial liabilities 1,683 — 145 334 1,083 339 12,854 (7,070 ) 9,368 Total allocated liabilities 14,328 4,633 6,287 7,204 5,096 5,396 57,618 (13,495 ) 87,067 The composition of segment revenues, detailed by the main countries in which the Group operates, is as follows: Millions of euros 2019 2018 2017 Country by segments Fixed Mobile Others and elims. Total Fixed Mobile Others and elims. Total Fixed Mobile Others and elims. Total Spain (*) 12,767 12,706 12,653 United Kingdom — 6,600 509 7,109 — 6,390 400 6,790 — 6,216 324 6,540 Germany 741 6,647 11 7,399 767 6,539 14 7,320 862 6,415 19 7,296 Brazil 3,537 6,498 — 10,035 3,754 6,372 — 10,126 4,659 7,360 — 12,019 Hispam Norte 706 3,085 4 3,795 732 3,343 — 4,075 736 3,595 — 4,331 Colombia 434 670 — 1,104 574 894 — 1,468 554 909 — 1,463 Mexico — 867 — 867 — 1,175 — 1,175 — 1,336 — 1,336 Remaining operators and segment eliminations 272 1,548 4 1,824 158 1,274 — 1,432 182 1,350 — 1,532 Hispam Sur 2,707 3,674 3 6,384 2,712 3,965 — 6,677 3,225 4,993 — 8,218 Argentina 486 945 — 1,431 818 1,497 — 2,315 1,216 2,279 — 3,495 Chile 646 910 — 1,556 864 1,215 — 2,079 926 1,259 — 2,185 Peru 761 785 — 1,546 1,037 1,038 — 2,075 1,092 1,226 — 2,318 Remaining operators and segment eliminations 814 1,034 3 1,851 (7 ) 215 — 208 (9 ) 229 — 220 Other and inter-segment eliminations — — 933 933 — — 999 999 — — 951 951 Total Group 48,422 48,693 52,008 Note: In the countries of the Telefónica Hispam Norte and Telefónica Hispam Sur segment with separate fixed and mobile operating companies, intercompany revenues were not considered. (*) The detail of revenues for Telefónica Spain is shown in the table below. Given the convergence reached at Telefónica Spain due to the high penetration of convergent offers in Telefónica Spain, the revenue breakdown by fixed and mobile is less relevant in this segment. For this reason, management believes that the revenue breakdown shown below is more meaningful . Millions of euros Telefónica Spain 2019 2018 2017 Mobile handset sale 373 386 379 Ex-Mobile handset sale 12,394 12,320 12,274 Consumer 6,658 6,689 6,602 Corporate 3,509 3,462 3,401 Others 2,227 2,169 2,271 Total 12,767 12,706 12,653 |
Business Combinations and Acqui
Business Combinations and Acquisitions of Non-Controlling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations and Acquisitions of Non-Controlling Interests [Abstract] | |
Business Combinations and Acquisitions of Non-Controlling Interests | Business combinations and acquisitions of non-controlling interests Business combinations Finalization of the purchase price alocation by Coltel of control over Telebucaramanga, Metrotel and Optecom On September 30, 2017, as part of the early termination agreement regarding the contract with PARAPAT , Colombia Telecomunicaciones, S.A. ESP (Coltel) acquired control of Colombian companies Empresa de Telecomunicaciones de Telebucaramanga S.A. ESP (Telebucaramanga), operating in the city of Bucaramanga; Metropolitana de Telecomunicaciones S.A. ESP (Metrotel); and Operaciones Tecnológicas y Comerciales S.A.S. (Optecom), operating in the city of Barranquilla, for an overall price of 509,975 million Colombian pesos (approximately 147 million euros on the transaction date). These companies primarily provide fixed telephony, data, pay TV, installation and maintenance services . At the date of authorization for issuer of the 2017 consolidated financial statements of the Telefónica Group the purchase price allocation was provisional. In 2018 the preliminary allocation was reviewed within the twelve-month period from the acquisition date. The following table summarizes the consideration, the final fair values of the assets and liabilities identified on acquisition and the generated goodwill. Millions of euros Consideration paid for the acquisition of control (1) 147 Fair value of the prior stake 41 Fair value of the minority stake 3 Consideration 191 Intangible assets 13 Customer relationships 13 Other intangible assets — Property, plant and equipment 147 Deferred tax assets 7 Other non-current assets 16 Cash and cash equivalents 13 Other current assets 18 Deferred tax liabilities (23 ) Other non-current liabilities (100 ) Current liabilities (26 ) Fair value of net assets 65 Goodwill 126 (1) Excluding the proportion assumed by the non-controlling shareholder and the cash and cash equivalents contributed by the companies at the moment of its inclusion in the consolidation scope, the impact in the consolidated cash flow amounted to 85 million euros (see Note 28). Transactions with non-controlling interests 2018 Sale of 9.99% of the total share capital of Telxius On July 27, 2018, Telefónica transferred to a subsidiary of the Pontegadea Group 16.65% of the share capital of the Telefónica's subsidiary Pontel Participaciones, S.L. (Pontel), which owns 60% of the share capital of Telxius Telecom, S.A. (Telxius), for an amount of 378.8 million euros, resulting in a price of 15.2 euros per share of Telxius. This holding of 16.65% in the capital stock of Pontel is equivalent, in economic terms, to an indirect holding of 9.99% in the share capital of Telxius. The impact of this transaction on the equity attributable to equity holders of the parent amounted to 232 million euros and the impact on equity attributable to non-controlling interest amounted to 139 million euros. 2017 Share swap with KPN In March 2017, Telefónica entered into a swap agreement with Koninklijke KPN NV (hereinafter, KPN) to deliver 72.0 million of its treasury shares (representing 1.43% of its share capital) in exchange for 178.5 million shares of its subsidiary Telefónica Deutschland Holding AG, representing 6.0% of the share capital of the latter (see Note 17). This transaction thus entailed no cash movements. The exchange ratio was determined based on the average of the volume weighted average price of the respective shares over the last five trading sessions. The impact in the consolidated statement of changes in equity was a decrease in net equity attributable to minority interests amounting to 671 million euros in 2017 (Note 17.h), an increase in treasury shares amounting to 754 million euros and a decrease in retained earnings amounting to 83 million euros. As a result of this agreement, Telefónica increased its shareholding in Telefónica Deutschland from 63.2% to 69.2% . Sale of 24.8% and 15.2% of the total share capital of Telxius On February 20, 2017, Telefónica reached an agreement for the sale of up to 40% of the total share capital in Telxius Telecom, S.A. to KKR, for a total amount of 1,275 million euros ( 12.75 euros per share). The aforementioned agreement included a purchase agreement for the sale of 62 million shares (representing 24.8% of the share capital) of Telxius Telecom, S.A. for 790.5 million euros, and options on over 38 million shares (representing 15.2% of the share capital) for a price of at least 484.5 million euros. These options corresponded to a call option exercisable by KKR and to a put option exercisable by Telefónica upon maturity of the call option. On October 24, 2017, after obtaining all the relevant regulatory approvals, Telefónica transferred 62 million shares of Telxius (representing 24.8% of its share capital) to KKR in exchange for 790.5 million euros ( 12.75 euros per share). On November 13, 2017, KKR exercised the call option contemplated in the Agreement on over 38 million shares of Telxius (representing 15.2% of its share capital) in exchange for 484.5 million euros ( 12.75 euros per share). Following the closing of this sale of 15.2% of the share capital in Telxius in December 2017, together with 24.8% of the share capital acquired on October 24, 2017, KKR had acquired 40% of the share capital of Telxius in exchange for an aggregate amount of 1,275 million euros (see Note 28). These transactions had no impact on the consolidated results of the Telefónica Group as it consisted of the sale of minority interests, with Telefónica retaining control over Telxius. The impact on the 2017 consolidated statement of changes in equity was an increase in net equity attributable to minority interests amounting to 690 million euros (Note 17.i), an increase in retained earnings amounting to 570 million euros, and a decrease in translation differences of 9 million euros. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Intangible Assets | Intangible assets The composition of and movements in net intangible assets in 2019 and 2018 are as follows: 2019 Millions of euros Balance at 12/31/2018 Additions (1) Amortization Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion of companies Balance at 12/31/2019 Service concession arrangements and licenses 9,995 25 (1,227 ) (495 ) 333 23 (88 ) 8,566 Software 2,940 420 (1,464 ) (4 ) 1,113 (6 ) (19 ) 2,980 Customer base 2,138 — (478 ) — 9 (3 ) — 1,666 Trademarks 690 — (58 ) — — 8 — 640 Other intangible assets 77 15 (21 ) — (18 ) (1 ) — 52 Intangible assets in process 1,016 2,267 — (1 ) (1,146 ) — (6 ) 2,130 Total intangible assets 16,856 2,727 (3,248 ) (500 ) 291 21 (113 ) 16,034 (1) Total additions of intangible assets in 2019 amounted to 2,733 million euros, including the additions corresponding to companies held for sale and sold companies during the annual reporting period (see Note 2). 2018 Millions of euros Balance at 12/31/17 Additions Amortization Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion of companies Balance at 12/31/2018 Service concession arrangements and licenses 10,785 509 (1,221 ) — (9 ) (69 ) — 9,995 Software 2,987 632 (1,450 ) (19 ) 876 (86 ) — 2,940 Customer base 2,731 — (539 ) — (5 ) (49 ) — 2,138 Trademarks 780 — (58 ) — — (32 ) — 690 Other intangible assets 86 22 (30 ) — 4 (2 ) (3 ) 77 Intangible assets in process 636 815 — — (412 ) (23 ) — 1,016 Total intangible assets 18,005 1,978 (3,298 ) (19 ) 454 (261 ) (3 ) 16,856 The gross cost, accumulated amortization and impairment losses of intangible assets at December 31, 2019 and 2018 are as follows: Balance at 12/31/2019 Millions of euros Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangements and licenses 20,414 (11,848 ) — 8,566 Software 17,578 (14,597 ) (1 ) 2,980 Customer base 6,544 (4,878 ) — 1,666 Trademarks 1,887 (1,247 ) — 640 Other intangible assets 956 (901 ) (3 ) 52 Intangible assets in process 2,130 — — 2,130 Total intangible assets 49,509 (33,471 ) (4 ) 16,034 Balance at 12/31/2018 Millions of euros Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangements and licenses 21,145 (11,150 ) — 9,995 Software 17,153 (14,213 ) — 2,940 Customer base 6,766 (4,628 ) — 2,138 Trademarks 1,853 (1,163 ) — 690 Other intangible assets 1,022 (942 ) (3 ) 77 Intangible assets in process 1,016 — — 1,016 Total intangible assets 48,955 (32,096 ) (3 ) 16,856 Additions of spectrum in 2019, including the additions corresponding to companies held for sale, amounting to 1,501 million euros ( 868 million euros in 2018). In June 2019, as part of the 5G frequency auction, Telefónica Germany acquired a total of 90 MHz of spectrum in the 2 GHz and 3.6 GHz bands, for a total amount of 1,425 million euros. The German Federal Network Agency assigned the frequency blocks in August 2019: • At 2 GHz, a paired block of 5 MHz with a running time from 2021, and a paired block of 5 MHz with a running time from 2026; and • At 3.6 GHz, seven unpaired blocks of 10 MHz each, which will be made available gradually by 2022 at the latest. In September 2019, Telefónica Germany, like the other auction participants, reached an agreement to pay in annual installments until 2030, beginning in December 2019, instead of one-time payment (see Note 21 and Appendix VI). In addition, in Uruguay the acquisition of spectrum in 2.6 GHz band for 26 million euros. The main acquisitions of radio spectrum in 2018 were as follows: ▪ In Telefónica United Kingdom, the acquisition of 40 MHz in the 2.3 GHz band for 230 million euros, and 40 MHz in the 3.4 GHz band amounting to 358 million euros registered as intangible assets in process. ▪ In Telefónica Spain, the acquisition of the purchase of spectrum in the 3.7 GHz band amounting to 108 million euros. ▪ In Telefónica Hispam Norte, the acquisition by Telefónica Móviles México of 2.5 GHz blocks for 33 million euros and the renewal of spectrum in the band of 1900 MHz for 102 million euros. ▪ In Telefónica Hispam Sur, the acquisition of spectrum in the 2.6 GHz band by Telefónica Argentina for 21 million euros. Disposals of "Service concession arrangements and licenses" in 2019 correspond to the licenses to use spectrum of Telefónica Mexico (see Note 2). "Transfers and others" in 2019 include the reclassification of the intangible assets of Telefónica de Costa Rica amounting to 65 million euros to "Non-current assets classified as held for sale" of the statements of financial position (see Note 30). "Transfers and others" in 2018 included the reclassification of the intangible assets of Telefónica Móviles Guatemala and Telefónica Móviles El Salvador amounting to 44 and 30 million euros, respectively, to "Non-current assets classified as held for sale" of the statements of financial position (see Note 30 ). Appendix VI contains the details of the main concessions and licenses which the Group operates. “Exclusion of companies” in 2019 mainly corresponds to the sale of Telefonía Celular de Nicaragua and Telefónica Móviles Panamá amounting to 12 and 100 million euros, respectively (see Note 2). The result of the translation to euros of the intangible assets by the companies of the Group in Argentina and Venezuela, together with the effect of the hyperinflation adjustments (see Note 2) are shown in the column "Translation differences and hyperinflation adjustments". The hyperinflation adjustment at January 1, 2018 corresponding to the intangible assets of the Group companies in Argentina totaled 483 million euros (mainly 458 million euros for service concession arrangements and licenses and 24 million euros for software). Goodwill Movement in goodwill The movement in goodwill assigned to each Group segment was as follows: 2019 Millions of euros Balance at 12/31/2018 Disposals Additions Write-offs Exchange rate impact and other Balance at 12/31/2019 Telefónica Spain 4,310 (11 ) — — — 4,299 Telefónica Brazil 8,991 (1 ) — — (176 ) 8,814 Telefónica Germany 4,815 — 4 — — 4,819 Telefónica United Kingdom 4,611 — — — 236 4,847 Telefónica Hispam Norte 464 (144 ) — — 5 325 Telefónica Hispam Sur 2,462 (22 ) — (206 ) (31 ) 2,203 Others 95 (1 ) 2 — — 96 Total 25,748 (179 ) 6 (206 ) 34 25,403 2018 Millions of euros Balance at 12/31/2017 Transfer to Non-currents assets held for sale Write-offs and disposals Exchange rate impact and other Balance at 12/31/2018 Telefónica Spain 4,310 — — — 4,310 Telefónica Brazil 10,057 — — (1,066 ) 8,991 Telefónica Germany 4,815 — — — 4,815 Telefónica United Kingdom 4,648 — — (37 ) 4,611 Telefónica Hispam Norte 1,002 (183 ) (350 ) (5 ) 464 Telefónica Hispam Sur 1,907 — — 555 2,462 Others 102 — (6 ) (1 ) 95 Total 26,841 (183 ) (356 ) (554 ) 25,748 As explained hereafter, in 2019 an impairment loss was recognized on the goodwill assigned to Telefónica Argentina, amounting to 206 million euros, with a balancing entry in “Other expenses” (see Note 26). The disposals of goodwill in 2019 in the segment Telefónica Hispam Norte correspond to the sale of Telefónica Móviles Panamá and Telefonía Celular de Nicaragua (see Note 2). The rest of disposals in 2019 corresponds to the sale of the Data Centers businesses (see Note 2). The amount transferred in 2018 to Non-current assets held for sale corresponded to Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Notes 2 and 30). In 2018, an impairment loss was recognized for the total value of the goodwill assigned to Telefónica Móviles México, amounting to 350 million euros, with a balancing entry in “Other expenses”. In addition, goodwill of 6 million euros from the sale of Tokbox Inc was derecognized (see Note 26). As explained in Note 2, in 2019 and 2018 Telefónica Group applied inflation adjustments to its companies whose functional currency is the Argentine peso. The adjustment for inflation at January 1, 2018, of the goodwill recognized in relation to the Group’s operators in Argentina was 858 million euros, recorded in the column "Exchange rate impact and other" of Telefónica Hispam Sur. Cash-generating units In order to test for impairment, goodwill was allocated to the different cash-generating units (CGUs), which are grouped into the following reportable operating segments: Millions of euros 12/31/2019 12/31/2018 Telefónica Spain 4,299 4,310 Telefónica Brazil 8,814 8,991 Telefónica Germany 4,819 4,815 Telefónica United Kingdom 4,847 4,611 Telefónica Hispam Norte 325 464 Colombia 195 192 Central America — 144 Ecuador 130 128 Telefónica Hispam Sur 2,203 2,462 Chile 856 906 Peru 766 744 Argentina 557 785 Uruguay 24 27 Others 96 95 TOTAL 25,403 25,748 Goodwill is tested for impairment at the end of the year using the business plans (approved by the Board of Directors) of the cash-generating units to which the goodwill is assigned. The business plans cover a four years period, including the closing year. Therefore, in order to complete the five years of cash flows after the closing year, an additional two -year normalization period is added to the business plans based on the operating ratios until the terminal parameters are reached. The analysts consensus' forecasts are used as a reference. For specific cases, extended business plans are used to cover the five-year period of cash flows, when the normalization period does not properly reflect the expected evolution of the business. Finally, to determine the terminal value of each CGU, a constant free cash flows growth over time is assumed, applying a terminal growth rate. The model used is similar to the dividend discount model developed by Gordon-Shapiro, internationally recognized for business valuations. The process of preparing the CGUs’ business plans considers the current market condition of each CGU, analyzing the macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs, and the differentiation capabilities compared to the competition based on market projections. A growth target is therefore defined for each CGU, based on the appropriate allocation of operating resources and the capital investments required to achieve the target. In addition, operating efficiency improvements are defined, in line with the strategic transformation initiatives, in order to increase the forecasted operating cash flow. In this process, the Group considers the compliance with business plans in the past. Main assumptions used in calculating value in use CGUs’ value in use are calculated based on the approved business plans. Certain variables are then considered, including the long-term OIBDA margin and the long-term Capital Expenditure ratio (expressed as a percentage of revenue), which are considered the key operating variables to measure business performance and to set financial targets. Finally, the discount rates and the perpetuity growth rates are considered. The main variables considered for the most significant CGUs (Brazil, Spain, United Kingdom and Germany), are described below. Revenues In terms of revenues, the plan is in line with the average three-year estimates made by analysts, which include a trend towards stability or improvement. The OIBDA margin and long-term Capital Expenditure (CapEx) ratio The values obtained, as described in the previous paragraphs, are compared with the available data on competitors in the geographic markets where Telefónica Group operates. With regard to Europe, the long-term OIBDA margin for operations in Spain is around 40% , while it is lower in Germany and the United Kingdom (around 30% ) . The long-term OIBDA margin is therefore in line with analysts' forecasts over a three-year horizon, with Spain estimated at around 40% , Germany at 33% and the United Kingdom at 31% . Regarding the long-term ratio of CapEx over revenues, forecasted in the business plans, the Group’s European operators invest at a percentage of revenue aligned with the range for peers in the region. However, the valuations performed for the impairment tests for Spain, Germany and United Kingdom consider the opinions of Telefónica Group’s analysts with regard to investment needs (around 13% for the three countries). The OIBDA margin for Brazil is also around 40% , within the range of analysts' long-term forecasts (at around 43%). Over the term of the business plans, the operator will invest a percentage in line with the investment needs forecasted by analysts (around 18% ). Discount rate The discount rate, applied to measure cash flows, is the weighted average cost of capital (WACC), determined by the weighted average cost of equity and debt according to the finance structure established for each CGU. This rate is calculated using the capital asset pricing model (CAPM), which considers the asset’s systemic risk, and the impact of those risks not already considered on cash flows, such as country risk, business-specific credit risk, currency risk and price risk specific to the financial asset. Within the most relevant CGUs, we consider again in the United Kingdom the uncertainty surrounding Brexit. Thus, while an initial agreement was reached with the EU, the uncertainty remains about the new trading relationship with Europe, which continues generating an adverse impact on certain financial indicators and lower economic growth than would otherwise be the case. For this reason, the cost of capital used in the valuation continues to be stressed, through a higher market premium in line with the implicit one. The most significant components of WACC are summarized as follows: • Risk-Free Rate: defined as the interest rate offered by long-term sovereign bonds. The rate is determined using current market data and equilibrium level estimates (according to standard econometric models, supported by modeling of neutral rates prepared by the central banks themselves) in which the interest rates should be located, thus adjusting the yields, set at low rates due to the high influence of public debt purchased by central banks. • Political Risk Premium: adds the country's insolvency risk due to political and/or financial events; calculation is based on the quoted prices of credit default swaps for each country or, the EMBI+ index published by JP Morgan based on the information available and the liquidity conditions of these swaps. • Equity Risk Premium (ERP): the return in excess that equity assets are expected to yield over the risk-free rate. This is determined using a combination of historical approaches (ex post) backed by external publications and studies based on historical market returns series, and prospective approaches (ex-ante), based on market publications, considering the medium- and long-term profit expectations based on the degree of maturity and development of each country. • Beta Coefficient: a measure of the volatility, or systematic risk, of an equity asset in comparison to the entire market. It is estimated based on a series of historical share prices of comparable companies listed on the stock exchange, to estimate the correlation between the company shares´ returns and the stock market returns, of the country where the company is listed. The main underlying data used in these calculations are obtained from independent and renowned external information sources. The discount rates applied to the cash flow projections in 2019 and 2018 for the main CGUs are as follows: 2019 2018 Discount rate in local currency Before tax After-tax Before tax After-tax Spain 8.2% 6.2% 8.3% 6.4% Brazil 12.6% 10.0% 14.4% 11.2% United Kingdom 7.8% 6.2% 7.5% 6.3% Germany 7.8% 4.9% 6.9% 5.2% Perpetuity growth rate Cash flow projections from the sixth year are calculated using an expected constant growth rate (g), considering the analyst consensus estimates for each business, based on the maturity of the industry and technology, and the degree of development of each country. Each indicator is compared to the forecasted long-term real and nominal GDP growth of each country and growth data from external sources, adjusting any particular case with specific characteristics related to the business evolution. The perpetuity growth rates applied to the cash flow projections in 2019 and 2018 for the main CGUs are as follows: Perpetuity growth rate in local currency 2019 2018 Spain 1.0% 0.9% Brazil 4.5% 4.5% United Kingdom 0.8% 0.8% Germany 1.1% 1.0% There were no significant changes in the perpetuity growth rates for 2019 compared to 2018 . Europe remains around 1% . In Brazil, the perpetuity growth rate is in line with the Brazilian Central Bank’s medium-term inflation target ( 4% , within a range of ±1.5 percentage points) and is aligned with the analysts consensus for the business plans horizon (below 4.5% ) yet below the forecasted nominal GDP growth rate (which oscillates around 6.5% ). A conservative outlook was maintained in line with analysts’ expectations. Sensitivity to changes in assumptions The Group performs a sensitivity analysis of the impairment test by considering reasonable changes in the main assumptions used in the test. For the main CGU, the following maximum increases or decreases were assumed, expressed in percentage points (percentage points): Changes in key assumptions, Spain United Kingdom Germany Brazil Financial variables Discount rate +/- 0.5 +/- 1 +/- 0.5 +/- 1 Perpetuity growth rates +/- 0.25 +/- 0.5 +/- 0.25 +/- 0.5 Long-term operating variables OIBDA Margin +/- 2 +/- 1.5 +/- 1.5 +/- 2 Ratio of CapEx/Revenues +/- 1 +/- 0.75 +/- 0.75 +/- 1 The sensitivity analysis revealed a comfortable gap between the recoverable value and carrying amount for the main CGUs at December 31, 2019. For the sensitivity analysis of the valuation of Telefónica United Kingdom, the threshold of the reasonable variations of financial assumptions were increased, due to the uncertainty of Brexit (to +/- 1 percentage points in the discount rate and +/- 0.5 percentage points in the perpetuity growth rate). In the case of the reasonable variations of the operating variables, there is also a significant gap between these valuations and the carrying value. Although the final result of Brexit could have a negative effect on Telefónica United Kingdom, it must be pointed out that, since the Brexit referendum took place in 2016, the company has not experienced any worsening of its operating variables, recording growth in revenue, OIBDA and OIBDA margin in the last three years in local currency (see Note 4). In the case of Telefónica Peru, affected by competitive intensity and the negative impact of regulation, an increase of 50 basis points in its WACC (from 8.4% to 8.9%), would generate an impairment of goodwill of approximately 60 million euros, while a lower terminal growth rate of 50 basic points (from 3.3% to 2.8%) would have a negative impact amounting to 26 million euros. In turn, a 1.25 percentage points decrease in the long-term OIBDA margin, would have a negative impact amounting to 130 million euros, and a 0.63 percentage points increase in the investment/sales ratio would generate an impairment of goodwill amounting to 44 million euros. Calculation of the recoverable amount of Telefónica Argentina The country’s delicate financial situation, aggravated after the virulent financial impact of the primary elections held in August 2019, the deterioration in economic activity and the uncertainty awaiting a new sustainable economic/financial program after the new Government was formed have strained financial variables. In that context, and considering the sensitivity of the impairment test identified for Telefónica Argentina in 2018, the Group made an additional analysis to determine the recoverable amount of the CGU, by calculating the fair value less costs to sale (see Note 3.f), using discounted cash flow projections. To this end, a new business plan was prepared that entails a moderation in cash generation compared to previous years and additionally cost efficiencies and strategic synergies were considered, reflected in previous transactions both in the Group and third parties. The WACC rate, in local currency, considers inflation that affects business cash flows in the plan’s horizon, converging in a perpetuity discount rate of around 22% and terminal nominal growth of 10%, aligned with the expected normalization for the inflation rate. Both variables are also aligned with the consensus of Argentine market analysts of using hard currency. The resulting valuation is classified in the Level 3 of the measurement hierarchy under IFRS 13. As a result of this analysis, in 2019 an impairment loss was recognized on the goodwill assigned to Telefónica Argentina, amounting to 206 million euros. Regarding the sensitivity of the calculation, an increase of 200 basis points in its WACC, would generate an additional impairment of goodwill of approximately 220 million euros, while a lower terminal growth rate of 0.75 percentage points, would increase this negative impact in 100 million euros. In turn, a 1.5 percentage points drop in the OIBDA margin would increase the impairment in approximately 200 million euros, and a 0.75 percentage points increase in the investment/sales ratio would generate an additional impairment of goodwill amounting to 100 million euros. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Goodwill | Intangible assets The composition of and movements in net intangible assets in 2019 and 2018 are as follows: 2019 Millions of euros Balance at 12/31/2018 Additions (1) Amortization Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion of companies Balance at 12/31/2019 Service concession arrangements and licenses 9,995 25 (1,227 ) (495 ) 333 23 (88 ) 8,566 Software 2,940 420 (1,464 ) (4 ) 1,113 (6 ) (19 ) 2,980 Customer base 2,138 — (478 ) — 9 (3 ) — 1,666 Trademarks 690 — (58 ) — — 8 — 640 Other intangible assets 77 15 (21 ) — (18 ) (1 ) — 52 Intangible assets in process 1,016 2,267 — (1 ) (1,146 ) — (6 ) 2,130 Total intangible assets 16,856 2,727 (3,248 ) (500 ) 291 21 (113 ) 16,034 (1) Total additions of intangible assets in 2019 amounted to 2,733 million euros, including the additions corresponding to companies held for sale and sold companies during the annual reporting period (see Note 2). 2018 Millions of euros Balance at 12/31/17 Additions Amortization Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion of companies Balance at 12/31/2018 Service concession arrangements and licenses 10,785 509 (1,221 ) — (9 ) (69 ) — 9,995 Software 2,987 632 (1,450 ) (19 ) 876 (86 ) — 2,940 Customer base 2,731 — (539 ) — (5 ) (49 ) — 2,138 Trademarks 780 — (58 ) — — (32 ) — 690 Other intangible assets 86 22 (30 ) — 4 (2 ) (3 ) 77 Intangible assets in process 636 815 — — (412 ) (23 ) — 1,016 Total intangible assets 18,005 1,978 (3,298 ) (19 ) 454 (261 ) (3 ) 16,856 The gross cost, accumulated amortization and impairment losses of intangible assets at December 31, 2019 and 2018 are as follows: Balance at 12/31/2019 Millions of euros Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangements and licenses 20,414 (11,848 ) — 8,566 Software 17,578 (14,597 ) (1 ) 2,980 Customer base 6,544 (4,878 ) — 1,666 Trademarks 1,887 (1,247 ) — 640 Other intangible assets 956 (901 ) (3 ) 52 Intangible assets in process 2,130 — — 2,130 Total intangible assets 49,509 (33,471 ) (4 ) 16,034 Balance at 12/31/2018 Millions of euros Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangements and licenses 21,145 (11,150 ) — 9,995 Software 17,153 (14,213 ) — 2,940 Customer base 6,766 (4,628 ) — 2,138 Trademarks 1,853 (1,163 ) — 690 Other intangible assets 1,022 (942 ) (3 ) 77 Intangible assets in process 1,016 — — 1,016 Total intangible assets 48,955 (32,096 ) (3 ) 16,856 Additions of spectrum in 2019, including the additions corresponding to companies held for sale, amounting to 1,501 million euros ( 868 million euros in 2018). In June 2019, as part of the 5G frequency auction, Telefónica Germany acquired a total of 90 MHz of spectrum in the 2 GHz and 3.6 GHz bands, for a total amount of 1,425 million euros. The German Federal Network Agency assigned the frequency blocks in August 2019: • At 2 GHz, a paired block of 5 MHz with a running time from 2021, and a paired block of 5 MHz with a running time from 2026; and • At 3.6 GHz, seven unpaired blocks of 10 MHz each, which will be made available gradually by 2022 at the latest. In September 2019, Telefónica Germany, like the other auction participants, reached an agreement to pay in annual installments until 2030, beginning in December 2019, instead of one-time payment (see Note 21 and Appendix VI). In addition, in Uruguay the acquisition of spectrum in 2.6 GHz band for 26 million euros. The main acquisitions of radio spectrum in 2018 were as follows: ▪ In Telefónica United Kingdom, the acquisition of 40 MHz in the 2.3 GHz band for 230 million euros, and 40 MHz in the 3.4 GHz band amounting to 358 million euros registered as intangible assets in process. ▪ In Telefónica Spain, the acquisition of the purchase of spectrum in the 3.7 GHz band amounting to 108 million euros. ▪ In Telefónica Hispam Norte, the acquisition by Telefónica Móviles México of 2.5 GHz blocks for 33 million euros and the renewal of spectrum in the band of 1900 MHz for 102 million euros. ▪ In Telefónica Hispam Sur, the acquisition of spectrum in the 2.6 GHz band by Telefónica Argentina for 21 million euros. Disposals of "Service concession arrangements and licenses" in 2019 correspond to the licenses to use spectrum of Telefónica Mexico (see Note 2). "Transfers and others" in 2019 include the reclassification of the intangible assets of Telefónica de Costa Rica amounting to 65 million euros to "Non-current assets classified as held for sale" of the statements of financial position (see Note 30). "Transfers and others" in 2018 included the reclassification of the intangible assets of Telefónica Móviles Guatemala and Telefónica Móviles El Salvador amounting to 44 and 30 million euros, respectively, to "Non-current assets classified as held for sale" of the statements of financial position (see Note 30 ). Appendix VI contains the details of the main concessions and licenses which the Group operates. “Exclusion of companies” in 2019 mainly corresponds to the sale of Telefonía Celular de Nicaragua and Telefónica Móviles Panamá amounting to 12 and 100 million euros, respectively (see Note 2). The result of the translation to euros of the intangible assets by the companies of the Group in Argentina and Venezuela, together with the effect of the hyperinflation adjustments (see Note 2) are shown in the column "Translation differences and hyperinflation adjustments". The hyperinflation adjustment at January 1, 2018 corresponding to the intangible assets of the Group companies in Argentina totaled 483 million euros (mainly 458 million euros for service concession arrangements and licenses and 24 million euros for software). Goodwill Movement in goodwill The movement in goodwill assigned to each Group segment was as follows: 2019 Millions of euros Balance at 12/31/2018 Disposals Additions Write-offs Exchange rate impact and other Balance at 12/31/2019 Telefónica Spain 4,310 (11 ) — — — 4,299 Telefónica Brazil 8,991 (1 ) — — (176 ) 8,814 Telefónica Germany 4,815 — 4 — — 4,819 Telefónica United Kingdom 4,611 — — — 236 4,847 Telefónica Hispam Norte 464 (144 ) — — 5 325 Telefónica Hispam Sur 2,462 (22 ) — (206 ) (31 ) 2,203 Others 95 (1 ) 2 — — 96 Total 25,748 (179 ) 6 (206 ) 34 25,403 2018 Millions of euros Balance at 12/31/2017 Transfer to Non-currents assets held for sale Write-offs and disposals Exchange rate impact and other Balance at 12/31/2018 Telefónica Spain 4,310 — — — 4,310 Telefónica Brazil 10,057 — — (1,066 ) 8,991 Telefónica Germany 4,815 — — — 4,815 Telefónica United Kingdom 4,648 — — (37 ) 4,611 Telefónica Hispam Norte 1,002 (183 ) (350 ) (5 ) 464 Telefónica Hispam Sur 1,907 — — 555 2,462 Others 102 — (6 ) (1 ) 95 Total 26,841 (183 ) (356 ) (554 ) 25,748 As explained hereafter, in 2019 an impairment loss was recognized on the goodwill assigned to Telefónica Argentina, amounting to 206 million euros, with a balancing entry in “Other expenses” (see Note 26). The disposals of goodwill in 2019 in the segment Telefónica Hispam Norte correspond to the sale of Telefónica Móviles Panamá and Telefonía Celular de Nicaragua (see Note 2). The rest of disposals in 2019 corresponds to the sale of the Data Centers businesses (see Note 2). The amount transferred in 2018 to Non-current assets held for sale corresponded to Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Notes 2 and 30). In 2018, an impairment loss was recognized for the total value of the goodwill assigned to Telefónica Móviles México, amounting to 350 million euros, with a balancing entry in “Other expenses”. In addition, goodwill of 6 million euros from the sale of Tokbox Inc was derecognized (see Note 26). As explained in Note 2, in 2019 and 2018 Telefónica Group applied inflation adjustments to its companies whose functional currency is the Argentine peso. The adjustment for inflation at January 1, 2018, of the goodwill recognized in relation to the Group’s operators in Argentina was 858 million euros, recorded in the column "Exchange rate impact and other" of Telefónica Hispam Sur. Cash-generating units In order to test for impairment, goodwill was allocated to the different cash-generating units (CGUs), which are grouped into the following reportable operating segments: Millions of euros 12/31/2019 12/31/2018 Telefónica Spain 4,299 4,310 Telefónica Brazil 8,814 8,991 Telefónica Germany 4,819 4,815 Telefónica United Kingdom 4,847 4,611 Telefónica Hispam Norte 325 464 Colombia 195 192 Central America — 144 Ecuador 130 128 Telefónica Hispam Sur 2,203 2,462 Chile 856 906 Peru 766 744 Argentina 557 785 Uruguay 24 27 Others 96 95 TOTAL 25,403 25,748 Goodwill is tested for impairment at the end of the year using the business plans (approved by the Board of Directors) of the cash-generating units to which the goodwill is assigned. The business plans cover a four years period, including the closing year. Therefore, in order to complete the five years of cash flows after the closing year, an additional two -year normalization period is added to the business plans based on the operating ratios until the terminal parameters are reached. The analysts consensus' forecasts are used as a reference. For specific cases, extended business plans are used to cover the five-year period of cash flows, when the normalization period does not properly reflect the expected evolution of the business. Finally, to determine the terminal value of each CGU, a constant free cash flows growth over time is assumed, applying a terminal growth rate. The model used is similar to the dividend discount model developed by Gordon-Shapiro, internationally recognized for business valuations. The process of preparing the CGUs’ business plans considers the current market condition of each CGU, analyzing the macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs, and the differentiation capabilities compared to the competition based on market projections. A growth target is therefore defined for each CGU, based on the appropriate allocation of operating resources and the capital investments required to achieve the target. In addition, operating efficiency improvements are defined, in line with the strategic transformation initiatives, in order to increase the forecasted operating cash flow. In this process, the Group considers the compliance with business plans in the past. Main assumptions used in calculating value in use CGUs’ value in use are calculated based on the approved business plans. Certain variables are then considered, including the long-term OIBDA margin and the long-term Capital Expenditure ratio (expressed as a percentage of revenue), which are considered the key operating variables to measure business performance and to set financial targets. Finally, the discount rates and the perpetuity growth rates are considered. The main variables considered for the most significant CGUs (Brazil, Spain, United Kingdom and Germany), are described below. Revenues In terms of revenues, the plan is in line with the average three-year estimates made by analysts, which include a trend towards stability or improvement. The OIBDA margin and long-term Capital Expenditure (CapEx) ratio The values obtained, as described in the previous paragraphs, are compared with the available data on competitors in the geographic markets where Telefónica Group operates. With regard to Europe, the long-term OIBDA margin for operations in Spain is around 40% , while it is lower in Germany and the United Kingdom (around 30% ) . The long-term OIBDA margin is therefore in line with analysts' forecasts over a three-year horizon, with Spain estimated at around 40% , Germany at 33% and the United Kingdom at 31% . Regarding the long-term ratio of CapEx over revenues, forecasted in the business plans, the Group’s European operators invest at a percentage of revenue aligned with the range for peers in the region. However, the valuations performed for the impairment tests for Spain, Germany and United Kingdom consider the opinions of Telefónica Group’s analysts with regard to investment needs (around 13% for the three countries). The OIBDA margin for Brazil is also around 40% , within the range of analysts' long-term forecasts (at around 43%). Over the term of the business plans, the operator will invest a percentage in line with the investment needs forecasted by analysts (around 18% ). Discount rate The discount rate, applied to measure cash flows, is the weighted average cost of capital (WACC), determined by the weighted average cost of equity and debt according to the finance structure established for each CGU. This rate is calculated using the capital asset pricing model (CAPM), which considers the asset’s systemic risk, and the impact of those risks not already considered on cash flows, such as country risk, business-specific credit risk, currency risk and price risk specific to the financial asset. Within the most relevant CGUs, we consider again in the United Kingdom the uncertainty surrounding Brexit. Thus, while an initial agreement was reached with the EU, the uncertainty remains about the new trading relationship with Europe, which continues generating an adverse impact on certain financial indicators and lower economic growth than would otherwise be the case. For this reason, the cost of capital used in the valuation continues to be stressed, through a higher market premium in line with the implicit one. The most significant components of WACC are summarized as follows: • Risk-Free Rate: defined as the interest rate offered by long-term sovereign bonds. The rate is determined using current market data and equilibrium level estimates (according to standard econometric models, supported by modeling of neutral rates prepared by the central banks themselves) in which the interest rates should be located, thus adjusting the yields, set at low rates due to the high influence of public debt purchased by central banks. • Political Risk Premium: adds the country's insolvency risk due to political and/or financial events; calculation is based on the quoted prices of credit default swaps for each country or, the EMBI+ index published by JP Morgan based on the information available and the liquidity conditions of these swaps. • Equity Risk Premium (ERP): the return in excess that equity assets are expected to yield over the risk-free rate. This is determined using a combination of historical approaches (ex post) backed by external publications and studies based on historical market returns series, and prospective approaches (ex-ante), based on market publications, considering the medium- and long-term profit expectations based on the degree of maturity and development of each country. • Beta Coefficient: a measure of the volatility, or systematic risk, of an equity asset in comparison to the entire market. It is estimated based on a series of historical share prices of comparable companies listed on the stock exchange, to estimate the correlation between the company shares´ returns and the stock market returns, of the country where the company is listed. The main underlying data used in these calculations are obtained from independent and renowned external information sources. The discount rates applied to the cash flow projections in 2019 and 2018 for the main CGUs are as follows: 2019 2018 Discount rate in local currency Before tax After-tax Before tax After-tax Spain 8.2% 6.2% 8.3% 6.4% Brazil 12.6% 10.0% 14.4% 11.2% United Kingdom 7.8% 6.2% 7.5% 6.3% Germany 7.8% 4.9% 6.9% 5.2% Perpetuity growth rate Cash flow projections from the sixth year are calculated using an expected constant growth rate (g), considering the analyst consensus estimates for each business, based on the maturity of the industry and technology, and the degree of development of each country. Each indicator is compared to the forecasted long-term real and nominal GDP growth of each country and growth data from external sources, adjusting any particular case with specific characteristics related to the business evolution. The perpetuity growth rates applied to the cash flow projections in 2019 and 2018 for the main CGUs are as follows: Perpetuity growth rate in local currency 2019 2018 Spain 1.0% 0.9% Brazil 4.5% 4.5% United Kingdom 0.8% 0.8% Germany 1.1% 1.0% There were no significant changes in the perpetuity growth rates for 2019 compared to 2018 . Europe remains around 1% . In Brazil, the perpetuity growth rate is in line with the Brazilian Central Bank’s medium-term inflation target ( 4% , within a range of ±1.5 percentage points) and is aligned with the analysts consensus for the business plans horizon (below 4.5% ) yet below the forecasted nominal GDP growth rate (which oscillates around 6.5% ). A conservative outlook was maintained in line with analysts’ expectations. Sensitivity to changes in assumptions The Group performs a sensitivity analysis of the impairment test by considering reasonable changes in the main assumptions used in the test. For the main CGU, the following maximum increases or decreases were assumed, expressed in percentage points (percentage points): Changes in key assumptions, Spain United Kingdom Germany Brazil Financial variables Discount rate +/- 0.5 +/- 1 +/- 0.5 +/- 1 Perpetuity growth rates +/- 0.25 +/- 0.5 +/- 0.25 +/- 0.5 Long-term operating variables OIBDA Margin +/- 2 +/- 1.5 +/- 1.5 +/- 2 Ratio of CapEx/Revenues +/- 1 +/- 0.75 +/- 0.75 +/- 1 The sensitivity analysis revealed a comfortable gap between the recoverable value and carrying amount for the main CGUs at December 31, 2019. For the sensitivity analysis of the valuation of Telefónica United Kingdom, the threshold of the reasonable variations of financial assumptions were increased, due to the uncertainty of Brexit (to +/- 1 percentage points in the discount rate and +/- 0.5 percentage points in the perpetuity growth rate). In the case of the reasonable variations of the operating variables, there is also a significant gap between these valuations and the carrying value. Although the final result of Brexit could have a negative effect on Telefónica United Kingdom, it must be pointed out that, since the Brexit referendum took place in 2016, the company has not experienced any worsening of its operating variables, recording growth in revenue, OIBDA and OIBDA margin in the last three years in local currency (see Note 4). In the case of Telefónica Peru, affected by competitive intensity and the negative impact of regulation, an increase of 50 basis points in its WACC (from 8.4% to 8.9%), would generate an impairment of goodwill of approximately 60 million euros, while a lower terminal growth rate of 50 basic points (from 3.3% to 2.8%) would have a negative impact amounting to 26 million euros. In turn, a 1.25 percentage points decrease in the long-term OIBDA margin, would have a negative impact amounting to 130 million euros, and a 0.63 percentage points increase in the investment/sales ratio would generate an impairment of goodwill amounting to 44 million euros. Calculation of the recoverable amount of Telefónica Argentina The country’s delicate financial situation, aggravated after the virulent financial impact of the primary elections held in August 2019, the deterioration in economic activity and the uncertainty awaiting a new sustainable economic/financial program after the new Government was formed have strained financial variables. In that context, and considering the sensitivity of the impairment test identified for Telefónica Argentina in 2018, the Group made an additional analysis to determine the recoverable amount of the CGU, by calculating the fair value less costs to sale (see Note 3.f), using discounted cash flow projections. To this end, a new business plan was prepared that entails a moderation in cash generation compared to previous years and additionally cost efficiencies and strategic synergies were considered, reflected in previous transactions both in the Group and third parties. The WACC rate, in local currency, considers inflation that affects business cash flows in the plan’s horizon, converging in a perpetuity discount rate of around 22% and terminal nominal growth of 10%, aligned with the expected normalization for the inflation rate. Both variables are also aligned with the consensus of Argentine market analysts of using hard currency. The resulting valuation is classified in the Level 3 of the measurement hierarchy under IFRS 13. As a result of this analysis, in 2019 an impairment loss was recognized on the goodwill assigned to Telefónica Argentina, amounting to 206 million euros. Regarding the sensitivity of the calculation, an increase of 200 basis points in its WACC, would generate an additional impairment of goodwill of approximately 220 million euros, while a lower terminal growth rate of 0.75 percentage points, would increase this negative impact in 100 million euros. In turn, a 1.5 percentage points drop in the OIBDA margin would increase the impairment in approximately 200 million euros, and a 0.75 percentage points increase in the investment/sales ratio would generate an additional impairment of goodwill amounting to 100 million euros. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Property, Plant and Equipment | Property, plant and equipment The composition of and movement in the items constituting net “Property, plant and equipment” in 2019 and 2018 were as follows: 2019 Millions of euros Balance at 12/31/18 First application of IFRS 16 Additions (1) Depreciation Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion Balance at 12/31/19 Land and buildings 4,310 (9 ) 37 (334 ) (227 ) 61 (56 ) (179 ) 3,603 Plant and machinery 25,346 (107 ) 1,258 (4,845 ) (33 ) 3,638 (58 ) (193 ) 25,006 Furniture, tools and other items 1,201 (133 ) 129 (434 ) (4 ) 503 7 (21 ) 1,248 PP&E in progress 2,438 — 4,568 — (2 ) (4,612 ) 18 (39 ) 2,371 Total PP&E 33,295 (249 ) 5,992 (5,613 ) (266 ) (410 ) (89 ) (432 ) 32,228 (1) Total additions of property, plant and equipment in 2019 amounted to 6,051 million euros, including the additions corresponding to companies held for sale and sold companies during the annual reporting period (see Note 2). 2018 Millions of euros Balance at 12/31/17 Additions Depreciation Disposals Transfers and others Translation differences and hyperinflation adjustments Balance at 12/31/18 Land and buildings 4,383 42 (368 ) (29 ) 77 205 4,310 Plant and machinery 25,297 1,305 (4,905 ) (6 ) 4,204 (549 ) 25,346 Furniture, tools and other items 1,267 134 (478 ) (21 ) 340 (41 ) 1,201 PP&E in progress 3,278 4,660 — (15 ) (5,401 ) (84 ) 2,438 Total PP&E 34,225 6,141 (5,751 ) (71 ) (780 ) (469 ) 33,295 The gross cost, accumulated depreciation and impairment losses of property, plant and equipment at December 31, 2019 and 2018 were as follows: Balance at December 31, 2019 Millions of euros Gross cost Accumulated depreciation Impairment losses PP&E Land and buildings 10,588 (6,975 ) (10 ) 3,603 Plant and machinery 101,249 (76,186 ) (57 ) 25,006 Furniture, tools and other items 7,041 (5,788 ) (5 ) 1,248 PP&E in progress 2,381 — (10 ) 2,371 Total PP&E 121,259 (88,949 ) (82 ) 32,228 Balance at December 31, 2018 Millions of euros Gross cost Accumulated depreciation Impairment losses PP&E Land and buildings 11,949 (7,636 ) (3 ) 4,310 Plant and machinery 102,615 (77,222 ) (47 ) 25,346 Furniture, tools and other items 7,137 (5,931 ) (5 ) 1,201 PP&E in progress 2,453 — (15 ) 2,438 Total PP&E 124,154 (90,789 ) (70 ) 33,295 Investment by Telefónica Spain in property plant and equipment in 2019 and 2018 amounted to 1,390 and 1,387 million euros, respectively. It should be noted fast fiber optic and IPTV rollout exceeded an estimated 23 million premises passed by year-end 2019 and investments in the LTE network reached 97% population coverage. Investment by Telefónica United Kingdom in property plant and equipment in 2019 and 2018 amounted to 779 and 777 million euros, respectively. The investment has been focused on enhancing the LTE navigation experience, achieving 99% population coverage by year-end 2019, and pursuing the improvement of network capacity and quality. Investment by Telefónica Germany in property plant and equipment in 2019 and 2018 amounted to 807 and 697 million euros, respectively. The company remains dedicated to extending LTE coverage, achieving a population coverage of 92% by year-end 2019. Investment by Telefónica Brazil in property plant and equipment in 2019 and 2018 amounted to 1,605 and 1,625 million euros, respectively. The investment was mainly dedicated to extending the coverage and capacity of the LTE mobile networks, the improvement of network quality, the extension of the fiber network in the fixed business, as well as network simplification and the digitalization of processes and systems. Investment by Telefónica Hispam Norte in property plant and equipment in 2019 and 2018 amounted to 460 (excluding the investment in Central América, see Note 2) and 460 million euros, respectively. This investment has been mainly focused on improving the coverage and capacity of LTE networks, the deployment of ultra-broadband fixed capabilities (fiber/HFC) in Colombia, as well as the simplification and digitalization of processes and systems in the region. Investment by Telefónica Hispam Sur in property plant and equipment in 2019 and 2018 amounted to 819 and 997 million euros, respectively. This investment has been mainly focused on improving the coverage and capacity of LTE networks and ultra-broadband fixed capabilities (fiber / HFC). "First application of IFRS 16 impact" includes the transfer of the property, plant and equipment originated in finance lease operations amounting to 249 million euros, reclassified to "Rights of use" at the transition date of IFRS 16 (see Notes 2 and 9). "Transfers and others" in 2019 includes the reclassification of property, plant and equipment of Telefónica de Costa Rica amounting to 78 million euros, to "Non-current assets classified as held for sale" of the statements of financial position (see Note 30). "Transfers and others" in 2018 included the reclassification of property, plant and equipment of Telefónica Móviles Guatemala and Telefónica Móviles El Salvador amounting to 157 and 91 million euros, respectively, to "Non-current assets classified as held for sale" of the statements of financial position (see Note 30). “Exclusion of companies” in 2019 mainly correspond to the sales of Telefonía Celular de Nicaragua and Telefónica Móviles Panamá, amounting to 103 and 95 million euros, respectively, and the sale of a portfolio of certain Data Centers (see Note 2) for a total amount of 227 million euros. The result of the translation to euros of property, plant and equipment by the companies of the Group in Argentina and Venezuela, together with the effect of the hyperinflation adjustments (see Note 2) are shown in the column "Translation differences and hyperinflation adjustments". The hyperinflation adjustment at January 1, 2018 corresponding to property, plant and equipment of the Group companies in Argentina totaled 1,029 million euros (mainly 623 million euros for plant and machinery and 298 million euros for buildings). Telefónica Group companies purchased insurance policies to reasonably cover the possible risks to which their property, plant and equipment used in operations are subject, with suitable limits and coverage. Additionally, as part of its commercial activities and network deployment, the Group maintains several property acquisition commitments. The timing of scheduled payments in this regard is disclosed in Note 26. |
Rights of Use
Rights of Use | 12 Months Ended |
Dec. 31, 2019 | |
Rights of Use [Abstract] | |
Rights of Use | Rights of use The movement of rights of use in 2019 is as follows: 2019 Millions of euros Balance at 12/31/18 First application IFRS 16 (Note 2) Additions (1) Amorti-zation Disposals Exclusion Transfers and others Translation differences and hyperinflation Balance at 12/31/19 Rights of use on land and natural properties — 1,622 334 (385 ) (61 ) (6 ) (3 ) 13 1,514 Rights of use on buildings — 4,361 697 (904 ) (136 ) (109 ) (123 ) 7 3,793 Rights of use on plant and machinery — 1,676 206 (373 ) (70 ) (6 ) (7 ) 8 1,434 Other rights of use — 211 47 (59 ) (2 ) — (1 ) 2 198 Total of rights of use — 7,870 1,284 (1,721 ) (269 ) (121 ) (134 ) 30 6,939 1) Total additions of rights of use in 2019 amounted to 1,292 million euros, including the additions corresponding to companies held for sale and sold companies during the annual reporting period. Additions of rights of use are detailed in Note 4. "Transfers and others" includes the transfer to "Non-current assets classified as held for sale" of the rights of use of Telefónica de Costa Rica amounting to 127 million euros (see Note 30). “Exclusion of companies” in 2019 correspond to the sale of Telefonía Celular de Nicaragua and Telefónica Móviles Panamá amounting to 74 and 47 million euros, respectively. The result of the translation to euros of rights of use by the companies of the Group in Argentina and Venezuela, together with the effect of the hyperinflation adjustments (see Note 2) are shown in the column "Translation differences and hyperinflation adjustments". The gross cost and accumulated depreciation of the rights of use at December 31, 2019 is as follows: Balance at December 31, 2019 Millions of euros Gross cost Accumulated depreciation Rights of use Rights of use on land and natural properties 1,890 (376 ) 1,514 Rights of use on buildings 4,722 (929 ) 3,793 Rights of use on plant and machinery 1,822 (388 ) 1,434 Other rights of use 305 (107 ) 198 Total of rights of use 8,739 (1,800 ) 6,939 The detail of expenses related to leases included in Supplies and Other expenses (see Note 3.n) of the consolidated income statement for 2019 is as follows: Millions of euros 2019 Short-term leases included in operating results as supplies 115 Short-term leases included in external services 108 Leases of low-value assets included in external services 13 Variable lease payments not included in the measurement of leases liabilities 2 Total expenses as external services (Note 26) 123 Total lease expenses 238 |
Associates and Joint Ventures
Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Interests In Other Entities [Abstract] | |
Associates and Joint Ventures | Associates and joint ventures The breakdown of items related to associates and joint ventures recognized in the consolidated statements of financial position and consolidated income statements is as follows: Millions of euros 12/31/2019 12/31/2018 Investments accounted for by the equity method 140 68 Receivables from associates and joint ventures for current operations (Note 14) 37 33 Financial debt, associates and joint ventures — 104 Payables to associates and joint ventures (Note 22) 634 520 Millions of euros 2019 2018 2017 Share of income (loss) of investments accounted for by the equity method 13 4 5 Revenue from operations with associates and joint ventures 265 233 218 Expenses from operations with associates and joint ventures 30 14 20 Financial revenues with associates and joint ventures — 1 — Financial expenses with associates and joint ventures 1 — — The detail of the movement in investments accounted for by the equity method in 2019 and 2018 was as follows: Investments accounted for by the equity method Millions of euros Balance at 12/31/17 77 Additions 5 Disposals (4 ) Translation differences and other comprehensive income (loss) 2 Income (loss) 4 Dividends (14 ) Transfers and others (2 ) Balance at 12/31/18 68 Income (loss) 13 Dividends (13 ) Transfers and others 72 Balance at 12/31/19 140 "Transfers and others" line mainly includes the reclassification of the net book value of Internet para Todos, S.A.C. to Investments accounted for by the equity method. The Group holds a 37% stake in this company. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Related Parties | Related parties Significant shareholders The significant shareholders of the Company are Blackrock, Inc., Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) and Caja de Ahorros y Pensiones de Barcelona ("la Caixa"), with stakes in Telefónica, S.A. of 5.70% , 5.18% and 5.01% , respectively at December 31, 2019. During 2019 and 2018, the Group carried out no significant transactions with Blackrock, Inc. other than the corresponding dividends paid. The following is a summary of significant transactions between the Telefónica Group and BBVA and la Caixa companies, carried out at market prices: Millions of euros 2019 BBVA La Caixa Finance costs 32 7 Receipt of services 8 8 Purchase of goods — 62 Other expenses 4 — Total costs 44 77 Finance income 27 — Dividends received (1) 11 N/A Services rendered 13 63 Sale of goods 9 49 Other income 1 — Total revenues 61 112 Purchase of assets — 4 Finance arrangements: loans and capital contributions (borrower) 568 116 Finance arrangements: loans and capital contributions (lessee) — 5 Guarantees 169 91 Commitments — 89 Finance arrangements: loans and capital contributions (lender) 608 675 Dividends paid 121 108 Factoring operations 904 — ( 1) At December 31, 2019 , Telefónica held a 0.66% stake ( 0.66% stake at December 31, 2018 ) in the share capital of Banco Bilbao Vizcaya Argentaria, S.A. (see Note 12). The nominal value of outstanding derivatives held with BBVA and la Caixa in 2019 amounted to 14,553 million euros and 557 million euros, respectively ( 17,962 million euros held with BBVA and 543 million euros held with La Caixa in 2018) . As explained under Derivatives policy in Note 19, this figure is inflated by the use in some cases of several levels of derivatives applied to the nominal value of a single underlying. The net fair value of these same derivatives in the statement of financial position is 491 million euros and -2 million euros, respectively at December 31, 2019 ( 428 million euros and -10 million euros, respectively, at December 31, 2018) . Additionally, at December 31, 2019 , collateral guarantees on derivatives from BBVA and la Caixa have been received, amounting to 276 million euros and 19 million euros, respectively ( 8 million euros and 6 million euros respectively at December 31, 2018). Millions of euros 2018 BBVA La Caixa Finance costs 37 9 Receipt of services 6 6 Purchase of goods — 60 Other expenses 3 — Total costs 46 75 Finance income 42 — Dividends received 11 N/A Services rendered 26 60 Sale of goods 3 48 Other income 2 — Total revenues 84 108 Finance arrangements: loans and capital contributions (borrower) 368 368 Finance arrangements: loans and capital contributions (lessee) — 10 Guarantees 202 104 Commitments — 94 Finance arrangements: loans and capital contributions (lender) 595 891 Dividends 124 105 Factoring operations 643 300 On the other hand, in 2019 CaixaBank Payments & Consumer, E.F.C., E.P., S.A.U. and Telefónica, S.A., as shareholders of Telefónica Consumer Finance, E.F.C., S.A. (“TCF”), have agreed to authorize that TCF may carry out activities ancillary to its current core businesses, as well as the implementation of a new activity consisting of the financing of the acquisition of security services by clients of companies in which the Telefónica Group in Spain holds at least 50% of its share capital entailing voting rights that provide such services. Similarly, in July 2019, a collaboration agreement was signed between Telefónica Digital España, S.L.U. and Banco Bilbao Vizcaya Argentaria, S.A., with the aim of commercializing loans to consumers and SME in Argentina, Colombia and Peru. The actual commercialization is subject to the execution of a local agreement in the relevant country. Likewise, in September 2019, a financial collaboration agreement was signed between Telefónica, S.A. and CaixaBank, S.A., with special conditions for employees, pensioners and early retirees of the Telefónica Group. Other related parties The most significant balances and transactions with associates and joint ventures are detailed in Note 10. During 2019 and 2018, the Directors and senior executives performed no transactions with Telefónica, S.A. or any Telefónica Group company other than those in the Group’s normal trading activity and business. Compensation and other benefits paid to members of the Board of Directors and senior executives are detailed in Note 29.g and Appendix II. Telefónica contracted a civil liability insurance scheme (D&O) for Directors, managers and staff with similar functions in the Telefónica Group, with standard conditions for these types of insurance and a premium attributable to 2019 of 1,969,090 euros ( 1,916,210 euros in 2018 ). This scheme provides coverage for Telefónica, S.A. and its subsidiaries in certain cases. Certain Telefónica Group subsidiaries performed transactions in 2019 with Global Dominion Access Group, related to the Group´s ordinary course of business, mainly in Telefónica de España amounting to 27 million euros ( 25 million euros in 2018). In the year 2015 a "joint venture" with China Unicom was incorporated, for the development of Big Data Services in China, using the "Smart Steps" technology developed by Telefónica. Telefónica's stake at that time in this company was held by Telefónica Digital España, S.L., with China Unicom Big Data Limited Corporation owning the remaining 55% stake. Moreover, in the year 2019 it came to pass the entry of a third shareholder in the “joint venture” by way of a capital increase fully suscribed by Suqian Xindongteng Business Service Co., Ltd, controlled by JD.com (reaching a shareholding of 16.67% of the capital share of the aforementioned "joint venture") with the consequent dilution of the then shareholders (Telefónica now holds 37.5% ). |
Financial Assets and Other Non-
Financial Assets and Other Non-current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Financial Assets and Other Non-current Assets | Financial assets and other non-current assets The breakdown of financial assets and other non-current assets of the Telefónica Group at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Non-current financial assets (Note 16) 6,392 6,393 Investments 600 573 Long-term receivables for indirect taxes 188 731 Other long-term credits 353 319 Deposits and guarantees 1,285 1,624 Trade receivables 719 488 Receivables for subleases 12 — Impairment of trade receivables (154 ) (118 ) Derivative financial assets (Note 19) 3,389 2,776 Other non-current assets 731 716 Contractual assets (Note 23) 138 108 Deferred expenses (Note 23) 221 191 Prepayments 372 417 Total 7,123 7,109 Non-current financial assets The movement in investments, long-term receivables for indirect taxes, other long-term credits, deposits and guarantees, trade receivables, long-term receivables for subleases and impairment of trade receivables in 2019 and 2018, is as follows: Millions of euros Invest-ments Long-term receivables for indirect taxes Other long-term credits Deposits and guarantees Trade receiva-bles Long-term receivables for subleases Impairment of trade receivables Balance at 12/31/17 650 190 993 2,625 638 — (137 ) First application of IFRS 9 impact — — — — (201 ) — 17 Acquisitions 65 1,625 452 66 662 — (21 ) Disposals (24 ) (166 ) (497 ) (728 ) (148 ) — 10 Translation differences (5 ) (39 ) (4 ) (149 ) (12 ) — 1 Fair value adjustments and financial updates (115 ) 16 7 18 (4 ) — — Transfers and other 2 (895 ) (632 ) (208 ) (447 ) — 12 Balance at 12/31/18 573 731 319 1,624 488 — (118 ) First application of IFRS 16 impact — — — — — 13 — Acquisitions 29 175 141 70 794 5 (19 ) Disposals (9 ) (30 ) (85 ) (118 ) (187 ) — 10 Translation differences — — 3 (14 ) 9 — (3 ) Fair value adjustments and financial updates 7 26 (1 ) 7 8 — — Transfers and other — (714 ) (24 ) (284 ) (393 ) (6 ) (24 ) Balance at 12/31/19 600 188 353 1,285 719 12 (154 ) Investments “Investments” includes the fair value of investments in companies where Telefónica exercises no significant influence or control and for which there is no specific short-term disposal plan (see Note 3.i). It should be noted, the Telefónica Group’s shareholding in Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) amounted to 220 million euros ( 205 million euros at December 31, 2018), representing 0.66% of its share capital at December 31, 2019 (same percentage at December 31, 2018). At December 31, 2019, Telefónica maintained a 0.59% stake in the share capital of China Unicom (Hong Kong) Limited, valued at 152 million euros (same percentage at December 31, 2018, valued at 169 million euros). At December 31, 2019, Telefónica maintained a 9.03% stake in the share capital of Promotora de Informaciones, S.A. (Prisa), valued at 94 million euros ( 9.44% at December 31, 2018 valued at 93 million euros). In 2019 and 2018, Telefónica subscribed the capital increase of PRISA, acquiring 11.3 and 42.2 million new shares, respectively, and selling the rest of the preferred subscription rights. The net amount of the transactions was 15 million euros in 2019 and 49 million euros in 2018. With the application of IFRS 9, the shares described above, classified as financial available-for-sale assets at December 31, 2017, have been reclassified as of January 1, 2018 to the categories of financial assets at fair value thought other comprehensive income, equity instruments. Long-term receivables for indirect taxes During 2018 two final decisions in favor of Telefónica Brazil were passed, which recognized the right to deduct the state tax on goods and services (ICMS) from the calculation basis of the Social Integration Program-PIS (Programa de Integração Social) and the Financing of Social Security-COFINS (Contribuição para Financiamento da Seguridade Social). These decisions cover the period from September 2003 to June 2017, and the period from July 2004 to June 2013. Once the values were determined, Telefónica Brazil presented to the tax authorities a refund request for the payments of PIS/COFINS affected by the judicial decision, together with the corresponding default interest. The total amount, recorded as acquisitions of "Long-term receivables for indirect taxes" in 2018 in the table above, amounted to 6,240 million Brazilian reals (around 1,454 million euros at an average exchange rate of 2018). I n 2018, the impact on the consolidated income statement amounted to 3,386 million Brazilian reals ( 789 million euros at an average exchange rate of 2018), reducing the Taxes item under Other expenses (Note 26), and 2,854 million Brazilian reals ( 665 million euros at an average exchange rate of 2018) under Finance Income (see Note 19). In August 2018 Telefónica Brazil started compensating the credits. In October 2018 the competent authority in Brazil filed a review of the supporting documentation with the purpose of approving the PIS and COFINS credits. This review is still ongoing at the date of approval of these consolidated financial statements. Telefónica Brazil met all the requests of this procedure and it continues compensating the credits, in line with the favorable decision issued by the court. The outstanding credit at December 31, 2018 amounted to 4,915 million Brazilian reals ( 1,107 million euros at the closing exchange rate of 2018), of which 539 million euros were registered as "Long-term receivables for indirect taxes" in the table above and 568 million euros as short-term. The outstanding credit at December 31, 2019 amounted to 2,046 million Brazilian reals ( 452 million euros at the closing exchange rate for 2019) and it is expected to be compensated within a twelve-month period and as such it is recorded under current assets (see Note 25). The Company is still engaged in three other lawsuits of the same nature (including the lawsuits of the companies GVT and Telemig, currently incorporated in Telefónica Brazil). According to the company’s estimates, the contingent assets for these processes, which comprise various periods between December 2001 and June 2017, lie in a range between 1,700 and 2,200 million Brazilian reals (between 376 and 486 million euros at the closing exchange rate of 2019). Other long-term credits “Other long-term credits” at December 31, 2017 included long-term financial assets of the subsidiary Seguros de Vida y Pensiones Antares, S.A., fundamentally fixed-income securities, amounting to 692 million euros. At December 31, 2018, these long-term financial assets amounted to 634 million euros and were reclassified as non-current assets classified as held for sale (see Note 30). These assets were mainly intended to cover obligations from the defined benefit plans of Telefónica de España (ITP and Survival, see Note 24) but did not qualify as “plan assets” under Employee Benefits (IAS 19) (see Note 24). As described in Note 2, on February 14, 2019 the sale of Antares was concluded. Likewise, this line item includes long-term financial assets of Telefónica Germany amounting to 68 and 62 million euros at December 31, 2019 and 2018, respectively, that are mainly intended to cover obligations from the defined benefit plan of Telefónica Germany but do not represent "plan assets" in accordance with IAS 19 (see Note 24). The vast majority of long-term credits, recognized at amortized cost (Note 16), are considered to be low credit risk assets, therefore the impairment analysis was carried out on the basis of expected credit losses in the next twelve months. Deposits and guarantees Telefónica Brazil has non-current judicial deposits amounting to 750 million euros (see Note 24) at December 31, 2019 ( 810 million euros at December 31, 2018). At December 31, 2019, there were deposits related to the collateral guarantees on derivatives signed by Telefónica, S.A. and its counterparties for the credit risk management of derivatives amounting to 403 million euros of which 80 million euros cross currency swap ( 687 million euros at December 31, 2018 that included 276 million euros related to cross currency swap). In addition, 145,000 bonds issued by Telefónica Emisiones, S.A.U. are deposited in a securities account of Telefónica S.A. linked to these collateral contracts as guarantee for a nominal amount of 129 million euros at December 31, 2019 ( 120,000 bonds for a nominal amount of 105 million euros at December 31, 2018). The vast majority deposits and guarantees recognized at amortized cost (Note 16), are considered to be low credit risk assets, therefore the impairment analysis was carried out on the basis of expected credit losses in the next 12 months. The breakdown of financial assets of the Telefónica Group at December 31, 2018 was as follows: December 31, 2018 Fair value through profit or loss Fair value through other comprehensive income Measurement hierarchy Millions of euros Held for trading Fair value option Debt instru-ments Equity instru-ments Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Amortized cost Total carrying amount Total fair value Non-current financial assets (Note 12) 860 — 70 545 1,950 660 2,765 — 2,968 6,393 6,393 Investments 28 — — 545 — 492 81 — — 573 573 Credits and other financial assets 6 — — — — 6 — — 1,044 1,050 1,050 Deposits and guarantees — — — — — — — — 1,624 1,624 1,624 Derivative instruments 826 — — — 1,950 162 2,614 — — 2,776 2,776 Trade receivables — — 70 — — — 70 — 418 488 370 Impairment of trade receivables — — — — — — — — (118 ) (118 ) — Current financial assets 961 — 681 — 660 154 2,148 — 14,018 16,320 16,320 Trade receivables (Note 14) 580 — 680 — — — 1,260 — 9,816 11,076 8,419 Impairment of trade receivables (Note 14) — — — — — — — — (2,657 ) (2,657 ) — Other current financial assets (Note 15) 381 — 1 — 660 154 888 — 1,167 2,209 2,209 Cash and cash equivalents — — — — — — — — 5,692 5,692 5,692 Total 1,821 — 751 545 2,610 814 4,913 — 16,986 22,713 22,713 The breakdown of financial assets of the Telefónica Group at December 31, 2019 is as follows: December 31, 2019 Fair value through profit or loss Fair value through other comprehensive income Measurement hierarchy Millions of euros Held for trading Fair value option Debt instru-ments Equity instru-ments Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Amortized cost Total carrying amount Total fair value Non-current financial assets (Note 12) 757 — 104 565 2,676 511 3,591 — 2,290 6,392 6,392 Investments 35 — — 565 — 496 104 — — 600 600 Credits and other financial assets 9 — — — — 9 — — 532 541 541 Deposits and guarantees — — — — — — — — 1,285 1,285 1,285 Derivative instruments 713 — — — 2,676 6 3,383 — — 3,389 3,389 Trade receivables — — 104 — — — 104 — 615 719 565 Trade receivables for subleases — — — — — — — — 12 12 12 Impairment of trade receivables — — — — — — — — (154 ) (154 ) — Current financial assets 960 — 567 — 1,104 317 2,314 — 15,286 17,917 17,917 Trade receivables (Note 14) 480 — 567 — — — 1,047 — 10,503 11,550 8,752 Impairment of trade receivables (Note 14) — — — — — — — — (2,798 ) (2,798 ) — Other financial assets (Note 15) 480 — — — 1,104 317 1,267 — 1,539 3,123 3,123 Cash and cash equivalents — — — — — — — — 6,042 6,042 6,042 Total 1,717 — 671 565 3,780 828 5,905 — 17,576 24,309 24,309 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Inventories | Inventories The detail of inventories of the Telefónica Group at December 31, 2019 and December 31, 2018 are as follows: Millions of euros 12/31/2019 12/31/2018 Audiovisual rights 1,189 795 Mobile terminals and other equipments 830 872 Other inventories 33 88 Inventories impairment provision (53 ) (63 ) Inventories 1,999 1,692 "Audiovisual rights" mainly includes the rights to broadcast sport events (see Note 29.c) and rights to broadcast films, television series and documentaries (see Note 3.j). |
Receivables and Other Current A
Receivables and Other Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Receivables and Other Current Assets | Receivables and other current assets The detail of receivables and other current assets of the Telefónica Group at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Receivables (Note 16) 8,752 8,419 Trade receivables 10,969 10,666 Impairment of trade receivables (2,798 ) (2,657 ) Receivables from associates and joint ventures (Note 10) 37 33 Other receivables 544 377 Other current assets 2,033 2,160 Contractual assets (Note 23) 351 341 Capitalized costs (Note 23) 625 566 Prepayments 1,057 1,253 Total 10,785 10,579 The movement in impairment of trade receivables in 2019 and 2018 is as follows: Millions of euros Impairment provision at December 31, 2017 2,563 Adjustment on initial application of IFRS 9 126 Allowances 853 Inclusion of companies (10 ) Amounts applied (768 ) Translation differences and other (107 ) Impairment provision at December 31, 2018 2,657 Allowances 1,022 Transfers (30 ) Amounts applied (848 ) Translation differences and other (3 ) Impairment provision at December 31, 2019 2,798 Public-sector net trade receivables at December 31, 2019 and 2018 amounted to 352 million euros and 345 million euros, respectively. The detail of the age of the accounts receivable balances from customers and their corrections for impairment as of December 31, 2019 and 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Trade receivables Impairment Trade receivables Impairment Trade receivables pending billing 2,680 (19 ) 2,682 (25 ) Amount not overdue invoiced 3,978 (242 ) 3,508 (195 ) Less than 90 days 1,299 (195 ) 1,532 (164 ) Between 90 and 180 days 504 (201 ) 519 (168 ) Between 180 and 360 days 602 (440 ) 364 (212 ) More than 360 days 1,906 (1,701 ) 2,061 (1,893 ) Total 10,969 (2,798 ) 10,666 (2,657 ) Other current financial assets The other current financial assets include the following items: • Derivative financial assets with a short-term maturity or not used to hedge non-current items in the consolidated statement of financial position amounted to 1,441 million euros at December 31, 2019 ( 922 million euros at December 31, 2018, see Note 19). • Short-term investments in financial instruments to cover commitments undertaken by the Group’s insurance companies, amounted to 113 million euros at December 31, 2019 ( 87 million euros at December 31, 2018) and were recorded at fair value. At December 31, 2018 Antares amounted to 52 million euros was reclassified to non-current assets classified as held for sale (see Note 30). During 2019, Argentina acquired United States treasury bills amounting to 174 million euros at December 31, 2019. • Short-term deposits and guarantees amounted to 98 million euros at December 31, 2019 ( 95 million euros at December 31, 2018) which include current judicial deposits amounting to 61 million euros, (see Note 24) constituted by Telefónica Brazil ( 71 million euros at December 31, 2018). • Short-term credits, net of impairment provisions, amounted to 1,298 million euros at December 31, 2019 ( 1,102 million euros at December 31, 2018). At December 31, 2019, this amount included bank deposits with a maturity between three and twelve months formalized by Telefónica, S.A. which amounted to 1,149 million euros ( 972 million euros at December 31, 2018). The vast majority of short-term credits, deposits and guarantees recognized at amortized cost and at fair value with changes in "Other comprehensive income" (Note 16) are considered to be low credit risk assets. Current financial assets that are highly liquid and have maturity periods of three months or less from the date contracted, and present an insignificant risk of value changes, are recorded under “Cash and cash equivalents” on the accompanying consolidated statement of financial position. |
Other Current Financial Assets
Other Current Financial Assets | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other Current Financial Assets | Receivables and other current assets The detail of receivables and other current assets of the Telefónica Group at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Receivables (Note 16) 8,752 8,419 Trade receivables 10,969 10,666 Impairment of trade receivables (2,798 ) (2,657 ) Receivables from associates and joint ventures (Note 10) 37 33 Other receivables 544 377 Other current assets 2,033 2,160 Contractual assets (Note 23) 351 341 Capitalized costs (Note 23) 625 566 Prepayments 1,057 1,253 Total 10,785 10,579 The movement in impairment of trade receivables in 2019 and 2018 is as follows: Millions of euros Impairment provision at December 31, 2017 2,563 Adjustment on initial application of IFRS 9 126 Allowances 853 Inclusion of companies (10 ) Amounts applied (768 ) Translation differences and other (107 ) Impairment provision at December 31, 2018 2,657 Allowances 1,022 Transfers (30 ) Amounts applied (848 ) Translation differences and other (3 ) Impairment provision at December 31, 2019 2,798 Public-sector net trade receivables at December 31, 2019 and 2018 amounted to 352 million euros and 345 million euros, respectively. The detail of the age of the accounts receivable balances from customers and their corrections for impairment as of December 31, 2019 and 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Trade receivables Impairment Trade receivables Impairment Trade receivables pending billing 2,680 (19 ) 2,682 (25 ) Amount not overdue invoiced 3,978 (242 ) 3,508 (195 ) Less than 90 days 1,299 (195 ) 1,532 (164 ) Between 90 and 180 days 504 (201 ) 519 (168 ) Between 180 and 360 days 602 (440 ) 364 (212 ) More than 360 days 1,906 (1,701 ) 2,061 (1,893 ) Total 10,969 (2,798 ) 10,666 (2,657 ) Other current financial assets The other current financial assets include the following items: • Derivative financial assets with a short-term maturity or not used to hedge non-current items in the consolidated statement of financial position amounted to 1,441 million euros at December 31, 2019 ( 922 million euros at December 31, 2018, see Note 19). • Short-term investments in financial instruments to cover commitments undertaken by the Group’s insurance companies, amounted to 113 million euros at December 31, 2019 ( 87 million euros at December 31, 2018) and were recorded at fair value. At December 31, 2018 Antares amounted to 52 million euros was reclassified to non-current assets classified as held for sale (see Note 30). During 2019, Argentina acquired United States treasury bills amounting to 174 million euros at December 31, 2019. • Short-term deposits and guarantees amounted to 98 million euros at December 31, 2019 ( 95 million euros at December 31, 2018) which include current judicial deposits amounting to 61 million euros, (see Note 24) constituted by Telefónica Brazil ( 71 million euros at December 31, 2018). • Short-term credits, net of impairment provisions, amounted to 1,298 million euros at December 31, 2019 ( 1,102 million euros at December 31, 2018). At December 31, 2019, this amount included bank deposits with a maturity between three and twelve months formalized by Telefónica, S.A. which amounted to 1,149 million euros ( 972 million euros at December 31, 2018). The vast majority of short-term credits, deposits and guarantees recognized at amortized cost and at fair value with changes in "Other comprehensive income" (Note 16) are considered to be low credit risk assets. Current financial assets that are highly liquid and have maturity periods of three months or less from the date contracted, and present an insignificant risk of value changes, are recorded under “Cash and cash equivalents” on the accompanying consolidated statement of financial position. |
Breakdown of Financial Assets
Breakdown of Financial Assets | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Breakdown of Financial Assets | Breakdown of financial assets The breakdown of financial assets of the Telefónica Group at December 31, 2019 is as follows: December 31, 2019 Fair value through profit or loss Fair value through other comprehensive income Measurement hierarchy Millions of euros Held for trading Fair value option Debt instru-ments Equity instru-ments Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Amortized cost Total carrying amount Total fair value Non-current financial assets (Note 12) 757 — 104 565 2,676 511 3,591 — 2,290 6,392 6,392 Investments 35 — — 565 — 496 104 — — 600 600 Credits and other financial assets 9 — — — — 9 — — 532 541 541 Deposits and guarantees — — — — — — — — 1,285 1,285 1,285 Derivative instruments 713 — — — 2,676 6 3,383 — — 3,389 3,389 Trade receivables — — 104 — — — 104 — 615 719 565 Trade receivables for subleases — — — — — — — — 12 12 12 Impairment of trade receivables — — — — — — — — (154 ) (154 ) — Current financial assets 960 — 567 — 1,104 317 2,314 — 15,286 17,917 17,917 Trade receivables (Note 14) 480 — 567 — — — 1,047 — 10,503 11,550 8,752 Impairment of trade receivables (Note 14) — — — — — — — — (2,798 ) (2,798 ) — Other financial assets (Note 15) 480 — — — 1,104 317 1,267 — 1,539 3,123 3,123 Cash and cash equivalents — — — — — — — — 6,042 6,042 6,042 Total 1,717 — 671 565 3,780 828 5,905 — 17,576 24,309 24,309 The calculation of the fair values of the Telefónica Group's debt instruments required an estimate, for each currency and counterparty, of a credit spread curve using the prices of the Group's bonds and credit derivatives. The breakdown of financial assets of the Telefónica Group at December 31, 2018 was as follows: December 31, 2018 Fair value through profit or loss Fair value through other comprehensive income Measurement hierarchy Millions of euros Held for trading Fair value option Debt instru-ments Equity instru-ments Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Amortized cost Total carrying amount Total fair value Non-current financial assets (Note 12) 860 — 70 545 1,950 660 2,765 — 2,968 6,393 6,393 Investments 28 — — 545 — 492 81 — — 573 573 Credits and other financial assets 6 — — — — 6 — — 1,044 1,050 1,050 Deposits and guarantees — — — — — — — — 1,624 1,624 1,624 Derivative instruments 826 — — — 1,950 162 2,614 — — 2,776 2,776 Trade receivables — — 70 — — — 70 — 418 488 370 Impairment of trade receivables — — — — — — — — (118 ) (118 ) — Current financial assets 961 — 681 — 660 154 2,148 — 14,018 16,320 16,320 Trade receivables (Note 14) 580 — 680 — — — 1,260 — 9,816 11,076 8,419 Impairment of trade receivables (Note 14) — — — — — — — — (2,657 ) (2,657 ) — Other current financial assets (Note 15) 381 — 1 — 660 154 888 — 1,167 2,209 2,209 Cash and cash equivalents — — — — — — — — 5,692 5,692 5,692 Total 1,821 — 751 545 2,610 814 4,913 — 16,986 22,713 22,713 Appendix IV: Financial instruments The detail of the type of financial instruments arranged by the Group (notional amount) by currency and interest rates at December 31, 2019 is as follows: Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Euro (4,684 ) 6,878 4,222 3,185 1,939 22,022 33,562 21,898 12,052 33,950 Floating rate 1,672 3,097 1,089 1,987 519 2,623 10,987 1,266 9,769 11,035 Spread (0.34 %) (0.18 %) (0.03 %) 0.05 % 0.22 % 0.08 % (0.07 %) — — — Fixed rate (6,356 ) 3,781 3,133 1,198 1,420 19,399 22,575 20,632 2,283 22,915 Interest rate (2.79 %) 1.98 % 1.49 % 2.67 % 1.83 % 1.61 % 2.97 % — — — Rate cap — — — — — — — — — — Other european currencies Instruments in CZK (67 ) — — — — — (67 ) 1 (68 ) (67 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (67 ) — — — — — (67 ) 1 (68 ) (67 ) Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in GBP 2,585 28 235 — — 1,057 3,905 2,022 1,934 3,956 Floating rate (518 ) 141 493 (117 ) (255 ) 470 214 (1 ) 214 213 Spread — — — — — — — — — — Fixed rate 3,103 (113 ) (258 ) — 255 587 3,574 1,906 1,720 3,626 Interest rate 1.61 % 0.72 % (1.71 %) — 1.11 % 5.38 % 2.47 % — — — Rate cap — — — 117 — — 117 117 — 117 Instruments in CHF — — — — — — — 369 (369 ) — Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate — — — — — — — 369 (369 ) — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — America Instruments in USD (491 ) (1,763 ) 663 134 — 1,782 325 20,104 (19,707 ) 397 Floating rate 57 (1,770 ) 681 134 — 1,781 883 410 (196 ) 214 Spread 2.22 % (0.08 %) 0.07 % 1.12 % — — 0.52 % — — — Fixed rate (548 ) 7 (18 ) — — 1 (558 ) 19,694 (19,511 ) 183 Interest rate (1.42 %) 344.56 % (184.98 %) — — — (11.60 %) — — — Rate cap — — — — — — — — — — Instruments in UYU 28 — — — — — 28 (15 ) 34 19 Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate 28 — — — — — 28 (15 ) 34 19 Interest rate (0.01 %) — — — — — (0.01 %) — — — Rate cap — — — — — — — — — — Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Instruments in ARS (74 ) 8 — — — — (66 ) (58 ) — (58 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (74 ) 8 — — — — (66 ) (58 ) — (58 ) Interest rate 33.69 % 45.54 % — — — — 32.33 % — — — Rate cap — — — — — — — — — — Instruments in BRL 898 424 223 — — 69 1,614 (250 ) 1,888 1,638 Floating rate (1,218 ) 192 221 — — (26 ) (831 ) (752 ) (65 ) (817 ) Spread — — — — — (0.34 %) (0.01 %) — — — Fixed rate 2,116 232 2 — — 95 2,445 502 1,953 2,455 Interest rate 4.08 % 4.69 % 6.82 % — — (0.08 %) 3.97 % — — — Rate cap — — — — — — — — — — Instruments in CLP 96 298 286 161 — (3 ) 838 (427 ) 1,255 828 Floating rate (21 ) 3 289 113 — — 384 — 378 378 Spread (0.34 %) 26.86 % (0.80 %) 1.46 % — — 0.05 % — — — Fixed rate 117 295 (3 ) 48 — (3 ) 454 (427 ) 877 450 Interest rate 4.24 % 3.72 % 5.07 % 3.79 % — 1.41 % 3.87 % — — — Rate cap — — — — — — — — — — Instruments in UFC — — — — — — — 256 (256 ) — Floating rate — — — — — — — 256 (256 ) — Spread — — — — — — — — — — Fixed rate — — — — — — — — — — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in PEN 126 52 64 70 69 507 888 635 282 917 Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate 126 52 64 70 69 507 888 635 282 917 Interest rate 6.49 % 3.46 % 5.43 % 6.66 % 5.81 % 7.27 % 6.64 % — — — Rate cap — — — — — — — — — — Instruments in VAC — 9 — — — 83 92 92 — 92 Floating rate — 9 — — — 83 92 92 — 92 Spread — 3.50 % — — — 3.21 % 3.24 % — — — Fixed rate — — — — — — — — — — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in COP 819 36 — — 94 — 949 47 950 997 Floating rate 28 — — — — (41 ) (13 ) 28 — 28 Spread 1.59 % — — — — 3.39 % 7.23 % — — — Fixed rate 791 36 — — 94 41 962 19 950 969 Interest rate 5.15 % 4.75 % — — 6.65 % 8.09 % 5.40 % — — — Rate cap — — — — — — — — — — Instruments in VEB (4 ) 1 — — — — (3 ) (2 ) — (2 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (4 ) 1 — — — — (3 ) (2 ) — (2 ) Interest rate 0.01 % 16.63 % — — — — (2.52 %) — — — Rate cap — — — — — — — — — — Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Instruments in MXN 44 26 (16 ) (19 ) (19 ) (86 ) (70 ) (75 ) 57 (18 ) Floating rate (29 ) (30 ) (63 ) (65 ) (65 ) (290 ) (542 ) 348 (518 ) (170 ) Spread (0.02 %) (0.10 %) — — — — (0.01 %) — — — Fixed rate 73 56 47 46 46 204 472 (423 ) 575 152 Interest rate 5.77 % 4.22 % 3.69 % 3.71 % 3.71 % 3.71 % 4.09 % — — — Rate cap — — — — — — — — — — Asia Instruments in JPY — — — — — — — (8 ) — (8 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate — — — — — — — (8 ) — (8 ) Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — TOTAL 41,995 44,589 (1,948 ) 42,641 Floating rate 11,174 1,647 9,326 10,973 Fixed rate 30,704 42,825 (11,336 ) 31,489 Rate cap 117 117 — 117 Currency Options and Others (*) — — 62 62 (*) Amounts include in fixed rate The table below is an extract of the previous table that shows the sensitivity to interest rates originated by our position on interest rate swaps categorized into instruments entered into for trading purposes and instruments entered into for purposes other than trading at December 31, 2019: Interest rate swaps Millions of euros Maturity Non trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value EUR (87 ) Fixed to fix — — — — — — — 3 Receiving leg — (100 ) (75 ) — — — (175 ) (135 ) Average Interest Rate — — — — — — — — Paying leg — 100 75 — — — 175 138 Average Interest Rate — 1.18 % 0.55 % — — — 0.70 % — Fixed to floating — — — — — — — (800 ) Receiving leg (8,907 ) (7,120 ) (3,968 ) (3,674 ) (2,093 ) (4,310 ) (30,072 ) (19,002 ) Average Interest Rate 1.40 % 1.65 % 1.03 % 1.52 % 0.80 % 0.74 % 1.29 % — Paying leg 8,907 7,120 3,968 3,674 2,093 4,310 30,072 18,202 Average Spread 0.36 % 0.51 % 1.00 % 0.37 % 0.24 % — 0.42 % — Floating to fixed — — — — — — — 710 Receiving leg (3,560 ) (3,460 ) (359 ) (1,997 ) (1,170 ) (3,072 ) (13,618 ) (13,597 ) Average Spread 2.11 % 0.02 % — — — — 0.56 % — Paying leg 3,560 3,460 359 1,997 1,170 3,072 13,618 14,307 Average Interest Rate 2.59 % 1.95 % 1.30 % 1.02 % 1.89 % 0.89 % 1.72 % — USD (5 ) Fixed to floating — — — — — — — (13 ) Receiving leg (303 ) (303 ) (570 ) (303 ) (151 ) — (1,630 ) (433 ) Average Interest Rate 1.52 % 1.61 % 1.73 % 1.74 % 3.55 % — — — Paying leg 303 303 570 303 151 — 1,630 420 Average Spread 1.61 % 1.68 % 0.92 % 1.77 % — — — — Floating to fixed — — — — — — — 8 Receiving leg — — (267 ) — (151 ) — (418 ) (420 ) Average Spread — — — — — — — — Paying leg — — 267 — 151 — 418 428 Average Interest Rate — — 1.93 % — 2.52 % — — — GBP (33 ) Fixed to floating — — — — — — — (44 ) Receiving leg (23 ) (258 ) (634 ) — — — (915 ) (961 ) Average Interest Rate 2.36 % 1.76 % 3.00 % — — — — — Paying leg 23 258 634 — — — 915 917 Average Spread — — — — — — — — Floating to fixed — — — — — — — 11 Receiving leg (70 ) (176 ) (200 ) — — — (446 ) (448 ) Average Spread — — — — — — — — Paying leg 70 176 200 — — — 446 459 Average Interest Rate 0.73 % 2.56 % 1.84 % — — — — — Interest rate swaps Millions of euros Maturity Trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value EUR 1,211 Fixed to floating — — — — — — — (93 ) Receiving leg — (500 ) — (800 ) — (400 ) (1,700 ) (1,788 ) Average Interest Rate — 1.25 % — 1.50 % — 0.59 % 1.22 % — Paying leg — 500 — 800 — 400 1,700 1,695 Average Spread — — — — — — — — Floating to fixed — — — — — — — 1,304 Receiving leg (4,547 ) (1,102 ) (192 ) — — (7,832 ) (13,673 ) (11,865 ) Average Spread 0.08 % 0.03 % — — — — 0.03 % — Paying leg 4,547 1,102 192 — — 7,832 13,673 13,169 Average Interest Rate 2.11 % 1.92 % 0.12 % — — 1.10 % 1.49 % — USD (1,956 ) Fixed to floating — — — — — — — (1,956 ) Receiving leg (1,900 ) (1,612 ) (1,319 ) (781 ) (79 ) (9,562 ) (15,253 ) (16,212 ) Average Interest Rate 3.02 % 3.44 % 1.83 % 1.85 % 2.36 % 3.23 % 3.03 % — Paying leg 1,900 1,612 1,319 781 79 9,562 15,253 14,256 Average Spread 0.22 % — — — — — 0.03 % — MXN (2 ) Fixed to floating — — — — — — — (4 ) Receiving leg (142 ) — — — — — (142 ) (146 ) Average Interest Rate 7.90 % — — — — — 7.90 % — Paying leg 142 — — — — — 142 142 Average Spread 0.41 % — — — — — 0.41 % — Floating to fixed — — — — — — — 2 Receiving leg (142 ) — — — — — (142 ) (142 ) Average Spread 0.41 % — — — — — 0.41 % — Paying leg 142 — — — — — 142 144 Average Interest Rate 6.67 % — — — — — 6.67 % — GBP (171 ) Fixed to floating — — — — — — — (171 ) Receiving leg (822 ) — (587 ) — — (470 ) (1,879 ) (2,047 ) Average Interest Rate 1.87 % — 3.51 % — — 3.42 % 2.77 % — Paying leg 822 — 587 — — 470 1,879 1,876 Average Spread — — — — — — — — Millions of euros Maturity Trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value CLP 6 Fixed to floating — — — — — — — (1 ) Receiving leg (6 ) (3 ) (3 ) (3 ) — — (15 ) (2 ) Average Interest Rate 4.90 % 4.90 % 4.90 % 4.90 % — — 0.98 % — Paying leg 6 3 3 3 — — 15 1 Average Spread 1.27 % 1.27 % 1.27 % 1.27 % — — 0.25 % — Floating to fixed — — — — — — — 7 Receiving leg (24 ) (118 ) — (28 ) — — (170 ) (166 ) Average Spread — — — — — — — — Paying leg 24 118 — 28 — — 170 173 Average Interest Rate 3.31 % 3.26 % — 2.99 % — — 3.22 % — CHF (9 ) Fixed to floating — — — — — — — (9 ) Receiving leg (207 ) — (138 ) — — — (345 ) (354 ) Average Interest Rate 0.95 % — 0.75 % — — — 0.87 % — Paying leg 207 — 138 — — — 345 345 Average Spread — — — — — — — — COP 2 Floating to fixed — — — — — — — 2 Receiving leg — — — — — (41 ) (41 ) — Average Spread — — — — — 3.39 % 3.39 % — Paying leg — — — — — 41 41 2 Average Interest Rate — — — — — 8.09 % 8.09 % — Interest rate options, by maturity, are as follows: Interest rate options Maturities Millions of euros 2020 2021 2022 2023 2024 Subsequent years Collars Notional amount of options bought — — 881 — — — Strike Cap — — 4.92 — — — Strike Floor — — 4.15 — — — Caps Notional amount of options bought — — — — — — Strike — — — — — — Notional amount of options sold — — 881 — — — Strike — — 5.53 — — — Floors Notional amount of options bought — — 881 — — — Strike — — 1.17 — — — Notional amount of options sold — — — — — — Strike — — — — — — Cash flows receivable or payable on derivative financial instruments to be settled via the swap of nominals, categorized by currency of collection/payment, along with contractual maturities are as follows: Millions of euros 2020 2021 2022 2023 2024 Subsequent years Total Currency swaps Receive ARS — — — — — — — Pay ARS — — — — — — — Receive BRL 82 — — — — — 82 Pay BRL (215 ) (64 ) — — — — (279 ) Receive CLP — — 286 83 — — 369 Pay CLP (119 ) (118 ) (571 ) (221 ) — — (1,029 ) Receive COP — — — — — — — Pay COP — — — — — — — Receive CZK — — — — — — — Pay CZK — — — — — — — Receive EUR 1,241 64 — — — 89 1,394 Pay EUR (3,031 ) (3,104 ) (875 ) (668 ) (80 ) (7,844 ) (15,602 ) Receive GBP 1,292 — 587 — — — 1,879 Pay GBP — — — — — — — Receive JPY — — — — — — — Pay JPY — — — — — — — Receive MXN — — — — — — — Pay MXN (46 ) (46 ) (46 ) (46 ) (46 ) (206 ) (436 ) Receive PEN — — — — — — — Pay PEN — — — — 1 — 1 Receive UFC 135 — — 202 — — 337 Pay UFC — — — (101 ) — — (101 ) Receive USD 1,741 3,527 1,096 842 79 7,781 15,066 Pay USD (1,135 ) — (445 ) — (1 ) — (1,581 ) Receive UDI 65 65 65 65 65 290 615 Pay UDI — — — — — — — Receive CHF 207 — 138 — — — 345 Pay CHF — — — — — — — TOTAL 217 324 235 156 18 110 1,060 (*) The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.80), EUR/USD (1.17), USD/COP (2,911.47) and EUR/CHF (1.22). Millions of euros 2020 2021 2022 2023 2024 Subsequent years Total Forwards Receive ARS — — — — — — — Pay ARS — — — — — — — Receive BRL 63 — — — — — 63 Pay BRL (1,762 ) — — — — — (1,762 ) Receive CLP 2 — — — — — 2 Pay CLP (539 ) (22 ) — — — — (561 ) Receive COP 86 — — — — — 86 Pay COP (977 ) (3 ) — — — — (980 ) Receive CZK 67 — — — — — 67 Pay CZK — — — — — — — Receive EUR 8,383 — — — — — 8,383 Pay EUR (1,124 ) — — — — — (1,124 ) Receive GBP 86 — — — — — 86 Pay GBP (4,193 ) — — — — — (4,193 ) Receive MXN 32 — — — — — 32 Pay MXN (214 ) — — — — — (214 ) Receive PEN 4 — — — — — 4 Pay PEN (287 ) — — — — — (287 ) Receive UFC — — — — — — — Pay UFC — — — — — — — Receive USD 2,587 25 — — — — 2,612 Pay USD (2,333 ) — — — — — (2,333 ) Receive UYU — — — — — — — Pay UYU (34 ) — — — — — (34 ) TOTAL (153 ) — — — — — (153 ) (*) The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.88), EUR/USD (1.11), USD/COP (3,289.51) and EUR/BRL (4.62). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | Equity a) Share capital and share premium At December 31, 2019, Telefónica, S.A.´s share capital amounted to 5,192,131,686 euros, without changes from 2018, and consisted of 5,192,131,686 fully paid ordinary shares of a single series, par value of 1 euro, all recorded by the book-entry system and traded on the Spanish electronic trading system (“Continuous Market”), where they form part of the “Ibex 35” Index, on the four Spanish Stock Exchanges (Madrid, Barcelona, Valencia and Bilbao) and listed on on the New York and Lima Stock Exchanges, through American Depositary Shares (‘ADSs’). On May 16, 2019, Telefónica's shares ceased to be listed on the London Stock Exchange, and on July 12, 2019, Telefónica's shares ceased to be listed on the Argentine Stock Exchange. Authorizations by Shareholders’ Meeting With respect to share capital-related authorizations, on June 12, 2015, authorization was given at the Annual Shareholders’ Meeting of Telefónica, S.A. for the Board of Directors, at its discretion and in accordance with the Company’s needs, to increase the Company’s capital, once or several times, within a maximum five years period from that date, up to a maximum nominal increase of 2,469,208,757 euros, equivalent to half of Telefónica, S.A.’s share capital at that date, by issuing and placing new shares, with or without a share premium, and, in all cases, in exchange for cash, expressly considering the possibility that the new shares may not be fully subscribed. The Board of Directors was also empowered to exclude, partially or fully, pre-emptive subscription rights under the terms of article 506 of the Spanish Corporate Enterprises Act. However, the power to exclude pre-emptive rights is limited to 20% of the Company’s share capital on the date of adoption of this resolution. Pursuant to the aforementioned authorizations, as of December 31, 2019, the Board of Directors may increase the share capital up to the maximum nominal amount of 2,469,208,757 euros. In addition, at the June 9, 2017 Shareholders’ Meeting of Telefónica, S.A., authorization was given for the Board of Directors to issue debentures, bonds, promissory notes and other fixed-income securities and hybrid instruments, including preferred shares, in all cases be they simple, tradable, and/or convertible and/or granting the holders thereof a share in the earnings of the company, as well as warrants, with the power to exclude the pre-emptive rights of shareholders. The issuance of the aforementioned securities may be conducted at one or several times, at any time, within a maximum five-year period from that date. These securities may be in the form of debentures, bonds, promissory notes or any other kind of fixed-income security, or debt instruments of similar category or hybrid instruments in any legally admitted form (including yet not restricted to preferred shares), plain or, in the case of debentures, bonds and hybrid instruments convertible into shares of the Company and/or exchangeable for shares of any of the Group companies, or any other company and/or giving the holders thereof a share in the earnings of the Company. This delegation also includes warrants or other similar securities that might give the right to directly or indirectly subscribe or acquire shares, whether newly issued or outstanding, and which may be paid for by physical delivery or by offset. The aggregated amount of the issuance(s) of securities approved under this delegation of powers may not exceed the sum of 25,000 million euros or the equivalent in another currency at any time. For promissory notes, the outstanding balance of promissory notes issued under this authorization will be calculated for the purpose of the aforementioned limit. Likewise, for the sake of the aforementioned limit, in the case of warrants, the sum of the premiums and exercise prices of the warrants for each issuance approved under this delegation shall be taken into account. Furthermore, on June 8, 2018, shareholders voted to authorize the acquisition by the Board of Directors of Telefónica, S.A. treasury shares, up to the limits and pursuant to the terms and conditions established at the Shareholders’ Meeting, within a maximum five-year period from that date. However, it specified that in no circumstances could the par value of the shares acquired, added to that of the treasury shares already held by Telefónica, S.A. and by any of its controlled subsidiaries, exceed the maximum legal percentage at any time (currently 10% of Telefónica, S.A.’s share capital). b) Dividends Dividends distribution in 2019 Approval was given at the General Shareholders' Meeting of June 7, 2019, to pay a gross dividend of 0.40 for each company share issued, in circulation and carrying entitlement to this distribution against unrestricted reserves, payable in two tranches. The first payment of a gross amount of 0.20 in cash per share was made on June 20, 2019 amounting to 1,023 million euros and the second payment of a gross amount of 0.20 in cash per share was made on December 19, 2019 amounting to 1,023 million euros. Dividends distribution in 2018 Approval was given at the General Shareholders' Meeting of June 8, 2018 to pay a gross dividend of 0.40 for each company share issued, in circulation and carrying entitlement to this distribution against unrestricted reserves, payable in two tranches. The first payment of a gross amount of 0.20 in cash per share was made on June 15, 2018 amounting to 1,025 million euros and the second payment of a gross amount of 0.20 in cash per share was made on December 20, 2018 amounting to 1,026 million euros. Dividends distribution in 2017 Approval was given at the General Shareholders' Meeting of June 9, 2017 to pay a gross dividend of 0.40 for each company share issued, in circulation and carrying entitlement to this distribution against unrestricted reserves, payable in two tranches. The first payment of a gross amount of 0.20 in cash per share was made on June 16, 2017 amounting to 994 million euros and the second payment of a gross amount of 0.20 in cash per share was made on December 14, 2017 amounting to 1,025 million euros. Proposed distribution of profit attributable to equity holders of the parent Telefónica, S.A. generated 5,740 million euros of profit in 2019. The Company’s Board of Directors will submit the following proposed distribution of 2019 profit for approval at the Shareholders’ Meeting: Millions of euros Other reserves 5,740 Total 5,740 c) Other equity instruments Undated deeply subordinated securities Unless specified otherwise, undated deeply subordinated securities were issued by Telefónica Europe, B.V. The characteristic of undated deeply subordinated securities, the detail of the tender offer and the amounts repurchased in the operations and the amount amortized un advance, are the following (million euros): Issue date Annual Fix Variable Exercisable by issuer 12/31/2018 Tender Offer Amount repurchased Redemption 12/31/2019 09/24/2019 2.875 % from 09/24/27 rate SWAP + spread incremental 2027 — — — — 500 03/14/2019 4.375 % from 03/14/23 rate SWAP + spread incremental 2025 — — — — 1,300 03/22/2018 3 % from 12/04/23 rate SWAP + spread incremental 2023 1,250 — — — 1,250 3.875 % from 09/22/26 rate SWAP + spread incremental 2026 1,000 — — — 1,000 12/07/2017 2.625 % from 06/07/23 rate SWAP + spread incremental 2023 1,000 — — — 1,000 09/15/2016 3.750 % from 03/15/22 rate SWAP + spread incremental 2022 1,000 — — — 1,000 03/30/2015(*) 8.50 % from 03/30/20 rate SWAP + spread incremental 2020 452 — — — 452 12/04/2014 4.20 % from 12/04/19 rate SWAP + spread incremental 2019 705 705 (587 ) (118 ) — 03/31/2014 5 % 3/31/2020 2020 592 592 (348 ) — 244 5.875 % 3/31/2024 2024 1,000 — — — 1,000 11/26/2013(**) 6.75 % from 11/26/20 rate SWAP + spread incremental 2020 205 — — — 205 09/18/2013 7.625 % from 09/18/21 rate SWAP + spread incremental 2021 292 — — — 292 7,496 8,243 (*) Issued by Colombia Telecomunicaciones, S.A. ESP ( 500 million U.S. dollars). (**) Security Issued in pounds sterling for a live nominal amount of 172 million pounds sterling. In all issuances of undated deeply subordinated securities (hybrids instruments), the issuer has an option to defer the payment of coupons and holders of such securities cannot call for payment. As the repayment of principal and the payment of coupons depend solely on Telefónica’s decision, these undated deeply subordinated securities are equity instruments and are presented under “Other equity instruments” in the accompanying consolidated statement of changes in equity. In March 2019, in order to proactively manage its hybrid capital, Telefónica Europe, B.V. executed an operation composed of: (i) one new issue per aggregate amount of 1,300 million euros; and (ii) the presentation of a tender offer on two hybrid instruments in euros with early amortization dates in December 2019 and March 2020, respectively. The issuer accepted the purchase in cash of all the bonds involved in the tender and immediately thereafter these were amortized in advance. The operations of new issuance and repurchase were liquidated on March 14, 2019 and March 15, 2019, respectively. Following this, the issuer, in accordance with the terms of the instrument, exercised the clean up call of the total amortization of the hybrid with first non-call date in December 2019 This hybrid instrument was completely amortized on May 7, 2019. On September 24, 2019, Telefónica Europe, B.V. issued hybrid instruments with the unconditional and irrevocable guarantee of Telefónica in an aggregate amount of 500 million euros amortizable, at the option of the issuer, from the eighth year from the date of issue. The hybrid instruments will bear a fixed rate of interest of 2.875% per year from the date of the issuance (included) until September 24, 2027 (not included). From September 24, 2027 (included) the hybrid instruments shall accrued a fix interest equal to applicable 8 -year swap rate plus a margin of: (i) 3.071% per annum from September 24, 2027 up to (but excluding) September 24, 2029; (ii) 3.321% per annum from September 24, 2029 up to (but excluding) September 24, 2047; and (iii) 4.071% per annum from (and including) September 24, 2047. In 2019 , the payment of the coupons related to hybrids instruments, in an aggregate amount, net of tax effects, of 256 million euros ( 392 million and 263 million euros in 2018 and 2017 , respectively), was recorded as “Retained earnings” in the consolidated statements of changes in equity. In 2019 and 2018, the coupons related to the undated deeply subordinated securities was impacted by the premium of the tender offer in each of these periods amounting to 28 million euros and 139 million euros, respectively. d) Legal reserve According to the consolidated text of the Spanish Corporate Enterprises Act, companies must transfer 10% of profit for the year to a legal reserve until this reserve reaches at least 20% of share capital. The legal reserve can be used to increase capital by the amount exceeding 10% of the increased share capital amount. Except for this purpose, until the legal reserve exceeds the limit of 20% of share capital, it can only be used to offset losses, if there are no other reserves available . At December 31, 2019 the Company had duly set aside 1,038 million euros to comply with legal reserve requirements. e) Retained earnings These reserves include undistributed profits of companies constituting the consolidated Group minus interim dividends paid against profit for the year, actuarial gains and losses, the impact of the asset ceiling on defined benefit plans and the payment of coupons related to subordinated securities, if applicable. In addition, these reserves include the translation effect of the financial statements of the Group companies in Argentina and Venezuela (hyperinflationary economies, see Note 3.a) , that as of December 31, 2019 amounted to -1,936 and -3,728 million euros, respectively ( -1,890 and -3,516 million euros, respectively, as of December 31, 2018). These reserves also include revaluation reserves and the reserve for canceled share capital. These reserves are regulated by some restrictions for their distribution. Revaluation reserves The balance of “Revaluation reserves” arose as a result of the revaluation made pursuant to Spanish Royal Decree-Law 7/1996 of June 7, and may be used, free of tax, to offset any losses incurred in the future and to increase capital. It may also be allocated to unrestricted reserves, provided that the capital gain has been realized. The capital gain will be deemed to have been realized in respect of the portion on which the depreciation was recorded for accounting purposes or when the revalued assets were transferred or recognized. In this respect, 5 million euros were reclassified to “Retained earnings” in 2019 ( 6 million euros in 2018 ) corresponding to revaluation reserves subsequently considered to be unrestricted. At December 31, 2019 , this reserve amounted to 67 million euros ( 72 million euros at December 31, 2018 ). Reserve for canceled share capital In accordance with Section 335.c) of the Spanish Corporate Enterprises Act and to render null and void the right of opposition provided for in Section 334 of the same Act, whenever the Company decreases capital, it should record a reserve for canceled share capital for an amount equal to the par value of the canceled shares, which can only be used upon satisfaction of the same requirements as those applicable to the reduction of share capital. In 2019 and 2018, no amount was recorded in this account, the cumulative amount in those periods was 731 million euros. f) Translation differences The breakdown of the accumulated contribution of translation differences attributable to equity holders of the parent at December 31 is as follows: Millions of euros 2019 2018 2017 Brazilian real (10,910 ) (10,603 ) (8,710 ) Pound sterling (2,868 ) (3,266 ) (3,223 ) Other currencies (810 ) (882 ) (3,921 ) Total Group (14,588 ) (14,751 ) (15,854 ) Argentina began to be considered as a hyperinflationary country from July 2018 (see Note 3.a) . g) Adjustment on initial application of IFRS 16, IFRS 15 and IFRS 9 The initial application of IFRS 16 Leases (see Note 2) effective as of January 1, 2019, had a net impact on total equity amounting to 16 million euros, 11 million euros attributable to equity holders and 5 million euros attributable to minority interests. The initial application of IFRS 9 Financial instruments and IFRS 15 Revenue from contracts with customers (see Note 2), effective as of January 1, 2018 , had a net impact on total equity amounting to -165 million euros and 743 million euros, respectively in 2018, with the following detail: Millions of euros IFRS 9 IFRS 15 Total Gross impact on equity (221 ) 1,006 785 Tax effect 56 (263 ) (207 ) Impact on equity (165 ) 743 578 Attributable to equity holders (142 ) 654 512 Attributable to non-controlling interest (23 ) 89 66 The amount reclassified to other comprehensive income from retained earnings, related to impairment losses of previous years, was included in the adjustment on initial application (see Note 2). h) Treasury share instruments Telefónica, S.A. held the following treasury shares at December 31, 2019 , 2018 and 2017 : Euros per share Number of shares Acquisition price Trading price Market value (*) % Treasury shares at 12/31/19 77,562,635 9.88 6.23 483 1.49385 % Treasury shares at 12/31/18 65,496,120 10.48 7.34 481 1.26145 % Treasury shares at 12/31/17 65,687,859 10.48 8.13 534 1.26514 % (*) Millions of euros. The following transactions involving treasury shares were carried out in 2019 , 2018 and 2017 : Number of shares Treasury shares at 12/31/16 141,229,134 Acquisitions — Employee share option plan (3,518,795 ) Capital reduction (72,022,480 ) Treasury shares at 12/31/17 65,687,859 Acquisitions — Employee share option plan (191,739 ) Treasury shares at 12/31/18 65,496,120 Acquisitions 14,033,446 Employee share option plan (1,966,931 ) Treasury shares at 12/31/19 77,562,635 There were treasury shares purchases in 2019 amounting to 99 million euros. (There were no treasury shares purchases in 2018 and 2017). The most significant transaction with treasury shares in 2017 was the swap with Koninklijke KPN NV (hereinafter, KPN) by which Telefónica delivered 72.0 million of its treasury shares (representing 1.43% of its share capital) in exchange for 178.5 million shares of its subsidiary Telefónica Deutschland Holding AG, representing 6.0% of the share capital of the latter, amounting to 754 million euros (see Note 5). On September 30, 2017, and on September 30, 2018, the first and second cycles, respectively, of the Telefónica, S.A. long-term incentive plans called “Performance and Investment Plan 2014-2019” (PIP 2014-2019) and "Talent for the Future Share Plan (TFSP)" ended, which did not entail the delivery of any shares (see Note 27). On July 31, 2017, the Global Employee Share Plan III matured and 3,187,055 treasury shares were delivered to the Group employees who met the requirements (see Note 27). The Company maintains a derivative financial instrument subject to net settlement on a notional equivalent of 48 million of Telefónica shares at December 31, 2019 ( 22 million shares at December 31, 2018 ), recognized under “Current financial liabilities” in the consolidated statement of financial position. i) Equity attributable to non-controlling interests “Equity attributable to non-controlling interests” represents the share of non-controlling interests in the equity and income or loss for the year of fully consolidated Group companies. The movements in this balance for the 2019 , 2018 and 2017 consolidated statements of financial position are as follows: Millions of euros Balance at 12/31/18 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 12/31/19 Telefônica Brasil, S.A. 4,604 (3 ) — (374 ) 307 (85 ) (7 ) 4,442 Telefónica Deutschland Holding, A.G. 2,873 — — (247 ) (75 ) — (7 ) 2,544 Colombia Telecomunicaciones, S.A., ESP 523 (1 ) — — 11 4 (11 ) 526 Telefónica Centroamericana Inversiones, S.L. 316 — (414 ) — 196 7 1 106 Telxius Telecom, S.A. 677 — — (87 ) 86 7 (2 ) 681 Other 40 — — (2 ) (3 ) — (2 ) 33 Total 9,033 (4 ) (414 ) (710 ) 522 (67 ) (28 ) 8,332 Millions of euros Balance at 12/31/17 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 12/31/18 Telefônica Brasil, S.A. 5,018 — — (406 ) 556 (550 ) (14 ) 4,604 Telefónica Deutschland Holding, A.G. 3,114 — — (238 ) (88 ) — 85 2,873 Colombia Telecomunicaciones, S.A., ESP 523 — — — 41 (19 ) (22 ) 523 Telefónica Centroamericana Inversiones, S.L. 307 — — (28 ) 30 7 — 316 Telxius Telecom, S.A. 694 139 — (231 ) 80 5 (10 ) 677 Other 42 — 1 (3 ) — (1 ) 1 40 Total 9,698 139 1 (906 ) 619 (558 ) 40 9,033 Millions of euros Balance at 12/31/16 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 12/31/17 Telefônica Brasil, S.A. 5,756 25 — (320 ) 336 (772 ) (7 ) 5,018 Telefónica Deutschland Holding, A.G. 4,150 — (671 ) (229 ) (140 ) — 4 3,114 Colombia Telecomunicaciones, S.A., ESP (88 ) 605 — — 26 (4 ) (16 ) 523 Telefónica Centroamericana Inversiones, S.L. 354 — — (22 ) 18 (43 ) — 307 Telxius Telecom, S.A. — 690 — — 7 (3 ) — 694 Other 56 — — (12 ) (1 ) (2 ) 1 42 Total 10,228 1,320 (671 ) (583 ) 246 (824 ) (18 ) 9,698 In 2019, "Acquisitions of non-controlling interests and exclusion of companies" reflects the effect of the sale of Telefónica Móviles Guatemala, Telefonía Celular de Nicaragua and Telefónica Móviles Panamá, amounting to 114 , 112 and 188 million euros, respectively (see Note 2). Telefónica Centroamericana Inversiones, S.L.'s "Profit/(loss) for the year" has been affected by the capital gain attributable to minorities related to such sales. In 2018, “Sales of non-controlling interests and inclusion of companies” reflects the effect of the sale of 16.65% of the total share capital of Pontel to a subsidiary of the Pontegadea Group amounting to 378.8 million euros. This participation is equivalent to an indirect participation of 9.99% in the share capital of Telxius (see Note 5). In 2017, “Sales of non-controlling interests and inclusion of companies” reflects the effect of the capital increase in Colombia Telecomunicaciones and the sale of 40% of the total share capital of Telxius Telecom, S.A.U. to KKR amounting to 1,275 million euros. The swap agreement with KPN is particularly noteworthy, whereby Telefónica delivered 72.0 million of its treasury shares (representing 1.43% of its share capital) in exchange for 178.5 million shares of its subsidiary Telefónica Deutschland Holding AG, representing 6.0% of the share capital of the latter (see Note 5). Note 4 contains the revenues, OIBDA, Operating income, capital expenditure and the main items of the statement of financial position for the main segments of the Telefónica Group with non-controlling interests, namely Telefónica Brazil and Telefónica Germany. The detail of these figures for Colombia Telecomunicaciones is as follows: Millions of euros Colombia Telecomunicaciones 2019 2018 2017 Revenues 1,410 1,468 1,462 OIBDA 558 556 482 Depreciation and amortization (386 ) (385 ) (357 ) Operating income 172 171 125 Capital Expenditure 309 192 796 Fixed Assets 1,904 1,950 2,221 Total allocated assets 3,296 3,073 3,246 Total allocated liabilities 1,825 1,615 1,790 The statements of cash flows of these companies are as follows: Millions of euros Telefónica Brazil 2019 2018 2017 Net cash flow provided by operating activities 4,231 3,599 3,710 Net cash flow used in investing activities (1,900 ) (2,012 ) (2,285 ) Net cash flow used in financing activities (2,230 ) (1,660 ) (1,653 ) 101 (73 ) (228 ) Millions of euros Telefónica Germany 2019 2018 2017 Net cash flow provided by operating activities 2,249 1,898 1,942 Net cash flow used in investing activities (1,194 ) (1,137 ) (1,223 ) Net cash flow used in financing activities (997 ) (569 ) (706 ) 58 192 13 Millions of euros Colombia Telecomunicaciones 2019 2018 2017 Net cash flow provided by operating activities 237 344 324 Net cash flow provided by (used in) investing activities 15 (167 ) (684 ) Net cash flow provided by (used in) financing activities (169 ) (229 ) 407 83 (52 ) 47 |
Financial Liabilities
Financial Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Financial Liabilities | Financial liabilities The breakdown of financial liabilities at December 31, 2019 and the corresponding maturities schedule is as follows: Millions of euros Current Non-current Maturity 2020 2021 2022 2023 2024 Subsequent years Non-current total Total Debentures and bonds 5,826 4,876 5,152 2,369 1,048 23,365 36,810 42,636 Promissory notes & commercial paper 1,635 — — 140 263 320 723 2,358 Total Issues 7,461 4,876 5,152 2,509 1,311 23,685 37,533 44,994 Loans and other payables 1,091 447 380 423 547 1,600 3,397 4,488 Derivative instruments (Note 19) 524 199 228 101 132 1,698 2,358 2,882 Total 9,076 5,522 5,760 3,033 1,990 26,983 43,288 52,364 The estimate of future payments for interest on these financial liabilities at December 31, 2019 is as follows: 1,503 million euros in 2020 , 1,282 million euros in 2021 , 1,153 million euros in 2022 , 984 million euros in 2023, 889 million euros in 2024 and 9,436 million euros in years after 2024 . For floating rate financing, the Group mainly estimates future interest using the forward curve of the various currencies at December 31, 2019 . Derivative instruments consider the fair value of derivatives classified as financial liabilities, i.e. when they have a negative mark-to-market, yet excluding the fair value of derivatives classified as current financial assets ( 1,441 million euros) and non-current ( 3,389 million euros), i.e. when they have a positive mark-to-market. In 2018 and 2019, the Group entered into agreements to extend payment terms with various suppliers, and with factoring companies when such payments are discounted. When the new extended payment terms exceed customary payment terms in the industry, trade liabilities are reclassified to other financial liabilities and the deferred payments made are recognized in net cash flows used in financing activities (see Note 28) . At December 31, 2019 , the corresponding amount pending payment, recognized in “Loans and other payables” line, was 220 million euros ( 210 million euros at December 31, 2018 ). The deferred payments made in relation to this item during the year amounted to 380 million euros ( 428 million euros in 2018). The composition of these financial liabilities by category at December 31, 2019 and 2018 is as follows: December 31, 2019 Fair value through profit or loss Measurement hierarchy Millions of euros Held for trading Fair value option Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Liabilities at amortized cost Total carrying amount Total fair value Issues — — — — — — 44,994 44,994 49,474 Loans and other payables — — — — — — 4,488 4,488 4,511 Derivative instruments 961 — 1,921 59 2,823 — — 2,882 2,882 Total financial liabilities 961 — 1,921 59 2,823 — 49,482 52,364 56,867 December 31, 2018 Fair value through profit or loss Measurement hierarchy Millions of euros Held for trading Fair value option Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Liabilities at amortized cost Total carrying amount Total fair value Issues — — — — — — 43,630 43,630 44,939 Loans and other payables — — — — — — 8,555 8,555 8,517 Derivative instruments 870 — 1,647 71 2,446 — — 2,517 2,517 Total financial liabilities 870 — 1,647 71 2,446 — 52,185 54,702 55,973 The calculation of the fair values of the Telefónica Group’s debt instruments required an estimate of the credit spread curve for each currency and corresponding subsidiary using the prices of the Group’s bonds and credit derivatives. At December 31, 2019 , some of the financing arranged by Telefónica Group companies in Latin America (Brazil, Peru and El Salvador), which amounted to approximately 2% of the Telefónica Group’s gross debt, was subject to compliance with certain financial covenants. To date, these covenants are being met. Due to the absence of cross-defaults, breach of the covenants would not affect the debt at Telefónica, S.A. level. Part of the amount owed by the Telefónica Group includes restatements related to amortized cost at December 31, 2019 and 2018 as a result of fair value interest rate and exchange rate hedges. Issues, promissory notes, commercial paper, loans and other payables The movement in changes in issues, promissory notes, commercial paper, loans and other payables in 2019 and 2018 arising from financial activities is as follows: Cash used in financing activities Millions of euros Balance at 12/31/18 First application of IFRS 16 Cash received Cash paid Translation differences and exchange gains and losses Fair value adjustment and financial updates Other movements Balance at 12/31/19 Issues 41,176 — 4,186 (3,653 ) 427 494 6 42,636 Promissory notes and commercial paper 2,454 — 412 (512 ) 1 1 2 2,358 Loans and other payables 8,555 (151 ) 1,138 (6,076 ) 55 25 942 4,488 Cash used in financing activities Millions of euros Balance at 12/31/17 Cash received Cash paid Translation differences and exchange gains and losses Fair value adjustment and financial updates Other movements Balance at 12/31/18 Issues 41,288 4,289 (4,654 ) 533 (280 ) — 41,176 Promissory notes and commercial paper 2,406 299 (255 ) 4 — — 2,454 Loans and other payables 8,900 3,465 (4,161 ) 80 10 261 8,555 Debentures and bonds At December 31, 2019 , the nominal amount of outstanding debentures and bonds issues was 40,668 million euros ( 39,709 million euros at December 31, 2018 ). Appendix III presents the characteristics of all outstanding debentures and bond issues at the year-end 2019 , and the significant issues made during the year. Telefónica, S.A. has a full and unconditional guarantee on issues made by Telefónica Emisiones, S.A.U., Telefónica Finanzas México, S.A. de C.V., Telefónica Europe, B.V. and Telefónica Participaciones, S.A.U., all of which are directly or indirectly fully owned subsidiaries of Telefónica, S.A. Promissory notes and commercial paper The main programs for issuance of promissory notes and commercial paper are the following: • At December 31, 2019 , Telefónica Europe, B.V. had a commercial paper issuance program guaranteed by Telefónica, S.A. for up to 5,000 million euros. The outstanding balance of commercial paper issued under this program at December 31, 2019 was 1,390 million euros, issued at an average interest rate of - 0.28% for 2019 ( 1,666 million euros issued in 2018 at an average rate of - 0.23% ). • At December 31, 2019 , Telefónica, S.A. had a corporate promissory note program for 500 million euros, which can be increased to 2,000 million euros, with an outstanding balance at December 31, 2019 of 75 million euros ( 181 million euros in 2018 ). On April 25, 2019, Telefónica Germany GmbH & Co. OHG issued debt instruments in the local market ( schuldscheindarlehen and namensschuldverschreingbung ) for an aggregate amount of 360 million euros with different maturity terms until 2029. Interest-bearing debt The average interest rate on outstanding loans and other payables at December 31, 2019 was 1.52% ( 1.70% in 2018 ). This percentage does not include the impact of hedges arranged by the Group. The main financing transactions included under “Interest-bearing debt” line outstanding at December 31, 2019 and 2018 and their nominal amounts are provided in Appendix V. Interest-bearing debt arranged or repaid in 2019 mainly includes the following: Description Limit 12/31/2019 (million euros) Currency Outstanding balance 12/31/2019 (million euros) Arrangement date Maturity date Drawndown 2019 (million euros) Repayment 2019 (million euros) Telefónica, S.A. Bilateral Credit (1) 300 EUR — 05/14/2019 05/14/2024 — — Bilateral loan (2) — EUR — 06/26/2014 04/01/2019 — (1,000 ) Bilateral loan — EUR — 10/24/2016 03/19/2019 — (150 ) Bilateral loan — EUR — 12/20/2017 07/22/2019 — (385 ) Bilateral loan — EUR 200 07/11/2019 08/14/2026 200 — Bilateral loan (3) — EUR — 12/28/2017 10/22/2019 — (100 ) Bilateral loan (4) — EUR — 11/24/2017 10/30/2019 — (100 ) Bilateral loan 150 EUR — 11/08/2019 03/31/2030 — — Bilateral loan (5) — EUR — 02/23/2016 12/23/2019 — (100 ) Bilateral loan 200 EUR — 12/04/2019 06/04/2027 — — Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (6) — COP — 01/05/2018 12/16/2019 — (142 ) Telefónica Europe B.V. Structured financing (7) — EUR — 11/28/2016 12/16/2019 — (1,500 ) Telxius Telecom S.A.U. Bilateral loan — EUR 150 11/29/2019 11/29/2021 150 — Telefónica Germany GmbH & Co. OHG Syndicated facility (8) 750 EUR — 12/17/2019 12/17/2024 — — EIB Financing (Tranche 1) 300 EUR — 12/18/2019 12/18/2028 — — (1) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (2) On February, 18, 2019 and April 1, 2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (3) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (4) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (5) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (6) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. At December 31, 2019 , the Telefónica Group presented availabilities of financing from different sources that amounted to approximately 13,679 million euros ( 12,219 million euros at December 31, 2018 ), of which 12,789 million euros will mature in more than twelve months. Loans by currency The breakdown of “Loans and other payables” line by currency at December 31, 2019 and 2018 , and the equivalent value of foreign-currency loans in euros, is as follows: Outstanding balance (in millions) Local Currency Euros Currency 12/31/19 12/31/18 12/31/19 12/31/18 Euro 2,484 5,114 2,484 5,114 U.S. dollar 1,522 2,413 1,355 2,106 Brazilian real 1,527 2,964 337 668 Colombian peso 166,616 1,031,005 45 277 Pounds sterling 100 100 117 112 Peruvian nuevo sol 54 525 14 136 Other currencies 136 142 Total Group 4,488 8,555 |
Derivative Financial Instrument
Derivative Financial Instruments and Risk Management Policies | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Derivative Financial Instruments and Risk Management Policies | Derivative financial instruments and risk management policies The Telefónica Group is exposed to various financial market risks as a result of: (i) its ordinary business activity, (ii) debt incurred to finance its business, (iii) its investments in companies, and (iv) other financial instruments related to the above commitments. The main market risks affecting the Group companies are as follows: • Exchange rate risk : arises primarily from: (i) Telefónica’s international presence, through its investments and businesses in countries that use currencies other than the euro (primarily in Latin America, but also in the United Kingdom), (ii) debt denominated in currencies other than that of the country where the business is conducted or the home country of the company incurring such debt ,and (iii) for those trade receivables or payables in foreign currency related to the company with the transaction registered. • Interest rate risk : arises primarily in connection with changes in interest rates affecting: (i) financial expenses on floating rate debt (or short-term debt likely to be renewed), due to changes in interest rates and (ii) the value of long-term liabilities at fixed interest rates. • Share price risk : arises primarily from changes in the value of the equity investments (that may be bought, sold or otherwise involved in transactions), from changes in the value of derivatives associated with such investments, from changes in the value of treasury shares and from changes in the value of equity derivatives. • Liquidity risk : arises due to a mismatch between financing needs (including operating and financial expenses, investment, debt redemptions and dividend commitments) and sources of finance (including revenues, divestments, credit lines from financial institutions and capital market transactions). The cost of finance could also be affected by movements in the credit spreads (over benchmark rates) demanded by lenders. • Country risk : refers to the possible decline in the value of assets, cash flows generated or cash flows returned to the Parent company as a result of political, economic or social instability in the countries where the Telefónica Group operates, especially in Latin America. • Credit risk : appears when a counterparty fails to meet or delays its payment obligations in accordance with the agreed terms, driving an impairment in an asset due to: (i) solvency issues, or (ii) no intention to pay. Risk management The Telefónica Group actively manages these risks through the use of derivatives (primarily on exchange rates, interest rates, share prices and commodities) and by incurring debt in local currencies, where appropriate, with a view to optimize the financial cost and to stabilizing cash flows, the income statement and investments. In this way, it attempts to protect the Telefónica Group’s solvency, facilitate financial planning and take advantage of investment opportunities. The Telefónica Group manages its exchange rate risk and interest rate risk in terms of net financial debt plus commitments as calculated by the Group. The Telefónica Group believes that these parameters are more appropriate to understand its debt position. Net financial debt and net financial debt plus commitments take into account the impact of the Group’s cash balance and cash equivalents including derivatives positions with a positive value linked to liabilities. Neither net financial debt nor net financial debt plus commitments as calculated by the Telefónica Group should be considered as a substitute for gross financial debt (the sum of current and non-current interest-bearing debt). For a more detailed description on reconciliation of net financial debt and net financial debt plus commitments to gross financial debt , see “Item 5. Operating and Financial Review and Prospects - Operating Results - Presentation of Financial Information - Net financial debt and net financial debt plus commitments”. Exchange rate risk The fundamental objective of the exchange rate risk management policy is that, in event of depreciation in foreign currencies relative to the euro, any potential losses in the value of the OIBDA generated by the businesses in such currencies, caused by depreciation in exchange rates of a foreign currency relative to the euro, are offset (to some extent) by savings from the reduction in the euro value of debt denominated in such currencies. This objective is also reflected on the decrease of the sensitivity to exchange rate variations of the net debt to OIBDA ratio, in order to protect the Group's solvency. The degree of exchange rate hedging varies depending on the type of investment and may easily and actively be adjusted. For transactions of purchase or sale of business in currencies other than euro, additional hedges can be made on the estimated prices of the transactions or on estimated cash flows and OIBDA. The Telefónica Group also manages exchange rate risk by seeking to reduce the negative impact of any exchange rate exposure on the income statement, as a result of transactions recognized on the statement of financial position sheet and highly probable transactions, regardless of whether there are open positions. Such open position exposure can arise for any of three reasons: (i) a thin market for local derivatives or difficulty in sourcing local currency finance which makes it impossible to arrange a low-cost hedge (as in Argentina and Venezuela), (ii) financing through intra-group loans, where the accounting treatment of exchange rate risk is different from that for financing through capital contributions, and (iii) as the result of a deliberate policy decision, to avoid the high cost of hedges that are not warranted by expectations or high risk of depreciation. The main transactions that generate or may generate exchange rate risk (regardless of whether or not they have an impact on the income statement) are, among others, as follows: issues in currencies other than the functional currency of the Group company, highly probable transactions in other currencies, future cash inflows in other currencies, investments and divestments, provisions for collections or payments in foreign currency, the actual value of the investments (subsidiaries) in currencies other than the euro. In 2019 , net negative foreign exchange results (excluding monetary correction) amounted to 413 million euros ( 963 million euros in 2018 ), mainly due to the conversion of the Venezuelan bolivar soberano from 7,608 to 68,448 per US dollar (see Note 2), that resulted in exchange losses of 426 million euros ( 954 million euros in 2018). The following table illustrates the sensitivity of foreign currency gains and sensitivity losses and of equity to changes in exchange rates, where: a) in calculating the impact on the income statement, the exchange rate position affecting the income statement at the end of 2019 was considered constant during 2020 ; b) in calculating the impact on equity, only monetary items have been considered, namely debt and derivatives such as hedges of net investment and loans to subsidiaries related to the investment, breakdown of which is considered constant in 2020 and identical to that existing at the end of 2019 . In both cases, Latin American currencies are assumed to change their value against the dollar and the rest of the currencies against the euro by 10% . Millions of euros Currency Change Impact on the consolidated income statement Impact on consolidated equity All currencies vs EUR 10% 3 (615 ) USD 10% 2 (114 ) European currencies vs EUR 10% 1 (375 ) Latin American currencies vs USD 10% — (126 ) All currencies vs EUR (10%) (3 ) 615 USD (10%) (2 ) 114 European currencies vs EUR (10%) (1 ) 375 Latin American currencies vs USD (10%) — 126 The Group’s monetary position in Venezuela at December 31, 2019 is a net debt position of 7,122,859 million Venezuelan bolivars equivalent to -93 million euros ( 1,375,524 million Venezuelan bolivars equivalent to -158 million euros at December 31, 2018 ). The net monetary position exposure in 2019 has been a debtor position, which led to a higher financial income of 492 million euros due to the effect of the monetary correction for inflation during the year ( 1,173 million euros in 2018). Interest rate risk The main objective of the interest rate risk management policy is to bring the Company's financing costs in line with the budget for financial expenses for the current year, as well as the current strategic plan. In accordance with this objective, Telefónica decided to actively adjust the exposure of its debt to interest rates, i.e., the amount of debt that would accrue interest at fixed rates and variable rates. In order to meet this target, Telefónica mainly carried out the following: a) The interest rate of borrowings tied to a variable interest rate was set. b) Interest rate fluctuations of debt tied to a variable interest rate were reduced. c) Fixed rate debt instruments were converted into variable market rate debt instruments. These transactions may be carried out against an existing underlying asset or those that are highly likely to take place in the future (for example, a highly probable future issue of debt). The Telefónica Group’s financial expenses are exposed to changes in interest rates. In 2019 the Euribor, the Brazilian SELIC, the dollar Libor, the pound sterling Libor and the Mexican UDI (inflation) were the short-term rates that accounted for most of the exposure. In nominal terms, at December 31, 2019 , 74.6% of Telefónica’s net financial debt plus commitments was pegged to fixed interest rates for a period greater than one year, compared to 73.6% in 2018 . Of the remaining 25.4% (net debt at floating rates or at fixed rates maturing within one year), 1.1 percentage points had interest rates bounded in a period over one year, versus 0.9 percentage points of net debt at floating rates or with fixed rates maturing within one year at December 31, 2018 . In addition, early retirement and Individual Suspension Plan liabilities (see Note 24) were discounted to present value over the year, based on the curve for instruments with very high credit quality. The decrease in interest rates during the year has led to an increase in the market value of these liabilities. However, this increase was nearly completely offset by the increase in the market value of the hedges on these positions. Net financial results amounted to 1,832 million euros in 2019 , 877 million higher than the previous year, on one hand due to the positive impacts on the consolidated financial statements associated with the previously mentioned favorable court ruling in Brazil in 2018 and on the other hand the impact of the adoption of IFRS16. To illustrate the sensitivity of the Company's net financial expense to fluctuations in short-term interest rates, on one hand a 100 basis point increase in interest rates in all currencies in which Telefónica has financial positions at December 31, 2019 , and a 100 basis point decrease in all currencies has been assumed, and on the other hand a constant position equal to the position at year-end has been considered. To calculate the sensitivity of equity to fluctuations in interest rates, on one hand a 100 basis point increase in interest rates in all currencies and in all periods on the yield curve in which Telefónica has financial positions at December 31, 2019 , and a 100 basis point decrease in all currencies and all periods was assumed, and on the other hand only positions with cash flow hedges were considered, which are basically the only positions in which changes in market value due to interest rate fluctuations are recognized in equity. Millions of euros Change in basis points (bp) Impact on consolidated income statement Impact on consolidated equity +100bp (87 ) (642 ) -100bp 85 642 Share price risk The Telefónica Group is exposed to changes in the value of equity investments, of derivatives associated with such investments, of convertible or exchangeable instruments issued by Telefónica Group, of share-based payments plans, of treasury shares and of equity derivatives over treasury shares. According to the share-based payments plans (see Note 27), the shares to be delivered to employees under such plan may be either Telefónica S.A. treasury shares, acquired by itself or any of its Group companies; or newly issued shares. The possibility of delivering shares to beneficiaries of the plans in the future, implies a risk since there could be an obligation to hand over a maximum number of shares at the end of each phase, whose acquisition (in the event of acquisition in the market) in the future could imply a higher cash outflow than required on the start date of each phase if the share price is above the corresponding price on the phase start date. In the event that new shares are issued for delivery to the beneficiaries of the plan, there would be a dilutive effect for ordinary shareholders of Telefónica as a result of the higher number of shares delivered under such plan outstanding. In 2018, the General Shareholder’s Meeting approved a Long-Term Incentive Plan allocated to Senior Executive Officers of the Telefónica Group consisting of the delivery of shares of Telefónica, S.A. This plan has a total duration of five years and is divided into three mutually exclusive cycles of three years each. The first and second cycles commenced, respectively, in January 2018 and 2019 (see Note 27). Additionally, the 2018 Shareholder’s Meeting approved a Global Employee Incentive Share Purchase Plan for shares of Telefónica, S.A. for the Employees of the Telefónica Group, which has been implemented during 2019 and, predictably, will deliver to its participants in 2021. To reduce the risk associated with variations in share price under these plans, Telefónica could acquire instruments that hedge the risk profile of some of these plans. In addition, the Group may use part of the treasury shares of Telefónica, S.A. held at December 31, 2019 to cover shares deliverable under the new Plans. The net asset value of the treasury shares could increase or decrease depending on variations in Telefónica, S.A.’s share price. Liquidity risk The Telefónica Group seeks to match the schedule for its debt maturity payments to its capacity to generate cash flows to meet these maturities, while allowing for some flexibility. In practice, this has been translated into two key principles: 1. The Telefónica Group’s average maturity of net financial debt is intended to stay above six years or be restored above that threshold in a reasonable period of time if it eventually falls below it. This principle is considered as a guideline when managing debt and access to credit markets, but not a rigid requirement. When calculating the average maturity for the net financial debt, a portion of the undrawn credit lines can be considered as offsetting the shorter debt maturities, and extension options on some financing facilities may be considered as exercised, for calculation purposes. 2. The Telefónica Group must be able to pay all commitments over the next 12 months without accessing new borrowing or tapping the capital markets (drawing upon firm credit lines arranged with banks), assuming budget projections are met. At December 31, 2019 , the average maturity of net financial debt ( 37,744 million euros) was 10.50 years (including undrawn committed credit facilities). At December 31, 2019 , financial liabilities (Note 18) and leases debt (Note 20) scheduled to mature in 2020 amounted to 9,076 and 1,600 million euros, respectively. These maturities are lower than the amount of funds available, calculated as the sum of: a) cash and cash equivalents and current financial assets; b) annual cash generation projected for 2020 , and c) undrawn credit facilities arranged with banks whose original maturity is over one year (an aggregate of 12,789 million euros at December 31, 2019 ), providing flexibility to the Telefónica Group with regard to accessing capital or credit markets in the next two years. For a further description of the Telefónica Group’s liquidity and capital resources in 2019 , see Note 18 and Appendix V. Country risk The Telefónica Group managed or mitigated country risk by pursuing two lines of action (in addition to its normal business practices): 1. Partly matching assets to liabilities (those not guaranteed by the Parent company) in the Telefónica Group’s Latin American companies such that any potential asset impairment would be accompanied by a reduction in liabilities; and 2. Repatriating funds generated in Latin America that are not required for the pursuit of new, profitable business development opportunities in the region. Regarding the first point, at December 31, 2019 , the Telefónica Group’s Latin American companies had net financial debt not guaranteed by the Parent company of 1,253 million euros, which represents 3.3% of net financial debt of the Group. Nevertheless, in certain countries, such as Venezuela, there is a net cash balance (instead of a net liability balance). Regarding the net repatriation of funds to Spain, 1,901 million euros from Latin America companies have been received in 2019 , of which 1,180 million euros was in the form of dividends. In addition, there is an additional inflow of funds amounting to 721 million euros, mainly associated with disinvestments carried out in Central America. . Credit risk The Telefónica Group trades in derivatives with creditworthy counterparties. Therefore, Telefónica, S.A. generally trades with credit entities whose “senior debt” ratings are of at least “A-” or in case of Spanish entities in line with the credit rating of the Kingdom of Spain. In Spain, where most of the Group’s derivatives portfolio is held, there are netting agreements with financial institutions, with debtor or creditor positions offset in case of bankruptcy, limiting the risk to the net position. In addition, the CDS (Credit Default Swap) of all the counterparties with which Telefónica, S.A. operates is monitored at all times in order to assess the maximum allowable CDS for operating at any given time. Transactions are generally only carried out with counterparties whose CDS is below the threshold. Net CVA (CVA+DVA) or Credit Valuation Adjustment is the method used to measure credit risk for both counterparties and Telefónica in order to determine the fair value of the derivatives portfolio. This adjustment reflects the probability of default or the deterioration of the credit quality of both Telefónica and its counterparties. The simplified formula to calculate CVA is Expected Exposure times Probability of Default times Loss Given Default. In order to calculate these variables standard market practices are used. At the same time, and in order to address the credit risk, Telefónica considers the use of CDS, novations, derivatives with break clauses and signing CSA's under certain conditions. For other subsidiaries, particularly those in Latin America, assuming a stable sovereign rating provides a ceiling which is below “A”, trades are with local financial entities whose rating by local standards is considered to be of high creditworthiness. Meanwhile, with credit risk arising from cash and cash equivalents, the Telefónica Group places its cash surpluses in high quality money-market assets. These placements are regulated by a general framework, revised annually. Counterparties are chosen according to criteria of liquidity, solvency and diversification based on the conditions of the market and countries where the Group operates. The general framework sets: the maximum amounts to be invested by counterparty based on its rating (long-term debt rating) and the instruments in which the surpluses may be invested (money-market instruments). The Telefónica Group considers customer credit risk management as a key element to achieve its business and customer base growth targets in a sustainable way. This management approach relies on the active evaluation of the risk-reward balance within the commercial operations and on the adequate separation between the risk ownership and risk management functions. Formal delegation of authority procedures and management practices are implemented in the different Group companies, taking into account benchmark risk management techniques, adapted to the local characteristics of each market. Commercial debtors that may cause a relevant impact on the Telefónica Group consolidated financial statements and increased risk profile products - due to customer target, term, channels or other commercial characteristics - are subject to specific management practices in order to mitigate the exposure to credit risk. T his customer credit risk management model is embedded in the day-to-day operational processes of the different companies, where the credit risk assessment guides both the product and services available for the different customers and the collection strategy. The Telefónica Group’s maximum exposure to credit risk is initially represented by the carrying amounts of the financial assets and the guarantees given by the Telefónica Group. Several Telefónica Group companies provide operating guarantees granted by external counterparties, which are offered during their normal commercial activity, in bids for licenses, permits and concessions, and spectrum acquisitions. At December 31, 2019 , these guarantees amounted to approximately 5,774 million euros ( 5,328 million euros at December 31, 2018 ). Capital management Telefónica’s corporate finance department takes into consideration several factors for the evaluation of the Telefónica’s capital structure, with the aim of maintaining the solvency and creating value to the shareholders. The corporate finance department estimates the cost of capital on a continuous basis through the monitoring of the financial markets and the application of standard industry approaches for calculating weighted average cost of capital, or WACC, so that it can be applied in the valuation of businesses in course and in the evaluation of investment projects. In addition, Telefónica also uses as reference net financial debt (excluding items of a non-recurring or exceptional nature) that allows for a comfortable investment grade credit rating as assigned by credit rating agencies, aiming at protecting credit solvency and making it compatible with alternative uses of cash flow that could arise at any time. These general principles are refined by other considerations and the application of specific variables, such as country risk in the broadest sense, or the volatility in cash flows generation that are considered, when evaluating the financial structure of the Telefónica Group and its different areas. Derivatives policy At December 31, 2019 , the nominal value of outstanding derivatives with external counterparties amounted to 128,654 million euros equivalent, a 7% decrease from December 31, 2018 ( 138,102 million euros equivalent). This figure is inflated by the use in some cases of several levels of derivatives applied to the nominal value of a single underlying liability. For example, a foreign currency loan can be hedged into floating rate, and then each interest rate period can be fixed using a fixed rate hedge, or FRA (forward rate agreement) The high volume is also due to the fact that when a derivative transaction is canceled, the company may either cancel the derivative or take the opposite position, which cancels out the variability thereof. The second option is usually chosen in order to cut costs. Even using such techniques to reduce the position, it is still necessary to take extreme care in the use of derivatives to avoid potential problems arising through error or a failure to understand the real position and its associated risks. The main principles in the management of derivatives are detailed below: 1) Derivatives based on a clearly identified hedged items. Telefónica’s derivatives policy emphasizes the following points: • Acceptable underlyings include assets and liabilities, profits, revenues and cash flows in either a company’s functional currency or another currency. These flows can be contractual (debt and interest payments, settlement of foreign currency payables, etc.), reasonably certain or foreseeable (PP&E purchases, future debt issues, commercial paper programs, etc.). The acceptability of an underlying asset in the above cases does not depend on whether it complies with accounting rules requirements for hedge accounting, as is required in the case of certain intra-group transactions, for instance. Parent company investments in subsidiaries with functional currencies other than the euro also qualify as acceptable underlying assets. • Economic hedges are hedges that have a designated underlying asset and that, under certain circumstances, may offset the changes in the value of the underlying asset. These economic hedges may not always meet the requirements to be treated as hedges for accounting purposes. The decision to arrange these hedges if they do not meet certain requirements will depend on the marginal impact on the income statement and, therefore, on how far this may compromise the goal of having a stable income statement. In any case, the changes are recognized in the income statement. 2) Matching of the hedged item to one side of the derivative. This matching basically applies to foreign currency debt and derivatives hedging foreign currency payments by Telefónica Group subsidiaries. The aim is to eliminate the risk arising from changes in foreign currency interest rates. Nonetheless, even when the aim is to achieve perfect hedging for all cash flows, the lack of liquidity in certain markets, especially in Latin American currencies, has meant that historically there have been mismatches between the terms of the hedges and those of the debts they are meant to hedge. The Telefónica Group intends to reduce these mismatches, provided that doing so does not involve disproportionate costs. In this regard, if adjustment does prove too costly, the financial timing of the underlying asset in foreign currency will be modified in order to minimize interest rate risk in foreign currency. In certain cases, the timing of the underlying as defined for derivative purposes may not be exactly the same as the timing of the contractual underlying. 3) Matching the company contracting the derivative and the company that owns the hedged item. Generally, the aim is to ensure that the hedging derivative and the hedged asset or liability belong to the same company. Sometimes, however, the holding companies (Telefónica, S.A. and Telefónica Latinoamérica Holding, S.L.) have arranged hedges on behalf of a subsidiary that owns the underlying asset. The main reasons for separating the hedge and the underlying asset were possible differences in the legal validity of local and international hedges (as a result of unforeseen legal changes) and the different credit ratings of the counterparties (of the Telefónica Group companies as well as those of the banks). 4) Ability to measure the derivative’s fair value using the valuation systems available to the Telefónica Group. Telefónica uses several tools to evaluate and manage the risk involved in derivatives and debt. These tools most notably include the Kondor+ system, licensed by Reuters, and the Calypso system, both extensively used among various financial institutions, as well as the specialized libraries in the MBRM financial calculation, both of which are widespread throughout the market and have shown proven reliability. In order to perform these calculations, customary market techniques are used when configuring the calculation methods, and information from money market curves is used on a daily basis as market inputs (swaps, depos, FRA, etc.) for interest rates, official fixings for exchange rates and the interest rates and volatility matrices for interest and exchange rates that are listed in the multi-contributor systems, Reuters and Bloomberg. For those yield curves that are less liquid or whose prices published in Reuters and Bloomberg are considered not to adequately reflect the market situation, these curves will be requested from relevant banks in these markets. 5) Sale of options only when there is an underlying exposure. Telefónica considers the sale of options when: i) there is an underlying exposure (on the consolidated statement of financial position or associated with a highly probable cash outflow) that would offset the potential loss for the year if the counterparty exercised the option. This exposure does not have to be treated as a purchased option, but rather it can be another type of hedged item (in these cases, hedge accounting does not apply since this hedging instrument does not meet the criteria required by accounting standards to treat the sale of options as hedging instruments), or ii) the option is part of a structure in which another derivative offsets any loss. The sale of options is also permitted in option structures where, at the moment they are taken out, the net premium is either positive or zero. For instance, it would be possible to sell short-term options on interest rate swaps that entitle the counterparty to receive a certain fixed interest rate, below the level prevailing at the time the option was sold. This would mean that if rates fell and the counterparty exercised its option, the Group would swap part of its debt from floating rate to a lower fixed rate, having received a premium. 6) Hedge accounting. The main risks that may qualify for hedge accounting are as follows: • Variations in market interest rates (either money-market rates, credit spreads or both) that affect the value of the underlying asset or the measurement of the cash flows. • Variations in exchange rates that change the value of the underlying asset in the company’s functional currency and affect the measurement of the cash flow in the functional currency. • Variations in the valuation of any financial asset, particularly shares of companies included in the portfolio of “Available-for-sale financial assets”. • Variations in the price of commodities related to contracts that the Group has with third parties. Regarding the underlying: • Hedges can cover all or part of the value of the underlying. • The risk to be hedged can be for the whole period of the transaction or for only part of the period. • The underlying may be a highly probable future transaction, or a contractual underlying (loan, foreign currency payment, investment, financial asset, etc.) or a combination of both that defines an underlying with a longer term. The main coverage instruments used are: • Forwards / NDF: they are used mainly for exchange rate hedges related to commercial positions in foreign currency. They can also be used to hedge financing in foreign currency and net investment hedge in foreign currency. • Exchange Rate Options: in some cases, this type of instruments can be used linked to future CapEx and OpEx operations and investments and divestments in foreign currency. • Spots: for purchases and sales of currencies that are made same day value or two days’ value. Generally used for operational needs or for divestments of operations in foreign currency. • Currency swaps: this type of transaction is generally executed to hedge bonds issuance or loans issued in foreign currency or net investment hedge. • Interest Swaps / Interest Rate Options: these instruments are used to manage the interest rate of the debt portfolio. Their use of them is ruled by the Financial Expenses Budget with the objective of its fulfillment. Both the volume to be contracted and the maturity of these products are determined by the underlying assets to be hedged. • It is possible that in several markets the maturity, as well as the low liquidity, does not allow to contract a "perfect” hedge, but this circumstance will have to be analyzed case by case. • CDS: in order to manage the counterparty credit risk or CVA / DVA, CDS operations can be arranged to mitigate this risk. • Derivatives of Commodities: supporting the business lines that may need it and always hedging the commercial risks of the signed contracts. They would be settled by differences, this is, in a non-deliverable format. • Equity Derivatives: these are derivatives that address strategic decisions or hedging needs, either to hedge future investments or hedge existing risks. They protect Telefónica from the potential appreciation or depreciation in the price of the shares they hold as underlying. Between the hedged item and the he |
Lease Liabilities
Lease Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of leases [Abstract] | |
Lease Liabilities | Lease liabilities The evolution of lease liabilities in 2019 was as follows: Millions of euros Lease liabilities Balance at 12/31/2018 — First application impacts due to accounting changes (Note 2) 7,705 Additions 1,474 Principal and interests payments (1,654 ) Principal payments (1,518 ) Interests payments (185 ) Minus: Payments of companies held for sale and sold companies during 2019 49 Disposals (261 ) Exclusion of companies (121 ) Accrued interests 199 Translation differences 23 Transfers and others (139 ) Balance at 12/31/2019 7,226 "Additions" includes fixed asset sale and leaseback transactions, which amounted to 190 million euros (see Note 2). The gain recorded in 2019 for sale and leaseback transactions amounts to 313 million euros. "Transfers and others" includes the transfer to "Liabilities associated with non-current assets classified as held for sale" of the lease liabilities of Telefónica de Costa Rica which amounted to 127 million euros (see Note 30). “Exclusion of companies” in 2019 correspond to the sale of Telefonía Celular de Nicaragua and Telefónica Móviles Panamá amounting to 74 and 47 million euros, respectively. There are commitments for leases not started at December 31, 2019 amounting to 63 million euros. The maturity schedule of lease liabilities at December 31, 2019 is as follows: Millions of euros Current Non-Current Maturity 2020 2021 2022 2023 2024 Subsequent years Non-current total Total Lease liabilities 1,600 1,312 943 892 577 1,902 5,626 7,226 |
Payables and Other Non-current
Payables and Other Non-current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Payables and Other Non-current Liabilities | Payables and other non-current liabilities The composition of “Payables and other non-current liabilities” of the Telefónica Group at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Payables 1,553 856 Trade payables 86 87 Payables to suppliers of property, plant and equipment — 9 Payables for spectrum acquisition 1,362 662 Other payables 105 98 Other non-current liabilities 1,375 1,034 Contractual liabilities (Note 23) 851 613 Deferred revenue 336 283 Current tax payables 188 138 Total 2,928 1,890 In June 2019 Telefónica Germany acquired a total of 90 MHz spectrum at a total cost of 1,425 million euros (see Note 6). The Company, like the other auction participants, reached an agreement whereby the auction proceeds will be paid in interest-free, annual instalments until 2030, instead of an upfront one-time payment (see Appendix VI). In December 2019 the first installment was paid, amounting to 87 million euros (see Note 28). The current value of the debt at December 31, 2019 amounted to 1,272 million euros, of which 1,186 million euros have a maturity of more than twelve months. In addition, "Payables for spectrum acquisition" includes the deferred portion of the payment for acquiring the spectrum use license in Mexico in 2010, for an equivalent of 37 million euros ( 530 million euros at December 31, 2018, see Notes 2 and 22), and the pending payment portion for spectrum acquisition in Spain in 2018, amounting to 90 million euros ( 102 million euros at December 31, 2018, see Note 6). Payments for financed licenses for the years 2019 and 2018 amounted to 146 and 44 million euros, respectively (see Note 28). “Deferred revenues” include grants amounting to 150 million euros at December 31, 2019 ( 97 million euros at December 31, 2018), of which 69 million euros relates to the financial effect resulting from the payment in installments without explicit cost in connection with the aforementioned spectrum auction of Telefónica Germany. |
Payables and Other Current Liab
Payables and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Payables and other current liabilities | Payables and other current liabilities The composition of “Payables and other current liabilities” at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Payables 13,307 13,868 Trade payables 8,095 8,457 Payables to suppliers of property, plant and equipment 3,019 3,237 Payables for spectrum acquisition 196 251 Other payables 1,081 1,092 Dividends pending payment 282 311 Associates and joint ventures payables (Note 10) 634 520 Other current liabilities 1,596 1,617 Contract liabilities (Note 23) 1,283 1,335 Deferred revenue 120 106 Advances received 193 176 Total 14,903 15,485 At December 31, 2019, “Payables for spectrum acquisition” included the debt maturing within twelve months corresponding to the spectrum acquisition of Telefónica Germany in 2019 (see Note 21), amounting to 86 million euros . In addition, this section includes the deferred portion of the current pending payment for acquiring the spectrum in Mexico in 2010, for an equivalent of 64 million euros ( 79 million euros at December 31, 2018, see Notes 2 and 21). At December 31, 2018 it also included the pending payment portion for the acquisition in 2018 of spectrum by Telefónica Mexico for 107 million euros (see Note 6). “Deferred revenue” include grants amounting to 15 million euros at December 31, 2019 ( 16 million euros at December 31, 2018). The composition of current "Other payables" at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Accrued employee benefits 603 611 Other non-financial non-trade payables 478 481 Total 1,081 1,092 “Other non-financial non-trade payables” at December 31, 2018 included the pending payment of 49 million euros corresponding to Telefónica, S.A.’s irrevocable commitment acquired in 2015 to pay a 325 million euros donation to Fundación Telefónica as part of the financing needed to implement the social programs and activities it currently performs or could initiate in the short and medium terms to fulfill its purpose as a foundation ( 1 million euros at December 31, 2018). Information on average payment period to suppliers. Third additional provision, “Information requirement” of Law 15/2010 of July 5. In accordance with the aforementioned Law, the following information corresponding to the Spanish companies of the Telefónica Group is disclosed: 2019 2018 Number of days Weighted average maturity period 53 49 Ratio of payments 55 50 Ratio of outstanding invoices 38 44 Millions of euros Total payments 7,337 6,770 Outstanding invoices 1,152 1,190 The Telefónica Group’s Spanish companies adapted their internal processes and payment schedules to the provisions of Law 15/2010 (amended by Law 31/2014) and Royal Decree-Law 4/2013, amending Law 3/2004, which establishes measures against late payment in commercial transactions. Engagement conditions with commercial suppliers in 2019 included payment periods of up to 60 days, according to the terms agreed between the parties. For efficiency purposes and in line with general business practices, Telefónica Group companies in Spain have agreed payment schedules with suppliers, whereby most of the payments are made on set days of each month. Invoices falling due between two payment days are settled on the following payment date in the schedule. Payments to Spanish suppliers in 2019 surpassing the established legal limit were the result of circumstances or incidents beyond the payment policies, mainly the delay in issuing invoices (legal obligation of the supplier), the closing of agreements with suppliers over the delivery of goods or rendering of services, or occasional processing issues. The average payment period to suppliers of the Telefónica Group’s companies in Spain in 2019, calculated in accordance with the only additional provision of the Resolution of the Instituto de Contabilidad y Auditoría de Cuentas (Spanish Accounting and Audit Institute) of January 29, 2016, amounted to 53 days ( 49 days in 2018). |
Breakdown of Contractual Assets
Breakdown of Contractual Assets and Liabilities, and Capitalized Costs | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Breakdown of Contractual Assets and Liabilities, and Capitalized Costs | Breakdown of contractual assets and liabilities, and capitalized costs The movement of contractual assets and capitalized costs in 2019 and 2018 is as follows: Millions of euros Balance at 12/31/18 Additions Disposals Transfers Translation differences and hyperinflation adjustments Other movements Balance at 12/31/19 Long-term contractual assets (Note 12) 108 204 (7 ) (172 ) 5 — 138 Contractual assets 114 204 (7 ) (173 ) 5 1 144 Impairment losses (6 ) — — 1 — (1 ) (6 ) Short-term contractual assets (Note 14) 341 662 (816 ) 156 9 (1 ) 351 Contractual assets 364 677 (824 ) 157 9 (2 ) 381 Impairment losses (23 ) (15 ) 8 (1 ) — 1 (30 ) Total 449 866 (823 ) (16 ) 14 (1 ) 489 Millions of euros Balance at 12/31/17 First application of new IFRS impacts Additions Disposals Transfers Translation differences and hyperinflation adjustments Balance at 12/31/18 Long-term contractual assets (Note 12) — 68 153 (2 ) (110 ) (1 ) 108 Contractual assets — 71 156 (2 ) (110 ) (1 ) 114 Impairment losses — (3 ) (3 ) — — — (6 ) Short-term contractual assets (Note 14) — 332 761 (856 ) 113 (9 ) 341 Contractual assets — 354 764 (857 ) 113 (10 ) 364 Impairment losses — (22 ) (3 ) 1 — 1 (23 ) Total — 400 914 (858 ) 3 (10 ) 449 Once the amounts recognized as contract assets become receivables, which normally occurs when they are invoiced, they are transferred to the "Trade receivables" heading. In this regard, the balance of the contract assets account basically represents amounts not yet due. The movement of the deferred expenses in 2019 and 2018 is as follows: Millions of euros Balance at 12/31/18 Additions Disposals Transfers Translation differences and hyperinflation adjustments Other movements Balance at 12/31/19 Non-current capitalized costs (Note 12) 191 413 (3 ) (381 ) — 1 221 Of obtaining a contract 178 368 (3 ) (353 ) 1 — 191 Of fulfilling a contract 13 45 — (28 ) (1 ) 1 30 Impairment losses — — — — — — — Current capitalized costs (Note 14) 566 473 (796 ) 379 5 (2 ) 625 Of obtaining a contract 541 428 (752 ) 351 6 (1 ) 573 Of fulfilling a contract 25 45 (44 ) 28 (1 ) (1 ) 52 Impairment losses — — — — — — — Total 757 886 (799 ) (2 ) 5 (1 ) 846 Millions of euros Balance at 12/31/17 First application of new IFRS impacts Additions Disposals Transfers Translation differences and hyperinflation adjustments Balance at 12/31/18 Non-current capitalized costs (Note 12) — 172 366 (1 ) (343 ) (3 ) 191 Of obtaining a contract — 170 349 (1 ) (338 ) (2 ) 178 Of fulfilling a contract — 2 17 — (5 ) (1 ) 13 Impairment losses — — — — — — — Current capitalized costs (Note 14) — 540 437 (746 ) 342 (7 ) 566 Of obtaining a contract — 522 400 (713 ) 337 (5 ) 541 Of fulfilling a contract — 18 37 (33 ) 5 (2 ) 25 Impairment losses — — — — — — — Total — 712 803 (747 ) (1 ) (10 ) 757 The movement of contractual liabilities of contracts with customers in 2019 and 2018 is as follows: Millions of euros Balance at 12/31/18 Additions Disposals Transfers Translation differences and hyperinflation adjustments Other movements Balance at 12/31/19 Long-term contractual liabilities (Note 21) 613 409 (7 ) (180 ) 16 — 851 Short-term contractual liabilities (Note 22) 1,335 7,516 (7,747 ) 165 18 (4 ) 1,283 Total 1,948 7,925 (7,754 ) (15 ) 34 (4 ) 2,134 Millions of euros Balance at 12/31/17 First application of new IFRS impacts Additions Disposals Transfers Translation differences and hyperinflation adjustments Balance at 12/31/18 Long-term contractual liabilities (Note 21) — 106 558 (295 ) 240 4 613 Short-term contractual liabilities (Note 22) — 98 7,561 (7,631 ) 1,317 (10 ) 1,335 Total — 204 8,119 (7,926 ) 1,557 (6 ) 1,948 In 2019, "Disposals" include liabilities from previous years ( 601 million euros) and the corresponding amount to disposals of liabilities from current years. The “Transfers” column in 2018 shows amounts relating to contractual liabilities reclassified from the “Deferred revenue” (see Notes 21 and 22) line item to reflect the new terminology of IFRS 15. Contract liabilities relate to unperformed performance obligations mainly referred to IRU contracts, prepaid airtime, set up fees and other prepaid services. The most significant portion of the amounts presented as non-current will be recognized as revenues within 24 months and up to 10 years. The maturity schedule of contractual liabilities at December 31, 2019 is as follows: Millions of euros 2020 2021 2022 Subsequent years Total Contractual liabilities, activation fees 190 6 3 14 213 Contractual liabilities, sales of prepay cards 541 — — — 541 Contractual liabilities, services 322 31 6 21 380 Contractual liabilities, sales of handsets 26 2 — — 28 Contractual liabilities, sales of other equipments 2 — — 8 10 Contractual liabilities, irrevocable rights to use 54 48 45 372 519 Other contractual liabilities 148 120 115 60 443 Maturity of performance obligations 1,283 207 169 475 2,134 |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits [Abstract] | |
Provisions | Provisions The amounts of provisions in 2019 and 2018 are as follows: 12/31/2019 12/31/2018 Millions of euros Current Non-current Total Current Non-current Total Employee benefits 1,110 5,789 6,899 886 4,499 5,385 Termination plans 486 729 1,215 441 805 1,246 Post-employment defined benefit plans 11 565 576 9 389 398 Other benefits 613 4,495 5,108 436 3,305 3,741 Dismantling of assets 96 847 943 125 784 909 Other provisions 466 1,850 2,316 901 2,237 3,138 Total 1,672 8,486 10,158 1,912 7,520 9,432 a) Employee benefits In 2019 the Group recorded a provision of 2,170 million euros ( 461 million euros in 2018). Of this amount, 1,732 million euros corresponds to Teléfonica Spain, mainly relating to the Telefónica de España, S.A.U., Telefónica Móviles España, S.A.U. and Telefónica Soluciones de Informática y Comunicaciones de España, S.A.U. 2019 Individual Suspension Plan described in “Other benefits”. The distribution by segment of the restructuring costs, in terms of their impact on operating income, is as follows: Millions of euros 2019 2018 Telefónica Spain 1,732 297 Telefónica United Kingdom 31 — Telefónica Brazil — 46 Telefónica Germany 22 84 Telefónica Hispam Norte 39 18 Telefónica Hispam Sur 201 50 Other companies 145 (34 ) Total 2,170 461 Termination plans The movement in provisions for termination plans in 2019 and 2018 is as follows: Millions of euros Total Provisions for termination plans at 12/31/17 1,797 Additions 140 Retirements/amount applied (579 ) Transfers (109 ) Translation differences, hyperinflation adjustments and accretion (3 ) Provisions for termination plans at 12/31/18 1,246 Additions 452 Retirements/amount applied (496 ) Translation differences, hyperinflation adjustments and accretion 11 Other 2 Provisions for termination plans at 12/31/19 1,215 The reclassification of provision for termination plans of the entity Seguros de Vida y Pensiones Antares, S.A. to the line "Liabilities associated with non-current assets held for sale" of the statement of financial position was recorded under "Transfers" for the 2018, amounted to 109 million euros (see Note 30). Telefónica Spain The 2003-2007 labor force reduction plan in Telefónica de España concluded with 13,870 participating employees and the provisions recorded at December 31, 2019 and 2018 amounted to 28 million euros and 46 million euros, respectively. The amount for this provision classified as current totaled 12 million euros at December 31, 2019 . The 2011-2013 labor force reduction plan in Telefónica de España, concluded with 6,830 participating employees and the provisions recorded at December 31, 2019 and 2018 amounted to 528 million euros and 797 million euros, respectively. The amount for this provision classified as current totaled 217 million euros at December 31, 2019 . The companies bound by these commitments calculated provisions required at 2019 and 2018 year-ends using actuarial assumptions pursuant to current legislation, including the PERM/F- 2000C mortality tables and a high quality credit market based interest rate. The discount rate used for the termination plans of Telefónica Spain at December 31, 2019 was 0.22% with an average plan length of 1.5 years. Telefónica Germany Within the context of the transformation of Telefónica Deutschland following the purchase of E-Plus in a bid to increase profitability by securing operational synergies, a provision of 321 million euros was recorded in 2014 for employee restructuring. An additional provision of 8 million euros was recorded in 2019 (compared with the additional 19 million euros in 2018 ). This provision stood at 24 million euros at December 31, 2019 ( 48 million euros at December 31, 2018 ). Post-employment defined benefit plans The Group has a number of defined benefit plans in the countries where it operates. The following tables present the main data of these plans: 12/31/2019 Millions of euros United Kingdom Germany Brazil Hispam Norte Hispam Sur Others Total Obligation 1,858 304 982 72 6 17 3,239 Assets (1,839 ) (93 ) (1,038 ) — — (12 ) (2,982 ) Net provision before asset ceiling 19 211 (56 ) 72 6 5 257 Asset ceiling — — 262 — — — 262 Total 19 211 206 72 6 5 519 Net provision 19 218 255 72 6 6 576 Net assets — 7 49 — — 1 57 12/31/2018 Millions of euros United Kingdom Germany Brazil Hispam Norte Hispam Sur Others Total Obligation 1,548 239 749 68 6 18 2,628 Assets (1,570 ) (90 ) (848 ) — — (12 ) (2,520 ) Net provision before asset ceiling (22 ) 149 (99 ) 68 6 6 108 Asset ceiling — — 249 — — — 249 Total (22 ) 149 150 68 6 6 357 Net provision 4 157 153 72 6 6 398 Net assets 26 8 3 4 — — 41 The movement in the present value of obligations in 2019 and 2018 is as follows: Millions of euros Spain (Antares) United Kingdom Germany Brazil Hispam Norte Hispam Sur Other Total Present value of obligation at 12/31/17 490 1,828 235 734 72 8 16 3,383 Translation differences — (12 ) — (81 ) (3 ) (3 ) 1 (98 ) Current service cost 6 — 9 4 1 — 1 21 Interest cost 7 44 4 65 5 2 1 128 Actuarial losses and gains 4 (260 ) (6 ) 68 (2 ) 1 — (195 ) Benefits paid (41 ) (50 ) (3 ) (41 ) (5 ) (2 ) (1 ) (143 ) Transfers (466 ) — — — — — — (466 ) Other movements — (2 ) — — — — — (2 ) Present value of obligation at 12/31/18 — 1,548 239 749 68 6 18 2,628 Translation differences — 86 — (21 ) 1 (2 ) — 64 Current service cost — — 11 4 (2 ) — 1 14 Interest cost — 44 5 67 9 2 — 127 Actuarial losses and gains — 226 53 233 4 — (1 ) 515 Benefits paid — (46 ) (4 ) (50 ) (4 ) — (1 ) (105 ) Plan curtailments — — — — 1 — — 1 Other movements — — — — (5 ) — — (5 ) Present value of obligation at 12/31/19 — 1,858 304 982 72 6 17 3,239 Movements in the fair value of plan assets in 2019 and 2018 are as follows: Millions of euros United Kingdom Germany Brazil Other Total Fair value of plan assets at 12/31/17 1,651 84 835 9 2,579 Translation differences (13 ) — (92 ) — (105 ) Interest income 40 1 74 — 115 Actuarial losses and gains (57 ) 1 69 1 14 Company contributions (2 ) — — 1 (1 ) Participants contributions — 3 — — 3 Benefits paid (49 ) (2 ) (38 ) — (89 ) Other movements — 3 — 1 4 Fair value of plan assets at 12/31/18 1,570 90 848 12 2,520 Translation differences 86 — (22 ) — 64 Interest income 46 2 76 — 124 Actuarial losses and gains 157 2 181 — 340 Company contributions 27 — — — 27 Participants contributions — 3 — — 3 Benefits paid (46 ) (2 ) (44 ) — (92 ) Other movements (1 ) (2 ) (1 ) — (4 ) Fair value of plan assets at 12/31/19 1,839 93 1,038 12 2,982 Antares Transfers in 2018 included the reclassification of the provisions corresponding to the following post-employment plans, originating in Telefónica de España, that were externalized between 1997 and 2002, in accordance with current legislation at that time, through insurance policies with the entity Seguros de Vida y Pensiones Antares, S.A.: • ITP: Telefónica Spain reached an agreement with its employees whereby it recognized supplementary pension payments for retired employees as of June 30, 1992 equal to the difference between the pension payable by the social security system and pension that would be paid to them by ITP (Institución Telefónica de Previsión). The amount for this provision totaled 206 million euros at December 31, 2018. • Survival: Serving employees who did not join the defined pension plan are still entitled to receive survivorship benefits at the age of 65. The amount for this provision totaled 260 million euros at December 31, 2018. These provisions were reclassified to "Liabilities associated with non-current assets classified as held for sale" of the statement of financial position at December 31, 2018. The long-term financial assets to cover the obligations of these two defined benefit plans, amounting to 634 million euros at December 31, 2018 (see Note 12) were reclassified to "Non-current assets classified as held for sale" of the statement of financial position (see Note 30). On February 14, 2019, after obtaining the relevant regulatory approvals, the sale of Antares to a company of Grupo Catalana Occidente was concluded (see Note 2). After the sale, these plans remain externalized, and the obligations and the financial assets to cover the obligations are out of the scope of consolidation of the Group from the date of the sale. The Group does not retain an obligation, whether legal or constructive, to make additional contributions to these plans other than the payment of annual regularization premiums. The average length of the plans was 7.42 years at December 31, 2018. The main actuarial assumptions used in valuing these plans at December 31, 2018 were as follows: Survival ITP Discount rate 1.32 % 1.29 % Expected rate of salary increase 0%-0.5% — Mortality tables PERM/F 2000P OM77 90%PERM 2000C/98% PERF 2000C Telefónica United Kingdom Pension Plan The Telefónica United Kingdom Pension Plan provides pension benefits to the various companies of the Telefónica Group in the United Kingdom coming from the O2 Group. The Plan comprises a defined contribution and defined benefit sections. The defined benefit sections were closed to future accrual starting from February 28, 2013. The companies continued providing retirement benefits through the defined contribution sections of the plan. The number of beneficiaries of these plans at December 31, 2019 and 2018 were 4,422 and 4,456 respectively. At December 31, 2019, the weighted average duration of the plan was 22 years. The main actuarial assumptions used in valuing the plan are as follows: 12/31/2019 12/31/2018 Nominal rate of pension payment increase 2.90 % 3.05 % Discount rate 2.05 % 2.85 % Expected inflation 2.95 % 3.20 % Mortality tables 95% S2NA, 95% S2NA, CMI 2018 1% 7 and a initial addition of 0.25% CMI 2017 1% 7.5 Fair value of Plan assets is as follows: Millions of euros 12/31/2019 12/31/2018 Credit instruments 1,710 1,570 Cash equivalents 129 — Total 1,839 1,570 So long as other assumptions remained constant, at December 31, 2019 , reasonably possible changes to one of the following actuarial assumptions would have affected the defined benefit obligation by the amounts shown below: Millions of euros Increase in defined benefit obligation Discount rate (0.25% decrease) 115 Expected inflation (0.25% increase) 110 Life expectancy (1 year longer) 48 Telefonica Brazil pension plans Telefonica Brazil sponsors the following post-employment benefit plans: Plans Management entity Sponsor Health plans Plano de Assistência Médica ao Aposentado y Programa de Coberturas Especiais (PAMA/PCE) Fundação Sistel de Seguridade Social Telefônica Brasil, jointly and severally with other companies resulting from the privatization of Telebrás (Telecomunicações Brasileiras, S.A.) Assistencia médica – Lei 9.656/98 Telefônica Brasil Telefônica Brasil, Terra Networks, TGLog and TIS Pension plans PBS Assistidos (PBS-A) Fundação Sistel de Seguridade Social Telefônica Brasil, jointly and severally with other companies resulting from the privatization of Telebrás (Telecomunicações Brasileiras, S.A.) CTB Telefônica Brasil Telefônica Brasil Telefônica BD Visão Prev Telefônica Brasil Planes VISAO Visão Prev Telefônica Brasil, Terra Networks, TGLog and TIS In 2019 Sistel approved the distribution of part of the surplus of the PBS-A plan, with reversal of values to sponsors and improvement of benefits to those assisted. The participation corresponding to the Company amounted to 48 million euros, with a balancing entry in Other comprehensive income. The distribution is expected in the form of 36 monthly payments, the first received in December 2019. Even considering this distribution, PBS-A still has assets in excess of actuarial obligations as of December 31, 2019 and 2018. The main actuarial assumptions used in valuing these plans are as follows: 12/31/2019 12/31/2018 Discount rate 6.65% - 7.54% 8.96% - 9.27% Nominal rate of salary increase 5.47 % 5.67 % Long-term inflation rate 3.80 % 4.00 % Growth rate for medical costs 6.91 % 7.12 % Mortality tables AT 2000 M/F AT 2000 M/F The discount rate and growth rate for medical costs are considered to be the most significant actuarial assumptions with a reasonable possibility of fluctuations depending on demographic and economic changes and may significantly change the amount of the post-employment benefit obligation. The sensitivity to changes in these assumptions is shown below: Present value of the discounted obligation at the current discount rate Present value of the obligation by increasing the discount rate by 0.5% Present value of the obligation by reducing the discount rate by 0.5% Pension plans 537 515 560 Health plans 446 411 485 Total obligation 983 926 1,045 Present value of the obligation at the current growth rate for medical costs Present value of the obligation by increasing the rate by 1% Present value of the obligation by reducing the rate by 1% Pension plans 537 537 537 Health plans 446 527 381 Total obligation 983 1,064 918 Other employee benefits Teléfonica de España, Telefónica Móviles España and Telefónica Soluciones Individual Suspension Plan In 2015 Telefónica de España, S.A.U., Telefónica Móviles España, S.A.U. and Telefónica Soluciones de Informática y Comunicaciones de España, S.A.U. signed the first Collective Bargaining Agreement of Related Companies (CEV), wholly backed by the largest labor unions. This agreement considered elements that included a plan of measures for individual suspension of the employment relationship in 2016 and 2017, applying principles of voluntariness, universality, non-discrimination and social responsibility. In December 2016, the Collective Bargaining Agreement of Related Companies was extended until 2018 by virtue of the provisions thereof. Additionally, in September 2019 Telefónica España signed the second Collective Agreement of Related Companies that includes, among other aspects, an "Individual Suspension Plan" that is completely voluntary for the year 2019, with the same conditions as the previous one. These plans are based on mutual agreement between the company and employees and entail the possibility of voluntarily suspending the employment relationship for an initial three-year period, renewable for consecutive three-year periods until the retirement age. Employees who meet the age and seniority requirements may enter the Individual Suspension Plan (PSI) in the periods opened for these purposes. At the end of each period, the current value of the forecast payment flows to meet the commitments of this program (applying certain hypotheses regarding estimated number of accessions and future reintegration ratio) is recognized. This figure was calculated using actuarial criteria (PERM/F-2000C tables, combined with the invalidity table published in the 1977 ministerial order) and a high quality credit market based interest rate. The corresponding provision is recognized under “Other benefits” in the above table. The provision at December 31, 2019 amounted to 4,961 million euros ( 3,588 million euros at December 31, 2018). The discount rate used for these provisions at December 31, 2019 was 0.46% with an average plan length of 4.7 years. Sensitivity of the valuation The table below shows the sensitivity of the value of termination, post-employment and other obligations, including the Individual Suspension Plan of Telefónica Group companies in Spain to changes in the discount rate: -100 b.p. +100 b.p. Impact on value Impact on income statement Impact on value Impact on income statement (253 ) (253 ) 235 235 A 100 b.p. increase in the discount rate would reduce the value of the liabilities by 235 million euros and have a positive impact on the income statement of 235 million euros before tax. On the other hand, a 100 b.p. decrease in the discount rate would increase the value of the liabilities by 253 million euros and have a negative impact on the income statement of 253 million euros before tax. The Telefónica Group actively manages this position and has arranged a derivatives portfolio to significantly reduce the impact of changes in the discount rate (see Note 19). b) Provisions for dismantling of assets The movement of provision for dismantling of assets in 2019 and 2018 is as follows: Millions of euros Dismantling of assets at 12/31/17 973 Additions and accretion 96 Retirements/amount applied (83 ) Translation differences and other (77 ) Dismantling of assets at 12/31/18 909 Additions and accretion 178 Retirements/amount applied (97 ) Translation differences and other (47 ) Dismantling of assets at 12/31/19 943 The detail by segments of provision for dismantling of assets in 2019 and 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Telefónica Spain 6 7 Telefónica Germany 421 421 Telefónica Brazil 141 152 Telefónica United Kingdom 89 85 Telefónica Hispam Norte 51 26 Telefónica Hispam Sur 69 76 Other companies 166 142 Total 943 909 c) Other provisions The movement in “Other provisions” in 2019 and 2018 is as follows: Millions of euros Other provisions at December 31, 2017 3,883 Additions and accretion 911 Retirements/amount applied (1,276 ) Transfers (89 ) Translation differences and other (291 ) Other provisions at December 31, 2018 3,138 Reclassification entry into force IFRIC 23 (856 ) Additions and accretion 946 Retirements/amount applied (841 ) Transfers 19 Translation differences and other (90 ) Other provisions at December 31, 2019 2,316 The reclassification of other provisions of the entity Seguros de Vida y Pensiones Antares, S.A. to the line "Liabilities associated with non-current assets held for sale" of the statement of financial position was recorded under "Transfers" of the 2018 movement, amounted to 81 million euros (see Note 30). The Group is exposed to risks of claims and litigation, mainly relating to tax and regulatory proceedings, and labor and civil claims. Given the nature of the risks covered by these provisions, no reliable schedule of potential payments, if any, can be determined. Telefónica Brazil Telefônica Brasil, S.A. and its subsidiaries are party to administrative and judicial proceedings and labor, tax and civil claims filed in different courts. The Telefónica Group management based on the opinion of its legal counsel, recognized provisions for proceedings for which an unfavorable outcome is considered likely. The balance of these provisions at December 31, 2019 and December 31, 2018 is shown in the following table: Millions of euros 12/31/2019 12/31/2018 Tax proceedings 348 440 Regulatory proceedings 253 230 Labor claims 121 176 Civil proceedings 176 226 Total 898 1,072 Additionally, Telefónica Brazil recognized contingent liabilities according to IFRS 3 generated on acquisition of the controlling interest of Vivo Participaçoes in 2011 and GVT in 2015. These contingent liabilities amounted to 184 million euros at December 31, 2019 ( 186 million euros at December 31, 2018). The detail of provisions for tax proceedings by nature of risk is as follows: Millions of euros 12/31/2019 12/31/2018 Federal taxes 127 119 State taxes 103 205 Municipal taxes 8 8 FUST 110 108 Total 348 440 The breakdown of changes in provisions for tax proceedings in 2019 and 2018 is as follows: Millions of euros Balance at 12/31/2017 902 Movements with a counterparty in judicial deposits (569 ) Movements with a counterparty in the income statement 105 Write-offs due to payment (12 ) Monetary updating 97 Translation differences (83 ) Balance at 12/31/2018 440 Reclassification entry into force IFRIC 23 (16 ) Movements with a counterparty in the income statement 7 Write-offs due to payment (83 ) Monetary updating 6 Translation differences (6 ) Balance at 12/31/2019 348 Group management and legal counsel understand that losses are possible from tax contingencies in federal, state, municipal and other taxes for an aggregated amount of 5,768 million euros as of December 31, 2019 ( 8,136 million euros as of December 31, 2018). After the application of the interpretation IFRIC 23 (see Note 3.n), the aggregated amount as of December 31, 2019 does not include the possible contingencies from income tax proceedings (federal tax), which are described in Note 25. Noteworthy state tax-related contingencies include the "ICMS" tax (see Note 25). Moreover, Telefónica Brazil presently has different open proceedings regarding the Fundo de Universalização de Serviços de Telecomunicações (FUST, refer to Note 29). With regard to regulatory proceedings, Telefónica Brazil is party to administrative proceedings against Agencia Nacional de Telecomunicações (ANATEL) based on an alleged failure to meet sector regulations and judicial proceedings to contest sanctions applied by ANATEL at the administrative level. At December 31, 2019, consolidated provisions totaled 253 million euros ( 230 million euros at December 31, 2018). In addition, Group management and legal counsel understand that losses are possible from regulatory contingencies amounting to 1,247 million euros at December 31, 2019 ( 1,379 million euros at December 31, 2018), including the sanction for breaches of the Fixed Telephony Regulation (see Note 29.a). In addition, Group management and legal counsel understand that losses are possible from civil proceedings, amounting to 772 million euros at December 31, 2019 ( 787 million euros at December 31, 2018). In some situations, in connection with a legal requirement or presentation of guarantees, judicial deposits are made to secure the continuance of the claims under discussion. The judicial deposits by nature of risk at December 31, 2019 and December 31, 2018 are as follows: Millions of euros 12/31/2019 12/31/2018 Tax proceedings 443 435 Labor claims 70 118 Civil proceedings 232 262 Regulatory proceedings 58 47 Garnishments 8 19 Total 811 881 Current (see Note 15) 61 71 Non-current (see Note 12) 750 810 Telefónica del Perú In 2015, the Group established a provision of 1,521 million Peruvian soles (approximately 431 million euros) in relation to tax claims involving Telefónica Peru (see Note 25). At December 31, 2018 this provision amounted to 439 million euros. At January 1, 2019, this amount was reclassified to "Taxes payable" of the statement of financial position (see Note 25), due to the application of the Interpretation IFRIC 23 (see Notes 2 and 3.n). Telefónica, S.A. The provision of the goodwill amortized for tax purposes amounted to 283 million euros at December 31, 2018 (see Note 25). At January 1, 2019, this amount was reclassified to "Deferred tax liabilities" of the statement of financial position (see Note 25), due to the application of the Interpretation IFRIC 23 (see Notes 2 and 3.n). |
Income Tax Matters
Income Tax Matters | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Tax Matters | Income tax matters Pursuant to a Ministerial Order dated December 27, 1989, Telefónica, S.A. files consolidated tax returns in Spain for certain Group companies. The consolidated tax group comprised 42 companies at December 31, 2019 ( 44 companies at December 31 2018 ). This tax consolidation regime applies indefinitely providing the companies continue to meet the requirements set down in prevailing legislation, and that application of the regime is not expressly waived. Group companies which are resident in Spain and which are not part of this consolidation regime and non-resident companies file individual or aggregated tax returns under the tax law applicable in each country. Deferred taxes movement The movements in deferred taxes in the Telefónica Group in 2019 and 2018 are as follows: Millions of euros Deferred tax assets Deferred tax liabilities Balance at December 31, 2018 7,631 2,674 Reclassification entry into force IFRIC 23 — 313 Additions 1,070 586 Disposals (1,123 ) (323 ) Transfers (882 ) (250 ) Translation differences and hyperinflation adjustments (33 ) (87 ) Company movements and others 19 (5 ) Balance at December 31, 2019 6,682 2,908 Millions of euros Deferred tax assets Deferred tax liabilities Balance at December 31, 2017 7,820 2,145 Additions 1,866 916 Disposals (1,844 ) (320 ) Transfers (79 ) (204 ) Translation differences and hyperinflation adjustments (127 ) 130 Company movements and others (5 ) 7 Balance at December 31, 2018 7,631 2,674 Main changes registered in 2019 Telefónica Mexico reversed deferred tax assets with a counterparty in Corporate income tax, amounting to 454 million euros, due to the new estimations about the time horizon in which the Group expects to recover the assets. Telefónica Brazil recognized deferred tax assets amounting to 122 million euros, mainly generated in the year and disposals amounting to 127 million euros. In addition, Telefónica Brazil recognized deferred tax liabilities amounting to 304 million euros, mainly related to the tax amortization of goodwill. The additions of deferred tax assets included tax credits recognized for 81 million euros by the German company Group 3G UMTS Holding GmbH. Furthermore, this company applied tax loss carryforwards in 2019 amounting to 77 million euros. I n 2019 the additions of deferred tax assets recognized for 492 million euros were the result of the provisions recognized during the year in relation to the various workforce restructuring plans and other obligations with employees of the companies included in the group in Spain (see Note 24). Likewise, disposals of deferred tax assets in 2019 included the impact of the recognition of these provisions, amounting to 207 million euros. In 2019, the additions of tax credits from deductions were recognized in Spain, in the amount of 95 million euros. Furthermore, in compliance with the sixteenth transitional provision of amended Royal Decree-Law, which requires the inclusion of one-fifth of the investment portfolio impairment losses which had been deductible in the tax base before January 1, 2013, the Group reclassified 209 million euros of deferred tax liabilities in order to recognize a higher tax payable to the Spanish tax authorities. As explained below, a partial resolution upholding the claims of Telefónica by the Tribunal Económico-Administrativo Central (TEAC) pertaining the overpayments made in 2008-2011 resulted in the collection of 702 million euros, registered in transfers of deferred tax assets. At January 1, 2019, 313 million euros were reclassified to "Deferred tax liabilities" of the statement of financial position, due to the application of the IFRIC 23 (see Notes 3.n and 24), mainly corresponding to the balance at January 1, 2019 of the provision in relation to tax-amortized goodwill by the purchase of Vivo (see "Tax deductibility of financial goodwill in Spain" below in this note). The provision registered in addition at 2019 were 69 million euros. The movements relating to deferred taxes recognized directly in equity in 2019 amounted to 2 million euros of additions (net position of higher deferred tax liabilities) and 12 million euros of disposals (net position of higher deferred tax liabilities). Likewise, the amount of recognized deferred tax liabilities associated with investments in subsidiaries amounted to 157 million euros as of December 31, 2019 ( 307 million euros as of December 31, 2018). The amount of not recognized deferred tax liabilities associated with investments in subsidiaries amounted to 285 million euros as of December 31, 2019 ( 129 million euros as of December 31, 2018). Main changes registered in 2018 I n Spain, tax credits for loss carryforwards amounting to 791 million euros were capitalized in 2018, and tax credits from deductions of 477 million euros were reversed, mainly due to the effect of the ruling of the Central Economic-Administrative Court notified on January 22, 2019, partially upholding the Company's position (as shown in the section "Inspections of the Spanish tax group" in this present Note to the financial statements) in the expected schedule of realization of deferred tax assets and liabilities (see "Expected realization of deferred tax assets and liabilities" below). Telefónica Móviles México derecognized deferred tax assets for temporary differences amounting to 327 million euros (with a balancing entry in Corporate income tax), mainly due to a change in the assumptions used within the tax framework, that affect the time horizon in which the Group expected to recover the assets. After the completion of a deferred tax asset recoverability analysis, based in Colombia Telecomunicaciones, S.A. ESP financial projections, tax losses carryforwards amounting to 106 million euros were capitalized. Furthermore, this company applied tax loss carryforwards in 2018 amounting to 57 million euros. Telefónica Brazil recognized tax credits for loss carryforwards amounting to 160 million euros, mainly generated in the year. The evolution of temporary differences resulted in additions and disposals of deferred tax assets amounting to 184 million euros and 271 million euros, respectively. In addition, Telefónica Brazil recognized deferred tax liabilities amounting to 415 million euros, mainly related to the tax amortization of goodwill. Given that Venezuela is considered a hyperinflationary economy, the financial statements of Telefónica Venezolana are adjusted for inflation (see Note 3.a). The hyperinflation adjustment is not deductible according to the present tax regime in Venezuela, thus it generates deferred taxes for the differences between the accounting value and the tax value of the net assets. These deferred taxes do not represent a cash outflow and the net impact in equity will be neutral when the assets are totally amortized. The movement of these deferred taxes in 2018 generated a tax expense of 186 million euros (see Note 2). The additions of deferred tax assets included tax credits recognized for 84 million euros by the German company Group 3G UMTS Holding GmbH. Furthermore, this company applied tax loss carryforwards in 2018 amounting to 77 million euros. In 2018, the additions of deferred tax assets recognized for 101 million euros were the result of the provisions recognized during the year in relation to the various workforce restructuring plans and other obligations with employees of the companies included in the group in Spain (see Note 24). Likewise, disposals of deferred tax assets in 2018 include the impact of the recognition of these provisions, amounting to 215 million euros. Furthermore, in compliance with the sixteenth transitional provision of this amended Royal Decree-Law, which requires one-fifth of the investment portfolio impairment losses which had been deductible to be included in the tax base before January 1, 2013, the Group reclassified 206 million euros of deferred tax liabilities in order to recognize a higher tax payable to the Spanish tax authorities, corresponding to one-fifth of the tax losses affected by this law. The impact of the initial application of IFRS 15 was a decrease of 27 million euros of deferred tax assets and increase of 164 million euros in deferred tax liabilities (see Note 2). The movements relating to deferred tax recognized directly in equity in 2018 amounted to 89 million euros of additions (net position of more deferred tax liabilities) and 13 million euros of disposals (net position of more deferred tax assets). Expected realization of deferred tax assets and liabilities The Group assesses the recoverability of deferred tax assets based on the future activities carried out by the different companies, on tax regulations in the different countries in which these companies operate, and on the strategic decisions affecting the companies. Under the assumptions made, the estimated realization of deferred tax assets and liabilities recognized in the consolidated statement of financial position in 2019 and 2018 is as follows: Millions of euros 12/31/2019 Total Less than 1 year More than 1 year Deferred tax assets 6,682 747 5,935 Deferred tax liabilities 2,908 (17 ) 2,925 Millions of euros 12/31/2018 Total Less than 1 year More than 1 year Deferred tax assets 7,631 1,736 5,895 Deferred tax liabilities 2,674 (9 ) 2,683 Deferred tax assets less than one year mainly come from the Tax Group in Spain ( 525 million euros in 2019 and 1,461 million euros in 2018 ). Deferred tax assets in the accompanying consolidated statements of financial position include the tax loss carryforwards, unused tax credits recognized and deductible temporary differences recognized at the end of the reporting period. Millions of euros 12/31/2019 12/31/2018 Tax credits for loss carryforwards 2,884 3,828 Unused tax deductions 1,459 1,422 Deferred tax assets for temporary differences 2,339 2,381 Total deferred tax assets 6,682 7,631 Tax credits for loss carryforwards The movements in Tax credits for loss carryforwards in the Telefónica Group in 2019 and 2018 are as follows: Location of the company (Millions of euros) Balance at 12/31/2018 Additions Reversals Perimeter changes Translation differences and other Balance at 12/31/2019 Spain 2,272 — (16 ) — (836 ) 1,420 Germany 580 192 (77 ) — — 695 Latin America 976 25 (202 ) — (30 ) 769 Other countries — — — — — — Total tax credits for loss carryforwards 3,828 217 (295 ) — (866 ) 2,884 Location of the company (Millions of euros) Balance at 12/31/2017 Additions Reversals Perimeter changes Translation differences and other Balance at 12/31/2018 Spain 1,500 791 (11 ) — (8 ) 2,272 Germany 472 185 (77 ) — — 580 Latin America 799 292 (69 ) — (46 ) 976 Other countries 5 — (4 ) — (1 ) — Total tax credits for loss carryforwards 2,776 1,268 (161 ) — (55 ) 3,828 The Spanish tax group had unused tax loss carryforwards at December 31, 2019 amounting to 7,738 million euros: Millions of euros Total Less than 1 year More than 1 year Tax loss carryforwards generated in the tax group 4,736 219 4,517 Tax loss carryforwards generated before consolidation in the tax group 3,002 — 3,002 Total tax credits for loss carryforwards in Spain in the statement of financial position at December 31, 2019 amounted to 1,420 million euros ( 2,272 million euros at December 31, 2018) . Total unrecognized tax credits for loss carryforwards of the Spanish tax group amounted to 513 million euros. These tax credits do not expire. The Group companies in Germany have recognized 695 million euros of tax credits for loss carryforwards at December 31, 2019. Total unrecognized tax credits for loss carryforwards of these companies amount to 6,396 million euros. These tax credits do not expire. Recognized tax credits in the consolidated statement of financial position arising from the Latin American subsidiaries at December 31, 2019 amounted to 769 million euros. Total unrecognized tax credits for tax loss carryforwards in Latin America amounted to 382 million euros. Deductions The Group has recognized 1,459 million euros of tax credits from deductions at December 31, 2019, mainly of the tax group in Spain, generated primarily from export activity, R+D+i, double taxation and donations to non-profit organizations. In 2019, tax credits from deductions were recognized for 95 million euros. In 2018, tax credits from deductions of 477 million euros were reversed in Spain, as a consequence of the review in the expected schedule of realization of deferred tax assets and liabilities. Temporary differences The sources of deferred tax assets and liabilities from temporary differences recognized at December 31, 2019 and 2018 are as follows: Millions of euros 12/31/2019 12/31/2018 Goodwill and intangible assets 323 724 Property, plant and equipment 520 742 Personnel commitments 1,730 1,397 Provisions 832 895 Investments in subsidiaries, associates and other shareholdings 6 6 Inventories and receivables 273 254 Rights of use 15 — Lease liabilities 796 — Other 615 572 Total deferred tax assets for temporary differences 5,110 4,590 Deferred tax assets and liabilities offset (2,771 ) (2,209 ) Total deferred tax assets for temporary differences registered in the statement of financial position 2,339 2,381 Millions of euros 12/31/2019 12/31/2018 Goodwill and intangible assets 2,115 1,981 Property, plant and equipment 1,203 1,307 Personnel commitments 7 19 Provisions 385 19 Investments in subsidiaries, associates and other shareholdings 414 780 Inventories and receivables 197 185 Rights of use 800 — Other 558 592 Total deferred tax liabilities for temporary differences 5,679 4,883 Deferred tax assets and liabilities offset (2,771 ) (2,209 ) Total deferred tax liabilities for temporary differences registered in the statement of financial position 2,908 2,674 Deferred tax assets and liabilities are offset if a legally enforceable right exists to offset current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. The heading "Other” includes, among others, the difference between the accounting and tax values created by the value of financial derivatives at year end (see Note 19). Tax payables and receivables Current tax payables and receivables at December 31, 2019 and 2018 are as follows: Millions of euros Balance at 12/31/2019 Balance at 12/31/2018 Taxes payable Tax withholdings 161 98 Indirect taxes 817 781 Social security 137 123 Current income taxes payable 1,073 580 Other 372 465 Total 2,560 2,047 Millions of euros Balance at 12/31/2019 Balance at 12/31/2018 Tax receivables Indirect taxes 941 1,073 Current income taxes receivable 507 456 Other 113 147 Total 1,561 1,676 Tax receivables for indirect taxes at December 31, 2019 include 452 million euros corresponding to the outstanding credit for the refund of PIS/COFINS payments described in Note 12 ( 568 million euros at December 31, 2018). Reconciliation of book profit before taxes to taxable income The reconciliation between book profit before tax and the income tax expense from continuing operations for 2019 , 2018 and 2017 is as follows: Millions of euros 2019 2018 2017 Accounting profit before tax 2,718 5,571 4,597 Tax expense at prevailing statutory rate 722 1,544 1,310 Permanent differences (223 ) 133 (186 ) Changes in deferred tax charge due to changes in tax rates 8 6 19 (Capitalization)/reversal of tax deduction and tax relief (44 ) 371 (79 ) (Capitalization)/reversal of loss carryforwards 118 (1,067 ) (123 ) (Increase)/decrease in tax expense arising from temporary differences 484 569 157 Other (11 ) 65 121 Corporate income tax 1,054 1,621 1,219 Breakdown of current/deferred tax expense Current tax expense 1,108 1,122 968 Deferred tax expense/(benefit) (54 ) 499 251 Total Corporate income tax 1,054 1,621 1,219 The reversed deferred tax assets with a counterparty in Corporate income tax of Telefónica Mexico, referred to in the section “Main changes registered in 2019” of the deferred tax movement, are reflected in the headings “(Capitalization)/reversal of loss carryforwards” amounting to 183 million euros and “(Increase)/decrease in tax expense arising from temporary differences” amounting to 271 million euros. The heading “Other” at 2019, includes a lower expense for income tax amounting to 201 million euros related to the indemnity associated with the resolution Tribunal Económico-Administrativo Central (see section “Inspections of the tax group in Spain” later in this Note). Moreover, it includes an expense amounting to 154 of Telefónica Peru (see section “Tax litigation in Telefónica del Perú” later in this note). Tax deductibility of financial goodwill in Spain The tax regulations added article 12.5 to the Corporate Income Tax Law, which came into force on January 1, 2002. The article regulated the deductibility of tax amortization of financial goodwill arising from the acquisition of non-Spanish companies, which could be amortized over 20 years at 5% per annum. Following the entry into force of the Laws 9/2011 of August 19, 2011 and 16/2013 of October 29, 2013, the amount of goodwill amortization deductible for tax purposes under article 12.5 for the years 2011 to 2015 was reduced from 5% to 1% . The effect is temporary because the 4% not amortized for five years ( 20% in total) will be recovered extending the deduction period from the initial 20 years to 25 . The Telefónica Group, under this regulation, has been amortizing for tax purposes the financial goodwill from its investments, both direct and indirect, in O2, BellSouth and Coltel (prior to December 21, 2007) and Vivo (acquired in 2010). The positive accumulated effect of the corresponding settlements of corporate income tax from 2004 to the closing of December 31, 2019, was 1,552 million euros. In relation to this tax incentive, the European Commission (EC) has in recent years commenced three proceedings against the Spanish State, as it deems that this tax benefit could constitute an example of state aid. Although the EC itself acknowledged the validity of the tax incentive for those investors that invested in European companies for operations carried out before December 21, 2007 in the first decision, and before May 21, 2011 for investments in other countries in the second decision, in its third decision issued on October 15, 2014 it calls into question the applicability of the principle of legitimate expectations in the application of the incentive for indirect acquisitions, whatever the date of acquisition may have been. There are also doubts in the Spanish Courts about the classification of the incentive as a deduction and its maintenance in the case of subsequent transmission. As of the date of this Annual Report, the three decisions continue to be subject to a final ruling. The first two were initially annulled by two judgments of the General Court of the European Union, which were appealed by the EC to the Court of Justice of the European Union and sent again to the General Court in December 2016, which ruled on November 15, 2018, confirming the applicability of the principle of legitimate expectations, but considered the "goodwill amortization" as state aid not compatible with the common market. The third decision remains pending a judgment from the court of first instance. Notwithstanding the above, the "Tax and Customs Control Unit of the Spanish Tax Authority" (Dependencia de Control Tributario y Aduanero de la Agenica Tributaria), in compliance with the obligation set out in the EC Decision (EU) 2015/314, recovered the amounts that had been deducted in connection with the amortization of goodwill for the indirect acquisition of non-resident companies from 2005 to 2015, and in November of the same year, it initiated the recovery procedure for goodwill relating to years 2016 to 2018. The recovery of such amounts is provisional, pending the final rulings on the appeals brought against the three decisions. The amount paid by Telefónica in March 2019, after offsetting outstanding tax credits (tax losses carryforward and deductions) amounted to 1.4 million euros. Notwithstanding the fact that the company understands that the principle of legitimate expectations in relation to this tax incentive applies, in relation to tax-amortized goodwill through the purchase of some companies for which the applicability of the legitimate expectations principle is questioned, mainly VIVO, the Group has decided to continue provisioning the amount of the goodwill amortized for tax purposes, amounting to 352 million euros as of December 31, 2019 ( 283 million euros as of December 31, 2018). Inspections of the tax group in Spain In July 2019, new inspection proceedings were initiated for several of the companies belonging to Tax Group 24/90, of which Telefónica, S.A. is the dominant company. The concepts and periods being audited are: Corporate Income Tax for the years 2014 to 2017 and Value Added Tax, Withholdings income Tax for the second half of 2015 and from 2016 to 2018. In relation to the inspection proceeding of Corporate Income Tax for years 2008 to 2011, on January 23, 2019 Telefónica was notified of a resolution issued by the Spanish Central Economic-Administrative Tax Court (Tribunal Económico-Administrativo Central) which partially upheld the claims brought by Telefónica against the assessments relating to the 2008-2011 Corporate Income Tax Audit. On March 15, 2019, Telefónica announced that it had been notified of an Execution Notice issued by the Agencia Estatal de Administración Tributaria in connection with the Spanish Central Economic-Administrative Tax Court resolution (which had partially upheld the claims filed by Telefónica against the assessments pertaining to the 2008-2011 Corporate Income Tax Audit). Said Execution Notice ordered a 702 million euros refund to Telefónica, pertaining to overpayments made in those tax years, which was paid to Telefónica at that date. Telefónica filed an appeal with the Central Economic-Administrative Tax Court against the Execution Notice. Such appeal was resolved favorably to Telefónica's interests on June 13, 2019, resulting in a new refund of 201 million euros related to compensating interests which was recorded as Corporate income tax in the 2019 income statement. Telefónica received this payment in July. In relation to the inspection proceedings of Corporate Tax for the years 2005 to 2007 and 2008 to 2011, which ended in 2012 and 2015, respectively, Telefónica continues to dispute the criteria used for the accounting of Net Operating Losses and deductions. The case is pending before the National Audience. As a result of the ongoing inspection process and the pending tax years to be inspected, it is not considered that there is a need to recognize additional liabilities in the financial statements of Telefónica S.A. Tax litigation in Telefónica Brazil State taxes The Telefónica Group is involved in a range of tax litigation in Brazil over direct and indirect taxes (including those relating to GVT). This includes a number of appeals relating to ICMS tax (a tax similar to VAT, levied on telecommunications services). There is a dispute with the Brazilian tax authorities over which services should be subjet to this tax. To date the most significant issues have focused on the requirement to collect ICMS on penalties charged to customers for non-compliance, Internet advertising services, and complementary or additional services to the basic telecommunications services such as value-added services, modem rental, and the application of this tax on the basic fee ( assinatura básica ). In the case of the latter (assinatura básica), a case is still pending before the Supreme Court including Oi, which could affect other companies of the telecommunications sector. All related procedures are being contested in all instances (administrative and court proceedings). The aggregate amount of the relevant proceedings, updated to take into account interest, fines and other items, is approximately 15,460 million Brazilian reals (approximately 3,416 million euros at the exchange rate of December 31, 2019, see Note 24 to the Consolidated Financial Statements). Telefónica Brazil has obtained independent expert reports supporting its position, i.e. that the aforesaid services are not subject to ICMS. Federal taxes In addition, there are possible contingencies in relation to the federal taxes amounting to 9,895 million Brazilian reals as of December 31, 2019 (approximately 2,186 million euros at the exchange rate of such date), including mainly those related to the tax amortization in the years 2011 to 2014 of the goodwill originated in the acquisition and subsequent merger of Vivo with Telefónica Brasil (tax inspections from 2016 to 2018 ). These proceedings are at the administrative stage and no provisions have been made since the potential risk associated with them has been classified as "not probable" and Telefónica Brazil has received independent expert reports that support this view. Tax litigation in Telefónica del Perú With regard to tax matters in Peru, litigation continues over corporate income tax for 2000 and 2001, payments on account for the year 2000, recoverable balances for 1998 and 1999, and the interest and penalties that should apply to these. In August 2015, the court of second instance handed down a ruling partially upholding the position of Telefónica del Perú, ruling in its favor on three of the five objections filed by the tax authorities and appealed before the courts, relating, inter alia, to corporate income tax for 2000-2001 (among others). This dispute accounts for more than 75% of the total amount under litigation, with the objections relating to insolvency provisions, interest on borrowing and leases of space for public telephones. With regard to these tax matters, in July 2019 Telefónica del Perú received notification of two rulings of the Supreme Court on the contentious administrative appeals of the 2000 and 2001 financial years. These rulings do not definitively resolve some of the main issues that both litigation deal with when partial nullity of the previous rulings is declared, and therefore the issues must be returned back to the Superior Court, lower instance, to be judged again. However, to the extent that there have been some adjustments over which the judgments are pronounced (positively for the Company in relation to the deductibility of the rental of public spaces and negative in the case of the deductibility of certain financial charges), the Company recorded in its financial statements of 2019 an additional provision of 580 million Peruvian soles (approximately 154 million euros at the exchange rate as of December 31, 2019). I n addition, in January 2020 Telefónica del Perú received notification of Supreme Court ruling regarding insolvency provisions, annulling, as for the year 1998, the ruling of the court of second instance for 2000-2001 and returning the case to the court of first instance for it to pass judgment on the matter again. Therefore, all settlements carried out by SUNAT for 2000 and 2001 financial years are still pending of the final ruling in the judicial phase. Regarding these ruling, the Group and its external attorneys consider that there are solid arguments to defend their position, both in relation to the insolvency provisions and in relation to the interest in the administrative phase and to recoverable balances for 1998 and 1999. Given the sentences and rulings handed down in June and August 2015, the Group recognized a provision in the 2015 consolidated financial statements, provision that at December 31, 2019 reached, plus interest accrued and the additional provision recognized in 2019, a total amount of 2,355 million Peruvian soles (approximately 633 million euros at the exchange rate of December 31, 2019). See Note 24. Years open for inspection in the Group companies The years open for review by the tax inspection authorities for the main applicable taxes vary from one consolidated company to another, based on each country’s tax legislation, taking into account their respective statute-of-limitations periods. In Spain the taxes from 2014 onwards are open to inspection. In the other countries in which the Telefónica Group has a significant presence, the years open for inspection by the relevant authorities are generally as follows: • The last twelve years in Germany. • The last seven years in United Kingdom. • The last seven years in Argentina. • The last five years in Brazil, Mexico, Uruguay and the Netherlands. • The last six years in Colombia (except for years in which there were tax losses that are then used to offset tax charges, in which case the period is extended to 12 years). • The last four years in Peru and Costa Rica. • Since 2016, the statute of limitation in Venezuela is six years. • The last three years in Chile, Ecuador, El Salvador and the United States. The tax inspection of the open years is not expected to give rise to additional material liabilities for the Group. |
Revenue and Expenses
Revenue and Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Revenues and Expenses | Revenue and expenses Revenues The breakdown of Revenues for the years 2019, 2018 and 2017 is as follows: Millions of euros 2019 2018 2017 Rendering of services 42,264 43,085 47,175 Sales 6,158 5,608 4,833 Total 48,422 48,693 52,008 Sales mainly include the sale of mobile terminals. Other income The breakdown of “Other income” is as follows: Millions of euros 2019 2018 2017 Own work capitalized 890 815 863 Gain on disposal of companies 677 21 3 Gain on disposal of other assets 612 241 176 Government grants 22 22 23 Other operating income 641 523 424 Total 2,842 1,622 1,489 Gain on disposal of companies in 2019 mainly includes the gains for the sales of Antares, Telefonía Celular de Nicaragua and Telefónica Móviles Panama (see Note 2). In addition, it includes the capital gain for the sale of Data Centers, amounting to 213 million euros (see Note 2). In 2018 it mainly included the gain on disposal of Tokbox Inc (see Appendix I). “Gain on disposal of other assets” includes gains from the sale of telephone towers of 176 million euros, 53 million euros and 7 million euros in 2019 , 2018 and 2017 , respectively. Additionally, in 2019 it included a 95 million euros gain corresponding to licenses with deferred payments of Telefónica México that were released (see Note 2). "Other operating income" in 2019 includes 103 million euros corresponding to the amount received for the irrevocable sale of the future credit rights that might arise from the favorable resolution of a number of claims and lawsuits of various kinds that Telefónica had filed at the date of the sale agreement, which are currently pending resolution. Furthermore, the agreement includes an additional amount of 51 million euros collected from the sale of future credit rights that might arise from claims filed within four years following the date of the agreement. Of this amount, 31 million euros were not yet recognized in the income statement at December 31, 2019. The consideration received as a result of this transaction is less than 10% of the underlying nominal amount of the current claims. "Other operating income" in 2018 included gains from changes in the fair value of equity instruments for 24 million euros. Other expenses The breakdown of “Other expenses” is as follows: Millions of euros 2019 2018 2017 Leases included in "Other expenses" (1) 123 1,071 1,069 Advertising 892 1,029 1,211 Other external services 10,478 10,398 10,445 Taxes other than income tax 995 365 1,285 Change in trade provisions 939 748 863 Losses on disposal of fixed assets and changes in provisions for fixed assets 187 35 44 Goodwill impairment (Note 7) 206 350 — Other operating expenses 624 403 509 Total 14,444 14,399 15,426 (1) Following the adoption of IFRS 16 (Leases) in 2019, only included short-term leases and leases of low-value or intangible assets (see Notes 2 and 9). The favorable court rulings obtained by Telefónica Brazil in relation to the right to exclude the state tax on goods and services (ICMS) from the tax base for PIS and COFINS contributions, reduced the “Taxes” item by 789 million euros in 2018 (see Note 12). "Losses on disposal of fixed assets and changes in provisions for fixed assets" in 2019 includes a 123 million euros loss on disposal of intangible assets for the return of spectrum licenses of Telefónica Mexico (see Note 2). "Other operating expenses" in 2019 includes the impact of the transformation of the operating model of Telefónica Mexico in certain pre-existing service contracts, amounting to 167 million euros (see Note 2). Estimated payment schedule The estimated payment schedule for purchases and other contractual commitments (non-cancelable without penalty cost) is as follows: Millions of euros Purchases and other contractual commitments Less than 1 year 4,590 1 to 3 years 4,590 3 to 5 years 1,265 More than 5 years 1,030 Total 11,475 Commitments for short-term leases and low value leases amounted to 50 million euros as of December 31, 2019. In addition, lease collection commitments amounted to 18 million euros as of December 31, 2019. Headcount The table below presents the breakdown of the Telefónica Group’s average number of employees by segment (see Note 4) in 2019 , 2018 and 2017 , together with total headcount at December 31 each year. 2019 2018 2017 Average Year-end Average Year-end Average Year-end Telefónica Spain 25,132 22,869 26,712 25,305 28,084 27,291 Telefónica United Kingdom 6,940 6,861 6,732 7,188 6,776 6,687 Telefónica Germany 8,034 7,955 8,366 8,203 8,653 8,535 Telefónica Brazil 33,147 33,905 34,068 33,499 33,991 34,125 Telefónica Hispam Norte 11,108 10,604 12,254 12,156 12,620 12,354 Telefónica Hispam Sur 24,142 23,085 24,883 24,673 25,378 25,095 Other companies 8,844 8,540 8,838 9,114 9,869 8,631 Total 117,347 113,819 121,853 120,138 125,371 122,718 At December 31, 2019 , approximately 37.97% of the final headcount are women ( 37.72% at December 31, 2018 ). At December 31, 2019 , the number of employees with disabilities is 1,081 ( 955 employees at December 31, 2018), of which 222 employees are in Spain ( 217 employees in 2018). Depreciation and amortization The breakdown of “Depreciation and amortization” on the consolidated income statement is as follows: Millions of euros 2019 2018 2017 Property, plant and equipment (Note 8) 5,613 5,751 5,953 Intangible assets (Note 6) 3,248 3,298 3,443 Rights of use (Note 9) 1,721 n.a. n.a. Total 10,582 9,049 9,396 Earnings per share Basic earnings per share amounts are calculated by dividing (a) the profit for the year attributable to equity holders of the parent, adjusted for the net coupon corresponding to the undated deeply subordinated securities (see Note 17) and for the interest cost accrued in the period in relation to the debt component of the mandatorily convertible notes of the parent company (which matured on September 25, 2017, see Note 17) by (b) the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued upon the conversion of the said mandatorily convertible notes from the date of their issuance. Diluted earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent, adjusted as described above, by the weighted average number of ordinary shares adjusted as described in the preceding paragraph, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. Both basic and diluted earnings per share attributable to equity holders of the parent are calculated based on the following data: Millions of euros 2019 2018 2017 Profit attributable to ordinary equity holders of the parent from continuing operations 1,142 3,331 3,132 Adjustment for the coupon corresponding to undated deeply subordinated securities (379 ) (540 ) (374 ) Tax effect 97 138 97 Adjustment for the financial expense of the debt component of the mandatorily convertible notes — — 1 Total profit attributable to ordinary equity holders of the parent for basic and diluted earnings per share from continuing operations 860 2,929 2,856 Number of shares (thousands) 2019 2018 2017 Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share 5,119,138 5,126,575 5,110,188 Adjustment for mandatorily convertible notes — — — Adjusted number of shares for basic earnings per share (excluding treasury shares) 5,119,138 5,126,575 5,110,188 Telefónica, S.A. share option plans 4,766 663 — Weighted average number of ordinary shares outstanding for diluted earnings per share 5,123,904 5,127,238 5,110,188 Thus, basic and diluted earnings per share attributable to equity holders of the parent are as follows: Figures in euros 2019 2018 2017 Basic earnings per share 0.17 0.57 0.56 Diluted earnings per share 0.17 0.57 0.56 |
Revenues and Expenses | Revenue and expenses Revenues The breakdown of Revenues for the years 2019, 2018 and 2017 is as follows: Millions of euros 2019 2018 2017 Rendering of services 42,264 43,085 47,175 Sales 6,158 5,608 4,833 Total 48,422 48,693 52,008 Sales mainly include the sale of mobile terminals. Other income The breakdown of “Other income” is as follows: Millions of euros 2019 2018 2017 Own work capitalized 890 815 863 Gain on disposal of companies 677 21 3 Gain on disposal of other assets 612 241 176 Government grants 22 22 23 Other operating income 641 523 424 Total 2,842 1,622 1,489 Gain on disposal of companies in 2019 mainly includes the gains for the sales of Antares, Telefonía Celular de Nicaragua and Telefónica Móviles Panama (see Note 2). In addition, it includes the capital gain for the sale of Data Centers, amounting to 213 million euros (see Note 2). In 2018 it mainly included the gain on disposal of Tokbox Inc (see Appendix I). “Gain on disposal of other assets” includes gains from the sale of telephone towers of 176 million euros, 53 million euros and 7 million euros in 2019 , 2018 and 2017 , respectively. Additionally, in 2019 it included a 95 million euros gain corresponding to licenses with deferred payments of Telefónica México that were released (see Note 2). "Other operating income" in 2019 includes 103 million euros corresponding to the amount received for the irrevocable sale of the future credit rights that might arise from the favorable resolution of a number of claims and lawsuits of various kinds that Telefónica had filed at the date of the sale agreement, which are currently pending resolution. Furthermore, the agreement includes an additional amount of 51 million euros collected from the sale of future credit rights that might arise from claims filed within four years following the date of the agreement. Of this amount, 31 million euros were not yet recognized in the income statement at December 31, 2019. The consideration received as a result of this transaction is less than 10% of the underlying nominal amount of the current claims. "Other operating income" in 2018 included gains from changes in the fair value of equity instruments for 24 million euros. Other expenses The breakdown of “Other expenses” is as follows: Millions of euros 2019 2018 2017 Leases included in "Other expenses" (1) 123 1,071 1,069 Advertising 892 1,029 1,211 Other external services 10,478 10,398 10,445 Taxes other than income tax 995 365 1,285 Change in trade provisions 939 748 863 Losses on disposal of fixed assets and changes in provisions for fixed assets 187 35 44 Goodwill impairment (Note 7) 206 350 — Other operating expenses 624 403 509 Total 14,444 14,399 15,426 (1) Following the adoption of IFRS 16 (Leases) in 2019, only included short-term leases and leases of low-value or intangible assets (see Notes 2 and 9). The favorable court rulings obtained by Telefónica Brazil in relation to the right to exclude the state tax on goods and services (ICMS) from the tax base for PIS and COFINS contributions, reduced the “Taxes” item by 789 million euros in 2018 (see Note 12). "Losses on disposal of fixed assets and changes in provisions for fixed assets" in 2019 includes a 123 million euros loss on disposal of intangible assets for the return of spectrum licenses of Telefónica Mexico (see Note 2). "Other operating expenses" in 2019 includes the impact of the transformation of the operating model of Telefónica Mexico in certain pre-existing service contracts, amounting to 167 million euros (see Note 2). Estimated payment schedule The estimated payment schedule for purchases and other contractual commitments (non-cancelable without penalty cost) is as follows: Millions of euros Purchases and other contractual commitments Less than 1 year 4,590 1 to 3 years 4,590 3 to 5 years 1,265 More than 5 years 1,030 Total 11,475 Commitments for short-term leases and low value leases amounted to 50 million euros as of December 31, 2019. In addition, lease collection commitments amounted to 18 million euros as of December 31, 2019. Headcount The table below presents the breakdown of the Telefónica Group’s average number of employees by segment (see Note 4) in 2019 , 2018 and 2017 , together with total headcount at December 31 each year. 2019 2018 2017 Average Year-end Average Year-end Average Year-end Telefónica Spain 25,132 22,869 26,712 25,305 28,084 27,291 Telefónica United Kingdom 6,940 6,861 6,732 7,188 6,776 6,687 Telefónica Germany 8,034 7,955 8,366 8,203 8,653 8,535 Telefónica Brazil 33,147 33,905 34,068 33,499 33,991 34,125 Telefónica Hispam Norte 11,108 10,604 12,254 12,156 12,620 12,354 Telefónica Hispam Sur 24,142 23,085 24,883 24,673 25,378 25,095 Other companies 8,844 8,540 8,838 9,114 9,869 8,631 Total 117,347 113,819 121,853 120,138 125,371 122,718 At December 31, 2019 , approximately 37.97% of the final headcount are women ( 37.72% at December 31, 2018 ). At December 31, 2019 , the number of employees with disabilities is 1,081 ( 955 employees at December 31, 2018), of which 222 employees are in Spain ( 217 employees in 2018). Depreciation and amortization The breakdown of “Depreciation and amortization” on the consolidated income statement is as follows: Millions of euros 2019 2018 2017 Property, plant and equipment (Note 8) 5,613 5,751 5,953 Intangible assets (Note 6) 3,248 3,298 3,443 Rights of use (Note 9) 1,721 n.a. n.a. Total 10,582 9,049 9,396 Earnings per share Basic earnings per share amounts are calculated by dividing (a) the profit for the year attributable to equity holders of the parent, adjusted for the net coupon corresponding to the undated deeply subordinated securities (see Note 17) and for the interest cost accrued in the period in relation to the debt component of the mandatorily convertible notes of the parent company (which matured on September 25, 2017, see Note 17) by (b) the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued upon the conversion of the said mandatorily convertible notes from the date of their issuance. Diluted earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent, adjusted as described above, by the weighted average number of ordinary shares adjusted as described in the preceding paragraph, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. Both basic and diluted earnings per share attributable to equity holders of the parent are calculated based on the following data: Millions of euros 2019 2018 2017 Profit attributable to ordinary equity holders of the parent from continuing operations 1,142 3,331 3,132 Adjustment for the coupon corresponding to undated deeply subordinated securities (379 ) (540 ) (374 ) Tax effect 97 138 97 Adjustment for the financial expense of the debt component of the mandatorily convertible notes — — 1 Total profit attributable to ordinary equity holders of the parent for basic and diluted earnings per share from continuing operations 860 2,929 2,856 Number of shares (thousands) 2019 2018 2017 Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share 5,119,138 5,126,575 5,110,188 Adjustment for mandatorily convertible notes — — — Adjusted number of shares for basic earnings per share (excluding treasury shares) 5,119,138 5,126,575 5,110,188 Telefónica, S.A. share option plans 4,766 663 — Weighted average number of ordinary shares outstanding for diluted earnings per share 5,123,904 5,127,238 5,110,188 Thus, basic and diluted earnings per share attributable to equity holders of the parent are as follows: Figures in euros 2019 2018 2017 Basic earnings per share 0.17 0.57 0.56 Diluted earnings per share 0.17 0.57 0.56 |
Share-Based Payment Plans
Share-Based Payment Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Payment Arrangements [Abstract] | |
Share-Based Payment Plans | Share-based payment plans Long-term incentive plan based on Telefónica, S.A. shares: Performance Share Plan 2018-2022 At the General Shareholders’ Meeting held on June 8, 2018, a long-term incentive plan was approved, consisting of the delivery of shares of Telefónica, S.A. aimed at senior executive officers of the Telefónica Group, including the Executive Directors of Telefónica, S.A. The plan consists of the delivery to the participants of a certain number of shares of Telefónica, S.A. based on compliance with the objectives established for each of the cycles into which the plan is divided. For the first and second cycles of the plan, the number of shares to deliver will depend (i) 50% on achievement of the total shareholder return ("TSR") objective for shares of Telefónica, S.A. with regard to the TSRs of a comparison group made up of companies of the telecommunication sector, weighted by its relevance for Telefónica, and (ii) 50% on the generation of free cash flow of the Telefónica Group ("FCF"). For the remaining cycle, the Board of Directors of Telefónica, S.A. may introduce new objectives linked to sustainability, the environment or corporate governance, as well as vary the relative weight accorded to each of them. The plan will be in force for five years and is divided into three cycles of three years each. The first cycle commenced in 2018 and will be finalized on December 31, 2020, with delivery of the respective shares in 2021. The maximum number of shares assigned to this cycle of the plan was 8,466,996 shares and the outstanding shares at December 31, 2019 7,756,796 , with the following breakdown: First cycle No. of shares assigned Outstanding shares at 12/31/2019 Unit fair value (euros) TSR Objective 4,233,498 3,878,398 4.52 FCF Objective 4,233,498 3,878,398 6.46 The second cycle commenced in 2019 and will be finalized on December 31, 2021, with delivery of the respective shares in 2022. The maximum number of shares assigned to this cycle of the plan was 9,471,489 shares and the outstanding shares at December 31, 2019 9,034,668 , with the following breakdown: Second cycle No. of shares assigned Outstanding shares at 12/31/2019 Unit fair value (euros) TSR Objective 4,735,744.5 4,517,334 4.44 FCF Objective 4,735,744.5 4,517,334 6.14 Long-term incentive plan based on Telefónica, S.A. shares: “Talent for the Future Share Plan 2018-2022” (TFSP) At its meeting on June 8, 2018, the Telefónica, S.A.'s Board of Directors agreed to launch a new installment of the long-term incentive plan "Talent for the Future Share Plan". The term of this plan is also five years and it is divided into three cycles. As in the case of the Performance Share Plan described above, for the first and second cycles of the plan the number of shares to deliver will depend (i) 50% on achievement of the total shareholder return ("TSR") objective for shares of Telefónica, S.A. and (ii) 50% on the generation of free cash flow of the Telefónica Group ("FCF"). The first cycle commenced in 2018 and will be finalized on December 31, 2020, with delivery of the respective shares in 2021. The maximum number of shares assigned to this cycle of the plan was 787,500 shares and there were 759,500 , outstanding shares at December 31, 2019, with the following breakdown: First cycle No. of shares assigned Outstanding shares at 12/31/2019 Unit fair value (euros) TSR Objective 393,750 379,750 4.52 FCF Objective 393,750 379,750 6.46 The second cycle commenced in 2019 and will be finalized on December 31, 2021, with delivery of the respective shares in 2022. The maximum number of shares assigned to this cycle of the plan was 812,000 shares and there were 803,250 outstanding shares at December 31, 2019, with the following breakdown: Second cycle No. of shares assigned Outstanding shares at 12/31/2019 Unit fair value (euros) TSR Objective 406,000 401,625 4.44 FCF Objective 406,000 401,625 6.14 In centivized purchases of Telefónica, S.A. shares for employees The Telefónica, S.A. Ordinary General Shareholders’ meeting on June 8, 2018 approved a new voluntary plan for incentivized purchases of shares of Telefónica, S.A. for the employees of the Group. Under this Plan, employees were offered the option to acquire Telefónica, S.A. shares during a twelve-month period, with the company undertaking to deliver a certain number of free shares to participants, subject to certain requirements. The maximum amount that each employee can invest is limited to 1,800 euros. The employees that remain part of the Telefónica Group and hold on to the shares for one year following the acquisition period (the vesting period), will be entitled to receive two free shares for each share they purchased and retained throughout the vesting period. In any event, the maximum number of additional shares to be delivered under this plan may not exceed: i) the result of dividing the amount assigned to the Plan, which is a maximum of 30 million euros , by the price at which the acquired shares were purchased pursuant to each of the investment agreements; ii) nor 0.1% of the Company’s capital stock on the date of approval of the plan by the General Shareholders’ Meeting. The purchase period commenced in August 2019. As of December 31, 2019, 17,265 employees had registered for the plan. Long-term incentive plan based on Telefónica, S.A. shares: “Performance and Investment Plan 2014-2019” The Telefónica, S.A. General Shareholders’ Meeting on May 30, 2014 approved a new installment of the long-term share-based incentive “Performance and Investment Plan” for certain senior executives and members of the Group’s management team, operational on completion of the first “Performance and Investment Plan”. The term of the plan was a total of five years divided into three cycles. The initial and the second share allocations took place on October 1, 2014, and October 1, 2015, respectively. Regarding the third cycle of this 2016-2019 Plan, the Company's Board of Directors, following a favorable report from the Nomination, Compensation and Corporate Governance Committee, resolved not to execute or implement it, after having decided that it was not sufficiently in line with the Telefónica Group's strategic plan, taking into account the circumstances and macroeconomic environment. The first cycle expired on September 30, 2017. The maximum number of shares assigned to this cycle of the plan was 6,927,953 shares assigned on October 1, 2014, with a fair value of 6.82 euros per share. The second cycle expired on September 30, 2018. The maximum number of shares assigned to this cycle was 6,775,445 shares assigned on October 1, 2015, with a fair value of 6.46 euros per share. Delivery of shares was not required at the end of each of these cycles according to the general conditions of the plan; therefore, managers did not receive any shares. Long-term incentive plan based on Telefónica, S.A. shares: “Talent for the Future Share Plan 2014-2019” (TFSP) At the General Shareholders’ Meeting held on May 30, 2014, a long-term share-based incentive plan called “Talent for the Future Share Plan” was approved for certain Telefónica Group employees. The plan consisted of the delivery of a certain number of shares of Telefónica, S.A. to participants selected by the Company who had opted to take part in the scheme and had met the requirements and conditions stipulated to this end. The term of the plan was five years and it was divided into three cycles. The initial and the second share allocations took place on October 1, 2014, and October 1, 2015, respectively. Regarding the third cycle of this 2016-2019 Plan, following a favorable report from the Nomination, Compensation and Corporate Governance Committee, the Company's Board of Directors agreed not to execute or implement it, after having decided that it was not sufficiently in line with the Telefónica Group's strategic plan, taking into account the circumstances and macroeconomic environment. The first cycle expired on September 30, 2017. The maximum number of shares assigned to this phase of the plan was 556,795 shares assigned on October 1, 2014, with a fair value of 6.82 euros per share. The second cycle expired on September 30, 2018. The maximum number of shares assigned to this phase of the plan was 618,000 shares assigned on October 1, 2015, with a fair value of 6.46 euros per share. Delivery of shares was not required at the end of each of these cycles according to the general conditions of the plan. |
Cash Flow Detail
Cash Flow Detail | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow Statement [Abstract] | |
Cash Flow Detail | Cash flow detail Net cash flow provided by operating activities The detail of net cash flow provided by operating activities is the following: Millions of euros 2019 2018 2017 Cash received from operations 57,699 58,815 63,456 Cash paid from operations (41,224 ) (42,891 ) (46,929 ) Cash paid to suppliers (35,450 ) (37,044 ) (40,508 ) Cash paid to employees (4,934 ) (5,072 ) (5,725 ) Payments related to cancellation of commitments (840 ) (775 ) (696 ) Net payments of interest and other financial expenses net of dividends received (1,725 ) (1,636 ) (1,726 ) Net interest and other financial expenses paid (1,754 ) (1,664 ) (1,755 ) Dividends received 29 28 29 Taxes proceeds / (payments) 272 (865 ) (1,005 ) Net cash flow provided by operating activities 15,022 13,423 13,796 The net cash flow provided by operating activities in 2019 was impacted by IFRS 16 (see Note 2). The main impact is the recording within the “cash flow from financing activities” of principal payments for lease contracts amounting to 1,518 million euros (see Note 20), as well as the recording of interests related to said contracts under the heading “interest payments and other financial expenses” amounting to 185 million euros (see Note 20). Until the entry into force of IFRS 16 the operating leases payments were recorded under "Cash paid from operations". Payments for low cost and short-term leases continue to be recorded under "Cash received from operations" (see Note 9). The heading "taxes proceeds/(payments)" in 2019 included a 702 million euros refund pertaining to overpayments made in previous years, and the corresponding compensating interests amounting to 201 million euros (see Note 25). Net cash flow used in investing activities The detail of (Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets, net is the following: Millions of euros 2019 2018 2017 Proceeds from the sale in property, plant and equipment and intangible assets 751 192 148 Payments on investments in property, plant and equipment and intangible assets (8,410 ) (8,777 ) (9,140 ) (Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets, net (7,659 ) (8,585 ) (8,992 ) Payments for non-financed spectrum in 2019 totaled 158 million euros, mainly due to the payment of 130 million euros for Telefónica Mexico. Payments for not financed spectrum payments in 2018 totaled 674 million euros, mainly due to the payment of 588 million euros for the spectrum auction in the United Kingdom (see Note 6). The detail of proceeds on disposals of companies, net of cash and cash equivalents disposed and payments on investments in companies, net of cash and cash equivalents acquired is the following: Millions of euros 2019 2018 2017 Sale of Telefónica Telecomunicaciones Públicas, S.A.U. — — 28 Sale of Axonix Ltd and Telefónica Digital Inc. — 29 — Sale of Seguros de Vida y Pensiones Antares, S.A. (Note 2) 151 — — Sale of Telefónica Móviles Guatemala, S.A. (Note 2) 270 — — Sale of Telefonía Celular de Nicaragua, S.A. (Note 2) 342 — — Venta de Telefónica Móviles Panamá, S.A. (Note 2) 519 — — Sale of Data Centers (Note 2) 515 — — Tax associated with the sales of Guatemala, Nicaragua and Panamá in Telefónica Centroamérica Inversiones, S.L. (83 ) — — Others 9 — 12 Proceeds on disposals of companies, net of cash and cash equivalents disposed 1,723 29 40 Acquisition of Coltel affiliates (Note 5) — — (85 ) Acquisition of Minodes GmbH — — (9 ) Acquisition of Co-trade GmbH — — (20 ) Others (12 ) (3 ) (14 ) Payments on investments in companies, net of cash and cash equivalents acquired (12 ) (3 ) (128 ) The detail of proceeds on financial investments not included under cash equivalents and payments on financial investments not included under cash equivalents is the following: Millions of euros 2019 2018 2017 Sale of stake in China Unicom (Hong Kong) Limited (see Note 12) — — 72 Investments of Seguros de Vida y Pensiones Antares, S.A. 3 78 49 Sale of stake in Shortcut I GmbH & Co. KG — 21 — Collateral guarantees on derivatives 1,793 806 72 Legal deposits 11 — — Others 28 99 103 Proceeds on financial investments not included under cash equivalents 1,835 1,004 296 Legal deposits (33 ) (54 ) (75 ) Long term deposits — — (150 ) Collateral guarantees on derivatives (947 ) (754 ) (781 ) Derivatives of Telefónica, S.A. (12 ) — — Purchase of Prisa´s stake by Telefónica, S.A. (15 ) — — Others (125 ) (157 ) (100 ) Payments on financial investments not included under cash equivalents (1,132 ) (965 ) (1,106 ) Payments and proceeds on placements of cash surpluses not included under cash equivalents in 2019 largely relate to placements made by Telefónica, S.A. and Telefónica Móviles Argentina, S.A. and in 2018 such payments and proceeds were largely related to placements made by Telefónica, S.A. Net cash flow used in financing activities The detail of dividends paid, proceeds from issue of share capital increase, payments and proceeds of treasury shares and other operations with shareholder and minority interest, and operations with other equity holders is the following: Millions of euros 2019 2018 2017 Dividends paid by Telefónica, S.A. (*) (2,056 ) (2,048 ) (1,904 ) Payments to non-controlling interests of Telefônica Brasil, S.A. (352 ) (245 ) (290 ) Payments to non-controlling interests of Telefónica Deutschland Holding, A.G. (247 ) (238 ) (229 ) Payments to non-controlling interests of Telefónica Centroamérica Inversiones, S.L. — (28 ) (23 ) Payments to non-controlling interests of Telxius Telecom, S.A. and Pontel Participaciones, S.L. (86 ) (231 ) — Others (1 ) (4 ) (13 ) Dividends paid (see Note 17) (2,742 ) (2,794 ) (2,459 ) Proceeds from share capital increase — — 2 Sale of 40% of Telxius Telecom, S.A. to Taurus Bidco S.à.r.l. (Note 5) — — 1,275 Sale of 16.65% of Pontel Participaciones, S.L. (Note 2) — 379 — Transactions carried out by Telefónica, S.A. (see Note 17) (86 ) — — Purchase of shares by Coltel from the Metropolitan Area of Barranquilla for the participation in Metrotel (4 ) — — Telefónica Centroamérica Inversiones, S.L. share premium (ECPN.) refund related to the sale of Guatemala, Nicaragua and Panama (414 ) — — Others — — (6 ) (Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests (504 ) 379 1,269 Issuance of undated deeply subordinated securities (Note 17) 1,800 2,250 1,000 Acquisition of undated deeply subordinated securities (Note 17) (935 ) (1,779 ) — Payment of undated deeply subordinated securities (Note 17) (118 ) (473 ) — Payment of the coupon related to the issuances of undated deeply subordinated securities issued (See Note 17) (357 ) (559 ) (354 ) Operations with other equity holders 390 (561 ) 646 (*) This amount differs from that indicated in Note 17 because of withholding taxes deducted in the payment to certain major shareholders in accordance with current legislation. The detail of proceeds on issue of debentures and bonds, and other debts, proceeds on loans, borrowings and promissory notes, amortization of debentures and bonds, and other debts, repayments of loans, borrowings and promissory notes, lease principal payments and financed operating payments and investments in property, plant and equipment and intangible assets payments is the following: Millions of euros 2019 2018 2017 Issued under the EMTN program of Telefónica Emisiones, S.A.U. (see Appendix III) (*) 2,500 2,000 3,517 Issued under the SHELF program of Telefónica Emisiones, S.A.U. (see Appendix III) (*) 1,113 1,746 3,335 Issuance of Telefônica Brasil, S.A. (*) — — 756 Issuance of O2 Telefónica Deutschland Finanzierungs, GmbH (Appendix III) — 600 — Issuance of Telefónica del Perú, S.A.A. (*) 457 — — Others 116 (57 ) 782 Proceeds on issue of debentures and bonds, and other debts 4,186 4,289 8,390 Structured financing (see Note 18) — 750 750 Disposal bilateral loans of Telefónica, S.A. (see Note 18) 200 585 — Syndicated loan of 750 million euros by Telefónica Germany GmbH — — 650 Syndicated loan of Telxius Telecom, S.A. (see Note 18) — 289 — Syndicated bilateral loan of Telxius Telecom, S.A. (see Note 18) 150 — — Settlement of nominal value of gross debt hedging derivatives 153 209 575 Others 1,199 2,140 2,869 Proceeds on loans, borrowings and promissory notes (see Appendix V) 1,702 3,973 4,844 Repayments of debentures and bonds, and other debts (3,653 ) (4,654 ) (6,687 ) Syndicated loan of 2,500 million euros by Telefónica, S.A. — — (550 ) Syndicated loan of 750 million euros by Telefónica Germany GmbH — — (700 ) Amortization bilateral loans of Telefónica, S.A. (see Note 18) (1,835 ) (800 ) — Amortization of structured financing of Telefónica Europe B.V. (1,500 ) — — Settlement of nominal value of amortized debt hedging derivatives (148 ) (52 ) (179 ) Others (2,873 ) (3,188 ) (5,282 ) Repayments of loans, borrowings and promissory notes (see Appendix V) (6,356 ) (4,040 ) (6,711 ) Lease principal payments (Note 20) (1,518 ) — — Financed spectrum licenses payments (Note 21) (59 ) (44 ) (329 ) Payments for investments in spectrum use licenses financed without explicit interest (87 ) — — Payments to suppliers with extended payment terms (Note 18) (380 ) (428 ) (717 ) Financed operating payments and investments in property, plant and equipment and intangible assets payments (526 ) (472 ) (1,046 ) (*) Data converted at the exchange rate at the end of each of the corresponding periods. The impact of the exchange rate with respect to the date of the transaction is included in the "Others" line within the same sub-heading. |
Other Information
Other Information | 12 Months Ended |
Dec. 31, 2019 | |
Additional information [abstract] | |
Other Information | Other information a) Litigation and arbitration Telefónica and its Group companies are party to several legal proceedings which are currently in progress in the courts of law and the arbitration bodies of the various countries in which we are present. Based on the advice of our legal counsel it is reasonable to assume that these legal proceedings will not materially affect the financial condition or solvency of the Telefónica Group. The contingencies arising from the litigation and commitments described below were evaluated (see Note 3.m) when the consolidated financial statements for the year ended December 31, 2019 were prepared. The provisions recorded in respect of the commitments taken as a whole are not material. The following unresolved legal proceedings or those underway in 2019 are highlighted (see Note 25 for details of tax-related cases): Appeal against the decision by Agencia Nacional de Telecomunicações (“ANATEL”) regarding the inclusion of interconnection and network usage revenues in the Fundo de Universalização de Serviços de Telecomunicações (“FUST”) Vivo Group operators (currently Telefônica de Brasil), together with other cellular operators, appealed ANATEL’s decision of December 16, 2005, to include interconnection and network usage revenues and expenses in the calculation of the amounts payable into the FUST (Fundo de Universalização de Serviços de Telecomunicações) –a fund which pays for the obligations to provide Universal Service– with retroactive application from 2000. On March 13, 2006, Regional Federal Court no. 1. granted a precautionary measure which stopped the application of ANATEL’s decision. On March 6, 2007, a ruling in favor of the wireless operators was issued, stating that it was not appropriate to include the revenues received by transfer from other operators in the taxable income for the FUST’s calculation and rejecting the retroactive application of ANATEL’s decision. On January 26, 2016, ANATEL filed an appeal to overturn this decision with Brasilia Regional Federal Court no. 1, which was also dismissed. On May 10, 2017 ANATEL appealed to the higher courts on the merits of the case. At the same time, Telefônica Brasil and Telefónica Empresas, S.A., together with other wireline operators through ABRAFIX (Associação Brasileira de Concessionárias de Serviço Telefonico Fixo Comutado) appealed ANATEL’s decision of December 16, 2005, also obtaining the precautionary measures requested. On June 21, 2007, Federal Regional Court no. 1 ruled that it was not appropriate to include the interconnection and network usage revenues in the FUST’s taxable income and rejected the retroactive application of ANATEL’s decision. ANATEL filed an appeal to overturn this ruling on April 29, 2008, before Brasilia Federal Regional Court no. 1, which was dismissed on May 10, 2016. ANATEL filed an appeal against this dismissal. The fixed operators filed an appeal to clarify that revenues obtained through interconnection and dedicated line operation should not be included in the calculation of the amounts payable to the FUST. In addition, the court was also requested to rule on two grounds which had not been analyzed in the initial decision: (i) that the FUST has become obsolete, among other reasons, by the advance of mobile telephony; and (ii) that amounts collected are not applied to the purpose for which the FUST was created, since only a very low percentage of the revenues collected by the FUST is used to finance fixed telephony. Although the petition for clarification was dismissed on August 23, 2016, the court noted that the FUST should not be funded with revenues from interconnection and dedicated line operation. ABRAFIX appealed to the higher courts on these two elements that had not been analyzed. ANATEL appealed all the holdings of the ruling to the higher courts. The amount of the claim is quantified at 1% of the interconnection revenues. Appeal against the Decision of the European Commission dated January 23, 2013, to sanction Telefónica for the infringement of Article 101 of the Treaty on the functioning of the European Union On January 19, 2011, the European Commission initiated formal proceedings to investigate whether Telefónica, S.A. (Telefónica) and Portugal Telecom SGPS, S.A. (Portugal Telecom) had infringed European Union anti-trust laws with respect to a clause contained in the sale and purchase agreement of Portugal Telecom’s ownership interest in Brasilcel, N.V., a joint venture in which both were venturers and which was the owner of the Brazilian company Vivo. On January 23, 2013, the European Commission passed a ruling on the formal proceedings. The ruling imposed a fine on Telefónica of 67 million euros, as the European Commission ruled that Telefónica and Portugal Telecom committed an infraction of Article 101 of the Treaty on the Functioning of the European Union for having entered into the agreement set forth in Clause Nine of the sale and purchase agreement of Portugal Telecom’s ownership interest of Brasilcel, N.V. On April 9, 2013, Telefónica filed an appeal for annulment of this ruling with the European Union General Court. On August 6, 2013, the European Union General Court notified Telefónica of the response issued by the European Commission, in which the European Commission reaffirmed the main arguments of its ruling and, specially, that Clause Nine includes a competition restriction. On September 30, 2013, Telefónica filed its reply. On December 18, 2013, the European Commission filed its appeal. A hearing was held on May 19, 2015, at the European Union General Court. On June 28, 2016, the European Union General Court ruled. Although it declares the existence of an infringement of competition law, it annuls Article 2 of the contested Decision and requires the European Commission to reassess the amount of the fine imposed. The General Court considers that the European Commission has not neutralized the allegations and evidences provided by Telefónica on services in which there was not potential competition or were outside the scope of Clause Nine. Telefónica understands that there are grounds for believing that the ruling does not suit at law; consequently, it filed an appeal to the Court of Justice of the European Union, on September 11, 2016. On November 23, 2016, the European Commission filed its response against the Telefónica´s appeal. On January 30, 2017, Telefónica filed its response. On March 9, 2017, the European Commission filed its rejoinder. On December 13, 2017, the General Court dismissed the appeal filed by Telefónica. The European Commission must issue a new resolution in accordance with the judgment of the General Court of June 2016, which urged the Commission to recalculate the amount of the fine. Claim of consumers association "FACUA" against Telefónica de España, S.A.U in connection with the increase of the price of Movistar Fusión On September 5, 2016, notification was given to Telefónica de España of a claim filed against it by the consumers association ("FACUA"). Through such claim, the association exercised an action to protect consumers' and users' collective interests stipulated in articles 11 of the Civil Procedure Act ( Ley de Enjuiciamiento Civil ) and 24.1 of the Consumer and Users Protection Act ( Ley General de Defensa de los Consumidores y Usuarios ) on the basis of alleged disloyalty towards the consumers, arising from the raising of the prices of the product "Movistar Fusión" from May 5, 2015, by an amount of 5 euros per month. The claim contained a declaratory statement stating that disloyalty arose from misleading advertising regarding the price rise, and a prohibitory injunction requesting that Telefónica de España be ordered not to apply such price rise and to prohibit its future application to all customers who became customers of Movistar Fusión prior to May 5, 2015. It contained, as well, a third statement, requesting Telefónica de España to be condemned to repay the excess amounts collected as a result of the rise in prices to those customers who had chosen to maintain the service contracted, together with accrued interest on such amount. The claim was filed for an undetermined amount, given the impossibility of determining a priori the total amount of the claim. On October 28, 2016, Telefónica de España filed its response. On April 5, 2017, the Court ruled in favor of Telefónica de España, upholding the objection of unsuitable action and ordering the dismissal of the action. FACUA appealed that ruling. On September 21, 2018, the Court of Appeals dismissed the appeal filed by FACUA, confirming the first instance resolution in favor of Telefónica. The ruling is final. Decision by the High Court regarding the acquisition by Telefónica of shares in Český Telecom by way of a tender offer Venten Management Limited ("Venten") and Lexburg Enterprises Limited ("Lexburg") were minority shareholders of Cesky Telecom. In September 2005, both companies sold their shares to Telefónica in a mandatory tender offer. Subsequently, Venten and Lexburg, in 2006 and 2009, respectively, filed actions against Telefónica claiming a higher price than the price for which they sold their shares in the mandatory tender offer. On August 5, 2016, the hearing before the High Court in Prague took place in order to decide the appeal against the second decision of the Municipal Court, which had been favorable to Telefónica's position (as was also the case with the first decision of the Municipal Court). At the end of the hearing, the High Court announced the Second Appellate Decision by which it reversed the second decision of the Municipal Court and ordered Telefónica to pay 644 million Czech koruna (approximately 23 million euros) to Venten and 227 million Czech koruna (approximately 8 million euros) to Lexburg, in each case plus interest. On December 28, 2016, the decision was notified to Telefónica. Telefónica filed an extraordinary appeal, requesting the suspension of the effects of the decision. In March 2017, Telefónica was notified of the decision of the Supreme Court, which ordered the suspension of the effects of the unfavorable decision to Telefónica issued by the High Court. Venten and Lexburg filed with the Supreme Court a motion to partially abolish the suspension of enforceability of the Decision of the High Court in Prague. On January 17, 2018, Telefónica filed its response seeking dismissal of such motion for lack of legal basis. On February 14, 2019, notification was given to Telefónica of the resolution of the Supreme Court which, based on the extraordinary appeal filed by Telefónica, abolished the decision of the High Court in Prague dated August 5, 2016 and remanded the case back to the High Court. Claim by Entel against Telefónica de Argentina, S.A. In 1999, Entel (the National Telecommunications Company of Argentina before its privatization) sued Telefónica de Argentina, S.A. ("TASA"), who was the licensee of the telecom service after the privatization process, seeking detailed and documented accounting and reimbursement of the amounts that it received from and on behalf of Entel after assuming the telecom service as a licensee, and of the amounts deducted as commissions. In general terms, the items in dispute were the amounts that TASA charged on behalf of Entel soon after having taken possession as a licensee of the telecom service (i.e., the consumptions charges for telecom services from prior customers of Entel, either billed or unbilled, but pending payment at the time of the privatization). Entel also challenged the commissions that TASA discounted to Entel in exchange for the service of collection of fees on behalf of Entel. Additionally, Entel also claimed several credits received by TASA, which allegedly belonged to Entel and had not been transferred to TASA in the privatization process. TASA replied arguing the inadmissibility of the accountability request, since such liquidations had previously been submitted to the Entel Liquidating Commission without being timely challenged. In 2010, the Court of First Instance ruled in favor of Entel and held TASA accountable to Entel. After exhausting all legal appeals available, TASA submitted the requested accounting to Entel, which was challenged by the national government on behalf of the liquidated Entel. Several accounting drafts and cross-claims between the parties followed, with the intervention of a court-appointed expert accountant. After several court decisions, the intervening judge rejected TASA's objections to the accounting presented by the national government and adopted the calculations made by Entel and the court-appointed expert. Although this judicial decision was appealed, TASA's appeal was dismissed by the Court of Appeals in October 2017, confirming, to a large extent, the accounting of Entel and the court-appointed expert, but also ordering Entel to recalculate interests. Specifically, the resolution of the Court accepted certain concepts that TASA had questioned and the application of a "judicial" interest rate (average passive rate), which implies a daily capitalization component, in detriment of the rate set forth in the privatization specifications which set a simple annual interest of 8% (which had even been used by the court-appointed expert and Entel in their calculations). On February 22, 2018, Entel submitted the new principal and interest calculations required by the judge, claiming an amount of 1,689 million Argentine pesos (approximately 39 million euros). The resolution of the Court of Appeals exhausted the ordinary remedies available. TASA filed an extraordinary appeal, which was rejected in November 2017. TASA has submitted an exceptional appeal before the Argentine Supreme Court, although this appeal does not suspend the potential execution by Entel of prior rulings against TASA. On March 26, 2019, the Court of First Instance finally ruled to approve the liquidation that ENTEL had submitted for an amount of 1,689 million Argentine pesos (approximately 35 million euros). TASA appealed that ruling before the Court of Appeals. Appeal against the resolution of ANATEL to sanction Telefônica Brasil for breaches of the Fixed Telephony Regulation In May 2018, Telefónica filed a judicial action for annulment against a resolution issued by ANATEL (the National Telecommunications Agency of Brazil) in March 2018 concluding the PADO (“Processo Administrativo para Apuração de Descumprimento de Obrigações” or Administrative Process for Determination of Non-compliance with Obligations) investigating alleged infractions of the Fixed Telephony Regulation by Telefônica Brasil. This PADO investigation had been suspended during the negotiations of the TAC (“Termo de Ajustamento de Conduta” or Conduct Adjustment Term) between Telefónica and ANATEL relating to this and certain other PADO investigations. Since the negotiations concluded without agreement, the suspended PADO sanctioning procedures were reactivated and finalized. In its resolution of March 2018, ANATEL considered that Telefônica Brasil committed several infractions, in particular those related to the inadequate notice of suspension of services to defaulting users, the terms of reactivation of services after payment of outstanding amounts by defaulting users and the disagreement with the terms of refunds claimed by users of the services. The fine imposed by ANATEL and appealed by Telefônica Brasil is approximately 211 million reals (approximately 48 million euros) , which amounted to approximately 505 million reals after currency value updates and accrued interests as of December 31, 2019 (approximately 112 million euros). Telefônica Brasil has appealed the fine imposed by ANATEL based, fundamentally, on the following arguments: (i) ANATEL should have considered a smaller universe of users to determine the fine and (ii) the calculation of the fine is disproportionate and based on insufficient grounds. Telefônica Brasil has not yet paid the fine, although Telefônica Brasil has guaranteed its payment through a guarantee insurance submitted to the court. As of the date of this financial statements, there has not been conciliation and the proceeding is following its normal course. ICSID Arbitration Telefónica, S.A. vs. Republic of Colombia In the local arbitration brought by Colombia against Colombia Telecomunicaciones (“ColTel”), on July 25, 2017, the local arbitration tribunal ordered ColTel to pay 470 million euros as economic compensation for the reversion of assets related to voice services in relation to the concession granted between 1994 and 2013. On August 29, 2017, ColTel’s share capital was increased in order to make the payment ordered by the local arbitral award; Telefónica, S.A. contributed and disbursed an amount equivalent to 67.5% of the award’s amount (317 million euros) and the Colombian Government contributed an amount equivalent to the remaining 32.5% (153 million euros). On February 1, 2018, Telefónica, S.A. filed a Request for Arbitration against Colombia at the International Centre for Settlement of Investment Disputes ("ICSID"), which was formally registered on February 20, 2018. The ICSID Court was constituted on February 26, 2019, with José Emilio Nunes Pinto as President, Horacio A. Grigera Naón appointed by Telefónica, S.A., and Yves Derains appointed by Colombia. Colombia filed Preliminary Objections on Jurisdiction on August 5, 2019. Telefónica, S.A. responded to Colombia’s objections in its Claimant’s Memorial on September 23, 2019, in which it also requested that Colombia pay compensation for damages caused to Telefónica, S.A. On October 23, 2019, Colombia submitted its Complementary Objections on Jurisdiction as well as a request for Bifurcation, to which Telefónica, S.A. responded on November 29, 2019. On January 24, 2020, the Court dismissed the request for Bifurcation presented by Colombia, ordering the continuation of the proceeding. A decision on the merits of Telefónica, S.A.’s claim is pending. b) Other proceedings The Group is currently cooperating with governmental authorities (and, where appropriate, conducting the relevant internal investigations) regarding requests for information potentially related, directly or indirectly to possible violations of applicable anti-corruption laws. Telefónica believes that, considering the size of the Group, any potential penalty as a result of matters relating to those specific information requests would not materially affect the Group's financial condition. c) Commitments Agreement related to the Sale of Customer Relationship Management (“CRM”) Business, Atento As a result of the sale agreement of Atento by Telefónica, announced on October 12, 2012, and ratified on December 12, 2012, both companies signed a Master Service Agreement which regulates Atento’s relationship with the Telefónica Group as a service provider for a period of nine years and which has been amended on May 16, 2014, on November 8, 2016, on May 11, 2018 and on November 28, 2019. This period was extended only for Spain and Brazil in November 2016, for two additional years until 2023. By virtue of this agreement, Atento became Telefónica’s preferred Contact Center and Customer Relationship Management (“CRM”) service provider, stipulating annual commitments in terms of turnover which is updated based on inflation and deflation that vary from country to country, pursuant to the volume of services Atento has been providing to the entire Group. Effective January 1, 2017, the minimum volume commitments that Telefónica must comply with have significantly decreased for Brazil and Spain. Additionally, from January 1, 2019 a new reduction of the minimum commitment has been agreed, in this case only for Spain. Failure to meet the annual turnover commitments in principle results in the obligation to the counterparty, to pay additional amounts, which would be calculated based on the difference between the actual amount of turnover and the predetermined commitment, applying a percentage based on the Contact Center’s business margin to the final calculation. Notwithstanding the above, as a consequence of the amendment signed with the Atento Group on May 11, 2018, from January 1, 2018 the payment obligation for failure to meet the annual turnover commitment continues to be calculated every year but will only be liquidated upon termination of the agreement. Such payment will only be due if the balance is in favor of Atento after adding certain amounts agreed between the parties and deducting an annual percentage of the Atento Group’s sales to the Telefónica Group. The Master Agreement sets forth a reciprocal arrangement, whereby Atento assumes similar commitments to subscribe certain telecommunications services from Telefónica. Investment Framework Agreement between the shareholders of Colombia Telecomunicaciones, S.A. ESP - Sale of shares Pursuant to amendment nº 2 of the Framework Investment Agreement executed as of September 21, 2017, after the closing of the merger between Colombia Telecomunicaciones, S.A. ESP and Telefónica Móviles Colombia, S.A., the Colombian Government could, at any time, offer to Telefónica all or part of the shares it holds in the company, the latter being obliged to acquire them, (directly or via one of its subsidiaries) in the event that the increase in Colombia Telecomunicaciones, S.A. ESP's EBITDA (CAGR) is less than 5.75% in the measurement periods, and provided that during the twelve (12) months following the ordinary shareholders’ meetings during which the measurement was made, at least one of the following occurs: 1) Colombia Telecomunicaciones S.A. ESP has paid a brand fee or any other type of payment to the Strategic Partner for the use of its brands; or 2) Colombia Telecomunicaciones S.A. ESP orders and/or pays dividends with the favorable vote of the Strategic Partner. This right expired on March 22, 2019. Pursuant to the exercise by Colombian Government of its right to require Telefónica to vote in favor of the register of the shares of Colombia Telecomunicaciones, S.A. ESP in the National Securities and Issuer’s Registry and in the Colombia Stock Exchange, on March 22, 2018, and upon request of the Government of Colombia, the General Shareholders Meeting of Colombia Telecomunicaciones, S.A. ESP approved to apply for the register of the shares of Colombia Telecomunicaciones, S.A. ESP in the National Securities and Issuer’s Registry and in the Colombia Stock Exchange. Telefónica is under no obligation whatsoever to purchase or transfer any of its shares in Colombia Telecomunicaciones, S.A. ESP, either as a result of the shareholders´resolution, or a result of the register in the National Securities and Issuer’s Registry or in the Colombia Stock Exchange. Following the registration in the National Securities and Issuer’s Registry on May 10, 2018, the Colombia Stock Exchange approved the conditional registration of the shares of Colombia Telecomunicaciones, S.A. ESP on May 23, 2018, subject to the effective fulfillment by the Colombian Government of the issuance of a first public tender offer to the so-called solidarity sector (“sector solidario”) pursuant to Law 226 of 1995 (December 20), which develops article 60 of the Colombian Constitution on the disposal of national property in share capital, the adoption of measures to democratize such property and other relevant provisions. On August 2, 2018, the Nation - Ministry of Finance and Public Credit, as shareholder of Colombia Telecomunicaciones, S.A. ESP, published a notice of public offering of the shares of its property in Colombia Telecomunicaciones, S.A. ESP to the solidary sector in accordance with Law 226 of 1995- Thus, resulting from said publication, Colombia Telecomunicaciones, S.A. ESP and its ordinary shares were registered in the Colombian Stock Exchange. Through Informative Document No. 242 of October 3, 2018, the Colombian Stock Exchange informed that the first stage of the sale program of the shares owned by the Nation - Ministry of Finance and Public Credit in Colombia Telecomunicaciones, S.A. ESP, aimed at the solidarity sector, was declared inconclusive as no acceptances at all were received during the term of the offer. The period of validity of the Nation's shares sale program was one year since July 13, 2018. The Nation could extend the period one additional year, besides it could suspend or terminate in advance. The Nation did not extend the period of the sale program. In addition, the Framework Investment Agreement provides that (a) if Telefónica decides to dispose or transfer of all or part of its shareholding in Colombia Telecomunicaciones, S.A. ESP to third parties, Telefónica commits that: (i) the acquirer or transferee will be obliged to adhere to the Framework Investment Agreement; and (ii) that the acquirer or transferee will be obliged to present an offer to purchase all of the shares in Colombia Telecomunicaciones, S.A. ESP held by the Colombian Government (that amounts to 32.5% of the share capital) at the same price and under the same terms and conditions negotiated with Telefónica, through the legally-established procedure for disposal of shares held by public entities and, (b) if the Colombian Government transfer its shares in Colombia Telecomunicaciones, S.A. ESP under certain circumstances, the Strategic Partner shall subscribe with the acquirer of the shares a new shareholders agreement which will have to be then negotiated by the parties and which, as the case may be, will include some of the rights currently held by the Colombian Government under the Framework Investment Agreement currently in force. Agreement for the sale of the shares of Telefónica Gestión de Servicios Compartidos España, S.A.U., Telefónica Gestión de Servicios Compartidos Argentina, S.A. and T-Gestiona Servicios Contables y Capital Humano, S.A.C. On March 1, 2016, a share purchase agreement between, on one hand, Telefónica, S.A., Telefónica Servicios Globales, S.L.U. and Telefónica Gestión de Servicios Compartidos Perú, S.A.C. (as sellers), and, on the other hand, IBM Global Services España, S.A., IBM del Perú, S.A.C., IBM Canada Limited and IBM Americas Holding, LLC (as purchasers) for the sale of the companies Telefónica Gestión de Servicios Compartidos España, S.A.U., Telefónica Gestión de Servicios Compartidos Argentina, S.A. and T-Gestiona Servicios Contables y Capital Humano, S.A.C., for a total price of approximately 22 million euros, was ratified before Notary Public. This share purchase agreement was subscribed on December 31, 2015. Following the aforementioned share purchase agreement and in connection with the latter transaction, also, on December 31, 2015, Telefónica subscribed a master services agreement with IBM for the outsourcing of economic-financial and HR activities and functions to be provided to the Telefónica Group during a period of ten years, for a total amount of approximately 450 million euros. Most of the Telefónica Group’s subsidiary companies have already adhered to that master services agreement. Commitments derived from the agreements reached for the acquisition of football (soccer) related rights between Telefónica (through its affiliate Telefónica Audiovisual Digital, S.L.U.) and La Liga/Mediapro On June 25, 2018, Telefónica was provisionally awarded with the broadcasting rights for all football (soccer) matches of the Spanish First Division Football League National Championship in the residential subscribers market for exploitation on pay television for the 2019-2022 cycle (packages 4 and 5 of the auction called by the Professional Football League). The definitive agreements were signed on July 5. The award was granted for a total amount of 2,940 million euros, at an identical price of 980 million euros for each of the three seasons, which represents a slight decrease compared to the last season of the previous cycle. Telefónica, as the operator of these broadcasting rights for the 2019-2022 cycle, has the right to decide, design and develop the broadcasting contents, which carry the Movistar hallmark for the 2019-2020 season. Additionally, on June 28, 2018, Telefónica and Mediaproducción, S.L.U. ("Mediapro"), reached an agreement whereby Telefónica acquired the pay television rights of football (soccer) matches of the "UEFA Champions League" and "UEFA Europa League" competitions corresponding to the three seasons 2018/19, 2019/20 and 2020/21. Such matches may be included in thematic channels produced by Telefónica and be sold to private or residential clients. Telefónica will have the right to exploit such license on an exclusive basis with the exception of certain matches of the "UEFA Europa League" competition that Mediapro has reserved for its free-to-air television broadcast along with highlights programs covering both competitions. The total consideration agreed for the three seasons was 1,080 million euros ( 360 million euros for each of the three seasons). Telefónica may sublicense the related thematic channels to other operators interested in this content. Mediapro will have the right to receive a share of advertising revenues from the new channels that Telefónica intends to launch. These channels will carry the Movistar hallmark. The aforementioned license was subject to UEFA’s approval, which was granted in August 2018. On December 21, 2018, Telefónica was provisionally awarded with the broadcasting rights for all football (soccer) matches of the Spanish Second Division Football League National Championship in the residential subscribers market for exploitation on pay television for the 2019-2022 cycle (package 6 of the auction called by the Professional Football League). No other bids were submitted for such package during the first round of the auction called by the Professional Football League. The award was granted for a total amount of 105 million euros (i.e., 35 million euros for each of the three seasons). On January 11, 2019 the definitive agreement on such broadcasting rights was signed. Agreement for the sale of Telefónica El Salvador On January 24, 2019, Telefónica Centroamérica Inversiones, S.L. (a subsidiary of Telefónica 60% of which is owned, directly or indirectly, by Telefónica and 40% of which is owned, directly or indirectly, by Corporación Multi Inversiones, S.A.) reached an agreement with América Móvil, S.A.B de C.V. for the sale of 99.3% of Telefónica Móviles El Salvador, S.A., a company providing fixed and mobile communications services in El Salvador, for an amount (enterprise value) of 315 million dollars, approximately 277 million euros as of the date of the agreement. The closing of the transaction is subject to the pertinent regulatory approvals. As of the date of these consolidated financial statements, such conditions have not been met. Agreement for the sale of Telefónica de Costa Rica On February 20, 2019, Telefónica, S.A. reached an agreement with Millicom International Cellular, S.A. for the sale of 100% of Telefónica de Costa Rica TC, S.A., a company that provides fixed and mobile communication services in Costa Rica, for an amount (enterprise value) of 570 million dollars, approximately 503 million euros at the exchange rate as of the date of the agreement. The closing of the transaction is subject to the pertinent regulatory approvals. As of the date of these consolidated financial statements, such conditions have not been met. Agreement for the acquisition of a 50% stake in Prosegur’s alarm business in Spain On September 17, 2019 Telefónica, S.A. reached an agreement with Prosegur Compañía de Seguridad, S.A. (“Prosegur”) for the acquisition of a 50% stake in Prosegur's alarm business in Spain, with the objective of developing said business through the combination of the complementary capabilities of both companies. The transaction represents a valuation of 50% of Prosegur’s alarm business in Spain of 300 million euros, subject to certain adjustments based on debt, working capital and existing customers at the time of the closing of the transaction, which is expected to occur in the coming weeks. Telefónica has the option to pay the price, in whole or in part, in treasury shares. Wholesale Access Services Agreement with AT&T Mexico On November 21, 2019, Pegaso PCS, S.A. de C.V. (“Telefónica Mexico”) and AT&T Comunicaciones Digitales, S. de R.L. de C.V. (“AT&T Mexico”) entered into a Wholesale Access Services Agreement (“Wholesale Agreement”), under which AT&T Mexico will provide wholesale wireless access to Telefónica Mexico on 3G, 4G and any other future technology available on Mexico. The Wholesale Agreement has a min |
Operations Classified as Held f
Operations Classified as Held for Sale | 12 Months Ended |
Dec. 31, 2019 | |
Assets And Liabilities Classified As Held For Sale [Abstract] | |
Operations Classified as Held for Sale | Operations classified as held for sale The breakdown of non-current assets classified as held for sale and liabilities associated at December 31, 2019 and December 1, 2018 is as follows: 2019 Millions of euros Non-current assets as held for sale Liabilities associated to non-current assets as held for sale Telefónica Móviles El Salvador 327 136 Telefónica de Costa Rica 439 244 Other assets 52 — Total 818 380 2018 Millions of euros Non-current assets as held for sale Liabilities associated to non-current assets as held for sale Antares 793 661 Telefónica Móviles Guatemala 376 105 Telefónica Móviles El Salvador 234 71 Other assets 89 — Total 1,492 837 On January 24, 2019, Telefónica Centroamérica Inversiones, S.L. ( 60% of which is owned by Telefónica and 40% by Corporación Multi Inversiones) reached an agreement with América Móvil, S.A.B. of C.V. for the sale of the entire share capital of Telefónica Móviles Guatemala and 99.3% of Telefónica Móviles El Salvador. At December 31, 2019, the closing of the Telefónica El Salvador sale is pending approval by the competition authority while the closing of the sale of Telefónica Móviles Guatemala took place the same day (see Note 2). On February 20, 2019 Telefónica reached an agreement for the sale of the entire share capital of Telefónica de Costa Rica, Telefónica Móviles Panamá and Telefonía Celular de Nicaragua. At December 31, 2019, the closing of the Telefónica de Costa Rica sale is pending approval by the competition authority. After obtaining the relevant regulatory approvals, the capital of Telefonía Celular de Nicaragua, S.A. and Telefónica Móviles Panamá, S.A. were transferred on May 16, 2019 and on August 29, 2019, respectively (see Note 2). On November 8, 2018, Telefónica reached an agreement with Grupo Catalana Occidente for the sale of 100% of Antares, for a total amount of 161 million euros. At December 31, 2018, the assets corresponding to Antares were classified as non-current assets held for sale and the liabilities as liabilities associated with non-current assets classified as held for sale. On February 14, 2019, after obtaining the relevant regulatory approvals, the sale was concluded (see Note 2). The breakdown of non-current assets classified as held for sale and liabilities associated of Telefónica de Costa Rica and Telefónica Móviles El Salvador at December 31, 2019 is as follows: 2019 Millions of euros T. Costa Rica T. El Salvador Non-current assets 352 279 Intangible assets 72 34 Goodwill — 63 Property, plant and equipment 100 124 Rights of use 139 53 Financial assets and other non-current assets 13 3 Deferred tax assets 28 2 Current assets 87 48 Inventories 9 4 Receivables and other current assets 61 31 Tax receivables 4 2 Other current financial assets — 2 Cash and cash equivalents 13 9 Non-current liabilities 166 69 Non-current financial liabilities — 13 Non-current lease liabilities 104 35 Payable and other non-current liabilities — 1 Deferred tax liabilities 58 15 Non-current provisions 4 5 Current liabilities 78 67 Current financial liabilities — 23 Current lease liabilities 19 11 Payables and other current liabilities 47 32 Tax payables 12 1 The breakdown of non-current assets classified as held for sale and liabilities associated of Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador at December 31, 2018 is as follows: 2018 Millions of euros Antares T. Guatemala T. El Salvador Non-current assets 635 326 184 Intangible assets 1 44 30 Goodwill — 123 60 Property, plant and equipment — 157 91 Financial assets and other non-current assets 634 2 2 Deferred tax assets — — 1 Current assets 158 50 50 Inventories — 9 7 Receivables and other current assets 10 25 30 Tax receivables — 9 3 Other current financial assets 52 — 2 Cash and cash equivalents 96 7 8 Non-current liabilities 656 45 11 Non-current financial liabilities — 19 — Payable and other non-current liabilities — — 1 Deferred tax liabilities 1 13 5 Non-current provisions 655 13 5 Current liabilities 5 60 60 Current financial liabilities — 5 18 Payables and other current liabilities 4 52 39 Tax payables — 3 3 Current provisions 1 — — |
Events After the Reporting Peri
Events After the Reporting Period | 12 Months Ended |
Dec. 31, 2019 | |
Events After Reporting Period [Abstract] | |
Events After the Reporting Period | Events after the reporting period The following events regarding the Telefónica Group took place between December 31, 2019 and the date of authorization for issue of the accompanying consolidated financial statements: • On January 14, 2020, Telefónica Germany GmbH & Co. OHG signed a second tranche of its loan with European investment bank for 150 million euros maturing maximum in 2029. • On January 20, 2020, Telefónica Emisiones, S.A.U. redeemed 1,200 million euros of its notes issued on October 19, 2012. These notes were guaranteed by Telefónica, S.A. • On February 3, 2020, Telefónica Emisiones, S.A.U., under its Guarantee Euro Program for the Issuance of Debt Instruments (EMTN Program), issued notes in the Euro market, guaranteed by Telefónica, S.A. amounting to 1,000 million euros. These issuances are due on February 3, 2030, with an annual coupon of 0.664% and are issued at par ( 100% ). • In February 2020, Telefónica Europe, B.V. announced several transactions on its hybrid capital: ◦ (a) a new issue amounting to 500 million euros, guaranteed by Telefónica, S.A. The net proceeds of the new issue will be allocated towards eligible green investments, mainly energy efficiency in the network transformation from copper to fiber optic in Spain and also self-generation of renewable energy. The settlement took place on February 5, 2020; ◦ (b) a tender offer on two hybrid instruments, one denominated in pounds sterling and one in euros, with first call dates in November 2020 and September 2021, respectively. Telefónica Europe, B.V. accepted the purchase in cash of any and all of the tendered securities in an aggregate principal amount of 128 million pounds sterling and 232 million euros, respectively. The tender offer settled on February 6, 2020; ◦ (c) following the settlement of the offer and subsequent cancellation of the repurchased securities, announced on February 11, 2020 the exercise of the early redemption option with respect to both instruments, according to their respective terms and conditions, for the remaining outstanding securities ( 112 million euros equivalent); and ◦ (d) on February 13, 2020 announced the exercise of the redemption option with respect to the 244 million euros outstanding securities issued in March 2014. • On February 17, 2020, Colombia Telecomunicaciones, S.A. ESP announced the exercise of the redemption option with respect to the 500 million U.S. dollars outstanding securities issued in March 2015. |
Appendix I_ Scope of Consolidat
Appendix I: Scope of Consolidation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Consolidations [Abstract] | |
Appendix I: Scope of Consolidation | Appendix I: Scope of consolidation The main Companies of the Telefónica Group The table below lists the main companies comprising the Telefónica Group at December 31, 2019 and the main investments consolidated using the equity method. Included for each company are the company name, corporate purpose, country, functional currency, share capital (in millions of functional currency units), the Telefónica Group’s effective shareholding and the company or companies through which the Group holds a stake. Parent Company Telefónica, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Telefónica Spain Telefónica de España, S.A.U. Spain EUR 1,024 100 % Telefónica, S.A. Telefónica Móviles España, S.A.U. Spain EUR 209 100 % Telefónica, S.A. Acens Technologies, S.L. Spain EUR 23 100 % Telefónica de España, S.A.U. Teleinformática y Comunicaciones, S.A.U. (Telyco) Spain EUR 8 100 % Telefónica de España, S.A.U. Telefónica Soluciones de Informática y Com. de España S.A.U. Spain EUR 2 100 % Telefónica de España, S.A.U. Telefónica Soluciones de Outsourcing, S.A. Spain EUR 1 100 % Telefónica Soluciones de Informática y Com. de España S.A.U. Telefónica Servicios Integrales de Distribución S.A.U. Spain EUR 2 100 % Telefónica de España, S.A.U. DTS Distribuidora de Televisión Digital, S.A. Spain EUR 80 100 % Telefónica de España, S.A.U. Telefónica de Contenidos, S.A.U. Spain EUR 226 100 % Telefónica, S.A. Telefónica Servicios Audiovisuales, S.A.U. Spain EUR 6 100 % Telefónica de Contenidos, S.A.U. Telefónica Broadcast Services, S.L.U. Spain EUR — 100 % Telefónica Servicios Audiovisuales, S.A.U. Telefónica Audiovisual Digital, S.L.U. Spain EUR 46 100 % Telefónica de Contenidos, S.A.U. Compañía Independiente de Televisión, S.L. Spain EUR 1 100 % Telefónica Audiovisual Digital, S.L.U. Telefónica United Kingdom Telefónica O2 Holdings Ltd. UK GBP 9 100 % Telefónica, S.A. (99.99%) MmO2 plc UK GBP 20 100 % O2 Secretaries Ltd. (0.1%) O2 Holdings Ltd UK GBP 12 100 % Telefónica O2 Holding Ltd. Telefónica United Kingdom Ltd. UK GBP 10 100 % O2 Holdings Ltd. Giffgaff Ltd UK GBP — 100 % Telefónica United Kingdom Ltd. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Telefónica United Kingdom (cont.) O2 Networks Ltd. UK GBP — 100 % O2 Holdings Ltd. Cornerstone Telecomunications UK GBP — 50 % O2 Networks Ltd. (40%) Telefónica Germany Telefónica Deutschland Holding A.G Germany EUR 2,975 69.22 % Telefónica Germany Holdings Limited Telefónica Germany GmbH & Co. OHG Germany EUR 51 69.22 % Telefónica Deutschland Holding A.G (69.21%) E-Plus Services GmbH Germany EUR — 69.22 % Telefónica Germany GmbH & Co. OHG Telefónica Germany Next GmbH Germany EUR — 69.22 % Telefónica Germany GmbH & Co. OHG O2 Telefónica Deutschland Finanzierungs GmbH Germany EUR — 69.22 % Telefónica Germany GmbH & Co. OHG Minodes GmbH Germany EUR — 69.22 % Telefónica Germany Next Gmbh Telefónica Brasil Telefônica Brasil, S.A. Brazil BRL 63,571 73.68 % Telefónica Latinoamérica Holding, S.L. (24.18%) Terra Networks Brasil, S.A. Brazil BRL — 73.68 % Telefônica Brasil, S.A. Telefónica Hispam Norte Telefónica Venezolana, C.A. Venezuela VES 603,582 100 % Latin America Cellular Holdings, S.L. (97.36%) Colombia Telecomunicaciones, S.A. ESP Colombia COP 3,410 67.50 % Telefónica Latinoamérica Holding, S.L. (51.52%) Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P Colombia COP 83,191 67.49 % Colombia Telecomunicaciones, S.A. ESP (37.79%) Metropolitana de Telecomunicaciones S.A E.S.P Colombia COP 50,212 67.48 % Colombia Telecomunicaciones, S.A. ESP (38.75%) Operaciones Tecnológicas y Comerciales S.A.S Colombia COP 2,330 67.49 % Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P (27.00%) Telefónica Móviles México, S.A. de C.V. Mexico MXN 119,701 100 % Telefónica, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Telefónica Hispam Norte (Cont.) Telefónica Centroamérica Inversiones ,S.L. ions services provider Spain EUR 1 60 % Telefónica, S.A. Otecel, S.A. Ecuador USD 183 100 % Telefónica Lati noamérica Holding, S.L. Telefónica Hispam Sur Telefónica de Argentina, S.A. Argentina ARS 36,263 100 % Telefónica Móviles Argentina, S.A. (83.45%) Telefónica Móviles Argentina, S.A. Argentina ARS 6,795 100 % Telefónica, S.A. (73.20%) Telefónica Móviles Chile, S.A. Chile CLP 1,329,872 100 % Inversiones Telefónica Internacional Holding, S.A. (98.93%) 07%) Telefónica Chile, S.A. Chile CLP 569,773 99.14 % Telefónica Móviles Chile, S.A. Telefónica del Perú, S.A.A. Peru PEN 2,954 98.57 % Telefónica Latinoamérica Holding, S.L. (50.22%) Telefónica Móviles del Uruguay, S.A. Uruguay UYU 1,107 100 % Telefónica Latinoamérica Holding, S.L. Other Companies O2 International Holdings Ltd. UK GBP — 100 % O2 (Europe) Ltd. O2 (Netherlands ) Holdings BV. Netherlands EUR — 100 % O2 International Holdings Ltd. Telefónica Germany Holdings Ltd. UK EUR — 100 % O2 (Europe) Ltd. O2 (Europe) Ltd. UK EUR 1,239 100 % Telefónica, S.A. Telefónica International Holding, B.V Netherlands EUR — 100 % Telefónica Latinoamérica Holding, S.L. Telefónica Latinoamérica Holding, S.L. Spain EUR 237 100 % Telefónica, S.A. Sao Paulo Telecomunicaçoes Participaçoes Ltda Brazil BRL 14,804 100 % Telefónica Latinoamérica Holding, S.L. (60.6%) Pontel Participaciones, S.L. Spain EUR — 83.35 % Telefónica, S.A. Telxius Telecom, S.A. Spain EUR 250 50.01 % Pontel Participaciones, S.L. Inmosites, S.A.U. Spain EUR 7 50.01 % Telxius Telecom, S.A. Telxius Cable América, S.A. Uruguay USD 507 50.01 % Telxius Telecom, S.A. Telxius Cable España, S.L.U. Spain EUR 5 50.01 % Telxius Telecom, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Other Companies (Cont.) Telxius Cable República Dominicana, S.A.S. Republica Dominicana USD 3 50.01 % Telxius Cable América, S.A. (49.51%) Telxius Cable Argentina, S.A. Argentina USD 78 50.01 % Telxius Cable América, S.A. (49.98%) Telxius Cable Panamá, S.A. Panama USD 17 50.01 % Telxius Cable América, S.A. Telxius Cable Puerto Rico, Inc. Puerto Rico USD 24 50.01 % Telxius Cable América, S.A. Telxius Cable USA, Inc. US USD 58 50.01 % Telxius Cable América, S.A. Telxius Cable Ecuador, S.A. Ecuador USD 5 50.01 % Telxius Cable América, S.A. (50%) Telxius Cable Chile, S.A. Chile USD 37 50.01 % Telxius Cable América, S.A. Telxius Cable Guatemala, S.A. Guatemala USD 24 50.01 % Telxius Cable América, S.A. Telxius Cable Perú, S.A.C. Peru USD 20 50.01 % Telxius Cable América, S.A. Telxius Cable Colombia, S.A. Colombia USD 4 50.01 % Telxius Cable América, S.A. (47.50%) Telxius Cable Brasil Participaçoes, Ltda. Brazil USD 62 50.01 % Telxius Cable América, S.A. Telxius Cable Brasil, Ltda. Brazil USD 74 50.01 % Telxius Cable Brasil Participaçoes, Ltda. Telxius Cable Bolivia, S.A. Bolivia USD 5 50.01 % Telxius Cable América, S.A. (49.01%) Telxius Torres Latam, S.L.U. Spain EUR 8 50.01 % Telxius Telecom, S.A. Telxius Torres España, S.L.U. Spain EUR 10 50.01 % Telxius Telecom, S.A. Telxius Towers Germany, Gmbh. Germany EUR — 50.01 % Telxius Telecom, S.A. Telxius Torres Perú S.A.C. Peru PEN 104 50.01 % Telxius Torres Latam, S.L.U. Telxius Torres Chile Holding, S.A. Chile EUR 8 50.01 % Telxius Torres Latam, S.L.U. (50%) Telxius Torres Chile, S.A. Chile CLP 23,594 50.01 % Telxius Torres Chile Holding, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Other Companies (Cont.) Telxius Torres Brasil, Ltda. Brazil BRL 764 50.01 % Telxius Torres Latam, S.L.U. Telxius Torres Argentina, S.A. Argentina ARS 1,549 50.01 % Telxius Torres Latam, S.L.U. (47.51%) Latin American Cellular Holdings, S.L. Spain EUR — 100 % Telefónica Latinoamérica Holding, S.L. Telefónica International Wholesale Services II, S.L. Spain EUR 1 100 % Telefónica, S.A. Telefónica USA, Inc. US USD 202 100 % Telefónica International Wholesale Services II, S.L. Telefónica International Wholesale Services México, S.A. Mexico MXN 31 100 % Telefónica International Wholesale Services II, S.L. Telefónica Digital España, S.L. Spain EUR 26 100 % Telefónica, S.A Telefónica Open Future , S.L Spain EUR 4 100 % Telefónica Digital España, S.L. Telefónica Digital Ltd. UK GBP 58 100 % Telefónica Digital España, S.L. Wayra Investigación y Desarrollo S.L. Spain EUR 2 100 % Telefónica Digital España, S.L. Wayra Chile Tecnología e Innovación Limitada Chile CLP 29,899 100 % Wayra Investigacion y Desarrollo, S.L. Wayra Brasil Aceleradora de Projetos Ltda. Brazil BRL 49 100 % Wayra Investigación y Desarrollo S.L. WY Telecom, S.A. de C.V. Mexico MXN 173 100 % Wayra Investigacion y Desarrollo, S.L. Wayra Argentina, S.A. Argentina ARS 282 100 % Wayra Investigacion y Desarrollo, S.L. (95%) Wayra Colombia, S.A.S. Colombia COP 2,088 100 % Wayra Investigacion y Desarrollo, S.L. Proyecto Wayra, C.A. Venezuela VES 5,138 100 % Telefónica Venezolana, C.A. Wayra Perú Aceleradora de Proyectos, S.A.C. Peru PEN 27 100 % Wayra Investigacion y Desarrollo, S.L. Wayra UK Ltd. UK GBP — 100 % Wayra Investigacion y Desarrollo, S.L. Terra Networks Perú, S.A. Peru PEN 10 100 % Telefónica Latinoamérica Holding, S.L. Terra Networks Argentina, S.A. Argentina ARS 11 100 % Telefónica Latinoamérica Holding, S.L. (99.99%) Terra Networks México, S.A. de C.V. Mexico MXN 305 100 % Terra Networks Mexico Holding, S.A. de C.V. Telfisa Global, B.V. Netherlands EUR — 100 % Telefónica, S.A. Telefónica Global Activities Holding, B.V. Netherlands EUR — 100 % Telfisa Global, B.V. Telefónica Global Services, GmbH Germany EUR — 100 % Group 3G UMTS Holding, GmbH Telefónica Global Roaming, GmbH Germany EUR — 100 % Telefónica Global Services, GmbH Group 3G UMTS Holding GmbH Germany EUR 250 100 % Telefónica Global Activities Holdings, B.V Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Other Companies (Cont.) Telefónica Compras Electrónicas, S.L. Spain EUR — 100 % Telefónica Global Services, GmbH Telefónica On The Spot Services, S.A.U. Spain EUR 1 100 % Telefónica de Contenidos, S.A.U. Telefónica Educación Digital, S.L. Spain EUR 1 100 % Telefónica Digital España, S.L. Telfin Ireland Ltd. Ireland EUR — 100 % Telefónica, S.A. Telefónica Ingeniería de Seguridad, S.A.U. Spain EUR 13 100 % Telefónica, S.A. Telefônica Infraestructura e Segurança Brasil Ltda. Brazil BRL — 100 % Terra Networks Brasil, S.A. Telefónica Capital, S.A.U. Spain EUR 7 100 % Telefónica, S.A. Lotca Servicios Integrales, S.L. Spain EUR 17 100 % Telefónica, S.A. Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones, S.A Spain EUR 16 70 % Telefónica Capital, S.A. Fonditel Gestión, Soc. Gestora de Instituciones de Inversión Colectiva, S.A. Spain EUR 2 100 % Telefónica Capital, S.A. Telefónica Investigación y Desarrollo, S.A.U. Spain EUR 7 100 % Telefónica, S.A. Media Networks Latin America, S.A.C Peru USD 91 100 % Telefónica Latinoamérica Holding, S.L. Telefónica Luxembourg Holding, S.à.r.L. Luxembourg EUR 3 100 % Telefónica, S.A. Casiopea Reaseguradora, S.A. Luxembourg EUR 4 100 % Telefónica Luxembourg Holding, S.à.r.L. Nova Casiopea RE S.A. Luxembourg EUR 15 100 % Telefónica Luxembourg Holding, S.à.r.L. Telefónica Insurance, S.A. Luxembourg EUR 23 100 % Telefónica Luxembourg Holding, S.à.r.L. Telefónica Finanzas, S.A.U. Spain EUR 3 100 % Telefónica, S.A. Pléyade Peninsular, Correduría de Seguros y Reaseguros del Grupo Telefónica, S.A. Spain EUR — 100 % Telefónica Finanzas, S.A.U. (TELFISA) (83.33%) Fisatel Mexico, S.A. de C.V. Mexico MXN 3,505 100 % Telefónica, S.A. Telefónica Europe, B.V. Netherlands EUR — 100 % Telefónica, S.A. Telefónica Participaciones, S.A.U. Spain EUR — 100 % Telefónica, S.A. Telefónica Emisiones, S.A.U. Spain EUR — 100 % Telefónica, S.A. Telefónica Global Technology, S.A.U. Spain EUR 16 100 % Telefónica, S.A. Aliança Atlântica Holding B.V. Netherlands EUR 150 100 % Telefónica, S.A. (50%) Telefónica Serviços Empresariais do BRASIL, Ltda. Brazil BRL 48 99.99 % Telefónica Servicios Globales, S.L.U. Telefónica Gestión Integral de Edificios y Servicios S.L. Spain EUR — 100 % Telefónica Servicios Globales, S.L.U. Tempotel, Empresa de Trabajo Temporal, S.A. Spain EUR — 100 % Telefónica Servicios Globales, S.L.U. O2 Worldwide Limited UK GBP — 100 % Telefónica, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Other Companies (Cont.) Telefónica Innovación Alpha, S.L. Spain EUR 1 100 % Telefónica, S.A. Telefónica Servicios Globales, S.L.U. Spain EUR 1 100 % Telefónica, S.A. Telefónica Holding Atticus, B.V. Netherlands EUR — 100 % Telefónica Latinoamérica Holding, S.L. Telefónica Soluciones de Criptografía, S.A. Spain EUR — 100 % Telefónica, S.A. Telefónica Chile Holdings, S.L. Chile CLP — 100 % Telefónica, S.A. Other companies held for sale Telefónica Móviles El Salvador, S.A. de C.V. Provision of wireless and international long distance communications services El Salvador USD 42 59.58 % Telefónica Centroamérica Inversiones S.L. (59.46%) Telefónica Multiservicios S.A. de C.V. (0.12%) Telefónica de Costa Rica TC, S.A. Costa Rica CRC 199,892 100 % Telefónica, S.A. Companies accounted for using the equity method Telefónica Factoring España, S.A. Spain EUR 5 50 % Telefónica, S.A. Telefónica Factoring Do Brasil, Ltd. Brazil BRL 5 50 % Telefónica, S.A. (40.00%) Telefónica Factoring Mexico, S.A. de C.V. SOFOM ENR Mexico MXN 34 50 % Telefónica, S.A. (40.50%) Telefónica Factoring Perú, S.A.C. Peru PEN 6 50 % Telefónica, S.A. (40.50%) Telefónica Factoring Colombia, S.A. Colombia COP 4,000 50 % Telefónica, S.A. (40.50%) Mobile Financial Services Holding SPRL Belgica USD 197 50 % Telefónica Internacional Holding, B.V (26.28%) Telefónica Consumer Finance, Establecimiento Financiero de Crédito, S.A. Spain EUR 5 50 % Telefónica, S.A. Tesco Mobile Ltd. UK GBP — 50 % O2 Communication Ltd. The Smart Steps Data Technology Company China CNY — 37.5 % Telefónica Digital España, S.L. Internet para todos S.A.C Peru PEN — 37 % Telefónica del Perú, S.A.A. Main changes in the scope of consolidation for the year 2019 Acquisition of companies Companies/Segment/Subsidiaries Country Date of inclusion % Acquisition Other companies Telefónica Soluciones de Criptografía, S.A. Spain 02/28/2019 100 % Constitution of new companies Companies/Segment/Subsidiaries Country Date of inclusion % Participation Other companies Inmosites, S.A.U. Spain 12/31/2019 50.01 % Sold companies Companies/Segment/Subsidiaries Country Date of deconsolidated % Sold Hispam Norte Telefónica Móviles Guatemala, S.A. Guatemala 01/31/2019 60 % Telefonía Celular de Nicaragua, S.A. Nicaragua 05/31/2019 60 % Telefónica Móviles Panamá, S.A. Panama 08/31/2019 60 % Other companies Seguros de Vida y Pensiones Antares, S.A. Spain 02/28/2019 100 % Telefónica Gestión Logística, S.A.C Peru 04/30/2019 100 % Main changes in the scope of consolidation for the year 2018 Constitution of new companies Companies/Segment/Subsidiaries Country Date of inclusion % Acquisition Other companies Telxius Cable Bolivia, S.A. Bolivia 03/31/2018 50.01 % Pontel Participaciones, S.L. Spain 07/31/2018 83.35 % Sold companies Companies/Segment/Subsidiaries Country Date of deconsolidated % Sold Telefónica Spain Centro de Asistencia Telefónica, S.A. Spain 12/31/2018 100 % Telefónica Germany Shortcut I GmbH & Co. KG Germany 10/31/2018 69.22 % Other companies Telefónica Digital Inc. US 08/31/2018 100 % Tokbox Inc. US 08/31/2018 100 % Axonix Ltd UK 08/31/2018 78 % Merged companies Companies/Segment/Subsidiaries Country Date Surviving company Telefónica Germany Co-Trade GmbH Germany 07/31/2018 Telefónica Germany Retail Gmbh Other companies Synergic Partners, S.L. Spain 10/31/2018 Telefónica Digital España, S.L. Companies liquidation Companies/Segment/Subsidiaries Country Date of deconsolidated % Participation Other companies Telefónica Gestión de Servicios Compartidos México, S.A. de C.V. Mexico 12/31/2018 100 % Operations with minority interests Companies/Segment/Subsidiaries Country Date % Participation after operation Other companies Pontel Participaciones, S.L. Spain 07/31/2018 83.35 % |
Appendix II_ Board and Senior M
Appendix II: Board and Senior Management Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation [Abstract] | |
Appendix II: Board and Senior Management Compensation | Appendix II: Board and Senior Management Compensation TELEFÓNICA, S.A. (Amounts in euros) Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. José María Álvarez-Pallete López 1,923,100 — — 3,447,734 — 5,836 5,376,670 Mr. Isidro Fainé Casas — 200,000 — — 80,000 — 280,000 Mr. José María Abril Pérez — 200,000 9,000 — 91,200 — 300,200 Mr. José Javier Echenique Landiríbar — 120,000 25,000 — 113,600 — 258,600 Mr. Ángel Vilá Boix 1,600,000 — — 2,390,400 — 18,367 4,008,767 Mr. Juan Ignacio Cirac Sasturain — 120,000 9,000 — 11,200 — 140,200 Mr. Peter Erskine — 120,000 17,000 — 113,600 — 250,600 Ms. Sabina Fluxà Thienemann — 120,000 8,000 — 11,200 — 139,200 Ms. Carmen García de Andrés — 120,000 19,000 — 22,400 — 161,400 Ms. María Luisa García Blanco — 120,000 16,000 — 22,400 — 158,400 Mr. Jordi Gual Solé — 120,000 19,000 — 22,400 — 161,400 Mr. Peter Löscher — 120,000 14,000 — 33,600 — 167,600 Mr. Ignacio Moreno Martínez — 120,000 30,000 — 44,800 — 194,800 Ms. Verónica Pascual Boé 7 — — — — — — — Mr. Francisco Javier de Paz Mancho — 120,000 35,000 — 124,800 — 279,800 Mr. Francisco José Riberas Mera — 120,000 — — — — 120,000 Ms. Claudia Sender Ramírez 7 — — — — — — — 1 Salary: Regarding Mr José María Álvarez-Pallete López and Mr Ángel Vilá Boix, the amount includes the non-variable remuneration earned from their executive functions. 2 Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the Board, regardless of the effective attendance of the member to board meetings. 3 Allowances: Total amount of allowances for attending Advisory or Steering Committee meetings. 4 Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2019 and paid in the year 2020. In reference to the bonus corresponding to 2018, which was paid in 2019, Executive Board Member Mr José María Álvarez-Pallete López perceived 3,478,888 euros and Executive Board Member Mr Ángel Vilá Boix perceived 2,412,000 euros. 5 Remuneration for belonging to the Board Committees: Amount of items other than allowances, which the directors are beneficiaries through their position on the Executive Committee and the Advisory or Steering Committees, regardless of the effective attendance of the board member such Committee meetings. 6. Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by Telefónica, S.A. 7 Ms. Verónica Pascual Boé and Ms. Claudia Sender Ramírez were appointed Directors of the Company on December 18, 2019. Likewise, Mr. Luiz Fernando Furlán and Mr. Wang Xiaochu stood down as Board Members on December 18, 2019, reflecting below the payment received (and accrued) by them, in 2019 until the dates mentioned. Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. Luiz Fernando Furlán — 120,000 11,000 — 11,200 — 142,200 Mr. Wang Xiaochu — 120,000 — — — — 120,000 1 to 6: Definitions of these concepts are those included in the previous table. The following table breaks down the amounts accrued and/or received from other companies of the Telefónica Group other than Telefónica, S.A. individually, by the Board Members of the Company, by the performance of executive functions or by their membership to the Board of Directors of such companies: OTHER COMPANIES OF THE TELEFÓNICA GROUP (Amounts in euros) Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. José María Álvarez-Pallete López — — — — — — — Mr. Isidro Fainé Casas — — — — — — — Mr. José María Abril Pérez — — — — — — — Mr. José Javier Echenique Landiríbar — 155,602 — — — — 155,602 Mr. Ángel Vilá Boix — — — — — — — Mr. Juan Ignacio Cirac Sasturain — — — — — — — Mr. Peter Erskine — 20,000 — — — — 20,000 Ms. Sabina Fluxà Thienemann — — — — — — — Ms Carmen García de Andrés — — — — — — — Ms. María Luisa García Blanco — — — — — — — Mr. Jordi Gual Solé — — — — — — — Mr. Peter Löscher — — — — — — — Mr. Ignacio Moreno Martínez — — — — — — — Ms. Verónica Pascual Boé — — — — — — — Mr. Francisco Javier de Paz Mancho — 305,344 — — — — 305,344 Mr. Francisco José Riberas Mera — — — — — — — Ms. Claudia Sender Ramírez — — — — — — — 1 Salary: Amount of non-variable remuneration earned by the Director from other companies of the Telefónica Group for his/her executive functions. 2 Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the boards of other companies of the Telefónica Group. 3 Allowances: Total amount of the allowances for attending the board meetings of other companies of the Telefónica Group. 4. Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2019 and paid in the year 2020 by other companies of the Telefónica Group. 5. Remuneration for belonging to the Board Committees of other companies of the Telefónica Group: Amount of items other than allowances, which the directors are beneficiaries through their position on the Advisory or Steering Committees of other companies of the Telefónica Group, regardless of the effective attendance of the board member such Committee meetings. 6. Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by other companies of the Telefónica Group. Likewise, Mr. Luiz Fernando Furlán and Mr. Wang Xiaochu stood down as Board Members on December 18, 2019, reflecting below the payment received (and accrued) by them, in 2019 until the dates mentioned. Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. Luiz Fernando Furlán — 85,767 — — — — 85,767 Mr. Wang Xiaochu — — — — — — — 1 to 6: Definitions of these concepts are those included in the previous table. Additionally, as mentioned in the Remuneration Policy section, the Executive Board Members have a series of Assistance Services. Below, the contributions made during 2019 are detailed for the Company to long-term savings systems (Pension Plans and Social Welfare Plan): LONG-TERM SAVINGS SYSTEMS (Amounts in euros) Directors Contributions for fiscal year 2019 Mr. José María Álvarez-Pallete López 673,085 Mr. Ángel Vilá Boix 560,000 The breakdown of the long-term saving systems includes contributions to Pension Plans, to the Benefit Plan and to the Unit link-type Insurance, as set out below: (Amounts in euros) Directors Contribution to Pension Plans Contribution to Benefit Plan 1 Contributions to Unit link-type Insurance/Pension Plan Surplus 2 Mr. José María Álvarez-Pallete López 6,060 540,968 126,057 Mr. Ángel Vilá Boix 5,377 487,840 66,783 1 Contributions to the Executive Social Welfare Plan established in 2006, financed exclusively by the Company, to complement the current Pension Plan, which involves defined contributions equivalent to a certain percentage of the fixed remuneration of the Director, depending on the professional levels in the organization of the Telefónica Group. 2 Contributions to Unit link-type Insurance/Pension Plan Surplus: In 2015 applicable law reduced the financial and tax limits of the contributions to Pension Plans; for this reason, in order to compensate for the difference in favor of the Beneficiaries, a Unit-link type group insurance policy was arranged to channel such differences that occur during each fiscal year. This Unit-link type insurance is arranged with the entity Plus Ultra, Seguros Generales y Vida, S.A. de Seguros y Reaseguros (after the merger through absorption of Seguros de Vida y Pensiones Antares, S.A.U. by Plus Ultra), and covers the same contingencies as those of the “Pension Plan” and the same exceptional liquidity events in case of serious illness or long-term unemployment. The 2019 amounts for life insurance premiums were as follows: LIFE INSURANCE PREMIUMS (Amounts in euros) Directors Life insurance premiums Mr. José María Álvarez-Pallete López 27,509 Mr. Ángel Vilá Boix 13,799 As regards to remuneration plans based on shares (exclusively involving Executive Directors), the following two long-term variable remuneration plans were in existence during the year 2019: 1.- The so-called "Performance & Investment Plan" ("PIP") , made up of three cycles (2014-2017; 2015-2018; 2016-2019), approved by the General Shareholders' Meeting held on May 30, 2014, which has already ended. The first cycle of this Plan began in 2014 and concluded in October 2017. The second cycle of this Plan began in 2015 and concluded in October 2018. In accordance with the provisions of its terms and conditions, the delivery of shares did not proceed for the first and second cycle of the Plan (2014-2017; 2015-2018), so no shares were delivered to the Executive Directors participating in these cycles. As for the third cycle of this Plan (2016-2019), the Company's Board of Directors, following a favorable report from the Nominating, Compensation and Corporate Governance Committee, agreed not to execute nor implement the plan as it was not sufficiently aligned with the Telefónica Group’s strategic plan, taking into account the circumstances and the macroeconomic situation. 2.- The so-called "Performance Share Plan" ("PSP") , made up of three cycles (2018-2021; 2019-2022; 2020-2023), approved by the General Shareholders' Meeting held on June 8, 2018. The objective measurement period of the first cycle began on January 1, 2018 and will end on December 31, 2020. In case of fulfillment of the objectives, the delivery of the shares will be carried out in the year 2021. The objective measurement period of the second cycle began on January 1, 2019 and will end on December 31, 2021. In case of fulfillment of the objectives, the delivery of the shares will take place in the year 2022. The period of measurement of objectives of the third and last cycle it began on January 1, 2020 and will end on December 31, 2022. In case of fulfillment of the objectives, the delivery of the shares will take place in the year 2023. In relation to this third and final cycle, it is stated that, as of the date of formulation of these Financial Statements 2019, the allocation of shares has not yet been made. It is hereby stated in following the maximum number of shares assigned to be delivered if maximum compliance with the TSR ("Total Shareholder Return") and FCF ("Free Cash Flow") targets set for the first and second cycle of the Plan. As already indicated, at the date of formulation of these Financial Statements 2019 the allocation of shares corresponding to the third cycle of the Plan has not yet been made. PSP - First Cycle / 2018-2021 Directors Maximum number of shares (*) Mr. José María Álvarez-Pallete López 421,000 Mr. Ángel Vilá Boix 312,000 (*) Maximum possible number of shares to be received in case of maximum completion of FCF and TSR target. PSP - Second Cycle / 2019-2022 (shares allocate in February 2019) Directors Maximum number of shares (*) Mr. José María Álvarez-Pallete López 468,000 Mr. Ángel Vilá Boix 347,000 ( *) Maximum possible number of shares to be received in case of maximum completion of FCF and TSR target. In any case, herewith it is stated that no shares have been delivered to the Executive Directors under the first and second cycle of the PSP and that the above tables only reflect the potentially deliverable number of shares, without this in any way implying all or part thereof will be effectively delivered. Indeed, the number of Telefónica, S.A. shares that, always within the established maximum, could be delivered, where appropriate, to the participants is conditioned and determined by the established goals: 50% of the compliance with the targets set out for Total Shareholder Return ("TSR") on Telefónica, S.A. shares and 50% of the Free Cash Flow (the "FCF") of the Telefónica Group. To determine compliance with the TSR target and calculate the specific number of shares to be delivered for this concept, the evolution of the TSR of Telefónica, S.A. shares will be measured during the period of the duration of each three-year cycle in relation to the TSR experienced by certain companies belonging to the telecommunications sector, weighted according to their relevance for Telefónica, S.A., which for the purposes of the Plan will constitute the comparison group (hereinafter the "Comparison Group"). The companies included in the comparison group are listed below: América Móvil, BT Group, Deutsche Telekom, Orange, Telecom Italy, Vodafone Group, Proximus, Royal KPN, Millicom, Swisscom, Telenor, TeliaSonera, and Tim Participações. With regard to compliance with the TSR target, the Plan foresees that the number of shares to be delivered in relation to the fulfillment of this objective will range between 15% of the number of theoretical shares assigned, in the event that the evolution of the TSR of the Telefónica, S.A. share is found within, at least, the mean of the Comparison Group, and 50% in the case that the evolution is placed in the third quartile or higher of the comparison group, by calculating the percentage by linear interpolation for cases which are situated between the mean and the third quartile. To determine completion of the FCF target and calculate the specific number of shares to be delivered under this concept, the level of FCF generated by the Telefónica Group during each year will be measured against the value set in the budgets approved by the Board of Directors for each financial year. In relation to the FCF, for each cycle, the company's Board of Directors, following a favorable report from the Nominating, Compensation and Corporate Governance Committee,determines a scale of achievement that includes a minimum threshold of 90% compliance, below which an incentive is not paid and whose compliance will require the delivery of 25% of the assigned theoretical shares, and a maximum level of 100% compliance, which will involve the delivery of 50% of the assigned theoretical shares. At least 25% of the shares are delivered under the Plan to the Executive Directors and other participants determined by the Board of Directors shall be subject to a one-year retention. In addition, it should be noted that the external directors of the company do not perceive nor have perceived remuneration during the year 2019 in concept of pensions or life insurance, nor do they participate in compensation plans referenced to the value of the share price. Furthermore, the company does not grant nor has granted during the year 2019, an advance, loan or credit in favor of its Board Members or its Senior Management, complying with the requirements of the Sarbanes-Oxley Act published in the United States, which is applicable to Telefónica as a listed company in this market. Remuneration of the Company’s Senior Management As for the Directors who made up the Senior Management 1 of the company in the year 2019, excluding those who form an integral part of the Board of Directors, have accrued a total amount of 10,397,648 euros during the 2019 fiscal year. In addition, and in terms of long-term savings systems, the contributions made by the Telefónica Group during the year 2019 to the Social Security Plan described in the "Income and expenditure" note with regard to these directors increased to 1,148,944 euros; the contributions corresponding to the Pension Plan increased to 26,885 euros; the contributions to the Seguro Unit link-Excess Pension Fund increased to 143,063 euros. Furthermore, the amount related to the remuneration in kind (which includes the fees for life insurance and other insurance, such as the general medical and dental coverage, and vehicle insurance) was 125,987 euros. On the other hand, regarding share-based remuneration plans, during the year 2019, there were the following two long-term variable remuneration plans: 1.- The so-called "Performance & Investment Plan" ("PIP") , made up of three cycles (2014-2017; 2015-2018; 2016-2019), approved by the General Shareholders' Meeting held on May 30, 2014, which has already ended. The first cycle of this Plan began in 2014 and concluded in October 2017. The second cycle of this Plan began in 2015 and concluded in October 2018. In accordance with the provisions of its terms and conditions, the delivery of shares did not proceed for the first and second cycle of the Plan (2014-2017; 2015-2018), so no shares were delivered to the Directors participating in these cycles. As for the third cycle of this Plan (2016-2019), the company's Board of Directors, following a favorable report from the Nominating, Compensation, and Corporate Governance Committee, agreed not to execute nor implement the plan as it was not sufficiently aligned with the Telefónica Group’s strategic plan, taking into account the circumstances and the macroeconomic situation. 2.- The so-called "Performance Share Plan" ("PSP"), made up of three cycles (2018-2021; 2019-2022; 2020-2023), approved by the General Shareholders' Meeting held on June 8, 2018. The period of measurement of objectives of the first cycle began on January 1, 2018 and will conclude on December 31, 2020. The maximum number of shares assigned to be delivered in 2021 in the event of maximum compliance with the TSR ("Total Shareholder Return") and FCF ("Free Cash Flow") target, set for the first cycle (2018-2021) to the group of directors forming part of the company's senior management was of 612,570 . The measurement period of the second cycle objectives began on January 1, 2019 and will conclude on December 31, 2021. The maximum number of shares assigned to be delivered in 2022 in the event of maximum compliance with the TSR ("Total Shareholder Return") and FCF ("Free Cash Flow") target, set for the second cycle (2019-2022) to the group of Directors part of the company's Senior Management was 679,691 . 1 Senior Management being understood, for these purposes, those persons that implement, de facto or de jure, senior management duties reporting directly to the Board of Directors or Executive Committees or Managing Directors of the Company, including in any case the supervisor of Internal Auditing. The amounts received above include the remuneration received by Mr. Mariano de Beer, who served as Chief Commercial Digital Officer (CCDO) of Telefónica, S.A. until November 27, 2019. |
Appendix III_ Debentures and Bo
Appendix III: Debentures and Bonds | 12 Months Ended |
Dec. 31, 2019 | |
Appendix III: Debentures and Bonds [Abstract] | |
Appendix III: Debentures and Bonds | Appendix III: Debentures and bonds The detail and key features of outstanding debentures and bonds at December 31, 2019 are as follows (in millions of euros): Total Telefónica and its instrumental companies Maturity (nominal) Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total T. EUROPE BV SEP_00 BOND GLOBAL D USD 8.250 % — — — — — 1,092 1,092 TEBV FEB_03 EMTN FIXED TRANCHE B EUR 5.875 % — — — — — 500 500 Telefónica Europe, B.V. — — — — — 1,592 1,592 EMTN O2 GBP GBP 5.375 % — — — — — 587 587 TELEF. EMISIONES JUNE 06 TRANCHE D USD 7.045 % — — — — — 1,781 1,781 TELEF. EMISIONES JANUARY 07 A EUR 1 x EURIBOR6M +0,83% — 55 — — — — 55 TELEF. EMISIONES MAY 2014 EUR 2.242 % — — 1,250 — — — 1,250 EMTN GBP 12/09/2022 650 GBP GBP 5.289 % — — 764 — — — 764 TELEF. EMISIONES APRIL 2010 USD 5.134 % 1,247 — — — — — 1,247 EMTN GBP 10/08/2029 400 GBP GBP 5.445 % — — — — — 470 470 TELEF. EMISIONES FEBRUARY 2011 USD 5.462 % — 1,336 — — — — 1,336 TELEF. EMISIONES FEBRUARY 2012 GBP 5.597 % 822 — — — — — 822 TELEF. EMISIONES OCTOBER 2012 EUR 4.710 % 1,200 — — — — — 1,200 TELEF. EMISIONES DECEMBER 2012 CHF 3.450 % — — 138 — — — 138 TELEF EMISIONES JANUARY 2013 EUR 3.987 % — — — 1,500 — — 1,500 TELEF. EMISIONES MARCH 2013 EUR 3.961 % — 1,000 — — — — 1,000 TELEF EMISIONES APRIL 2013 USD 4.570 % — — — 668 — — 668 TELEF. EMISIONES OCTOBER 2014 EUR 2.932 % — — — — — 800 800 TELEF. EMISIONES OCTOBER 2013 CHF 2.595 % 207 — — — — — 207 TELEF. EMISIONES JULY 2015 EUR 1 x EURIBOR6M +0,83% — — 67 — — — 67 TELEF. EMISIONES SEPTEMBER 2015 EUR 1.477 % — 1,000 — — — — 1,000 TELEF EMISIONES APRIL 2016 EUR 0.750 % — — 1,400 — — — 1,400 Total Telefónica and its instrumental companies (cont.) Maturity (nominal) Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total TELEF EMISIONES APRIL 2016 EUR 1.460 % — — — — — 1,350 1,350 TELEF. EMISIONES OCTOBER 2016 EUR 0.318 % 1,250 — — — — — 1,250 TELEF. EMISIONES OCTOBER 2016 EUR 1.930 % — — — — — 750 750 TELEF. EMISIONES DECEMBER 2016 EUR 4.000 % — — — — — 150 150 TELEF. EMISIONES JANUARY 2017 EUR 1.528 % — — — — — 1,250 1,250 TELEF. EMISIONES JANUARY 2017 EUR 2.318 % — — — — — 500 500 TELEF. EMISIONES MARCH 2017 USD 4.103 % — — — — — 1,336 1,336 TELEF. EMISIONES MARCH 2017 USD 5.213 % — — — — — 1,781 1,781 TELEF. EMISIONES MARCH 2017 EUR 2.318 % — — — — — 200 200 TELEF. EMISIONES APRIL 2017 USD 4.900 % — — — — — 178 178 TELEF. EMISIONES APRIL 2017 USD 5.213 % — — — — — 445 445 TELEF. EMISIONES SEPTEMBER 2017 EUR 1.715 % — — — — — 1,250 1,250 TELEF. EMISIONES JANUARY 2018 EUR 1.447 % — — — — — 1,000 1,000 TELEF. EMISIONES MARCH 2018 USD 4.895 % — — — — — 1,113 1,113 TELEF. EMISIONES MARCH 2018 USD 4.665 % — — — — — 668 668 TELEF. EMISIONES SEPTEMBER 2018 EUR 1.495 % — — — — — 1,000 1,000 TELEF. EMISIONES FEBRUARY 2019 GREEN B. EUR 1.069 % — — — — 1,000 — 1,000 TELEF. EMISIONES MARCH 2019 EUR 1.788 % — — — — — 1,000 1,000 TELEF. EMISIONES MARCH 2019 USD 5.520 % — — — — — 1,113 1,113 TELEF. EMISIONES JULY 2019 EUR 1.957 % — — — — — 500 500 Telefónica Emisiones, S.A.U. 4,726 3,391 3,619 2,168 1,000 19,222 34,126 Exchangeable Bond MARCH 2016 (*) EUR — — 600 — — — — 600 Telefónica Participaciones — — 600 — — — — 600 Total Telefónica, S.A. and its instrumental companies 4,726 3,991 3,619 2,168 1,000 20,814 36,318 (*) Issue of non-dilutive cash-settled equity-linked bonds referenced to Telefónica share price, with a nominal amount of 600 million euros, issue price of 101.25% and maturing in March 2021. Foreign operators Maturity Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total Bond T CLP 4.900 % 11 23 — 23 — — 57 144A Bond USD 3.875 % — — 445 — — — 445 Telefónica Chile, S.A. 11 23 445 23 — — 502 Bond F UF 3.600 % — — — 101 — — 101 Bond G UF 2.200 % 67 — — — — — 67 Bond I UF 1.950 % 67 — — — — — 67 Bond K CLP 4.900 % — 112 — — — — 112 Foreign operators (cont.) Maturity Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total Telefónica Móviles Chile, S.A. 134 112 — 101 — — 347 T. Finanzas Mex 0710 FIX MXN 8.070 % 94 — — — — — 94 Telefónica Finanzas México, S.A. 94 — — — — — 94 Bond T. Peru 4th Program (19th Serie A) N. SOL VAC + 3,625% — — — — — 23 23 Bond T. Peru 4th Program (19th Serie B) N. SOL VAC + 2,875% — — — — — 18 18 Bond T. Peru 4th Program (37th Serie A) N. SOL VAC + 3,125% — — — — — 18 18 Bond T. Peru 4th Program (19th Serie C) N. SOL VAC + 3,1875% — — — — — 7 7 Bond T. Peru 5th Program (22nd Serie Ac) N. SOL VAC + 3,500% — 9 — — — — 9 Bond T. Peru 6th Program (17th Serie A) N. SOL VAC + 3,09375% — — — — — 17 17 Bond T. Peru 6th Program (11th Serie A) N. SOL 6.656 % — — — 70 — — 70 Bond T. Peru 6th Program (11th Serie B) N. SOL 6.188 % — — — — 32 — 32 Bond T. Peru 6th Program (12th Serie A) N. SOL 5.063 % 30 — — — — — 30 Bond T. Peru 6th Program (13th Serie A) N. SOL 5.500 % — — 38 — — — 38 Bond T. Peru 6th Program (14th Serie A) N. SOL 5.344 % — — 27 — — — 27 Bond T. Peru 6th Program (15th Serie A) N. SOL 5.469 % — — — — 36 — 36 Bond T. Peru 6th Program (16th Serie A) N. SOL 5.500 % — — — — — 28 28 Bond T. Peru 6th Program (12th Serie B) N. SOL 4.188 % — 19 — — — — 19 Bond T. Peru 1st Private Program (1st Serie A) N. SOL 7.281 % — — — — — 21 21 Bond T. Peru 1st Program International Issue (1sr Serie A) N. SOL 7.375 % — — — — — 457 457 Telefónica del Perú, S.A. 30 28 65 70 68 589 850 Nonconvertible bonds BRL 1,0825 XCDI — 222 222 — — — 444 Nonconvertible bonds BRL 1,0 XCDI + 0,24% 222 — — — — — 222 Nonconvertible bonds (Telemig) I BRL IPCA + 0,5% — — — — — — — Nonconvertible bonds (Telemig) II BRL IPCA + 0,5% 1 1 — — — — 2 Nonconvertible bonds (Telemig) III BRL IPCA + 0,5% 2 2 — — — — 4 Telefônica Brasil, S.A. 225 225 222 — — — 672 BOND R144-A USD 5.375 % — — 650 — — — 650 Bond A5 COP 6.650 % — — — — 94 — 94 Bond C10 COP IPC + 3,39% — — — — — 41 41 Colombia Telecomunicaciones, S.A, ESP — — 650 — 94 41 785 Bond EUR 2.375 % — 500 — — — — 500 Bond EUR 1.750 % — — — — — 600 600 O2 Telefónica Deutschland Finanzierungs, GmbH — 500 — — — 600 1,100 Total Outstanding Debentures and Bonds Foreign operators 494 888 1,382 194 162 1,230 4,350 Total Outstanding Debentures and Bonds 5,220 4,879 5,001 2,362 1,162 22,044 40,668 The main debentures and bonds issued by the Group in 2019 are as follows: Nominal (millions) Item Date Maturity Date Currency Euros Currency of issuance Coupon Telefónica Emisiones, S.A.U. EMTN Bond 02/05/2019 02/05/2024 1,000 1,000 EUR 1.069 % SHELF Bond 03/01/2019 03/01/2049 1,250 1,113 USD 5.520 % EMTN Bond 03/12/2019 03/12/2029 1,000 1,000 EUR 1.788 % EMTN Bond 07/01/2019 07/01/2039 500 500 EUR 1.957 % Telefónica del Perú, S.A.A. Bond 04/10/2019 04/10/2027 1,700 457 PEN 7.375 % Colombia Telecomunicaciones S.A E.S.P. Bond 05/29/2019 05/29/2024 347,590 94 COP 6.650 % Bond 05/29/2019 05/29/2029 152,410 41 COP IPC + 3.390% Appendix V: Interest-bearing debt The main financing transactions at December 31, 2019 and 2018 and their nominal amounts are as follows: Outstanding principal balance (millions of euros) Descriptive name summary Current limit (millions) Currency 12/31/2019 12/31/2018 Arrangement date Maturity date Telefónica, S.A Structured Financing (*) 59 USD 53 93 05/03/2011 07/30/2021 Structured Financing (*) 316 USD 282 379 02/22/2013 01/31/2023 Structured Financing (*) 273 USD 243 314 08/01/2013 10/31/2023 Bilateral loan (1) — EUR — 1,000 06/26/2014 04/01/2019 Structured Financing (*) 503 USD 448 516 12/11/2015 03/11/2026 Structured Financing (*) 341 EUR 341 401 12/11/2015 03/11/2026 Bilateral loan (2) — EUR — 100 02/23/2016 12/23/2019 Bilateral loan — EUR — 150 10/24/2016 03/19/2019 Credit 380 EUR — 271 12/27/2002 12/27/2022 Bilateral loan (3) — EUR — 100 11/24/2017 10/30/2019 Bilateral loan (4) — EUR — 100 12/28/2017 10/22/2019 Bilateral loan — EUR — 385 12/20/2017 07/22/2019 Credit 100 GBP 117 112 05/23/2013 03/01/2022 Bilateral credit (5) 300 EUR — — 05/14/2019 05/14/2024 Bilateral loan — EUR 200 — 07/11/2019 08/14/2026 Bilateral loan 150 EUR — — 11/08/2019 03/31/2030 Bilateral loan 200 EUR — — 12/04/2019 06/04/2027 Telefónica Germany GmbH & Co. OHG BEI Financing — EUR 408 450 06/13/2016 06/13/2025 Syndicated facility (6) 750 EUR — — 12/17/2019 12/17/2024 BEI Financing (Tranche 1) 300 EUR — — 12/18/2019 12/18/2028 Telefónica Europe, B.V. Structured Financing (7) — EUR — 1,500 11/28/2016 12/16/2019 Telxius Telecom, S.A. Syndicated facility 300 EUR 300 300 12/01/2017 12/01/2023 Bilateral loan — EUR 150 — 11/29/2019 11/29/2021 Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (8) — COP — 143 01/05/2018 12/16/2019 (1) On February, 18, 2019 and April 1,2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (2) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (3) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (4) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (5) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (6) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (*) Facility with amortization schedule, showing in the column "Current limit" the undrawn amount. |
Appendix IV_ Financial Instrume
Appendix IV: Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Appendix IV: Financial Instruments [Abstract] | |
Appendix IV: Financial Instruments | Breakdown of financial assets The breakdown of financial assets of the Telefónica Group at December 31, 2019 is as follows: December 31, 2019 Fair value through profit or loss Fair value through other comprehensive income Measurement hierarchy Millions of euros Held for trading Fair value option Debt instru-ments Equity instru-ments Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Amortized cost Total carrying amount Total fair value Non-current financial assets (Note 12) 757 — 104 565 2,676 511 3,591 — 2,290 6,392 6,392 Investments 35 — — 565 — 496 104 — — 600 600 Credits and other financial assets 9 — — — — 9 — — 532 541 541 Deposits and guarantees — — — — — — — — 1,285 1,285 1,285 Derivative instruments 713 — — — 2,676 6 3,383 — — 3,389 3,389 Trade receivables — — 104 — — — 104 — 615 719 565 Trade receivables for subleases — — — — — — — — 12 12 12 Impairment of trade receivables — — — — — — — — (154 ) (154 ) — Current financial assets 960 — 567 — 1,104 317 2,314 — 15,286 17,917 17,917 Trade receivables (Note 14) 480 — 567 — — — 1,047 — 10,503 11,550 8,752 Impairment of trade receivables (Note 14) — — — — — — — — (2,798 ) (2,798 ) — Other financial assets (Note 15) 480 — — — 1,104 317 1,267 — 1,539 3,123 3,123 Cash and cash equivalents — — — — — — — — 6,042 6,042 6,042 Total 1,717 — 671 565 3,780 828 5,905 — 17,576 24,309 24,309 The calculation of the fair values of the Telefónica Group's debt instruments required an estimate, for each currency and counterparty, of a credit spread curve using the prices of the Group's bonds and credit derivatives. The breakdown of financial assets of the Telefónica Group at December 31, 2018 was as follows: December 31, 2018 Fair value through profit or loss Fair value through other comprehensive income Measurement hierarchy Millions of euros Held for trading Fair value option Debt instru-ments Equity instru-ments Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Amortized cost Total carrying amount Total fair value Non-current financial assets (Note 12) 860 — 70 545 1,950 660 2,765 — 2,968 6,393 6,393 Investments 28 — — 545 — 492 81 — — 573 573 Credits and other financial assets 6 — — — — 6 — — 1,044 1,050 1,050 Deposits and guarantees — — — — — — — — 1,624 1,624 1,624 Derivative instruments 826 — — — 1,950 162 2,614 — — 2,776 2,776 Trade receivables — — 70 — — — 70 — 418 488 370 Impairment of trade receivables — — — — — — — — (118 ) (118 ) — Current financial assets 961 — 681 — 660 154 2,148 — 14,018 16,320 16,320 Trade receivables (Note 14) 580 — 680 — — — 1,260 — 9,816 11,076 8,419 Impairment of trade receivables (Note 14) — — — — — — — — (2,657 ) (2,657 ) — Other current financial assets (Note 15) 381 — 1 — 660 154 888 — 1,167 2,209 2,209 Cash and cash equivalents — — — — — — — — 5,692 5,692 5,692 Total 1,821 — 751 545 2,610 814 4,913 — 16,986 22,713 22,713 Appendix IV: Financial instruments The detail of the type of financial instruments arranged by the Group (notional amount) by currency and interest rates at December 31, 2019 is as follows: Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Euro (4,684 ) 6,878 4,222 3,185 1,939 22,022 33,562 21,898 12,052 33,950 Floating rate 1,672 3,097 1,089 1,987 519 2,623 10,987 1,266 9,769 11,035 Spread (0.34 %) (0.18 %) (0.03 %) 0.05 % 0.22 % 0.08 % (0.07 %) — — — Fixed rate (6,356 ) 3,781 3,133 1,198 1,420 19,399 22,575 20,632 2,283 22,915 Interest rate (2.79 %) 1.98 % 1.49 % 2.67 % 1.83 % 1.61 % 2.97 % — — — Rate cap — — — — — — — — — — Other european currencies Instruments in CZK (67 ) — — — — — (67 ) 1 (68 ) (67 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (67 ) — — — — — (67 ) 1 (68 ) (67 ) Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in GBP 2,585 28 235 — — 1,057 3,905 2,022 1,934 3,956 Floating rate (518 ) 141 493 (117 ) (255 ) 470 214 (1 ) 214 213 Spread — — — — — — — — — — Fixed rate 3,103 (113 ) (258 ) — 255 587 3,574 1,906 1,720 3,626 Interest rate 1.61 % 0.72 % (1.71 %) — 1.11 % 5.38 % 2.47 % — — — Rate cap — — — 117 — — 117 117 — 117 Instruments in CHF — — — — — — — 369 (369 ) — Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate — — — — — — — 369 (369 ) — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — America Instruments in USD (491 ) (1,763 ) 663 134 — 1,782 325 20,104 (19,707 ) 397 Floating rate 57 (1,770 ) 681 134 — 1,781 883 410 (196 ) 214 Spread 2.22 % (0.08 %) 0.07 % 1.12 % — — 0.52 % — — — Fixed rate (548 ) 7 (18 ) — — 1 (558 ) 19,694 (19,511 ) 183 Interest rate (1.42 %) 344.56 % (184.98 %) — — — (11.60 %) — — — Rate cap — — — — — — — — — — Instruments in UYU 28 — — — — — 28 (15 ) 34 19 Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate 28 — — — — — 28 (15 ) 34 19 Interest rate (0.01 %) — — — — — (0.01 %) — — — Rate cap — — — — — — — — — — Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Instruments in ARS (74 ) 8 — — — — (66 ) (58 ) — (58 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (74 ) 8 — — — — (66 ) (58 ) — (58 ) Interest rate 33.69 % 45.54 % — — — — 32.33 % — — — Rate cap — — — — — — — — — — Instruments in BRL 898 424 223 — — 69 1,614 (250 ) 1,888 1,638 Floating rate (1,218 ) 192 221 — — (26 ) (831 ) (752 ) (65 ) (817 ) Spread — — — — — (0.34 %) (0.01 %) — — — Fixed rate 2,116 232 2 — — 95 2,445 502 1,953 2,455 Interest rate 4.08 % 4.69 % 6.82 % — — (0.08 %) 3.97 % — — — Rate cap — — — — — — — — — — Instruments in CLP 96 298 286 161 — (3 ) 838 (427 ) 1,255 828 Floating rate (21 ) 3 289 113 — — 384 — 378 378 Spread (0.34 %) 26.86 % (0.80 %) 1.46 % — — 0.05 % — — — Fixed rate 117 295 (3 ) 48 — (3 ) 454 (427 ) 877 450 Interest rate 4.24 % 3.72 % 5.07 % 3.79 % — 1.41 % 3.87 % — — — Rate cap — — — — — — — — — — Instruments in UFC — — — — — — — 256 (256 ) — Floating rate — — — — — — — 256 (256 ) — Spread — — — — — — — — — — Fixed rate — — — — — — — — — — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in PEN 126 52 64 70 69 507 888 635 282 917 Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate 126 52 64 70 69 507 888 635 282 917 Interest rate 6.49 % 3.46 % 5.43 % 6.66 % 5.81 % 7.27 % 6.64 % — — — Rate cap — — — — — — — — — — Instruments in VAC — 9 — — — 83 92 92 — 92 Floating rate — 9 — — — 83 92 92 — 92 Spread — 3.50 % — — — 3.21 % 3.24 % — — — Fixed rate — — — — — — — — — — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in COP 819 36 — — 94 — 949 47 950 997 Floating rate 28 — — — — (41 ) (13 ) 28 — 28 Spread 1.59 % — — — — 3.39 % 7.23 % — — — Fixed rate 791 36 — — 94 41 962 19 950 969 Interest rate 5.15 % 4.75 % — — 6.65 % 8.09 % 5.40 % — — — Rate cap — — — — — — — — — — Instruments in VEB (4 ) 1 — — — — (3 ) (2 ) — (2 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (4 ) 1 — — — — (3 ) (2 ) — (2 ) Interest rate 0.01 % 16.63 % — — — — (2.52 %) — — — Rate cap — — — — — — — — — — Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Instruments in MXN 44 26 (16 ) (19 ) (19 ) (86 ) (70 ) (75 ) 57 (18 ) Floating rate (29 ) (30 ) (63 ) (65 ) (65 ) (290 ) (542 ) 348 (518 ) (170 ) Spread (0.02 %) (0.10 %) — — — — (0.01 %) — — — Fixed rate 73 56 47 46 46 204 472 (423 ) 575 152 Interest rate 5.77 % 4.22 % 3.69 % 3.71 % 3.71 % 3.71 % 4.09 % — — — Rate cap — — — — — — — — — — Asia Instruments in JPY — — — — — — — (8 ) — (8 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate — — — — — — — (8 ) — (8 ) Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — TOTAL 41,995 44,589 (1,948 ) 42,641 Floating rate 11,174 1,647 9,326 10,973 Fixed rate 30,704 42,825 (11,336 ) 31,489 Rate cap 117 117 — 117 Currency Options and Others (*) — — 62 62 (*) Amounts include in fixed rate The table below is an extract of the previous table that shows the sensitivity to interest rates originated by our position on interest rate swaps categorized into instruments entered into for trading purposes and instruments entered into for purposes other than trading at December 31, 2019: Interest rate swaps Millions of euros Maturity Non trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value EUR (87 ) Fixed to fix — — — — — — — 3 Receiving leg — (100 ) (75 ) — — — (175 ) (135 ) Average Interest Rate — — — — — — — — Paying leg — 100 75 — — — 175 138 Average Interest Rate — 1.18 % 0.55 % — — — 0.70 % — Fixed to floating — — — — — — — (800 ) Receiving leg (8,907 ) (7,120 ) (3,968 ) (3,674 ) (2,093 ) (4,310 ) (30,072 ) (19,002 ) Average Interest Rate 1.40 % 1.65 % 1.03 % 1.52 % 0.80 % 0.74 % 1.29 % — Paying leg 8,907 7,120 3,968 3,674 2,093 4,310 30,072 18,202 Average Spread 0.36 % 0.51 % 1.00 % 0.37 % 0.24 % — 0.42 % — Floating to fixed — — — — — — — 710 Receiving leg (3,560 ) (3,460 ) (359 ) (1,997 ) (1,170 ) (3,072 ) (13,618 ) (13,597 ) Average Spread 2.11 % 0.02 % — — — — 0.56 % — Paying leg 3,560 3,460 359 1,997 1,170 3,072 13,618 14,307 Average Interest Rate 2.59 % 1.95 % 1.30 % 1.02 % 1.89 % 0.89 % 1.72 % — USD (5 ) Fixed to floating — — — — — — — (13 ) Receiving leg (303 ) (303 ) (570 ) (303 ) (151 ) — (1,630 ) (433 ) Average Interest Rate 1.52 % 1.61 % 1.73 % 1.74 % 3.55 % — — — Paying leg 303 303 570 303 151 — 1,630 420 Average Spread 1.61 % 1.68 % 0.92 % 1.77 % — — — — Floating to fixed — — — — — — — 8 Receiving leg — — (267 ) — (151 ) — (418 ) (420 ) Average Spread — — — — — — — — Paying leg — — 267 — 151 — 418 428 Average Interest Rate — — 1.93 % — 2.52 % — — — GBP (33 ) Fixed to floating — — — — — — — (44 ) Receiving leg (23 ) (258 ) (634 ) — — — (915 ) (961 ) Average Interest Rate 2.36 % 1.76 % 3.00 % — — — — — Paying leg 23 258 634 — — — 915 917 Average Spread — — — — — — — — Floating to fixed — — — — — — — 11 Receiving leg (70 ) (176 ) (200 ) — — — (446 ) (448 ) Average Spread — — — — — — — — Paying leg 70 176 200 — — — 446 459 Average Interest Rate 0.73 % 2.56 % 1.84 % — — — — — Interest rate swaps Millions of euros Maturity Trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value EUR 1,211 Fixed to floating — — — — — — — (93 ) Receiving leg — (500 ) — (800 ) — (400 ) (1,700 ) (1,788 ) Average Interest Rate — 1.25 % — 1.50 % — 0.59 % 1.22 % — Paying leg — 500 — 800 — 400 1,700 1,695 Average Spread — — — — — — — — Floating to fixed — — — — — — — 1,304 Receiving leg (4,547 ) (1,102 ) (192 ) — — (7,832 ) (13,673 ) (11,865 ) Average Spread 0.08 % 0.03 % — — — — 0.03 % — Paying leg 4,547 1,102 192 — — 7,832 13,673 13,169 Average Interest Rate 2.11 % 1.92 % 0.12 % — — 1.10 % 1.49 % — USD (1,956 ) Fixed to floating — — — — — — — (1,956 ) Receiving leg (1,900 ) (1,612 ) (1,319 ) (781 ) (79 ) (9,562 ) (15,253 ) (16,212 ) Average Interest Rate 3.02 % 3.44 % 1.83 % 1.85 % 2.36 % 3.23 % 3.03 % — Paying leg 1,900 1,612 1,319 781 79 9,562 15,253 14,256 Average Spread 0.22 % — — — — — 0.03 % — MXN (2 ) Fixed to floating — — — — — — — (4 ) Receiving leg (142 ) — — — — — (142 ) (146 ) Average Interest Rate 7.90 % — — — — — 7.90 % — Paying leg 142 — — — — — 142 142 Average Spread 0.41 % — — — — — 0.41 % — Floating to fixed — — — — — — — 2 Receiving leg (142 ) — — — — — (142 ) (142 ) Average Spread 0.41 % — — — — — 0.41 % — Paying leg 142 — — — — — 142 144 Average Interest Rate 6.67 % — — — — — 6.67 % — GBP (171 ) Fixed to floating — — — — — — — (171 ) Receiving leg (822 ) — (587 ) — — (470 ) (1,879 ) (2,047 ) Average Interest Rate 1.87 % — 3.51 % — — 3.42 % 2.77 % — Paying leg 822 — 587 — — 470 1,879 1,876 Average Spread — — — — — — — — Millions of euros Maturity Trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value CLP 6 Fixed to floating — — — — — — — (1 ) Receiving leg (6 ) (3 ) (3 ) (3 ) — — (15 ) (2 ) Average Interest Rate 4.90 % 4.90 % 4.90 % 4.90 % — — 0.98 % — Paying leg 6 3 3 3 — — 15 1 Average Spread 1.27 % 1.27 % 1.27 % 1.27 % — — 0.25 % — Floating to fixed — — — — — — — 7 Receiving leg (24 ) (118 ) — (28 ) — — (170 ) (166 ) Average Spread — — — — — — — — Paying leg 24 118 — 28 — — 170 173 Average Interest Rate 3.31 % 3.26 % — 2.99 % — — 3.22 % — CHF (9 ) Fixed to floating — — — — — — — (9 ) Receiving leg (207 ) — (138 ) — — — (345 ) (354 ) Average Interest Rate 0.95 % — 0.75 % — — — 0.87 % — Paying leg 207 — 138 — — — 345 345 Average Spread — — — — — — — — COP 2 Floating to fixed — — — — — — — 2 Receiving leg — — — — — (41 ) (41 ) — Average Spread — — — — — 3.39 % 3.39 % — Paying leg — — — — — 41 41 2 Average Interest Rate — — — — — 8.09 % 8.09 % — Interest rate options, by maturity, are as follows: Interest rate options Maturities Millions of euros 2020 2021 2022 2023 2024 Subsequent years Collars Notional amount of options bought — — 881 — — — Strike Cap — — 4.92 — — — Strike Floor — — 4.15 — — — Caps Notional amount of options bought — — — — — — Strike — — — — — — Notional amount of options sold — — 881 — — — Strike — — 5.53 — — — Floors Notional amount of options bought — — 881 — — — Strike — — 1.17 — — — Notional amount of options sold — — — — — — Strike — — — — — — Cash flows receivable or payable on derivative financial instruments to be settled via the swap of nominals, categorized by currency of collection/payment, along with contractual maturities are as follows: Millions of euros 2020 2021 2022 2023 2024 Subsequent years Total Currency swaps Receive ARS — — — — — — — Pay ARS — — — — — — — Receive BRL 82 — — — — — 82 Pay BRL (215 ) (64 ) — — — — (279 ) Receive CLP — — 286 83 — — 369 Pay CLP (119 ) (118 ) (571 ) (221 ) — — (1,029 ) Receive COP — — — — — — — Pay COP — — — — — — — Receive CZK — — — — — — — Pay CZK — — — — — — — Receive EUR 1,241 64 — — — 89 1,394 Pay EUR (3,031 ) (3,104 ) (875 ) (668 ) (80 ) (7,844 ) (15,602 ) Receive GBP 1,292 — 587 — — — 1,879 Pay GBP — — — — — — — Receive JPY — — — — — — — Pay JPY — — — — — — — Receive MXN — — — — — — — Pay MXN (46 ) (46 ) (46 ) (46 ) (46 ) (206 ) (436 ) Receive PEN — — — — — — — Pay PEN — — — — 1 — 1 Receive UFC 135 — — 202 — — 337 Pay UFC — — — (101 ) — — (101 ) Receive USD 1,741 3,527 1,096 842 79 7,781 15,066 Pay USD (1,135 ) — (445 ) — (1 ) — (1,581 ) Receive UDI 65 65 65 65 65 290 615 Pay UDI — — — — — — — Receive CHF 207 — 138 — — — 345 Pay CHF — — — — — — — TOTAL 217 324 235 156 18 110 1,060 (*) The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.80), EUR/USD (1.17), USD/COP (2,911.47) and EUR/CHF (1.22). Millions of euros 2020 2021 2022 2023 2024 Subsequent years Total Forwards Receive ARS — — — — — — — Pay ARS — — — — — — — Receive BRL 63 — — — — — 63 Pay BRL (1,762 ) — — — — — (1,762 ) Receive CLP 2 — — — — — 2 Pay CLP (539 ) (22 ) — — — — (561 ) Receive COP 86 — — — — — 86 Pay COP (977 ) (3 ) — — — — (980 ) Receive CZK 67 — — — — — 67 Pay CZK — — — — — — — Receive EUR 8,383 — — — — — 8,383 Pay EUR (1,124 ) — — — — — (1,124 ) Receive GBP 86 — — — — — 86 Pay GBP (4,193 ) — — — — — (4,193 ) Receive MXN 32 — — — — — 32 Pay MXN (214 ) — — — — — (214 ) Receive PEN 4 — — — — — 4 Pay PEN (287 ) — — — — — (287 ) Receive UFC — — — — — — — Pay UFC — — — — — — — Receive USD 2,587 25 — — — — 2,612 Pay USD (2,333 ) — — — — — (2,333 ) Receive UYU — — — — — — — Pay UYU (34 ) — — — — — (34 ) TOTAL (153 ) — — — — — (153 ) (*) The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.88), EUR/USD (1.11), USD/COP (3,289.51) and EUR/BRL (4.62). |
Appendix V_ Interest-Bearing De
Appendix V: Interest-Bearing Debt | 12 Months Ended |
Dec. 31, 2019 | |
Appendix V: Interest-Bearing Debt [Abstract] | |
Appendix V: Interest-Bearing Debt | Appendix III: Debentures and bonds The detail and key features of outstanding debentures and bonds at December 31, 2019 are as follows (in millions of euros): Total Telefónica and its instrumental companies Maturity (nominal) Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total T. EUROPE BV SEP_00 BOND GLOBAL D USD 8.250 % — — — — — 1,092 1,092 TEBV FEB_03 EMTN FIXED TRANCHE B EUR 5.875 % — — — — — 500 500 Telefónica Europe, B.V. — — — — — 1,592 1,592 EMTN O2 GBP GBP 5.375 % — — — — — 587 587 TELEF. EMISIONES JUNE 06 TRANCHE D USD 7.045 % — — — — — 1,781 1,781 TELEF. EMISIONES JANUARY 07 A EUR 1 x EURIBOR6M +0,83% — 55 — — — — 55 TELEF. EMISIONES MAY 2014 EUR 2.242 % — — 1,250 — — — 1,250 EMTN GBP 12/09/2022 650 GBP GBP 5.289 % — — 764 — — — 764 TELEF. EMISIONES APRIL 2010 USD 5.134 % 1,247 — — — — — 1,247 EMTN GBP 10/08/2029 400 GBP GBP 5.445 % — — — — — 470 470 TELEF. EMISIONES FEBRUARY 2011 USD 5.462 % — 1,336 — — — — 1,336 TELEF. EMISIONES FEBRUARY 2012 GBP 5.597 % 822 — — — — — 822 TELEF. EMISIONES OCTOBER 2012 EUR 4.710 % 1,200 — — — — — 1,200 TELEF. EMISIONES DECEMBER 2012 CHF 3.450 % — — 138 — — — 138 TELEF EMISIONES JANUARY 2013 EUR 3.987 % — — — 1,500 — — 1,500 TELEF. EMISIONES MARCH 2013 EUR 3.961 % — 1,000 — — — — 1,000 TELEF EMISIONES APRIL 2013 USD 4.570 % — — — 668 — — 668 TELEF. EMISIONES OCTOBER 2014 EUR 2.932 % — — — — — 800 800 TELEF. EMISIONES OCTOBER 2013 CHF 2.595 % 207 — — — — — 207 TELEF. EMISIONES JULY 2015 EUR 1 x EURIBOR6M +0,83% — — 67 — — — 67 TELEF. EMISIONES SEPTEMBER 2015 EUR 1.477 % — 1,000 — — — — 1,000 TELEF EMISIONES APRIL 2016 EUR 0.750 % — — 1,400 — — — 1,400 Total Telefónica and its instrumental companies (cont.) Maturity (nominal) Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total TELEF EMISIONES APRIL 2016 EUR 1.460 % — — — — — 1,350 1,350 TELEF. EMISIONES OCTOBER 2016 EUR 0.318 % 1,250 — — — — — 1,250 TELEF. EMISIONES OCTOBER 2016 EUR 1.930 % — — — — — 750 750 TELEF. EMISIONES DECEMBER 2016 EUR 4.000 % — — — — — 150 150 TELEF. EMISIONES JANUARY 2017 EUR 1.528 % — — — — — 1,250 1,250 TELEF. EMISIONES JANUARY 2017 EUR 2.318 % — — — — — 500 500 TELEF. EMISIONES MARCH 2017 USD 4.103 % — — — — — 1,336 1,336 TELEF. EMISIONES MARCH 2017 USD 5.213 % — — — — — 1,781 1,781 TELEF. EMISIONES MARCH 2017 EUR 2.318 % — — — — — 200 200 TELEF. EMISIONES APRIL 2017 USD 4.900 % — — — — — 178 178 TELEF. EMISIONES APRIL 2017 USD 5.213 % — — — — — 445 445 TELEF. EMISIONES SEPTEMBER 2017 EUR 1.715 % — — — — — 1,250 1,250 TELEF. EMISIONES JANUARY 2018 EUR 1.447 % — — — — — 1,000 1,000 TELEF. EMISIONES MARCH 2018 USD 4.895 % — — — — — 1,113 1,113 TELEF. EMISIONES MARCH 2018 USD 4.665 % — — — — — 668 668 TELEF. EMISIONES SEPTEMBER 2018 EUR 1.495 % — — — — — 1,000 1,000 TELEF. EMISIONES FEBRUARY 2019 GREEN B. EUR 1.069 % — — — — 1,000 — 1,000 TELEF. EMISIONES MARCH 2019 EUR 1.788 % — — — — — 1,000 1,000 TELEF. EMISIONES MARCH 2019 USD 5.520 % — — — — — 1,113 1,113 TELEF. EMISIONES JULY 2019 EUR 1.957 % — — — — — 500 500 Telefónica Emisiones, S.A.U. 4,726 3,391 3,619 2,168 1,000 19,222 34,126 Exchangeable Bond MARCH 2016 (*) EUR — — 600 — — — — 600 Telefónica Participaciones — — 600 — — — — 600 Total Telefónica, S.A. and its instrumental companies 4,726 3,991 3,619 2,168 1,000 20,814 36,318 (*) Issue of non-dilutive cash-settled equity-linked bonds referenced to Telefónica share price, with a nominal amount of 600 million euros, issue price of 101.25% and maturing in March 2021. Foreign operators Maturity Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total Bond T CLP 4.900 % 11 23 — 23 — — 57 144A Bond USD 3.875 % — — 445 — — — 445 Telefónica Chile, S.A. 11 23 445 23 — — 502 Bond F UF 3.600 % — — — 101 — — 101 Bond G UF 2.200 % 67 — — — — — 67 Bond I UF 1.950 % 67 — — — — — 67 Bond K CLP 4.900 % — 112 — — — — 112 Foreign operators (cont.) Maturity Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total Telefónica Móviles Chile, S.A. 134 112 — 101 — — 347 T. Finanzas Mex 0710 FIX MXN 8.070 % 94 — — — — — 94 Telefónica Finanzas México, S.A. 94 — — — — — 94 Bond T. Peru 4th Program (19th Serie A) N. SOL VAC + 3,625% — — — — — 23 23 Bond T. Peru 4th Program (19th Serie B) N. SOL VAC + 2,875% — — — — — 18 18 Bond T. Peru 4th Program (37th Serie A) N. SOL VAC + 3,125% — — — — — 18 18 Bond T. Peru 4th Program (19th Serie C) N. SOL VAC + 3,1875% — — — — — 7 7 Bond T. Peru 5th Program (22nd Serie Ac) N. SOL VAC + 3,500% — 9 — — — — 9 Bond T. Peru 6th Program (17th Serie A) N. SOL VAC + 3,09375% — — — — — 17 17 Bond T. Peru 6th Program (11th Serie A) N. SOL 6.656 % — — — 70 — — 70 Bond T. Peru 6th Program (11th Serie B) N. SOL 6.188 % — — — — 32 — 32 Bond T. Peru 6th Program (12th Serie A) N. SOL 5.063 % 30 — — — — — 30 Bond T. Peru 6th Program (13th Serie A) N. SOL 5.500 % — — 38 — — — 38 Bond T. Peru 6th Program (14th Serie A) N. SOL 5.344 % — — 27 — — — 27 Bond T. Peru 6th Program (15th Serie A) N. SOL 5.469 % — — — — 36 — 36 Bond T. Peru 6th Program (16th Serie A) N. SOL 5.500 % — — — — — 28 28 Bond T. Peru 6th Program (12th Serie B) N. SOL 4.188 % — 19 — — — — 19 Bond T. Peru 1st Private Program (1st Serie A) N. SOL 7.281 % — — — — — 21 21 Bond T. Peru 1st Program International Issue (1sr Serie A) N. SOL 7.375 % — — — — — 457 457 Telefónica del Perú, S.A. 30 28 65 70 68 589 850 Nonconvertible bonds BRL 1,0825 XCDI — 222 222 — — — 444 Nonconvertible bonds BRL 1,0 XCDI + 0,24% 222 — — — — — 222 Nonconvertible bonds (Telemig) I BRL IPCA + 0,5% — — — — — — — Nonconvertible bonds (Telemig) II BRL IPCA + 0,5% 1 1 — — — — 2 Nonconvertible bonds (Telemig) III BRL IPCA + 0,5% 2 2 — — — — 4 Telefônica Brasil, S.A. 225 225 222 — — — 672 BOND R144-A USD 5.375 % — — 650 — — — 650 Bond A5 COP 6.650 % — — — — 94 — 94 Bond C10 COP IPC + 3,39% — — — — — 41 41 Colombia Telecomunicaciones, S.A, ESP — — 650 — 94 41 785 Bond EUR 2.375 % — 500 — — — — 500 Bond EUR 1.750 % — — — — — 600 600 O2 Telefónica Deutschland Finanzierungs, GmbH — 500 — — — 600 1,100 Total Outstanding Debentures and Bonds Foreign operators 494 888 1,382 194 162 1,230 4,350 Total Outstanding Debentures and Bonds 5,220 4,879 5,001 2,362 1,162 22,044 40,668 The main debentures and bonds issued by the Group in 2019 are as follows: Nominal (millions) Item Date Maturity Date Currency Euros Currency of issuance Coupon Telefónica Emisiones, S.A.U. EMTN Bond 02/05/2019 02/05/2024 1,000 1,000 EUR 1.069 % SHELF Bond 03/01/2019 03/01/2049 1,250 1,113 USD 5.520 % EMTN Bond 03/12/2019 03/12/2029 1,000 1,000 EUR 1.788 % EMTN Bond 07/01/2019 07/01/2039 500 500 EUR 1.957 % Telefónica del Perú, S.A.A. Bond 04/10/2019 04/10/2027 1,700 457 PEN 7.375 % Colombia Telecomunicaciones S.A E.S.P. Bond 05/29/2019 05/29/2024 347,590 94 COP 6.650 % Bond 05/29/2019 05/29/2029 152,410 41 COP IPC + 3.390% Appendix V: Interest-bearing debt The main financing transactions at December 31, 2019 and 2018 and their nominal amounts are as follows: Outstanding principal balance (millions of euros) Descriptive name summary Current limit (millions) Currency 12/31/2019 12/31/2018 Arrangement date Maturity date Telefónica, S.A Structured Financing (*) 59 USD 53 93 05/03/2011 07/30/2021 Structured Financing (*) 316 USD 282 379 02/22/2013 01/31/2023 Structured Financing (*) 273 USD 243 314 08/01/2013 10/31/2023 Bilateral loan (1) — EUR — 1,000 06/26/2014 04/01/2019 Structured Financing (*) 503 USD 448 516 12/11/2015 03/11/2026 Structured Financing (*) 341 EUR 341 401 12/11/2015 03/11/2026 Bilateral loan (2) — EUR — 100 02/23/2016 12/23/2019 Bilateral loan — EUR — 150 10/24/2016 03/19/2019 Credit 380 EUR — 271 12/27/2002 12/27/2022 Bilateral loan (3) — EUR — 100 11/24/2017 10/30/2019 Bilateral loan (4) — EUR — 100 12/28/2017 10/22/2019 Bilateral loan — EUR — 385 12/20/2017 07/22/2019 Credit 100 GBP 117 112 05/23/2013 03/01/2022 Bilateral credit (5) 300 EUR — — 05/14/2019 05/14/2024 Bilateral loan — EUR 200 — 07/11/2019 08/14/2026 Bilateral loan 150 EUR — — 11/08/2019 03/31/2030 Bilateral loan 200 EUR — — 12/04/2019 06/04/2027 Telefónica Germany GmbH & Co. OHG BEI Financing — EUR 408 450 06/13/2016 06/13/2025 Syndicated facility (6) 750 EUR — — 12/17/2019 12/17/2024 BEI Financing (Tranche 1) 300 EUR — — 12/18/2019 12/18/2028 Telefónica Europe, B.V. Structured Financing (7) — EUR — 1,500 11/28/2016 12/16/2019 Telxius Telecom, S.A. Syndicated facility 300 EUR 300 300 12/01/2017 12/01/2023 Bilateral loan — EUR 150 — 11/29/2019 11/29/2021 Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (8) — COP — 143 01/05/2018 12/16/2019 (1) On February, 18, 2019 and April 1,2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (2) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (3) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (4) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (5) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (6) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (*) Facility with amortization schedule, showing in the column "Current limit" the undrawn amount. |
Appendix VI_ Key Regulatory Iss
Appendix VI: Key Regulatory Issues and Concessions and Licenses Held by the Telefonica Group | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about service concession arrangements [abstract] | |
Appendix VI: Key Regulatory Issues and Concessions and Licenses Held by the Telefonica Group | Appendix VI: Key regulatory issues and concessions and licenses held by the Telefónica Group Regulations As a digital telecommunications operator, the Telefónica Group is subject to sector-specific telecommunications regulations, general competition law and a variety of other regulations, including privacy and security, which can have a direct and material effect on the Group’s business areas. The extent to which regulations apply to the Telefónica Group depends largely on the nature of its activities in a particular country, with traditional fixed telephony services and fixed broadband usually subject to stricter regulations. In order to provide services and operate its networks and to use spectrum, the Telefónica Group must obtain general authorizations, concessions and/or licenses from the pertinent authorities in each country in which the Group operates (hereinafter referred to as national regulatory authorities or NRAs). The Group is also required to obtain radio frequency licenses for its mobile operations. This section describes the legislative framework and the recent legislative key developments in the most relevant countries and regions in which the Group has significant interests. Many of the legislative changes and the adoption of regulatory measures by sector-specific regulators which are described in this section are in the process of being adopted and, therefore, have not yet concluded. Electronic Communication Regulation in the European Union By Directive (EU) 2018/1972, of December 11, 2018, the European Code of Electronic Communications (EECC in its acronym in English) was approved by the European Parliament and the Council. The Member States have a period of 2 years (until December 21, 2020) to transpose said Directive into their national legislation. The Code includes measures to stimulate investment on very high capacity network (VHCN), modernization of the provisions of the Universal Service and certain changes in the regulation of services with the aim of balancing the supply conditions (Level Playing Field) between telecom operators and OTTs. In addition, some improvements are included for the coordination of spectrum management processes throughout the EU as well as a harmonization of licenses duration up to 20 years. In relation to the establishment of an upper limit at European level for both fixed and mobile termination rates (FTRs/MTRs), it is worth mentioning that their drop in recent years has been so important that future decreases are estimated to have a much modest impact on incomes that they had in the past. In general, different provisions included in the new Code are so extensive and complex that its final impact will highly depend on the interpretation that National Regulatory Authorities made in each Member State. The EECC will continue to oblige National Regulatory Authorities to analyze telecommunications markets and determine whether any operators dominate the market. Such operators will continue to be designated as having significant market power (SMP) and face regulatory obligations in that territory. In the case of fiber networks, such SMP obligations could be relaxed if co-investment agreements bear fruit among other network operators. In parallel to the Code, the Body of European Regulators of Electronic Communications (BEREC) approved its Regulation (EU) 2018/1971 that among other provisions, it includes the regulation of Intra-EU calls. It should be noted that this legislative act modifies the Regulation (EU) 2015/2120, by introducing a maximum price of 19c€/min of communications within the European Union (“intra-community communications”) and a limit of 6 c€ per SMS, which entried into force on May 15, 2019. Telecom Single Market EU Regulation 2015/2120 of the EP and of the Council of November 25, 2015, lays down measures basically concerning open Internet access (Net Neutrality) and roaming on public mobile communications networks within the Union. • Roaming: Since June 15, 2017, operators have not been allowed to charge roaming users within the EU additional fees to their domestic prices for roaming calls, SMS and data services. However, in some circumstances, operators may still apply consumption limits and additional surcharge under a "fair use policy" or additional surcharges under the sustainability exemption. On June 9, 2017, an agreement between the Parliament and the Council approving maximum wholesale caps was published. These caps are effective from June 15, 2017 for roaming services with the following currents limits that remain in force until June 30, 2022 : i) 0.01€ /SMS; ii) 0.032€ /minute; iii) data service glide path: 4.5€ /GB (2019); 3.5€ /GB (2020); 3€ /GB (2021) and 2.5€ /GB (2022). On 29 November 2019, the Commission published the first full review of the roaming market, showing that the current retail and wholesale regulation is still necessary. Based on the previous, during 2020 the Commission should therefore take the necessary steps, including legislative measures, to ensure that Europeans continue to benefit from roaming without surcharges in the coming years and that wholesale markets are working well. • Net Neutrality: Under the principle of network neutrality applicable to Internet access services area, network operators are not permitted to establish technical or commercial restrictions regarding the terminals that can be connected or the services, or applications and contents that can be accessed or distributed through the Internet by the end user. It also refers to the non-discriminatory behavior (e.g. non-anticompetitive) to be adopted by operators regarding the different types of Internet traffic circulating through their networks. Digital Single Market Among the most relevant regulatory initiatives we can find the following: • Content Package: • On November 28, 2018, the audiovisual Directive (AVMS) was published in the Official Journal of the European Union. The text came into force on December 19, and must be transposed into national law in the EU member States within 21 months (by September 19, 2020). Among the main novelties, it includes greater protection of children, limits on advertising and boost to European production. Rules will apply to television channel and also to video-on-demand platforms and distribution of videos, as well as to live broadcasts on these platforms. In particular video sharing platforms will be obliged to reserve at least 30% of European production in their video catalogs on demand. In addition, Member States may impose financing obligations to providers of VOD services established in another Member State but offering services in their countries. • The Geo-Blocking Regulation tries to limit geographically-based restrictions which undermine online shopping and cross-border sales. The Regulation was published in February 2018, being applicable from December 2018 and being reviewed in two years by the European Commission (EC) with the aim of assess any possible inclusion of copyright protected material within its scope of application. The final text has reached an agreement on some of the controversial points; in particular, copyright protected audiovisual content ended up being left out of the scope of the Regulation. This outcome is a positive result for rights holders and for pay TV services industries. • Copyright Package: The EC presented a legislative package proposal in September 2016, regarding on the one hand, the proposed revision of the Cable and Satellite Regulation, and on the other, the revision of the Copyright Directive. ◦ Directive 2019/789 of the European Parliament and of the Council (former Cable and Satellite Directive 93/83/EEC), which was adopted on 17 April 2019, sets out the rules on the exercise of copyright and related rights applicable to certain online transmissions by broadcasters and to retransmissions of radio and television programmes. Member States must incorporate the Directive into their national legislation within two years of its entry into force. The Directive will provide users of any Member State a greater variety of choice of TV programs and radio online originated in any EU country by facilitating licensing of material protected by Copyright rights included in these programs. Among the main measures, the Directive proposes: i) to promote cross-border provision of ancillary online services to broadcast (simulcasting and catch up) applying the principle of country of origin on remuneration rights, and, ii) to facilitate retransmission rights through other technologies apart from cable and satellite, such as IPTV, mobile and Internet (always in a controllable environment) of TV and radio generated in other Member States applying the compulsory collective management regime. ◦ Regarding the Directive 2019/790 on Copyright in the Digital Single Market, which was approved on 17 April 2019, the main issues addressed therein are a further capacity of choice and access to online content and cross-border access. The Directive extends the scope of application of some exceptions and limitations in the fields of education, text and data mining for scientific research, cultural heritage and to improve a sustainable and a better balanced contractual relationship between authors and industries. Among other measures, platforms would not automatically be legally responsible for hosting content for which they have not obtained a license. The provision on the value Gap (article 17) is much more focused on making sure that platforms are legally required to prevent unauthorized content from appearing online. It seems, cloud providers and internet access providers are expressly excluded from this obligation. Data Protection In relation with Data Protection & Privacy, the new General Data Protection Regulation (GDPR) of April 27, 2016, directly applicable in all member States in Europe from May 25, 2018, introduces administrative fines of up to 4% of an undertaking’s annual global turnover of the preceding financial year for breaching the new data protection rules. Member States, among them Spain, Germany and United Kingdom have adopted implementing measures of this Regulation. In Spain, on December 5, 2018 the Personal Data Protection and Digital Rights Act was approved. This Act implements GDPR in Spain, addressing several particularities concerning data blocking for judicial purposes or specific matters on databases for advertising purposes or data relating to deceased people. Equally, it implements procedural mechanisms within the framework of legal investigations concerning potential infringements of the GDPR. On January 10, 2017, the EC put forward its proposal for a Regulation on ePrivacy, which will replace the current Directive 2002/58/EC on privacy in the electronic communications sector and will complement the GDPR. The EC proposal also introduces administrative fines of up to 4% of an undertaking’s annual global turnover of the preceding financial year for breaching new regulation. In this area, a strict data protection and privacy regulation may result in limitations on the ability to offer innovative digital services. Discussions on the future e-Privacy Regulation will continue in 2020. On the other hand, the Privacy Shield, approved by the EC on July 12, 2016 to lay out the framework for the international transfer of personal data from the EU to the US, was challenged before the EU's General Court by civil-society groups. One of the appeals was not admitted and the admission of a second appeal is still pending. On 23rd of October 2019, EC published its report on the third Annual Review of the functioning of the EU / US Privacy Shield. The report concludes that the United States continues to guarantee an adequate level of protection of transferred personal data under the Privacy Shield and stresses important improvements in the last year such as appointments to key oversight and redress bodies (eg.: Privacy Shield Ombudsperson). On 19th of December 2019, the Advocate General of the European Court of Justice issued his initial conclusions on the validity of the Standard Contractual Clauses (SCC). The Advocate General concludes that EC Decision 2010/87/EC on the SCC for the transfer of personal data to processors established in third countries is valid as there are already sound mechanisms to ensure that transfers based on such SCC are suspended or prohibited where those Clauses are breached or impossible to honour. In addition, the Advocate General raised certain doubts as to the conformity of the Privacy Shield Decision to the GDPR. The Conclusions of the Advocate General are not binding on the European Court of Justice. However, in most cases the ECJ Ruling follows the interpretation of the Advocate General. The final Ruling is expected in February/March 2020. Radio spectrum policy On December 14, 2016, the three European institutions reached an agreement on how to coordinate the use of the 700 MHz band facilitating the introduction of 5G as of 2020. The 700 MHz band should be assigned to mobile operators and made available for wireless broadband use by June 30, 2020, at the latest, in all EU Member states. Duly justified exceptions on grounds defined in Decision 2017/899/CE are allowed until June 30, 2022. EU competition law European competition provisions have the force of law in Member States and, therefore, are applicable to our operations in those States. The Treaty on the Functioning of the European Union (TFEU) prohibits “concerted practices” and any agreement between companies that may affect trade between Member States and that restricts or has the objective of restricting competition in domestic market. The Treaty also prohibits any abuse of dominant position within the European Union or any considerable part thereof that may affect trade between Member States. The Community Merger Regulation requires that all mergers, acquisitions and joint ventures involving companies that meet certain volume thresholds are subject to review by the EC rather than the national competition authorities. In accordance with the amended Community Merger Regulation, market concentrations that significantly impede effective competition in the market will be prohibited. The European Commission has the authority to apply the EU framework for the defense of the competition. There are similar competition rules in the legislation of each Member State. Those responsible for ensuring compliance are the national competition authorities. All European countries in which Group Telefónica operates and to which we refer below are Member States of the European Union. Spain General regulatory framework The legal framework for the regulation of the telecommunications sector in Spain is governed by the General Telecommunications Law (9/2014) of May 9. The main modifications of this Law compared to the previous one were the reduction of administrative burdens to boost networks deployments, as well as the adoption of complementary measures for boosting investment in telecommunications sector. The Market and Competition National Commission, or CNMC, created by the Law 3/2013, assumed in 2013 its role as telecommunications and audiovisual service regulator in Spain. This organism is also the competition authority in Spain and the national regulatory authority for transport, postal services and energy. The main licenses and concessions held by Telefónica in Spain are listed at the end of this Appendix VI under the title “Main concessions and licenses held by the Telefónica Group”. Market analysis The obligations imposed by the national regulator in the most relevant markets in which Telefónica is deemed to have Significant Market Power (SMP) are detailed below. Fixed markets Wholesale fixed access and call origination market On January 17, 2017, the CNMC approved the definition and the analysis of the market for access and call origination on fixed networks. Considering that Telefónica has SMP, the CNMC imposed specific obligations to Telefónica regarding the provision of origination services, preselection and wholesale access service to the telephone line on a cost-oriented production, and regarding the implementation of an accounting system. Telefónica was imposed, among others, the obligation of no discrimination, transparency and separation of accounts. Fixed call termination market on individual networks In July 2019, the CNMC carried out a new round of market analysis in terminated fixed networks, reaching the same conclusions as in the prior analysis and concluded that every single provider, including Telefónica de España, are dominants in terminating fixed networks and, as a consequence, are obliged to provide the terminating service applying cost-orientation and non-discrimination obligations to the rest of operators, according to a purely incremental costs model. Relevant developments are the updating of terminating prices for the period 2019-2021, as well as the possibility of charging a surcharge for traffic originated outside the EU under the principle of reciprocity. The approved prices are as follows: from August 2019 until December 31, 2019 at €0.0643 per minute; from January 1, 2020 until December 31, 2020 at €0.0593 per minute and from January 1, 2021 at €0.0545 per minute. Mobile market Mobile network call termination In January 2018, the CNMC adopted the final decision setting the rate of MTR for mobile operators at 0.0067 €/min during the year 2019. Wholesale (physical) to network infrastructure access and wholesale broadband access In February 2016, the CNMC adopted a Resolution which established the elimination of the 30 Mbps limit and the incorporation of geographical segmentation to the regulation for the residential customers, so that Telefónica is not obliged to offer wholesale broadband services access (bitstream) in the most competitive areas ( 66 cities). In this sense, Telefónica de España is only obliged to offer its wholesale broadband access services (bitstream) for residential segment in non-competitive areas. The price of fiber wholesale access services is calculated under a model of economic replicability of Telefónica's retail offerings in the residential and business segments. The price of access services to the copper network is cost oriented. For the business segment, the Resolution requires Telefónica de España to offer its wholesale broadband access services both on the copper and fiber network, throughout the national territory. It is anticipated that this Resolution will remain in force for at least five years. Its implementation is expected to result in a moderate increase of the current regulatory obligations of Telefónica in Spain, due to the mandatory granting of access to other operators to its fiber network, and due to certain aspects relating specifically to the business segment (high quality bitstream service for business customers with national coverage). On January 18, 2017, the CNMC adopted a Resolution which approved the reference offer of the new wholesale unbundled virtual access service to Telefónica's new broadband Ethernet service (local NEBA). NEBA services are expected to allow alternative operators more flexibility to structure their retail offers over Telefónica's fiber network. In March 2018, the CNMC approved the methodology to be used to assess the maximum wholesale access price which Telefónica could charge to other operators for accessing the optical fiber network in regulated areas (NEBA Local and NEBA services), set at 17.57 €/month. This price will be updated twice a year in order to assess whether Telefónica's retail offers (broadband flagship products) are economically replicable with such price. In July 2018, the CNMC approved the methodology to analyze whether Telefónica’s business offers can be replicated by other operators. Those Resolutions has been appealed by Telefónica de España. Universal service obligations Telefónica de España has been designated the operator responsible for the provision of the connection to the public electronic communications network for a three -year maximum period (January 1, 2017 - December 31, 2019), with the possibility of establishing broadband data connection with a descending speed no less than 1 Mbit per second, and the provision of the public telephone service available from a fixed location. On December 28, 2018, the Government approved by Royal Decree 1517/2018, the modification of the regulatory framework applicable to Universal Service, eliminating the obligation to provide telephone directories that was assigned to Telefónica de España, S.A.U. from January 1, 2017, but maintaining its designation as operator in charge for the provision of a sufficient supply of public payphones until December 31, 2019. This Resolution has been appealed by Telefónica. The Minister of Economy and Business has sent a draft proposal for the designation of Telefónica de España as the operator responsible for the Universal Service Obligation (Network access and telephone service, public payphones) for a period of three and two respectively from January 1, 2020. Spectrum In Spain, the auction for the 700 MHz band related to the "second digital dividend" is expected to occur during 2020, and it is probable that the spectrum in the 3.4-3.6GHz band, currently in use by the Ministerio de Defensa , will also be auctioned during 2020 (up to a maximum of 40MHz). Additionally, Telefónica is in the process of extending its administrative concessions in the 3.4-3.6 GHz band (2x20 MHz) and the 2.1 GHz band (2x5 MHz+ 5 MHz). In both cases, the initial term of the concession expires in April 2020 with the possibility of an extension of 10 additional years (until 2030). As of December 31, 2019, Telefónica had completed the deployment of LTE nodes mandated by Ministerial Order of October 29, 2018 approving the Plan to enable access to broadband services at 30 Mbps speed or higher. This obligation applies to operators such as Telefónica holding licenses in the 800 MHz band, and compliance with the relevant loading conditions will be monitored by relevant administrative authorities over the next five years. Contribution to RTVE funding In August 2009, the Radio and Television Corporation Finance Law ( Ley de Financiación de la Corporación de Radio y Television Española ) was approved establishing that: (i) telecommunication operators which operate nationwide or at least in more than one region, have to pay a fixed annual contribution of 0.9% of the invoiced operating income of the year (excluding the revenues of the wholesale reference market), and (ii) the concessionaire companies and providers of TV services which operate nationwide or at least in more than one region have to pay an annual fixed contribution to the RTVE funding as follows: (a) 3% on the gross revenue of the year for open concessionaire companies or TV services providers; and (b) 1.5% on the gross revenue of the year for concessionaire companies to provide Pay TV services. Contributions made to the funding of RTVE were appealed by Telefónica España and Telefónica Móviles España. The proceedings are currently on hold waiting for the ruling on (i) a prejudicial question submitted by the National High Court to the Court of Justice of the European Union; and (ii) also on an unconstitutionality question submitted to the Spanish Constitutional Court regarding compliance of the underlying law with the European legislation and the Spanish Constitution. Acquisition of Distribuidor Oficial de Televisión, S.A. (DTS) The Resolution of the CNMC of April 22, 2015 authorized the acquisition of the exclusive control of DTS (Distribuidor Oficial de Televisión, S.A.) by Telefónica de Contenidos, S.A.U. As a result of such authorization, the new entity assumed a set of commitments for a five-year period, which briefly are: i) the obligation to make available a wholesale offer of channels with premium content, that allows the replicability of Telefónica retail Pay TV offer; ii) the prohibition of including a period of permanence clause in contracts for Pay TV packages; iii) the prohibition of attract DTS customers for a period of two months; iv) the obligation to keep at least three international routes uncongested with three Internet Connectivity Providers; and v) the prohibition of formalizing exclusive contracts exceeding three years with content providers. Germany General regulatory framework The European Union legislative framework was implemented in Germany at the end of June 2004, by the approval of Telecommunications Act (Telekommunikationsgesetz). Following the adaptation of the 2009 EU Telecom Package, the Telecommunications Act has been repeatedly amended over the last years. The national regulatory authority responsible for regulation of electronic communication networks and services is the Bundesnetzagentur, or BNetzA. The main licenses and concessions held by Telefónica in Germany are listed at the end of this Appendix VI under the title “Main concessions and licenses held by the Telefónica Group”. Spectrum In Germany, on March 19, 2019, the auction for the allocation of the frequencies expiring at the end of 2020 and the end of 2025 at 2 GHz and the frequencies from 3.4 to 3.7 GHz began. In addition to Telefónica Deutschland Group, Vodafone GmbH, Telekom Deutschland GmbH and Drillisch Netz AG, part of the 1&1 Drillisch Group, were admitted to the auction. The auction ended on 12 June 2019. At 2 GHz, the Telefónica Deutschland Group acquired a paired block of 5 MHz with a running time from 2021 and a paired block of 5 MHz with a running time from 2026 as well as seven unpaired blocks of 10 MHz each at 3.6 GHz. The auctioned spectrum will run until the end of 2040. With regard to payment, Telefónica Deutschland Group, like the other auction participants, reached an agreement with the Federal Republic of Germany on September 5, 2019, as part of a national mobile communications pact, on payment facilities in the form of deferrals and installments. In return, the Telefónica Deutschland Group undertook to build 333 additional mobile communications locations in white spots by the end of 2021; in addition, 99% of households nationwide are to be supplied with LTE by the end of 2020 and each federal state by the end of 2021. The actions brought to court by Telefónica in the context of the above mentioned auction against the German NRA (BNetzA) Decisions I and II on the methods to award the frequencies and against Decisions III and IV on the conditions for frequency usage and auction rules are ongoing either in the first instance or on appeal. On November 21, 2019, BNetzA has started an application procedure for the assignment of spectrum for local broadband in the 3.7 to 3.8 GHz range, in particular for 5G applications. Overall mobile communications concept for 2019 On November 17, 2019, the German government implemented this decision by adopting a "mobile communications strategy" aimed at achieving rapid nationwide coverage. The strategy paper includes, among other things, the simplification and acceleration of approval procedures, an increase in the number of usable locations, a mobile radio subsidy program for rural areas, and the establishment of a mobile radio infrastructure company to support and accelerate the expansion of the network. Merger of Telefónica and E-Plus On December 18, 2019, Telefónica Deutschland and 1&1 Drillisch signed an agreement,approved by BNetza on January 29, 2020, to lease 1&1 Drillisch 2x 10 MHz in the 2.6 GHz band until the end of 2025, when this license expires. In return, Telefónica Deutschland will receive an annual fee. With this agreement, Telefónica Deutschland will comply with another commitment agreed with the EC, in the context of the merger of Telefónica Deutschland and E-Plus. On February 22, 2019, the EC initiated formal proceedings against Telefónica Deutschland Group for the implementation of the commitment to grant 4G wholesale services resulting from the merger of Telefónica/E-Plus by issuing a Statement of Objections. Telefónica Deutschland commented on the Statement of Objections on April 26, 2019. Merger of Vodafone and Unitymedia On July 18, 2019, the EU Commission approved Vodafone's planned acquisition of Liberty Global's operations in Germany, the Czech Republic, Hungary and Romania. This includes in particular the operation of Liberty Global's cable networks in these countries. As the EC raised competition concerns in March 2019, in particular for Germany, the approval is conditional on the full implementation of a package of commitments submitted by Vodafone. The commitments also include an agreement between Telefónica Deutschland and Vodafone for access to the cable network of Vodafone and Unitymedia in Germany. The agreement has thus also been cleared by the EC and has become effective. Market reviews Mobile termination rates (MTR) The most recently valid MTR of EUR 0.95 cents per minute expired on November 30, 2019. The MTR valid as of December 1, 2019, have been approved at 0.90 EUR cents per minute until November 30, 2020. As of November 30, 2021, a rate of 0.78 EUR cents per minute and from December 1, 2021 a rate of 0.70 EUR cents per minute was approved. Fixed termination rates (FTR) In a resolution dated June 28, 2019, BNetzA fixed the FTR retroactively for 2019 at EUR 0.08 cents per minute. For the year 2020 the rate is 0.06 EUR cents per minute and for the year 2021 0.05 EUR cents per minute. BNetzA consultation and market studies on fiber optic infrastructures The studies by BNetzA in 2017 on “Issues in rates regulation for FttH/B-based wholesale products with a view to the development of fiber optic infrastructures capable of high performance” as well as on the need for regulation and the existence of significant market power on markets 3a (wholesale local access provided at a fixed location) and 3b (wholesale central access provided at a fixed location for mass-market products) continued in 2018. The key aspect of these studies were questions of regulatory support for an accelerated roll-out of fiber optic networks based on rates and whether FttH/B-based wholesale products will continue to be assigned to the nationwide connection market in which copper-based connections and cable-based connections can also be found. Initial decisions are expected to be made in 2020. United Kingdom General legislative framework The EU Regulatory Framework was implemented in the United Kingdom by the Communications Act in 2003. The Office of Communications, or Ofcom, is designated as the NRA responsible for the regulation of electronic communications networks and services. The main licenses and concessions held by Telefónica in the United Kingdom are listed at the end of this Appendix VI under the title “Main concessions and licenses held by the Telefónica Group”. Wholesale price regulation Following a market review, mobile termination rates for all mobile providers, including the four national mobile communications operators are subject to controls based on the pure long-run incremental cost ("pure LRIC") approach. The present mobile wholesale termination rate is 0.479 ppm. That is expected to fall to 0.471 ppm from April 1, 2020 to March 31, 2021, subject to the rate of inflation. Spectrum From 2017, Telefónica United Kingdom has to maintain its obligations in the 800 MHz spectrum license, to provide indoor coverage to 98% of the United Kingdom population (and 95% of the populations of each of England, Wales, Scotland and Northern Ireland) and in its 900/1800 MHz spectrum license, to provide voice and text services to 90% of the UK landmass. In an auction ending in April 2018, Telefónica United Kingdom won 20 year licences for 40 MHz of 2.3 GHz spectrum and 40 MHz of 3.4 GHz spectrum. Ofcom is planning to auction 700 MHz and 3.6 GHz - 3.8 GH spectrum in the second quarter of 2020. Separately, in October 2019, the Government announced its support of an industry proposal to bring 4G coverage to 95 per cent of the UK by 2025, through a shared rural network. Brazil Ge neral legislative framework The delivery of telecommunications services in Brazil is subject to regulation under the regulatory framework provided in the General Telecommunications Law enacted in July 1997. The National Agency for Telecommunications ( Agência Nacional de Telecomunicações or ANATEL), is the principal regulatory authority for the Brazilian telecommunications sector. Brazilian competition regulation is based on Law No. 12529 of November 30, 2011. The Administrative Council for Economic Defense, or CADE, is the agency in charge of enforcing the competition rules |
Annex 1
Annex 1 | 12 Months Ended |
Dec. 31, 2019 | |
Annex 1 [Abstract] | |
Annex 1 | Basis of presentation of the consolidated financial statements The accompanying consolidated financial statements were prepared from the accounting records of Telefónica, S.A. and each of the companies comprising the Telefónica Group, whose separate financial statements were prepared in accordance with the generally accepted accounting principles applicable in the various countries in which they are located, and for the purposes of these consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements give a true and fair view of the consolidated equity and financial position at December 31, 2019 , and of the consolidated results of operations, changes in consolidated equity and the consolidated cash flows obtained and used in the year then ended. The euro is the Group’s reporting currency. The figures in these consolidated financial statements are expressed in million euros, unless indicated otherwise, and may therefore be rounded. Note 3 contains a detailed description of the most significant accounting policies used to prepare these consolidated financial statements. Materiality criteria These consolidated financial statements do not include certain information or disclosures that, not having to be presented due to their qualitative significance, were deemed to be immaterial or of no relevance pursuant to the concepts of materiality or relevance defined in the IFRS conceptual framework, insofar as the Telefónica Group’s consolidated financial statements, taken as a whole, are concerned. Comparative information and main changes in the consolidation scope For comparative purposes, the accompanying consolidated financial statements for 2019 include the figures for 2018 , and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows, and the notes thereto for the year then ended, they also include those of 2017 . The main events and changes in the consolidation scope affecting comparability of the consolidated information for 2019 and 2018 (see Appendix I for a detailed description of the consolidation scope and the changes during the year) are as listed below. Impact of adopting IFRS 16 Leases On January 1, 2019 IFRS 16 Leases ("IFRS 16") became effective, resulting in changes in the accounting policies applied to lease contracts in prior periods. IFRS 16 requires lessees to recognize assets and liabilities arising from lease contracts in the statement of financial position. A lessee may elect not to apply the general requirements to short-term leases and leases of low-value assets. The Group acts as a lessee on a very significant number of lease agreements over different assets. This mainly include third-party towers, circuits, office buildings and stores and land where its own towers are located. A significant portion of these contracts was accounted for as operating lease under the previous lease standard, with lease expenses being recognized on a straight-line basis over the contract term. The implementation of IFRS 16 in the Group was highly complex due to factors such as the high number of contracts affected and the diversity of data source systems, as well as the need to make certain estimates. These estimates included the estimation of the lease term, based on the non-cancellable period and the periods covered by options to extend the lease, when the exercise depends only on Telefónica and where such exercise is reasonably certain. This will depend, to a large extent, on the specific facts and circumstances by class of assets in the telecom industry (technology, regulation, competition, business model, among others). In addition to this, assumptions are required to calculate the discount rate, which is based mainly on the incremental borrowing rate of interest for the estimated term. The standard allows for two transition methods: retrospectively for all periods presented, or using a modified retrospective approach where the cumulative effect of adoption is recognized at the date of initial application. The Group has adopted the latter transition method; therefore, the Group has recognized the cumulative effect of initial application as an adjustment to equity at the transition date, January 1, 2019, amounting to 16 million euros (see Note 17). Consequently, the 2018 information presented for comparative purposes has not been restated (i.e., it is prepared and presented in accordance with the accounting standard effective at that moment: under IAS 17 Leases). Moreover, the Group has applied the practical expedient that allows not reassessing whether a contract is or contains a lease on the date of initial application of IFRS 16 but to directly apply the new requirements to all those contracts identified as leases under the previous accounting standard. The Group applied the following options available in the standard for the transition to the new requirements: • Right of use asset measurement: for a vast majority of leases the Group has recognized a right-of-use asset at the date of initial application measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the statement of financial position immediately before the date of initial application. • Discount rates: the Group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics such as lease term, class of underlying asset, currency and economic environment. • Leases expiring in 2019: the Group has used the practical exemption from application of the new requirements to leases whose lease term ends within 12 months of the date of initial application. • Initial direct costs: the Group has excluded initial direct costs from the measurement of the right-of-use asset at the date of initial application. The modifications introduced by IFRS 16 have had a significant impact on the group's financial statements since the date of adoption, as shown below: Millions of euros Impact of the first application Opening balance of rights of use at January 1, 2019 (Note 9) 7,870 Impact of IFRS 16 on rights of use of companies held for sale at December 31, 2018 (1) 155 Reclassification of property, plant and equipment deriving from finance leases under IAS 17 (Note 8) (249 ) Reclassification of advance payments of lease contracts in force at December 31, 2018 (178 ) Accounts receivable for subleases 18 Impact of IFRS 16 on assets at transition date 7,616 Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 Impact of IFRS 16 on lease liabilities of companies held for sale at December 31, 2018 (1) 152 Reclassification of finance lease liabilities under IAS 17 at December 31, 2018 (201 ) Reclassification of other liabilities at December 31, 2018 (56 ) Impact of IFRS 16 on liabilities at transition date 7,600 Impact of IFRS 16 on equity at transition date (Note 17) 16 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). The weighted average lessee's incremental borrowing rate applied to lease liabilities recognized in the statement of financial position at the date of initial application ranges from 2.4% to 3.0% . The main differences between operating lease commitments disclosed in the Group's annual consolidated financial statements of 2018 and lease liabilities recognized upon transition relate to, among others: • Differences relating to the contract population considered: lease liabilities under IFRS 16 do not include short-term leases or leases of low-value or intangible assets, while those are included in the expected payment schedule. • Payments relating to contracts that can be canceled without penalty are not included within lease payment commitments, but they are included in the lease liability under IFRS 16. • Differences in the lease term: extension options that are reasonably certain are part of the measurement of the lease liability, whereas they are not taken into consideration in the estimated payments schedule for operating leases. In addition to this, the discount rates used also differ, as a result of such differences in the terms considered. The table below shows the reconciliation between the operating lease obligations as reported in the consolidated financial statements of 2018 and the opening balance of lease liabilities under IFRS 16: Millions of euros 1/1/2019 Present value of future payments for operating leases at December 31, 2018 7,229 Present value of future payments for operating leases of companies held for sale at December 31, 2018 (1) (98 ) Finance lease liabilities under IAS 17 201 Low cost and/or short-term lease contracts (337 ) Cancelable contracts without penalty cost 541 Differences in lease term and discount rates 247 Other items (78 ) Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). Following is a summary of estimated impacts of IFRS 16 on the Group’s consolidated income statement in 2019, presented on a voluntary basis: Millions of euros 2019 INCOME STATEMENT IFRS 16 IAS 17 IFRS 16 Impact Revenues 48,422 48,422 — Other income 2,842 3,032 (190 ) Supplies (13,635 ) (14,490 ) 855 Personnel expenses (8,066 ) (8,070 ) 4 Other expenses (14,444 ) (15,284 ) 840 Depreciation and amortization (10,582 ) (8,950 ) (1,632 ) OPERATING INCOME 4,537 4,660 (123 ) Share of income (loss) of investments accounted for by the equity method 13 13 — Finance income 842 842 — Exchange gains 2,461 2,449 12 Finance costs (2,795 ) (2,599 ) (196 ) Exchange losses (2,340 ) (2,310 ) (30 ) Net financial expense (1,832 ) (1,618 ) (214 ) PROFIT BEFORE TAX 2,718 3,055 (337 ) Corporate income tax (1,054 ) (1,104 ) 50 PROFIT FOR THE YEAR 1,664 1,951 (287 ) Attributable to equity holders of the Parent 1,142 1,383 (241 ) Attributable to non-controlling interests 522 568 (46 ) Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.17 0.21 (0.05 ) The impact in Other income is due to the different approach under IFRS 16 to determine the gain on sale and leaseback transactions (see Note 20). In addition, as explained in Note 28, the statement of cash flows was also impacted by IFRS 16. The main impact is the recording within the “cash flow from financing activities” of principal payments for lease contracts amounting to 1,518 million euros (see Note 20), as well as the recording of interests related to said contracts under the heading “interest payments and other financial expenses” amounting to 185 million euros (see Note 20). Until the entry into force of IFRS 16 the operating leases payments were recorded under "Cash paid from operations". Payments for low cost and short-term leases continue to be recorded under "Cash received from operations" (see Note 9). Impact of adopting new accounting standards in 2018 On January 1, 2018 the new IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers became effective, resulting in changes in the accounting policies applied in prior periods. IFRS 15 Revenues from Contracts with Customers IFRS 15 sets out the requirements for recognizing revenue from contracts with customers. The Group has adopted IFRS 15 using one of the two transition methods allowed: the modified retrospective method, with the cumulative effect from initial application recognized as an adjustment to the opening balance of retained earnings at the date of initial application on January 1, 2018, with a corresponding impact in "Non-controlling interests" (see Note 17). Accordingly, the 2017 information presented for comparative purposes was not restated - i.e. it is prepared and presented in accordance with the accounting standards effective at that moment: under IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The details of the new significant accounting policies and the nature of the main changes to previous accounting policies in relation to revenue recognition under the new model in IFRS 15 are set out in Note 3. The most significant impacts relate to the first-time recognition of contract assets, that, under IFRS 15, lead to the earlier recognition of revenue from the sale of goods, and the capitalization and deferral of the incremental costs of obtaining contracts, that under IFRS 15, result in the later recognition of customer acquisition costs. The impacts of adopting IFRS 15 on the Group’s financial statements for the year ended December 31, 2018 are set out below: Millions of euros 12/31/2018 ASSETS IFRS 15 IAS 18 IFRS 15 impact A) NON-CURRENT ASSETS 90,707 90,448 259 Intangible assets 16,856 16,856 — Goodwill 25,748 25,748 — Property, plant and equipment 33,295 33,295 — Investments accounted for by the equity method 68 68 — Financial assets and other non-current assets 7,109 6,823 286 Deferred tax assets 7,631 7,658 (27 ) B) CURRENT ASSETS 23,340 22,540 800 Inventories 1,692 1,692 — Receivables and other current assets 10,579 9,789 790 Tax receivables 1,676 1,666 10 Other current financial assets 2,209 2,209 — Cash and cash equivalents 5,692 5,692 — Non-current assets classified as held for sale 1,492 1,492 — TOTAL ASSETS (A+B) 114,047 112,988 1,059 Millions of euros 12/31/2018 EQUITY AND LIABILITIES IFRS 15 IAS 18 IFRS 15 Impact A) EQUITY 26,980 26,193 787 Equity attributable to equity holders of the parent and other holders of equity instruments 17,947 17,262 685 Equity attributable to non-controlling interests 9,033 8,931 102 B) NON-CURRENT LIABILITIES 57,418 57,267 151 Non-current financial liabilities 45,334 45,334 — Payables and other non-current liabilities 1,890 1,903 (13 ) Deferred tax liabilities 2,674 2,510 164 Non-current provisions 7,520 7,520 — C) CURRENT LIABILITIES 29,649 29,528 121 Current financial liabilities 9,368 9,368 — Payables and other-current liabilities 15,485 15,460 25 Current tax payables 2,047 1,951 96 Current provisions 1,912 1,912 — Liabilities associated with non-current assets classified as held for sale 837 837 — TOTAL EQUITY AND LIABILITIES (A+B+C) 114,047 112,988 1,059 Millions of euros 2018 INCOME STATEMENT IFRS 15 IAS 18 IFRS 15 Impact Revenues 48,693 48,728 (35 ) Depreciation and amortization (9,049 ) (9,049 ) — OPERATING INCOME 6,522 6,446 76 Share of income (loss) of investments accounted for by the equity method 4 4 — Net financial expense (955 ) (944 ) (11 ) PROFIT BEFORE TAX 5,571 5,506 65 Corporate income tax (1,621 ) (1,609 ) (12 ) PROFIT FOR THE YEAR 3,950 3,897 53 Attributable to equity holders of the Parent 3,331 3,291 40 Attributable to non-controlling interests 619 606 13 Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.57 0.56 0.01 IFRS 9 Financial Instruments IFRS 9 set out a new accounting framework for the recognition, classification, measurement and derecognition of financial instruments, impairment losses on financial assets and hedge accounting. The details of the new significant accounting policies and the nature of the main changes to previous accounting policies in relation to financial instruments under IFRS 9 are set out in Note 3. Pursuant to the transition provisions in IFRS 9, the Group has elected the exemption not to restate comparative periods to be presented in the year of initial application (i.e. 2017 information presented for comparative purposes is prepared and presented in accordance with the accounting standards effective at that moment: under IAS 39 Financial Instruments: Recognition and Measurement, and related interpretations). The difference in the carrying amounts of financial assets and financial liabilities resulting from the adoption of the new requirements is recognized in "retained earnings" as of January 1, 2018 (see Note 17). The main impact of adopting IFRS 9 on the Group’s financial statements resulted in an increase amounting to 221 million euros over the bad debt provision balance and fair value adjustments on customer receivables. In addition to this, financial assets have changed to the new measurement categories under IFRS 9 (see Note 16). Translation of Telefónica Venezolana’s financial statements Venezuela has been considered a hyperinflationary economy since 2009. We regularly review the economic conditions in Venezuela and the specific circumstances of our Venezuelan operations. Assessment of the exchange rate that better reflects the economics of Telefónica’s business activities in Venezuela relies on several factors and is performed considering all the information available at each closing date. On August 20, 2018 Venezuela introduced the Bolivar Soberano (VES), which replaced the Bolívar Fuerte (VEF) removing five zeros (1 VES = 100,000 VEF). In light of the economic environment and in the absence of official rates that are representative of the situation in Venezuela, the Group maintained its policy for estimating an exchange rate to match the progression of inflation in Venezuela and attempts to reflect the economic and financial position of the Group’s Venezuelan operations within its consolidated financial statements more accurately (hereinafter, synthetic exchange rate). At December 31, 2019, the synthetic exchange rate was calculated considering the inflation rates that were published ( 9,585.5% from January to December 2019). The inflation rate applied by the Group to Venezuela for January to December 2018 was 2,106,600.6% . Thus, the exchange rate used to translate the financial statements of the Venezuelan subsidiaries as of December 31, 2019 amounts to 68,448 VES/USD ( 7,608 VES/USD as of December 31, 2018). The official reference exchange rate at December 31, 2019 was 46,621 VES/USD ( 638 VES/USD at December 31, 2018). The translation of the financial statements of Telefónica Venezolana in 2019 had an impact in retained earnings amounting to -212 million euros ( -23 million euros in 2018). The following table presents the figures of Telefónica Venezolana in certain items of the consolidated income statement, the consolidated statement of cash flows and the consolidated statement of financial position of the Telefónica Group, by applying the synthetic exchange rate: Millions of euros 2019 2018 2017 Revenues 79 18 106 Depreciation and amortization (10 ) (67 ) (103 ) Operating income 7 (64 ) (69 ) Net financial expense (1) 63 216 81 Profit before tax 70 152 9 Corporate income tax (2) 3 (186 ) (138 ) Result for the year 73 (34 ) (129 ) Net cash flow provided by operating activities 14 7 35 Capital expenditures (CapEx) 20 2 9 Non-current assets 43 238 295 (1) Mainly resulting from the hyperinflation adjustment to the net monetary position and the exchange differences arising from foreign currency items held by Telefónica Venezolana. (2) Mainly deferred tax recognized for the inflation adjustments of the net assets, which are not deductible according to the present tax regime in Venezuela. Hyperinflation in Argentina Argentina has been considered a hyperinflationary economy since 2018 and the Group applied hyper-inflation accounting to its companies whose functional currency is the Argentine peso for financial information for periods ended after July 1, 2018. As of January 1, 2018 the total impact in net equity amounted to 2,033 million euros (see consolidated statement of changes in equity), which included the transfer of 3,147 million euros of translation differences arisen prior to the economy being considered as hyperinflationary, as a consequence of the full retrospective application of IAS 29. The main impacts of the application of hyperinflation adjustments in Argentina in the consolidated financial statements of the Group for the years 2019 and 2018, are summarized below: Millions of euros 2019 2018 Revenues (104 ) (313 ) Depreciation and amortization (207 ) (160 ) Operating income (246 ) (308 ) Financial result 40 59 Income tax (73 ) (57 ) Result for the year (280 ) (306 ) Capital expenditures (CapEx) (13 ) (70 ) The translation of the financial statements of the Group companies in Argentina in 2019 had an impact in Retained earnings amounting to -46 million euros ( -776 million euros in 2018) . Sale of Antares On November 8, 2018, Telefónica reached an agreement with Grupo Catalana Occidente for the sale of 100% of Seguros de Vida y Pensiones Antares, S.A. for a total amount of 161 million euros. At December 31, 2018, the assets corresponding to Antares were classified as non-current assets held for sale and the liabilities as liabilities associated with non-current assets classified as held for sale, amounting to 793 million euros and 661 million euros, respectively. On February 14, 2019, after obtaining the relevant regulatory approvals, the sale was concluded. This transaction generated a gain in the consolidated income statement of 2019 amounting to 98 million euros, under "Other income". In addition, it has involved an equity reclassification between "Actuarial gains and losses and impact of limit on assets for defined benefit pension plans" and "Retained earnings" amounting to 89 million euros. Sale of Telefónica Móviles Guatemala and Telefónica Móviles El Salvador On January 24, 2019, Telefónica Centroamérica Inversiones, S.L. ( 60% of which is owned, directly and indirectly, by Telefónica and 40% of which is owned by Corporación Multi Inversiones), reached an agreement with América Móvil, S.A.B. of C.V. for the sale of the entire share capital of Telefónica Móviles Guatemala, S.A. and 99.3% of Telefónica Móviles El Salvador, S.A. de C.V. The aggregate consideration for both companies (enterprise value) is 648 million US dollars (approximately 570 million euros at the exchange rate on the date of the agreement, 293 million euros of which corresponds to Telefónica Móviles Guatemala and 277 million euros of which corresponds to Telefónica Móviles El Salvador). At December 31, 2018, the assets corresponding to those companies were classified as non-current assets held for sale and the liabilities as liabilities associated with non-current assets classified as held for sale. The closing of the sale of Telefónica Móviles Guatemala took place the same day. This transaction did not have a significant impact in the consolidated financial statements of 2019. Due to the exclusion of Telefónica Móviles Guatemala from the scope of consolidation, the Equity attributable to non-controlling interests decreased by 114 million euros. At the date of approval of these financial statements, the closing of the Telefónica El Salvador sale is pending approval by the competition authority (see Note 30). Sale of Telefonía Celular de Nicaragua, Telefónica Móviles Panamá and Telefónica de Costa Rica On February 20, 2019 Telefónica reached an agreement with Millicom International Cellular, S.A. for the sale of the entire share capital of Telefónica de Costa Rica TC, S.A., and for the sale by Telefónica Centroamérica Inversiones, S.L. of the entire share capital of Telefónica Móviles Panamá, S.A. and Telefonía Celular de Nicaragua, S.A. The aggregate amount of the transaction (enterprise value) for all the companies is 1,650 million US dollars (approximately 1,455 million euros at the exchange rate of the date of the agreement). On May 16, 2019, after obtaining the relevant regulatory approvals, Telefónica Centroamérica de Inversiones, S.L. transferred the entire share capital of Telefonía Celular de Nicaragua, S.A. to Millicom International Cellular, S.A. for an amount of 437 million US dollars, approximately 390 million euros at that date. The impact of this transaction in the consolidated income statement for 2019 amounted to 172 million euros, under "Other income" (Note 26). On August 29, 2019, after obtaining the relevant regulatory approvals, the entire share capital of Telefónica Moviles Panamá, S.A. was transferred to Cable Onda S.A. subsidiary of Millicom International Cellular, S.A., for an amount of 594 million US dollars, approximately 536 million euros at that date. The impact of this transaction in the consolidated income statement of 2019 amounted to 190 million euros, under "Other income" (Note 26). As a result of the exclusion of Telefonía Celular de Nicaragua, S.A. and Telefónica Móviles Panamá, S.A. from the scope of consolidation, the Equity attributable to non-controlling interests decreased by 112 million euros and 188 million euros, respectively. At the date of approval of the financial statements, the closing of the sale of Telefónica de Costa Rica sale is subject to applicable regulatory conditions (see Note 30). Individual Suspension Plan On September 27, 2019, Telefónica Spain signed the II Collective Agreement of Related Companies (CEV), wholly backed by the largest labor unions. The overall resources plan that was approved is based on: • Evolution of the Collective Agreement of Related Companies, in order to have a framework of employment stability with greater flexibility and continue advancing on work-life balance and diversity, including, among other proposals, an Individual Suspension Plan which is entirely voluntary for 2019 (with the same conditions as the previous one). • Training, reskilling and upskilling plan that enables improving skills and taking advantage of the potential of the current staff, focusing on new business needs (digitization, robotization and processes automation). The present value of the payment flows of the Plan, together with the update of the estimates of the previous plan and the provision for the training plan resulted in expenses amounting to 1,732 million euros before taxes, reflected in "Personnel expenses" of the accompanying consolidated income statement for 2019 (see Note 24). The update of the provision of the plan included in the previous collective agreement, together with the updated termination plans, entailed an expense of 297 and 165 million euros in the 2018 and 2017 consolidated income statement, respectively (see Note 24). Sale of a portfolio of Data Centers On May 8, 2019, Telefónica reached an agreement for the sale of a portfolio of 11 Data Centers located in seven jurisdictions (Spain, Brazil, USA, Mexico, Peru, Chile and Argentina) with a company controlled by Asterion Industrial Partners SGEIC (currently, Nabiax, S.A.) for a total amount of 550 million euros. In accordance with this agreement, in July, 2019 Telefónica transferred nine of the Data Centers (located in Spain, Brazil, Mexico, Peru, Chile and Argentina) for a total amount of 472 million euros. In December 2019 Telefónica transferred the Data Center located in USA for 43 million euros (Note 28). The total capital gain reflected in "Other income" generated in 2019 amounted to 213 million euros (Note 26). At the date of issue of these consolidated financial statements, the remaining Data Center located in Spain is pending to be transferred, subject to several authorizations and administrative procedures. Transformation of the operating model of Telefónica México On November 21, 2019 Pegaso PCS, S.A. de C.V. (Telefónica México) and AT&T Comunicaciones Digitales, S. de R.L. de C.V. (AT&T Mexico) entered into a Wholesale Access Services Agreement (see Note 29.c), under which AT&T Mexico will provide wholesale wireless access to Telefónica México on 3G, 4G and any other future technology available in Mexico. The Wholesale Agreement will be of a minimum duration of eight years, renewable for additional consecutive periods of three years. Such Wholesale Agreement establishes a gradual migration of Telefónica Mexico’s traffic to AT&T Mexico's access network over the first three years of the agreement. As such migration is carried out, Telefónica México’s wireless access infrastructure will be turned off and, consequently, Telefónica México will discontinue using the licensed spectrum used in the past to operate its network. The main impacts of the transformation of the operating model of Telefónica México in 2019 consolidated financial statements were as follows: • A provision amounting to 167 million euros with a counterparty in Other expenses (see Note 26) due to the impact in certain pre-existing service contracts (energy supply, access to fiber optic networks and others), and additional restructuring expenses amounting to 44 million euros. • A net loss amounting to 27 million euros, due to the partial return of spectrum licenses, -123 million euros corresponding to fully paid licenses (see Notes 6 and 26), and + 95 million euros corresponding to licenses with deferred payments (associated debt) that were released (see Note 26). • Accelerated depreciation of property, plant and equipment and amortization of rights of use due to the reduction of the useful lives of certain assets, with an impact of 36 million euros in the 2019 consolidated income statement. • Reduction of payables for spectrum acquisition amounting to 508 million euros due to the cancelation of the debt associated with the licenses that were returned (see Note 21). Additionally, Telefónica Mexico reversed deferred tax assets with a counterparty in Corporate income tax, amounting to 454 million euros (see Note 25), due to the new estimations regarding the time horizon in which the Group expects to recover the assets. In 2018 Telefónica Mexico reversed deferred tax assets amounting to 327 million euros. IFRIC 23 Uncertainty over Income Tax Treatment This interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 (see Note 3.n). The Group's current practice is in line with this interpretation, so the application of these requirements did not have a significant impact on the Group's results in the period. These items are now presented in the statement of financial position under the headings Deferred tax liabilities or Current tax payables, depending on whether they are deferred tax liabilities or current tax liabilities, as appropriate. This involved a reclassification from the heading Provisions amounting to 856 million euros (see Notes 24 and 25). Court proceedings in favor of Telefónica Brazil which recognizes the right to exclude ICMS (VAT) from the basis of calculation of the contributions to PIS and COFINS In 2018 two final decisions in favor of Telefónica Brazil were passed, which recognized the right to deduct the state tax on goods and services (ICMS) from the calculation basis of the Social Integration Program-PIS (Programa de Integração Social) and the Financing of Social Security-COFINS (Contribuição para Financiamento da Seguridade Social). Once the values were determined, Telefónica Brazil presented to the tax authorities a refund request for the payments of PIS/COFINS affected by the judicial decision, together with the corresponding default interest. The total amounted 6,240 million Brazilian reals (around 1,454 million euros at an average exchange rate of 2018). I n 2018, the impact on the consolidated income statement amounted to 3,386 million Brazilian reals ( 789 million euros at an average exchange rate of 2018), reducing the Taxes item under Other expenses (Note 26), and 2,854 million Brazilian reals ( 665 million euros at an average exchange rate of 2018) under Finance Income (see Note 19). The outstanding credit at December 31, 2019 amounted to 2,046 million Brazilian reals equivalent to 452 million euros at the closing exchange rate for 2019 ( 4,915 million Brazilian reals, equivalent to 1,107 million euros at the closing exchange rate for 2018, see Note 12) . Sale of non-controlling interests in Telxius On July 27, 2018 Telefónica transferred to a company of the Pontegadea Group 16.65% of the share capital of the Telefónica´s subsidiary Pontel Participaciones, S.L. ("Pontel") that owns 60% of the share capital of the company Telxius Telecom, S.A. ("Telxius"), for 378.8 million euros, which entailed a price of 15.2 euros per share of Telxius. This holding of 16.65% in the capital stock of Pontel is equivalent, in economic terms, to an indirect holding of 9.99% in the share capital of Telxius. The impact of this transaction in the equity attributable to equity holders of the parent amounted to 232 million euros, with the impact attributable to non-controlling interest being 139 million euros. On October 24, 2017, Telefónica transferred 62 million shares of Telxius (representing 24.8% of its share capital) to Taurus Bidco S.à.r.l. (hereinafter, KKR, an entity managed by K |
Annex 2
Annex 2 | 12 Months Ended |
Dec. 31, 2019 | |
Annex 2 [Abstract] | |
Annex 2 | Basis of presentation of the consolidated financial statements The accompanying consolidated financial statements were prepared from the accounting records of Telefónica, S.A. and each of the companies comprising the Telefónica Group, whose separate financial statements were prepared in accordance with the generally accepted accounting principles applicable in the various countries in which they are located, and for the purposes of these consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements give a true and fair view of the consolidated equity and financial position at December 31, 2019 , and of the consolidated results of operations, changes in consolidated equity and the consolidated cash flows obtained and used in the year then ended. The euro is the Group’s reporting currency. The figures in these consolidated financial statements are expressed in million euros, unless indicated otherwise, and may therefore be rounded. Note 3 contains a detailed description of the most significant accounting policies used to prepare these consolidated financial statements. Materiality criteria These consolidated financial statements do not include certain information or disclosures that, not having to be presented due to their qualitative significance, were deemed to be immaterial or of no relevance pursuant to the concepts of materiality or relevance defined in the IFRS conceptual framework, insofar as the Telefónica Group’s consolidated financial statements, taken as a whole, are concerned. Comparative information and main changes in the consolidation scope For comparative purposes, the accompanying consolidated financial statements for 2019 include the figures for 2018 , and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows, and the notes thereto for the year then ended, they also include those of 2017 . The main events and changes in the consolidation scope affecting comparability of the consolidated information for 2019 and 2018 (see Appendix I for a detailed description of the consolidation scope and the changes during the year) are as listed below. Impact of adopting IFRS 16 Leases On January 1, 2019 IFRS 16 Leases ("IFRS 16") became effective, resulting in changes in the accounting policies applied to lease contracts in prior periods. IFRS 16 requires lessees to recognize assets and liabilities arising from lease contracts in the statement of financial position. A lessee may elect not to apply the general requirements to short-term leases and leases of low-value assets. The Group acts as a lessee on a very significant number of lease agreements over different assets. This mainly include third-party towers, circuits, office buildings and stores and land where its own towers are located. A significant portion of these contracts was accounted for as operating lease under the previous lease standard, with lease expenses being recognized on a straight-line basis over the contract term. The implementation of IFRS 16 in the Group was highly complex due to factors such as the high number of contracts affected and the diversity of data source systems, as well as the need to make certain estimates. These estimates included the estimation of the lease term, based on the non-cancellable period and the periods covered by options to extend the lease, when the exercise depends only on Telefónica and where such exercise is reasonably certain. This will depend, to a large extent, on the specific facts and circumstances by class of assets in the telecom industry (technology, regulation, competition, business model, among others). In addition to this, assumptions are required to calculate the discount rate, which is based mainly on the incremental borrowing rate of interest for the estimated term. The standard allows for two transition methods: retrospectively for all periods presented, or using a modified retrospective approach where the cumulative effect of adoption is recognized at the date of initial application. The Group has adopted the latter transition method; therefore, the Group has recognized the cumulative effect of initial application as an adjustment to equity at the transition date, January 1, 2019, amounting to 16 million euros (see Note 17). Consequently, the 2018 information presented for comparative purposes has not been restated (i.e., it is prepared and presented in accordance with the accounting standard effective at that moment: under IAS 17 Leases). Moreover, the Group has applied the practical expedient that allows not reassessing whether a contract is or contains a lease on the date of initial application of IFRS 16 but to directly apply the new requirements to all those contracts identified as leases under the previous accounting standard. The Group applied the following options available in the standard for the transition to the new requirements: • Right of use asset measurement: for a vast majority of leases the Group has recognized a right-of-use asset at the date of initial application measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the statement of financial position immediately before the date of initial application. • Discount rates: the Group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics such as lease term, class of underlying asset, currency and economic environment. • Leases expiring in 2019: the Group has used the practical exemption from application of the new requirements to leases whose lease term ends within 12 months of the date of initial application. • Initial direct costs: the Group has excluded initial direct costs from the measurement of the right-of-use asset at the date of initial application. The modifications introduced by IFRS 16 have had a significant impact on the group's financial statements since the date of adoption, as shown below: Millions of euros Impact of the first application Opening balance of rights of use at January 1, 2019 (Note 9) 7,870 Impact of IFRS 16 on rights of use of companies held for sale at December 31, 2018 (1) 155 Reclassification of property, plant and equipment deriving from finance leases under IAS 17 (Note 8) (249 ) Reclassification of advance payments of lease contracts in force at December 31, 2018 (178 ) Accounts receivable for subleases 18 Impact of IFRS 16 on assets at transition date 7,616 Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 Impact of IFRS 16 on lease liabilities of companies held for sale at December 31, 2018 (1) 152 Reclassification of finance lease liabilities under IAS 17 at December 31, 2018 (201 ) Reclassification of other liabilities at December 31, 2018 (56 ) Impact of IFRS 16 on liabilities at transition date 7,600 Impact of IFRS 16 on equity at transition date (Note 17) 16 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). The weighted average lessee's incremental borrowing rate applied to lease liabilities recognized in the statement of financial position at the date of initial application ranges from 2.4% to 3.0% . The main differences between operating lease commitments disclosed in the Group's annual consolidated financial statements of 2018 and lease liabilities recognized upon transition relate to, among others: • Differences relating to the contract population considered: lease liabilities under IFRS 16 do not include short-term leases or leases of low-value or intangible assets, while those are included in the expected payment schedule. • Payments relating to contracts that can be canceled without penalty are not included within lease payment commitments, but they are included in the lease liability under IFRS 16. • Differences in the lease term: extension options that are reasonably certain are part of the measurement of the lease liability, whereas they are not taken into consideration in the estimated payments schedule for operating leases. In addition to this, the discount rates used also differ, as a result of such differences in the terms considered. The table below shows the reconciliation between the operating lease obligations as reported in the consolidated financial statements of 2018 and the opening balance of lease liabilities under IFRS 16: Millions of euros 1/1/2019 Present value of future payments for operating leases at December 31, 2018 7,229 Present value of future payments for operating leases of companies held for sale at December 31, 2018 (1) (98 ) Finance lease liabilities under IAS 17 201 Low cost and/or short-term lease contracts (337 ) Cancelable contracts without penalty cost 541 Differences in lease term and discount rates 247 Other items (78 ) Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). Following is a summary of estimated impacts of IFRS 16 on the Group’s consolidated income statement in 2019, presented on a voluntary basis: Millions of euros 2019 INCOME STATEMENT IFRS 16 IAS 17 IFRS 16 Impact Revenues 48,422 48,422 — Other income 2,842 3,032 (190 ) Supplies (13,635 ) (14,490 ) 855 Personnel expenses (8,066 ) (8,070 ) 4 Other expenses (14,444 ) (15,284 ) 840 Depreciation and amortization (10,582 ) (8,950 ) (1,632 ) OPERATING INCOME 4,537 4,660 (123 ) Share of income (loss) of investments accounted for by the equity method 13 13 — Finance income 842 842 — Exchange gains 2,461 2,449 12 Finance costs (2,795 ) (2,599 ) (196 ) Exchange losses (2,340 ) (2,310 ) (30 ) Net financial expense (1,832 ) (1,618 ) (214 ) PROFIT BEFORE TAX 2,718 3,055 (337 ) Corporate income tax (1,054 ) (1,104 ) 50 PROFIT FOR THE YEAR 1,664 1,951 (287 ) Attributable to equity holders of the Parent 1,142 1,383 (241 ) Attributable to non-controlling interests 522 568 (46 ) Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.17 0.21 (0.05 ) The impact in Other income is due to the different approach under IFRS 16 to determine the gain on sale and leaseback transactions (see Note 20). In addition, as explained in Note 28, the statement of cash flows was also impacted by IFRS 16. The main impact is the recording within the “cash flow from financing activities” of principal payments for lease contracts amounting to 1,518 million euros (see Note 20), as well as the recording of interests related to said contracts under the heading “interest payments and other financial expenses” amounting to 185 million euros (see Note 20). Until the entry into force of IFRS 16 the operating leases payments were recorded under "Cash paid from operations". Payments for low cost and short-term leases continue to be recorded under "Cash received from operations" (see Note 9). Impact of adopting new accounting standards in 2018 On January 1, 2018 the new IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers became effective, resulting in changes in the accounting policies applied in prior periods. IFRS 15 Revenues from Contracts with Customers IFRS 15 sets out the requirements for recognizing revenue from contracts with customers. The Group has adopted IFRS 15 using one of the two transition methods allowed: the modified retrospective method, with the cumulative effect from initial application recognized as an adjustment to the opening balance of retained earnings at the date of initial application on January 1, 2018, with a corresponding impact in "Non-controlling interests" (see Note 17). Accordingly, the 2017 information presented for comparative purposes was not restated - i.e. it is prepared and presented in accordance with the accounting standards effective at that moment: under IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations. The details of the new significant accounting policies and the nature of the main changes to previous accounting policies in relation to revenue recognition under the new model in IFRS 15 are set out in Note 3. The most significant impacts relate to the first-time recognition of contract assets, that, under IFRS 15, lead to the earlier recognition of revenue from the sale of goods, and the capitalization and deferral of the incremental costs of obtaining contracts, that under IFRS 15, result in the later recognition of customer acquisition costs. The impacts of adopting IFRS 15 on the Group’s financial statements for the year ended December 31, 2018 are set out below: Millions of euros 12/31/2018 ASSETS IFRS 15 IAS 18 IFRS 15 impact A) NON-CURRENT ASSETS 90,707 90,448 259 Intangible assets 16,856 16,856 — Goodwill 25,748 25,748 — Property, plant and equipment 33,295 33,295 — Investments accounted for by the equity method 68 68 — Financial assets and other non-current assets 7,109 6,823 286 Deferred tax assets 7,631 7,658 (27 ) B) CURRENT ASSETS 23,340 22,540 800 Inventories 1,692 1,692 — Receivables and other current assets 10,579 9,789 790 Tax receivables 1,676 1,666 10 Other current financial assets 2,209 2,209 — Cash and cash equivalents 5,692 5,692 — Non-current assets classified as held for sale 1,492 1,492 — TOTAL ASSETS (A+B) 114,047 112,988 1,059 Millions of euros 12/31/2018 EQUITY AND LIABILITIES IFRS 15 IAS 18 IFRS 15 Impact A) EQUITY 26,980 26,193 787 Equity attributable to equity holders of the parent and other holders of equity instruments 17,947 17,262 685 Equity attributable to non-controlling interests 9,033 8,931 102 B) NON-CURRENT LIABILITIES 57,418 57,267 151 Non-current financial liabilities 45,334 45,334 — Payables and other non-current liabilities 1,890 1,903 (13 ) Deferred tax liabilities 2,674 2,510 164 Non-current provisions 7,520 7,520 — C) CURRENT LIABILITIES 29,649 29,528 121 Current financial liabilities 9,368 9,368 — Payables and other-current liabilities 15,485 15,460 25 Current tax payables 2,047 1,951 96 Current provisions 1,912 1,912 — Liabilities associated with non-current assets classified as held for sale 837 837 — TOTAL EQUITY AND LIABILITIES (A+B+C) 114,047 112,988 1,059 Millions of euros 2018 INCOME STATEMENT IFRS 15 IAS 18 IFRS 15 Impact Revenues 48,693 48,728 (35 ) Depreciation and amortization (9,049 ) (9,049 ) — OPERATING INCOME 6,522 6,446 76 Share of income (loss) of investments accounted for by the equity method 4 4 — Net financial expense (955 ) (944 ) (11 ) PROFIT BEFORE TAX 5,571 5,506 65 Corporate income tax (1,621 ) (1,609 ) (12 ) PROFIT FOR THE YEAR 3,950 3,897 53 Attributable to equity holders of the Parent 3,331 3,291 40 Attributable to non-controlling interests 619 606 13 Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.57 0.56 0.01 IFRS 9 Financial Instruments IFRS 9 set out a new accounting framework for the recognition, classification, measurement and derecognition of financial instruments, impairment losses on financial assets and hedge accounting. The details of the new significant accounting policies and the nature of the main changes to previous accounting policies in relation to financial instruments under IFRS 9 are set out in Note 3. Pursuant to the transition provisions in IFRS 9, the Group has elected the exemption not to restate comparative periods to be presented in the year of initial application (i.e. 2017 information presented for comparative purposes is prepared and presented in accordance with the accounting standards effective at that moment: under IAS 39 Financial Instruments: Recognition and Measurement, and related interpretations). The difference in the carrying amounts of financial assets and financial liabilities resulting from the adoption of the new requirements is recognized in "retained earnings" as of January 1, 2018 (see Note 17). The main impact of adopting IFRS 9 on the Group’s financial statements resulted in an increase amounting to 221 million euros over the bad debt provision balance and fair value adjustments on customer receivables. In addition to this, financial assets have changed to the new measurement categories under IFRS 9 (see Note 16). Translation of Telefónica Venezolana’s financial statements Venezuela has been considered a hyperinflationary economy since 2009. We regularly review the economic conditions in Venezuela and the specific circumstances of our Venezuelan operations. Assessment of the exchange rate that better reflects the economics of Telefónica’s business activities in Venezuela relies on several factors and is performed considering all the information available at each closing date. On August 20, 2018 Venezuela introduced the Bolivar Soberano (VES), which replaced the Bolívar Fuerte (VEF) removing five zeros (1 VES = 100,000 VEF). In light of the economic environment and in the absence of official rates that are representative of the situation in Venezuela, the Group maintained its policy for estimating an exchange rate to match the progression of inflation in Venezuela and attempts to reflect the economic and financial position of the Group’s Venezuelan operations within its consolidated financial statements more accurately (hereinafter, synthetic exchange rate). At December 31, 2019, the synthetic exchange rate was calculated considering the inflation rates that were published ( 9,585.5% from January to December 2019). The inflation rate applied by the Group to Venezuela for January to December 2018 was 2,106,600.6% . Thus, the exchange rate used to translate the financial statements of the Venezuelan subsidiaries as of December 31, 2019 amounts to 68,448 VES/USD ( 7,608 VES/USD as of December 31, 2018). The official reference exchange rate at December 31, 2019 was 46,621 VES/USD ( 638 VES/USD at December 31, 2018). The translation of the financial statements of Telefónica Venezolana in 2019 had an impact in retained earnings amounting to -212 million euros ( -23 million euros in 2018). The following table presents the figures of Telefónica Venezolana in certain items of the consolidated income statement, the consolidated statement of cash flows and the consolidated statement of financial position of the Telefónica Group, by applying the synthetic exchange rate: Millions of euros 2019 2018 2017 Revenues 79 18 106 Depreciation and amortization (10 ) (67 ) (103 ) Operating income 7 (64 ) (69 ) Net financial expense (1) 63 216 81 Profit before tax 70 152 9 Corporate income tax (2) 3 (186 ) (138 ) Result for the year 73 (34 ) (129 ) Net cash flow provided by operating activities 14 7 35 Capital expenditures (CapEx) 20 2 9 Non-current assets 43 238 295 (1) Mainly resulting from the hyperinflation adjustment to the net monetary position and the exchange differences arising from foreign currency items held by Telefónica Venezolana. (2) Mainly deferred tax recognized for the inflation adjustments of the net assets, which are not deductible according to the present tax regime in Venezuela. Hyperinflation in Argentina Argentina has been considered a hyperinflationary economy since 2018 and the Group applied hyper-inflation accounting to its companies whose functional currency is the Argentine peso for financial information for periods ended after July 1, 2018. As of January 1, 2018 the total impact in net equity amounted to 2,033 million euros (see consolidated statement of changes in equity), which included the transfer of 3,147 million euros of translation differences arisen prior to the economy being considered as hyperinflationary, as a consequence of the full retrospective application of IAS 29. The main impacts of the application of hyperinflation adjustments in Argentina in the consolidated financial statements of the Group for the years 2019 and 2018, are summarized below: Millions of euros 2019 2018 Revenues (104 ) (313 ) Depreciation and amortization (207 ) (160 ) Operating income (246 ) (308 ) Financial result 40 59 Income tax (73 ) (57 ) Result for the year (280 ) (306 ) Capital expenditures (CapEx) (13 ) (70 ) The translation of the financial statements of the Group companies in Argentina in 2019 had an impact in Retained earnings amounting to -46 million euros ( -776 million euros in 2018) . Sale of Antares On November 8, 2018, Telefónica reached an agreement with Grupo Catalana Occidente for the sale of 100% of Seguros de Vida y Pensiones Antares, S.A. for a total amount of 161 million euros. At December 31, 2018, the assets corresponding to Antares were classified as non-current assets held for sale and the liabilities as liabilities associated with non-current assets classified as held for sale, amounting to 793 million euros and 661 million euros, respectively. On February 14, 2019, after obtaining the relevant regulatory approvals, the sale was concluded. This transaction generated a gain in the consolidated income statement of 2019 amounting to 98 million euros, under "Other income". In addition, it has involved an equity reclassification between "Actuarial gains and losses and impact of limit on assets for defined benefit pension plans" and "Retained earnings" amounting to 89 million euros. Sale of Telefónica Móviles Guatemala and Telefónica Móviles El Salvador On January 24, 2019, Telefónica Centroamérica Inversiones, S.L. ( 60% of which is owned, directly and indirectly, by Telefónica and 40% of which is owned by Corporación Multi Inversiones), reached an agreement with América Móvil, S.A.B. of C.V. for the sale of the entire share capital of Telefónica Móviles Guatemala, S.A. and 99.3% of Telefónica Móviles El Salvador, S.A. de C.V. The aggregate consideration for both companies (enterprise value) is 648 million US dollars (approximately 570 million euros at the exchange rate on the date of the agreement, 293 million euros of which corresponds to Telefónica Móviles Guatemala and 277 million euros of which corresponds to Telefónica Móviles El Salvador). At December 31, 2018, the assets corresponding to those companies were classified as non-current assets held for sale and the liabilities as liabilities associated with non-current assets classified as held for sale. The closing of the sale of Telefónica Móviles Guatemala took place the same day. This transaction did not have a significant impact in the consolidated financial statements of 2019. Due to the exclusion of Telefónica Móviles Guatemala from the scope of consolidation, the Equity attributable to non-controlling interests decreased by 114 million euros. At the date of approval of these financial statements, the closing of the Telefónica El Salvador sale is pending approval by the competition authority (see Note 30). Sale of Telefonía Celular de Nicaragua, Telefónica Móviles Panamá and Telefónica de Costa Rica On February 20, 2019 Telefónica reached an agreement with Millicom International Cellular, S.A. for the sale of the entire share capital of Telefónica de Costa Rica TC, S.A., and for the sale by Telefónica Centroamérica Inversiones, S.L. of the entire share capital of Telefónica Móviles Panamá, S.A. and Telefonía Celular de Nicaragua, S.A. The aggregate amount of the transaction (enterprise value) for all the companies is 1,650 million US dollars (approximately 1,455 million euros at the exchange rate of the date of the agreement). On May 16, 2019, after obtaining the relevant regulatory approvals, Telefónica Centroamérica de Inversiones, S.L. transferred the entire share capital of Telefonía Celular de Nicaragua, S.A. to Millicom International Cellular, S.A. for an amount of 437 million US dollars, approximately 390 million euros at that date. The impact of this transaction in the consolidated income statement for 2019 amounted to 172 million euros, under "Other income" (Note 26). On August 29, 2019, after obtaining the relevant regulatory approvals, the entire share capital of Telefónica Moviles Panamá, S.A. was transferred to Cable Onda S.A. subsidiary of Millicom International Cellular, S.A., for an amount of 594 million US dollars, approximately 536 million euros at that date. The impact of this transaction in the consolidated income statement of 2019 amounted to 190 million euros, under "Other income" (Note 26). As a result of the exclusion of Telefonía Celular de Nicaragua, S.A. and Telefónica Móviles Panamá, S.A. from the scope of consolidation, the Equity attributable to non-controlling interests decreased by 112 million euros and 188 million euros, respectively. At the date of approval of the financial statements, the closing of the sale of Telefónica de Costa Rica sale is subject to applicable regulatory conditions (see Note 30). Individual Suspension Plan On September 27, 2019, Telefónica Spain signed the II Collective Agreement of Related Companies (CEV), wholly backed by the largest labor unions. The overall resources plan that was approved is based on: • Evolution of the Collective Agreement of Related Companies, in order to have a framework of employment stability with greater flexibility and continue advancing on work-life balance and diversity, including, among other proposals, an Individual Suspension Plan which is entirely voluntary for 2019 (with the same conditions as the previous one). • Training, reskilling and upskilling plan that enables improving skills and taking advantage of the potential of the current staff, focusing on new business needs (digitization, robotization and processes automation). The present value of the payment flows of the Plan, together with the update of the estimates of the previous plan and the provision for the training plan resulted in expenses amounting to 1,732 million euros before taxes, reflected in "Personnel expenses" of the accompanying consolidated income statement for 2019 (see Note 24). The update of the provision of the plan included in the previous collective agreement, together with the updated termination plans, entailed an expense of 297 and 165 million euros in the 2018 and 2017 consolidated income statement, respectively (see Note 24). Sale of a portfolio of Data Centers On May 8, 2019, Telefónica reached an agreement for the sale of a portfolio of 11 Data Centers located in seven jurisdictions (Spain, Brazil, USA, Mexico, Peru, Chile and Argentina) with a company controlled by Asterion Industrial Partners SGEIC (currently, Nabiax, S.A.) for a total amount of 550 million euros. In accordance with this agreement, in July, 2019 Telefónica transferred nine of the Data Centers (located in Spain, Brazil, Mexico, Peru, Chile and Argentina) for a total amount of 472 million euros. In December 2019 Telefónica transferred the Data Center located in USA for 43 million euros (Note 28). The total capital gain reflected in "Other income" generated in 2019 amounted to 213 million euros (Note 26). At the date of issue of these consolidated financial statements, the remaining Data Center located in Spain is pending to be transferred, subject to several authorizations and administrative procedures. Transformation of the operating model of Telefónica México On November 21, 2019 Pegaso PCS, S.A. de C.V. (Telefónica México) and AT&T Comunicaciones Digitales, S. de R.L. de C.V. (AT&T Mexico) entered into a Wholesale Access Services Agreement (see Note 29.c), under which AT&T Mexico will provide wholesale wireless access to Telefónica México on 3G, 4G and any other future technology available in Mexico. The Wholesale Agreement will be of a minimum duration of eight years, renewable for additional consecutive periods of three years. Such Wholesale Agreement establishes a gradual migration of Telefónica Mexico’s traffic to AT&T Mexico's access network over the first three years of the agreement. As such migration is carried out, Telefónica México’s wireless access infrastructure will be turned off and, consequently, Telefónica México will discontinue using the licensed spectrum used in the past to operate its network. The main impacts of the transformation of the operating model of Telefónica México in 2019 consolidated financial statements were as follows: • A provision amounting to 167 million euros with a counterparty in Other expenses (see Note 26) due to the impact in certain pre-existing service contracts (energy supply, access to fiber optic networks and others), and additional restructuring expenses amounting to 44 million euros. • A net loss amounting to 27 million euros, due to the partial return of spectrum licenses, -123 million euros corresponding to fully paid licenses (see Notes 6 and 26), and + 95 million euros corresponding to licenses with deferred payments (associated debt) that were released (see Note 26). • Accelerated depreciation of property, plant and equipment and amortization of rights of use due to the reduction of the useful lives of certain assets, with an impact of 36 million euros in the 2019 consolidated income statement. • Reduction of payables for spectrum acquisition amounting to 508 million euros due to the cancelation of the debt associated with the licenses that were returned (see Note 21). Additionally, Telefónica Mexico reversed deferred tax assets with a counterparty in Corporate income tax, amounting to 454 million euros (see Note 25), due to the new estimations regarding the time horizon in which the Group expects to recover the assets. In 2018 Telefónica Mexico reversed deferred tax assets amounting to 327 million euros. IFRIC 23 Uncertainty over Income Tax Treatment This interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 (see Note 3.n). The Group's current practice is in line with this interpretation, so the application of these requirements did not have a significant impact on the Group's results in the period. These items are now presented in the statement of financial position under the headings Deferred tax liabilities or Current tax payables, depending on whether they are deferred tax liabilities or current tax liabilities, as appropriate. This involved a reclassification from the heading Provisions amounting to 856 million euros (see Notes 24 and 25). Court proceedings in favor of Telefónica Brazil which recognizes the right to exclude ICMS (VAT) from the basis of calculation of the contributions to PIS and COFINS In 2018 two final decisions in favor of Telefónica Brazil were passed, which recognized the right to deduct the state tax on goods and services (ICMS) from the calculation basis of the Social Integration Program-PIS (Programa de Integração Social) and the Financing of Social Security-COFINS (Contribuição para Financiamento da Seguridade Social). Once the values were determined, Telefónica Brazil presented to the tax authorities a refund request for the payments of PIS/COFINS affected by the judicial decision, together with the corresponding default interest. The total amounted 6,240 million Brazilian reals (around 1,454 million euros at an average exchange rate of 2018). I n 2018, the impact on the consolidated income statement amounted to 3,386 million Brazilian reals ( 789 million euros at an average exchange rate of 2018), reducing the Taxes item under Other expenses (Note 26), and 2,854 million Brazilian reals ( 665 million euros at an average exchange rate of 2018) under Finance Income (see Note 19). The outstanding credit at December 31, 2019 amounted to 2,046 million Brazilian reals equivalent to 452 million euros at the closing exchange rate for 2019 ( 4,915 million Brazilian reals, equivalent to 1,107 million euros at the closing exchange rate for 2018, see Note 12) . Sale of non-controlling interests in Telxius On July 27, 2018 Telefónica transferred to a company of the Pontegadea Group 16.65% of the share capital of the Telefónica´s subsidiary Pontel Participaciones, S.L. ("Pontel") that owns 60% of the share capital of the company Telxius Telecom, S.A. ("Telxius"), for 378.8 million euros, which entailed a price of 15.2 euros per share of Telxius. This holding of 16.65% in the capital stock of Pontel is equivalent, in economic terms, to an indirect holding of 9.99% in the share capital of Telxius. The impact of this transaction in the equity attributable to equity holders of the parent amounted to 232 million euros, with the impact attributable to non-controlling interest being 139 million euros. On October 24, 2017, Telefónica transferred 62 million shares of Telxius (representing 24.8% of its share capital) to Taurus Bidco S.à.r.l. (hereinafter, KKR, an entity managed by K |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Hyperinflationary economies | a) Hyperinflationary economies Venezuela has been considered a hyperinflationary economy since 2009. The inflation rates used to prepare the financial information are the Indice Nacional de Precios al Consumidor de Venezuela, published by the Central Bank of Venezuela, or the best estimate in case the final index is not available. On an annual basis, these rates are 9,585.5% , 2,106,600.6% and 2,874.1% for 2019 , 2018 and 2017 , respectively. The exchange rate used to translate inflation-adjusted bolivar-denominated items is the exchange rate as of the closing date of each reporting period in the consolidated financial statements, amounting to 68,448 bolivars per U.S. dollar (synthetic exchange rate, see Note 2), 7,608 bolivars per U.S. dollar (synthetic exchange rate) and 36,115 bolivars per U.S. dollar (synthetic exchange rate) as of December 31, 2019 , 2018 and 2017 , respectively. In 2018 Argentina became a hyperinflationary economy (see Note 2). In order to restate its financial statements, the Company uses the series of indices defined by resolution JG No. 539/18 issued by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (FACPCE), based on the National Consumer Price Index (IPC) published by the Instituto Nacional de Estadística y Censos (INDEC) of the Argentine Republic and the Wholesale Internal Price Index (IPIM) published by FACPCE. The cumulative index at December 31, 2019 and 2018 is 283.44% and 184.85% , respectively while on an annual basis the index for 2019 is 53% ( 48% in 2018). The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the 2019 financial statements is the closing exchange rate as of December 31, 2019 which was 67.26 Argentine pesos per euro ( 43.30 Argentine pesos per euro at December 31, 2018) . The Group includes in a single line item all the equity effects derived from hyperinflation. This is as follows: (a) the restatement for inflation of the financial statements of the Group companies operating in hyperinflationary economies, and (b) the effects of translating their respective financial statements into euros using the exchange rate at the end of the period. |
Translation methodology | b) Translation methodology The income statements and statements of cash flows of the Group’s foreign subsidiaries (except Venezuela and Argentina) were translated into euros at the average exchange rates for the year, as a rate that approximates the exchange rates at the dates of the transactions. |
Goodwill | c) Goodwill After initial recognition, goodwill is carried at cost, less any accumulated impairment losses. Goodwill is recognized as an asset denominated in the currency of the company acquired and is tested for impairment annually at the least, or more frequently, if there are certain events or changes indicating the possibility that the carrying amount may not be fully recoverable. The potential impairment loss is determined by assessing the recoverable amount of the cash generating unit (or group of cash generating units) to which the goodwill is allocated from the acquisition date. |
Intangible assets | d) Intangible assets Intangible assets are carried at acquisition or production cost, less any accumulated amortization or any accumulated impairment losses. Intangible assets are amortized on a straight-line basis according to the following: • Licenses granted to the Telefónica Group by various public authorities to provide telecommunications services and the value allocated to licenses held by certain companies at the time they were included in the Telefónica Group (“Service concession arrangements and licenses”) are amortized on a straight-line basis over the duration of related licenses from the moment commercial operation begins. • The allocation of acquisition costs attributable to customers acquired in business combinations, as well as the acquisition value of these types of assets in a third-party transaction for consideration (Customer base) are amortized on a straight-line basis over the estimated period of the customer relationship. The term length is between 5 and 14 years, based on the customer segment (residential, business, etc.) and the business model (prepaid, postpaid, etc.). • Software is amortized on a straight-line basis over its useful life, generally estimated to be between two and five years . |
Property, plant and equipment | e) Property, plant and equipment Property, plant and equipment is carried at cost less any accumulated depreciation and any accumulated impairment in value. Cost includes, among others, direct labor used in installation and the allocable portion of the indirect costs required for the related asset. The latter two items are recorded as revenue under the concept Own work capitalized of the line item Other income. Interest and other financial expenses incurred and directly attributable to the acquisition or construction of qualifying assets are capitalized. Qualifying assets for the Telefónica Group are those assets that require a period of at least 18 months to bring the assets to the condition necessary for their intended use or sale. The Group’s subsidiaries depreciate their property, plant and equipment, from the time they can be placed in service, amortizing the cost of the assets, net of their residual values on a straight-line basis over the assets’ estimated useful lives, which are calculated in accordance with technical studies that are revised periodically in light of technological advances and the rate of dismantling, as follows: Years of estimated Buildings 25 – 40 Plant and machinery 10 – 15 Telephone installations, networks and subscriber equipment 5 – 20 Furniture, tools and other items 2 – 10 |
Impairment of non-current assets | f) Impairment of non-current assets Non-current assets, including goodwill and intangible assets are assessed at each reporting date for indicators of impairment. Whenever such indicators exist, or in the case of assets which are subject to an annual impairment test, the recoverable amount is estimated. An asset’s recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future post-tax cash flows deriving from the use of the asset or its cash generating unit, as applicable, are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset, provided that the result obtained is the same that would be obtained by discounting pre-tax cash flows at a pre-tax discount rate. Following the adoption of IFRS 16, changes in the accounting treatment of leases have been considered in the impairment test. The Group bases the calculation of impairment on the approved business plans of the various cash generating units to which the assets are allocated. The projected cash flows, based on the approved strategic business plans, cover a period of five years. Starting with the sixth year, an expected constant growth rate is applied |
Lease agreements | g) Lease agreements The determination of whether an arrangement is, or contains a lease is based on the substance of the agreement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset and the agreement conveys a right to the use of the asset. As indicated in Note 2, IFRS 16 Leases became effective on January 1, 2019, introducing changes in the accounting policies applied to lease contracts until that date. Section (n) of this Note describes the new recognition and measurement requirements for leases. |
Investment in associates and joint arrangements | h) Investment in associates and joint arrangements The Group assesses whether it has significant influence not only on the basis of its ownership percentage but also on the existence of qualitative factors such as representation on the board of directors of the investee, its participation in decision-making processes, interchange of managerial personnel and access to technical information. The Group assesses rights and obligations agreed to by the parties to a joint arrangement and, when relevant, other facts and circumstances in order to determine whether the joint arrangement in which it is involved is a joint venture or a joint operation. |
Financial assets | Financial Assets All regular way purchases and sales of financial assets are recognized in the statement of financial position on the trade date, i.e. the date that the Company commits to purchase or sell the asset. The Group applies an impairment model for financial assets based on expected credit losses, using a simplified method for certain short- and long-term assets (commercial receivables, lease receivables and contractual assets). Under this simplified approach, credit impairment is recognized by reference to expected credit losses over the life of the asset. For this purpose the Group uses matrices based on historical bad debt experience by geographical area on a portfolio segmented by customer category according to credit pattern. The matrix for each category has a defined time horizon divided into intervals in accordance with the collection management policy and is fed with historical data that covers at least 24 collection cycles. This data is updated on a regular basis. Based on the information observable at each close, the Group assesses the need to adjust the rates resulting from these matrices, considering current conditions and future economic forecasts. |
Derivative financial instruments and hedge accounting | Derivative financial instruments and hedge accounting The accounting treatment of any gain or loss resulting from changes in the fair value of a derivative depends on whether the derivative in question meets all the criteria for hedge accounting and, if appropriate, on the nature of the hedge. Changes in fair value of derivatives that qualify as fair value hedging instruments are recognized in the income statement, together with changes in the fair value of the hedged asset or liability attributable to the risk being hedged. Changes in the fair value of derivatives that qualify and have been designated as cash flow hedges, which are highly effective, are recognized in equity. The ineffective portion is recognized immediately in the income statement. Fair value changes recognized in equity arising from hedges that relate to firm commitments or forecast transactions that result in the recognition of non-financial assets or liabilities are included in the initial carrying amount of those assets or liabilities. Otherwise, changes in fair value previously recognized in equity are recognized in the income statement in the period in which the hedged transaction affects profit or loss. An instrument designated to hedge foreign currency exposure from a net investment in a foreign operation is accounted for in a similar manner to cash flow hedges. When the Group chooses not to apply hedge accounting criteria, gains or losses resulting from changes in the fair value of derivatives are taken directly to the income statement. In this respect, transactions used to reduce the exchange rate risk of income contributed by foreign subsidiaries are not treated as hedging transactions. |
Inventories | j) Inventories Materials stored for use in investment projects and inventories for consumption and replacement are valued at the lower of weighted average cost and net realizable value. Inventories include audio-visual rights which will generally be consumed in a period of less than twelve months, and advanced payments to suppliers for future rights, as well as own content whose production cycle will in no case exceed thirty-six months. The cost of film, documentary, short film and series rights acquired from third parties is charged to the income statement on a straight-line basis from the time of first broadcasting or release until the completion of the rights. Broadcasting rights to football and motor sports events, including their inherent production costs, are charged to the income statement on a straight-line basis over twelve months from the start of the season, while rights to other premium sports are charged over the period of the competition. All other sports rights are recognized in the income statement upon first broadcast. In-house produced programs and series and program titles are charged at the time of their broadcast or up to thirty-six months from the date of release, depending on their nature and broadcasting strategy. The cost of in-house productions that the Group expects to recover through sale to third parties is recognized as an intangible asset. The cost of broadcasting rights that have expired or whose recovery value is estimated to be lower than the acquisition cost is recognized directly as an expense. |
Pensions and other employee obligations | k) Pensions and other employee obligations Provisions required to cover the accrued liability for defined benefit pension plans are determined using the projected unit credit actuarial valuation method. The calculation is based on demographic and financial assumptions determined at a country level, and in consideration of the macroeconomic environment. The discount rates are determined based on high quality market yield curves. Plan assets are measured at fair value. Provisions for post-employment benefits (e.g. early retirement or other) are calculated individually based on the terms agreed with the employees. In some cases, these may require actuarial valuations based on both demographic and financial assumptions. |
Revenue | l) Revenues and expenses The Telefónica Group revenues are derived principally from providing the following telecommunications services: traffic, connection fees, regular (normally monthly) network usage fees, interconnection, network and equipment leasing, handset sales and other digital services such as Pay TV and value-added services or maintenance. Products and services may be sold separately or bundled in promotional packages. Revenues from calls carried on Telefónica’s networks (traffic) entail an initial call establishment fee plus a variable call rate, based on call length, distance and type of service. Both fixed and wireless traffic is recognized as revenue as service is provided. For prepaid calls, the amount of unused traffic generates deferred revenues presented in Contractual liabilities on the statement of financial position. Revenues from traffic sales and services at a fixed rate over a specified period of time (flat rate) are recognized on a straight-line basis over the term covered by the rate paid by the customer. Installation fees are taken to the income statement on a straight-line basis over the related period. Equipment leases and other services are taken to the income statement as they are consumed. Interconnection revenues from fixed-wireless and wireless-fixed calls and other customer services are recognized in the period in which the calls are made. Revenues from handset and equipment sales are recognized once the sale is considered complete, i.e., generally when delivered to the end customer. For bundled packages that include multiple elements sold in the fixed, wireless, Internet and television businesses it is determined whether it is necessary to identify the separate performance obligations and apply the corresponding revenue recognition policy to each one. Total package revenues are allocated among the identified performance obligations based on their respective standalone selling prices. As connection or initial activation fees, or upfront non-refundable fees, are not separately identifiable performance obligations in these types of packages, any consideration received from the customer for these items is allocated to the remaining elements. When the customer has a right of return, the agreed consideration is considered variable. The Group estimates the amount of variable consideration to which it is entitled using the expected value method (probability-weighted possible amounts), considering all historical, current and forecast information that is reasonably available, and only to the extent that it determines that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Expenses relating to customer contracts (mainly, commissions payable to dealers for customer acquisitions) are recognized as an asset to the extent that they are incremental and are expected to be recovered. Subsequently, these costs are amortized over the same term as the revenues associated with such contract are recognized, unless the expected amortization period is one year or less, in which case they are expensed as incurred. |
Expenses | l) Revenues and expenses The Telefónica Group revenues are derived principally from providing the following telecommunications services: traffic, connection fees, regular (normally monthly) network usage fees, interconnection, network and equipment leasing, handset sales and other digital services such as Pay TV and value-added services or maintenance. Products and services may be sold separately or bundled in promotional packages. Revenues from calls carried on Telefónica’s networks (traffic) entail an initial call establishment fee plus a variable call rate, based on call length, distance and type of service. Both fixed and wireless traffic is recognized as revenue as service is provided. For prepaid calls, the amount of unused traffic generates deferred revenues presented in Contractual liabilities on the statement of financial position. Revenues from traffic sales and services at a fixed rate over a specified period of time (flat rate) are recognized on a straight-line basis over the term covered by the rate paid by the customer. Installation fees are taken to the income statement on a straight-line basis over the related period. Equipment leases and other services are taken to the income statement as they are consumed. Interconnection revenues from fixed-wireless and wireless-fixed calls and other customer services are recognized in the period in which the calls are made. Revenues from handset and equipment sales are recognized once the sale is considered complete, i.e., generally when delivered to the end customer. For bundled packages that include multiple elements sold in the fixed, wireless, Internet and television businesses it is determined whether it is necessary to identify the separate performance obligations and apply the corresponding revenue recognition policy to each one. Total package revenues are allocated among the identified performance obligations based on their respective standalone selling prices. As connection or initial activation fees, or upfront non-refundable fees, are not separately identifiable performance obligations in these types of packages, any consideration received from the customer for these items is allocated to the remaining elements. When the customer has a right of return, the agreed consideration is considered variable. The Group estimates the amount of variable consideration to which it is entitled using the expected value method (probability-weighted possible amounts), considering all historical, current and forecast information that is reasonably available, and only to the extent that it determines that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Expenses relating to customer contracts (mainly, commissions payable to dealers for customer acquisitions) are recognized as an asset to the extent that they are incremental and are expected to be recovered. Subsequently, these costs are amortized over the same term as the revenues associated with such contract are recognized, unless the expected amortization period is one year or less, in which case they are expensed as incurred. |
Use of estimates | m) Use of estimates The key assumptions concerning the future and other relevant sources of uncertainty in estimates at the reporting date that could have a significant impact on the consolidated financial statements within the next financial year are discussed below. A significant change in the facts and circumstances on which these estimates and related judgments are based could have a material impact on the Group’s results and financial position. Accordingly, sensitivity analysis are disclosed for the most relevant situations (see Notes 7 and 24). Property, plant and equipment, intangible assets and goodwill The accounting treatment of investments in property, plant and equipment and intangible assets entails the use of estimates to determine the useful life for depreciation and amortization purposes and to assess fair value at their acquisition dates for assets acquired in business combinations. Determining useful life requires making estimates in connection with future technological developments and alternative uses for assets. There is a significant element of judgment involved in making technological development assumptions, since the timing and scope of future technological advances are difficult to predict. The decision to recognize an impairment loss involves developing estimates that include, among others, an analysis of the causes of the potential impairment, as well as its timing and expected amount. Furthermore, additional factors, such as technological obsolescence, the suspension of certain services and other circumstantial changes, which highlight the need to evaluate a possible impairment, are taken into account. The Telefónica Group evaluates its cash-generating units’ performance on a regular basis to identify potential goodwill impairments. Determining the recoverable amount of the cash-generating units to which goodwill is allocated also entails the use of assumptions and estimates and requires a significant element of judgment. Deferred income taxes The Group assesses the recoverability of deferred tax assets based on estimates of future earnings, and of all the options available to achieve an outcome, it considers the most efficient one in tax terms within the legal framework the Group is subject to. Such recoverability ultimately depends on the Group’s ability to generate taxable earnings over the period for which the deferred tax assets remain deductible. This analysis is based on the estimated schedule for reversing deferred tax liabilities, as well as estimates of taxable earnings, which are sourced from internal projections that are continuously updated to reflect the latest trends. The recognition of tax assets and liabilities depends on a series of factors, including estimates as to the timing and realization of deferred tax assets and the projected tax payment schedule. Actual Group company income tax receipts and payments could differ from the estimates made by the Group as a result of changes in tax legislation, the outcome of underway tax proceedings or unforeseen future transactions that could affect tax balances. Provisions Provisions are recorded when, at the end of the period, we have a present obligation as a result of past events, whose settlement requires an outflow of resources that is considered probable and can be measured reliably. This obligation may be legal or constructive, arising from, but not limited to, regulation, contracts, common practice or public commitments, which have created a valid expectation for third parties that we will assume certain responsibilities. The amount recorded is the best estimation performed by the management in respect of the expenditure that will be required to settle the obligations, considering all the information available at the closing date, including the advice of external experts, such as legal advisors or consultants. Should we be unable to reliably measure the obligation, no provision would be recorded and information would then be presented in the notes to the Consolidated Financial Statements. Because of the inherent uncertainties in this estimation, actual expenditures may be different from the originally estimated amount recognized. Revenue recognition Bundled offers Bundled offers that combine different elements are assessed to determine whether it is necessary to separate the different identifiable components and apply the corresponding revenue recognition policy to each element. Total package revenues are allocated among the identified elements based on their respective standalone selling prices. Determining standalone selling prices for each identified element requires estimates that are complex due to the nature of the business. A change in estimates of standalone selling prices could affect the apportionment of revenue among the elements and, as a result, the timing of recognition of revenues. Leases Accounting for rights and obligations as a lessee under a lease contract requires the use of estimations to determine the lease term in contracts that include extension options or early termination options. Determining the lease term involves making estimates over the time horizon of the Group's strategic planning process with respect to relevant factors such as expected technological progress, possible regulatory developments, market and competition trends or changes in the business model. The assumptions regarding these variables involve a significant degree of judgment to the extent that the timing and nature of future changes are difficult to anticipate. Due to the uncertainties inherent to these estimates, changes in the assumptions made in respect of uncertain matters when determining the lease term of a lease contract may have an impact on the amounts of the right of use assets and lease liabilities recognized on the basis of the estimates made by the Group. Exchange rate and inflation rates used to translate the financial statements of our Venezuelan subsidiaries The Group reviews, on a regular basis, the economic conditions in Venezuela and the specific circumstances of its Venezuelan operations. In light of the worsening of the economic and political crisis in Venezuela and in the absence of official rates that are representative of the situation in the country, at December 31, 2019 the Group maintains its policy to estimate an exchange rate that matches the progression of inflation in Venezuela and reflects the economic and financial position of the Group’s Venezuelan operations within its consolidated financial statements in a more accurate way. Assessment of the exchange rate that best reflects the economics of Telefónica’s business activities in Venezuela relies on several factors and is performed considering all the information available at the closing date, and entails the use of assumptions and estimates and significant management judgment. Due to inherent uncertainties in the estimates required to determine the appropriate exchange rate for the conversion of Venezuelan bolivar-denominated financial statements, actual cash flows denominated in such currency may differ from the amounts currently recognized on the basis of our estimates, as a result of changes in currency laws or changes in exchange mechanisms or published exchange rates that may have an impact on the conversion rate used for our Venezuelan subsidiaries’ financial statements, affecting the net monetary position of Venezuelan bolivar-denominated assets (liabilities). In addition to this, Venezuela has been considered a hyperinflationary economy since 2009. Telefónica recognizes the effects of inflation by restating the financial information of its Venezuelan operation using the Indice Nacional de Precios al Consumidor de Venezuela issued by the Central Bank of Venezuela, or the best estimate in case the final index is not available. Significant management judgment is required to determine the appropriate inflation rate when the official rate is not available. The estimates and underlying assumptions are based on careful consideration of factors that are deemed to be relevant and rely on all the information available at the closing date. Actual results may differ from these estimates as a result of changes in circumstances and assumptions about future developments in Venezuela due to evolving market conditions, uncertainty about currency and operating restrictions or other circumstances arising beyond the control of the Company. |
New IFRS and interpretations of the IFRS Interpretations Committee (IFRIC) | The modifications introduced by IFRS 16 have had a significant impact on the group's financial statements since the date of adoption, as shown below: Millions of euros Impact of the first application Opening balance of rights of use at January 1, 2019 (Note 9) 7,870 Impact of IFRS 16 on rights of use of companies held for sale at December 31, 2018 (1) 155 Reclassification of property, plant and equipment deriving from finance leases under IAS 17 (Note 8) (249 ) Reclassification of advance payments of lease contracts in force at December 31, 2018 (178 ) Accounts receivable for subleases 18 Impact of IFRS 16 on assets at transition date 7,616 Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 Impact of IFRS 16 on lease liabilities of companies held for sale at December 31, 2018 (1) 152 Reclassification of finance lease liabilities under IAS 17 at December 31, 2018 (201 ) Reclassification of other liabilities at December 31, 2018 (56 ) Impact of IFRS 16 on liabilities at transition date 7,600 Impact of IFRS 16 on equity at transition date (Note 17) 16 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30) The table below shows the reconciliation between the operating lease obligations as reported in the consolidated financial statements of 2018 and the opening balance of lease liabilities under IFRS 16: Millions of euros 1/1/2019 Present value of future payments for operating leases at December 31, 2018 7,229 Present value of future payments for operating leases of companies held for sale at December 31, 2018 (1) (98 ) Finance lease liabilities under IAS 17 201 Low cost and/or short-term lease contracts (337 ) Cancelable contracts without penalty cost 541 Differences in lease term and discount rates 247 Other items (78 ) Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). Following is a summary of estimated impacts of IFRS 16 on the Group’s consolidated income statement in 2019, presented on a voluntary basis: Millions of euros 2019 INCOME STATEMENT IFRS 16 IAS 17 IFRS 16 Impact Revenues 48,422 48,422 — Other income 2,842 3,032 (190 ) Supplies (13,635 ) (14,490 ) 855 Personnel expenses (8,066 ) (8,070 ) 4 Other expenses (14,444 ) (15,284 ) 840 Depreciation and amortization (10,582 ) (8,950 ) (1,632 ) OPERATING INCOME 4,537 4,660 (123 ) Share of income (loss) of investments accounted for by the equity method 13 13 — Finance income 842 842 — Exchange gains 2,461 2,449 12 Finance costs (2,795 ) (2,599 ) (196 ) Exchange losses (2,340 ) (2,310 ) (30 ) Net financial expense (1,832 ) (1,618 ) (214 ) PROFIT BEFORE TAX 2,718 3,055 (337 ) Corporate income tax (1,054 ) (1,104 ) 50 PROFIT FOR THE YEAR 1,664 1,951 (287 ) Attributable to equity holders of the Parent 1,142 1,383 (241 ) Attributable to non-controlling interests 522 568 (46 ) Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.17 0.21 (0.05 ) The impacts of adopting IFRS 15 on the Group’s financial statements for the year ended December 31, 2018 are set out below: Millions of euros 12/31/2018 ASSETS IFRS 15 IAS 18 IFRS 15 impact A) NON-CURRENT ASSETS 90,707 90,448 259 Intangible assets 16,856 16,856 — Goodwill 25,748 25,748 — Property, plant and equipment 33,295 33,295 — Investments accounted for by the equity method 68 68 — Financial assets and other non-current assets 7,109 6,823 286 Deferred tax assets 7,631 7,658 (27 ) B) CURRENT ASSETS 23,340 22,540 800 Inventories 1,692 1,692 — Receivables and other current assets 10,579 9,789 790 Tax receivables 1,676 1,666 10 Other current financial assets 2,209 2,209 — Cash and cash equivalents 5,692 5,692 — Non-current assets classified as held for sale 1,492 1,492 — TOTAL ASSETS (A+B) 114,047 112,988 1,059 Millions of euros 12/31/2018 EQUITY AND LIABILITIES IFRS 15 IAS 18 IFRS 15 Impact A) EQUITY 26,980 26,193 787 Equity attributable to equity holders of the parent and other holders of equity instruments 17,947 17,262 685 Equity attributable to non-controlling interests 9,033 8,931 102 B) NON-CURRENT LIABILITIES 57,418 57,267 151 Non-current financial liabilities 45,334 45,334 — Payables and other non-current liabilities 1,890 1,903 (13 ) Deferred tax liabilities 2,674 2,510 164 Non-current provisions 7,520 7,520 — C) CURRENT LIABILITIES 29,649 29,528 121 Current financial liabilities 9,368 9,368 — Payables and other-current liabilities 15,485 15,460 25 Current tax payables 2,047 1,951 96 Current provisions 1,912 1,912 — Liabilities associated with non-current assets classified as held for sale 837 837 — TOTAL EQUITY AND LIABILITIES (A+B+C) 114,047 112,988 1,059 Millions of euros 2018 INCOME STATEMENT IFRS 15 IAS 18 IFRS 15 Impact Revenues 48,693 48,728 (35 ) Depreciation and amortization (9,049 ) (9,049 ) — OPERATING INCOME 6,522 6,446 76 Share of income (loss) of investments accounted for by the equity method 4 4 — Net financial expense (955 ) (944 ) (11 ) PROFIT BEFORE TAX 5,571 5,506 65 Corporate income tax (1,621 ) (1,609 ) (12 ) PROFIT FOR THE YEAR 3,950 3,897 53 Attributable to equity holders of the Parent 3,331 3,291 40 Attributable to non-controlling interests 619 606 13 Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.57 0.56 0.01 n) New IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) The accounting policies applied in the preparation of the consolidated financial statements for the year ended December 31, 2019 are consistent with those used in the preparation of the Group’s consolidated annual financial statements for the year ended December 31, 2018 , with the exception of the following new standards and amendments to existing standards issued by the IASB and adopted by the European Union for application in Europe, which are mandatory for annual periods beginning on or after January 1, 2019: • IFRS 16 Leases Following is a detail of the Group's new accounting policies pursuant to the adoption of IFRS 16, which have been applied since the date of its initial application. Information on the impact of the first-time application of this new standard is included in Note 2. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure requirements for leases, requiring a lessee to account for all leases on the statement of financial position under a single model, similar to the recognition of finance leases in IAS 17. At the inception date of the lease (i.e. the date when the underlying asset is available for use), a lessee recognizes a liability for the present value of the lease payments payable over the lease term and a right of use asset that represents the right to use the underlying asset over the term of the lease. Rights of use assets are measured at cost, less accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The cost of rights of use assets includes the amount of initial direct costs incurred and lease payments made before the commencement date less incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. The Group does not recognize non-lease components separately from lease components for those classes of assets in which non-lease components are not significant with respect to the total value of the arrangement. Lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable, variable lease payments that depend on an index or rate, and amounts expected to be paid as residual value guarantees. Similarly, the measurement of the lease liability includes the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option, and payments of penalties for early termination, if the lease term reflects the lessee exercising such cancellation option. For the calculation of the present value of the lease payments, the Group uses the incremental borrowing rate at the start date of the lease. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for the payments made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, changes in future lease payments resulting from a change in an index or rate used to determine those payments. The amount of such remeasurement is generally recognized against an adjustment to the right-of-use asset. The standard includes two recognition exemptions: "low value" asset leases (the Group uses this exemption for office equipment) and short-term leases (the Group uses this exemption for all leases with a term of 12 months or less). In such cases, lease payments are recognized as an expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the contract, together with any period covered by an extension (or termination) option whose exercise is discretionary for the Group, if there is reasonable certainty that it will be exercised (or it will not be exercised). In its assessment, the Group considers all available information by asset class in the industry and evaluates all relevant factors (technology, regulation, competition, business model) that create an economic incentive to exercise or not a renewal/cancellation option. In particular, the Group takes into consideration the time horizon of the strategic planning of its operations. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control that may affect its ability to exercise (or not to exercise) an option to extend or terminate (for example, a change in business strategy). Lessor accounting is substantially unchanged under the new standard. Lessors continue to classify all leases using the classification principles in the prior standard, IAS 17, and distinguishing between operating and finance leases. Leases in which the lessor retains a significant portion of the risks and rewards of ownership of the leased asset are treated as operating leases. Otherwise, the lease is a finance lease. • IFRIC 23 Uncertainty over Income Tax Treatment The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 (see Note 3.n). The Interpretation clarifies that the approach that better predicts the resolution of the uncertainty should be followed, and specifically addresses the assumptions an entity makes about the examination of tax treatments by taxation authorities and how an entity determines taxable profit (loss), tax bases, unused tax losses and tax credits, and tax rates, where there is uncertainty over an income tax treatment. The Group's current practice is in line with this Interpretation, so the application of these requirements did not have a significant impact on the Group's results in the period. These items are now presented in the statement of financial position under the headings Deferred tax liabilities or Current tax payables, depending on whether they are deferred tax liabilities or current tax liabilities, as appropriate. This involved a reclassification from the heading Provisions amounting to 856 million euros (see Notes 24 and 25). • Prepayment Features with Negative Compensation (Amendments to IFRS 9) Under IFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are ‘solely payments of principal and interest on the principal amount outstanding’ (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of the event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. This amendment did not have a significant impact on the Group's financial position or results in the period. • Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) The amendments to IAS 19 specify that when a plan amendment, curtailment or settlement occurs during the annual reporting period, an entity is required to: - Determine current service cost for the remainder of the period after the plan amendment, curtailment or settlement, using the actuarial assumptions used to remeasure the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event. - Determine net interest for the remainder of the period after the plan amendment, curtailment or settlement using: the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event; and the discount rate used to remeasure that net defined benefit liability (asset). The amendments also clarify that an entity first determines any past service cost, or a gain or loss on settlement, without considering the effect of the asset ceiling. This amount is recognized in profit or loss. An entity then determines the effect of the asset ceiling after the plan amendment, curtailment or settlement. Any change in that effect, excluding amounts included in the net interest, is recognized in other comprehensive income. These amendments did not have an impact on the Group's financial position or results in the period. • Long-term interests in associates and joint ventures (Amendments to IAS 28) The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The amendments also clarify that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28 Investments in Associates and Joint Ventures. These amendments did not have a significant impact on the Group's financial position or results in the period. • Annual Improvements to IFRS Standards 2015-2017 Cycle This text includes a number of improvements to existing IFRS, mainly to eliminate inconsistencies and clarify the wording of some of these standards. - IFRS 3 Business Combinations The amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the requirements for a business combination achieved in stages, including remeasuring previously held interests in the assets and liabilities of the joint operation at fair value. In doing so, the acquirer remeasures its entire previously held interest in the joint operation. - IFRS 11 Joint Arrangements A party that participates in, but does not have joint control of, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business as defined in IFRS 3. The amendments clarify that the previously held interests in that joint operation are not remeasured. - IAS 12 Income Taxes The amendments clarify that the income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity recognises the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. - IAS 23 Borrowing Costs The amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended use or sale are complete. These improvements did not have a significant impact on the Group's financial position or results in the period. New standards and amendments to standards issued but not effected as of December 31, 2019 . At the date of preparation of the consolidated financial statements, the following IFRS and amendments to existing standards had been published, but their application is not mandatory: Standards and amendments Mandatory application: annual periods beginning on or after Amendments to IFRS 3 Definition of a Business January 1, 2020 Amendments to IAS 1 and IAS 8 Definition of Material January 1, 2020 Amendments to References to the Conceptual Framework in IFRSs Standards January 1, 2020 Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform January 1, 2020 IFRS 17 Insurance Contracts January 1, 2021 Amendments to IAS 1 Classification of Liabilities as Current or Non-Current January 1, 2022 Based on the assessment made to date, the Group estimates that the adoption of these new pronouncements will not have a significant impact on the consolidated financial statements in the initial period of application. The initial application of IFRS 9 Financial instruments and IFRS 15 Revenue from contracts with customers (see Note 2), effective as of January 1, 2018 , had a net impact on total equity amounting to -165 million euros and 743 million euros, respectively in 2018, with the following detail: Millions of euros IFRS 9 IFRS 15 Total Gross impact on equity (221 ) 1,006 785 Tax effect 56 (263 ) (207 ) Impact on equity (165 ) 743 578 Attributable to equity holders (142 ) 654 512 Attributable to non-controlling interest (23 ) 89 66 |
Basis of Presentation of the _2
Basis of Presentation of the Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Schedule of Impact of Adoption of New IFRS Guidance | The modifications introduced by IFRS 16 have had a significant impact on the group's financial statements since the date of adoption, as shown below: Millions of euros Impact of the first application Opening balance of rights of use at January 1, 2019 (Note 9) 7,870 Impact of IFRS 16 on rights of use of companies held for sale at December 31, 2018 (1) 155 Reclassification of property, plant and equipment deriving from finance leases under IAS 17 (Note 8) (249 ) Reclassification of advance payments of lease contracts in force at December 31, 2018 (178 ) Accounts receivable for subleases 18 Impact of IFRS 16 on assets at transition date 7,616 Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 Impact of IFRS 16 on lease liabilities of companies held for sale at December 31, 2018 (1) 152 Reclassification of finance lease liabilities under IAS 17 at December 31, 2018 (201 ) Reclassification of other liabilities at December 31, 2018 (56 ) Impact of IFRS 16 on liabilities at transition date 7,600 Impact of IFRS 16 on equity at transition date (Note 17) 16 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30) The table below shows the reconciliation between the operating lease obligations as reported in the consolidated financial statements of 2018 and the opening balance of lease liabilities under IFRS 16: Millions of euros 1/1/2019 Present value of future payments for operating leases at December 31, 2018 7,229 Present value of future payments for operating leases of companies held for sale at December 31, 2018 (1) (98 ) Finance lease liabilities under IAS 17 201 Low cost and/or short-term lease contracts (337 ) Cancelable contracts without penalty cost 541 Differences in lease term and discount rates 247 Other items (78 ) Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). Following is a summary of estimated impacts of IFRS 16 on the Group’s consolidated income statement in 2019, presented on a voluntary basis: Millions of euros 2019 INCOME STATEMENT IFRS 16 IAS 17 IFRS 16 Impact Revenues 48,422 48,422 — Other income 2,842 3,032 (190 ) Supplies (13,635 ) (14,490 ) 855 Personnel expenses (8,066 ) (8,070 ) 4 Other expenses (14,444 ) (15,284 ) 840 Depreciation and amortization (10,582 ) (8,950 ) (1,632 ) OPERATING INCOME 4,537 4,660 (123 ) Share of income (loss) of investments accounted for by the equity method 13 13 — Finance income 842 842 — Exchange gains 2,461 2,449 12 Finance costs (2,795 ) (2,599 ) (196 ) Exchange losses (2,340 ) (2,310 ) (30 ) Net financial expense (1,832 ) (1,618 ) (214 ) PROFIT BEFORE TAX 2,718 3,055 (337 ) Corporate income tax (1,054 ) (1,104 ) 50 PROFIT FOR THE YEAR 1,664 1,951 (287 ) Attributable to equity holders of the Parent 1,142 1,383 (241 ) Attributable to non-controlling interests 522 568 (46 ) Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.17 0.21 (0.05 ) The impacts of adopting IFRS 15 on the Group’s financial statements for the year ended December 31, 2018 are set out below: Millions of euros 12/31/2018 ASSETS IFRS 15 IAS 18 IFRS 15 impact A) NON-CURRENT ASSETS 90,707 90,448 259 Intangible assets 16,856 16,856 — Goodwill 25,748 25,748 — Property, plant and equipment 33,295 33,295 — Investments accounted for by the equity method 68 68 — Financial assets and other non-current assets 7,109 6,823 286 Deferred tax assets 7,631 7,658 (27 ) B) CURRENT ASSETS 23,340 22,540 800 Inventories 1,692 1,692 — Receivables and other current assets 10,579 9,789 790 Tax receivables 1,676 1,666 10 Other current financial assets 2,209 2,209 — Cash and cash equivalents 5,692 5,692 — Non-current assets classified as held for sale 1,492 1,492 — TOTAL ASSETS (A+B) 114,047 112,988 1,059 Millions of euros 12/31/2018 EQUITY AND LIABILITIES IFRS 15 IAS 18 IFRS 15 Impact A) EQUITY 26,980 26,193 787 Equity attributable to equity holders of the parent and other holders of equity instruments 17,947 17,262 685 Equity attributable to non-controlling interests 9,033 8,931 102 B) NON-CURRENT LIABILITIES 57,418 57,267 151 Non-current financial liabilities 45,334 45,334 — Payables and other non-current liabilities 1,890 1,903 (13 ) Deferred tax liabilities 2,674 2,510 164 Non-current provisions 7,520 7,520 — C) CURRENT LIABILITIES 29,649 29,528 121 Current financial liabilities 9,368 9,368 — Payables and other-current liabilities 15,485 15,460 25 Current tax payables 2,047 1,951 96 Current provisions 1,912 1,912 — Liabilities associated with non-current assets classified as held for sale 837 837 — TOTAL EQUITY AND LIABILITIES (A+B+C) 114,047 112,988 1,059 Millions of euros 2018 INCOME STATEMENT IFRS 15 IAS 18 IFRS 15 Impact Revenues 48,693 48,728 (35 ) Depreciation and amortization (9,049 ) (9,049 ) — OPERATING INCOME 6,522 6,446 76 Share of income (loss) of investments accounted for by the equity method 4 4 — Net financial expense (955 ) (944 ) (11 ) PROFIT BEFORE TAX 5,571 5,506 65 Corporate income tax (1,621 ) (1,609 ) (12 ) PROFIT FOR THE YEAR 3,950 3,897 53 Attributable to equity holders of the Parent 3,331 3,291 40 Attributable to non-controlling interests 619 606 13 Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.57 0.56 0.01 n) New IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) The accounting policies applied in the preparation of the consolidated financial statements for the year ended December 31, 2019 are consistent with those used in the preparation of the Group’s consolidated annual financial statements for the year ended December 31, 2018 , with the exception of the following new standards and amendments to existing standards issued by the IASB and adopted by the European Union for application in Europe, which are mandatory for annual periods beginning on or after January 1, 2019: • IFRS 16 Leases Following is a detail of the Group's new accounting policies pursuant to the adoption of IFRS 16, which have been applied since the date of its initial application. Information on the impact of the first-time application of this new standard is included in Note 2. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure requirements for leases, requiring a lessee to account for all leases on the statement of financial position under a single model, similar to the recognition of finance leases in IAS 17. At the inception date of the lease (i.e. the date when the underlying asset is available for use), a lessee recognizes a liability for the present value of the lease payments payable over the lease term and a right of use asset that represents the right to use the underlying asset over the term of the lease. Rights of use assets are measured at cost, less accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The cost of rights of use assets includes the amount of initial direct costs incurred and lease payments made before the commencement date less incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. The Group does not recognize non-lease components separately from lease components for those classes of assets in which non-lease components are not significant with respect to the total value of the arrangement. Lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable, variable lease payments that depend on an index or rate, and amounts expected to be paid as residual value guarantees. Similarly, the measurement of the lease liability includes the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option, and payments of penalties for early termination, if the lease term reflects the lessee exercising such cancellation option. For the calculation of the present value of the lease payments, the Group uses the incremental borrowing rate at the start date of the lease. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for the payments made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, changes in future lease payments resulting from a change in an index or rate used to determine those payments. The amount of such remeasurement is generally recognized against an adjustment to the right-of-use asset. The standard includes two recognition exemptions: "low value" asset leases (the Group uses this exemption for office equipment) and short-term leases (the Group uses this exemption for all leases with a term of 12 months or less). In such cases, lease payments are recognized as an expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the contract, together with any period covered by an extension (or termination) option whose exercise is discretionary for the Group, if there is reasonable certainty that it will be exercised (or it will not be exercised). In its assessment, the Group considers all available information by asset class in the industry and evaluates all relevant factors (technology, regulation, competition, business model) that create an economic incentive to exercise or not a renewal/cancellation option. In particular, the Group takes into consideration the time horizon of the strategic planning of its operations. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control that may affect its ability to exercise (or not to exercise) an option to extend or terminate (for example, a change in business strategy). Lessor accounting is substantially unchanged under the new standard. Lessors continue to classify all leases using the classification principles in the prior standard, IAS 17, and distinguishing between operating and finance leases. Leases in which the lessor retains a significant portion of the risks and rewards of ownership of the leased asset are treated as operating leases. Otherwise, the lease is a finance lease. • IFRIC 23 Uncertainty over Income Tax Treatment The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 (see Note 3.n). The Interpretation clarifies that the approach that better predicts the resolution of the uncertainty should be followed, and specifically addresses the assumptions an entity makes about the examination of tax treatments by taxation authorities and how an entity determines taxable profit (loss), tax bases, unused tax losses and tax credits, and tax rates, where there is uncertainty over an income tax treatment. The Group's current practice is in line with this Interpretation, so the application of these requirements did not have a significant impact on the Group's results in the period. These items are now presented in the statement of financial position under the headings Deferred tax liabilities or Current tax payables, depending on whether they are deferred tax liabilities or current tax liabilities, as appropriate. This involved a reclassification from the heading Provisions amounting to 856 million euros (see Notes 24 and 25). • Prepayment Features with Negative Compensation (Amendments to IFRS 9) Under IFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are ‘solely payments of principal and interest on the principal amount outstanding’ (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of the event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. This amendment did not have a significant impact on the Group's financial position or results in the period. • Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) The amendments to IAS 19 specify that when a plan amendment, curtailment or settlement occurs during the annual reporting period, an entity is required to: - Determine current service cost for the remainder of the period after the plan amendment, curtailment or settlement, using the actuarial assumptions used to remeasure the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event. - Determine net interest for the remainder of the period after the plan amendment, curtailment or settlement using: the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event; and the discount rate used to remeasure that net defined benefit liability (asset). The amendments also clarify that an entity first determines any past service cost, or a gain or loss on settlement, without considering the effect of the asset ceiling. This amount is recognized in profit or loss. An entity then determines the effect of the asset ceiling after the plan amendment, curtailment or settlement. Any change in that effect, excluding amounts included in the net interest, is recognized in other comprehensive income. These amendments did not have an impact on the Group's financial position or results in the period. • Long-term interests in associates and joint ventures (Amendments to IAS 28) The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The amendments also clarify that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28 Investments in Associates and Joint Ventures. These amendments did not have a significant impact on the Group's financial position or results in the period. • Annual Improvements to IFRS Standards 2015-2017 Cycle This text includes a number of improvements to existing IFRS, mainly to eliminate inconsistencies and clarify the wording of some of these standards. - IFRS 3 Business Combinations The amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the requirements for a business combination achieved in stages, including remeasuring previously held interests in the assets and liabilities of the joint operation at fair value. In doing so, the acquirer remeasures its entire previously held interest in the joint operation. - IFRS 11 Joint Arrangements A party that participates in, but does not have joint control of, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business as defined in IFRS 3. The amendments clarify that the previously held interests in that joint operation are not remeasured. - IAS 12 Income Taxes The amendments clarify that the income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity recognises the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. - IAS 23 Borrowing Costs The amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended use or sale are complete. These improvements did not have a significant impact on the Group's financial position or results in the period. New standards and amendments to standards issued but not effected as of December 31, 2019 . At the date of preparation of the consolidated financial statements, the following IFRS and amendments to existing standards had been published, but their application is not mandatory: Standards and amendments Mandatory application: annual periods beginning on or after Amendments to IFRS 3 Definition of a Business January 1, 2020 Amendments to IAS 1 and IAS 8 Definition of Material January 1, 2020 Amendments to References to the Conceptual Framework in IFRSs Standards January 1, 2020 Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform January 1, 2020 IFRS 17 Insurance Contracts January 1, 2021 Amendments to IAS 1 Classification of Liabilities as Current or Non-Current January 1, 2022 Based on the assessment made to date, the Group estimates that the adoption of these new pronouncements will not have a significant impact on the consolidated financial statements in the initial period of application. The initial application of IFRS 9 Financial instruments and IFRS 15 Revenue from contracts with customers (see Note 2), effective as of January 1, 2018 , had a net impact on total equity amounting to -165 million euros and 743 million euros, respectively in 2018, with the following detail: Millions of euros IFRS 9 IFRS 15 Total Gross impact on equity (221 ) 1,006 785 Tax effect 56 (263 ) (207 ) Impact on equity (165 ) 743 578 Attributable to equity holders (142 ) 654 512 Attributable to non-controlling interest (23 ) 89 66 |
Schedule of Effect of Changes in Foreign Exchange Rates | The main impacts of the application of hyperinflation adjustments in Argentina in the consolidated financial statements of the Group for the years 2019 and 2018, are summarized below: Millions of euros 2019 2018 Revenues (104 ) (313 ) Depreciation and amortization (207 ) (160 ) Operating income (246 ) (308 ) Financial result 40 59 Income tax (73 ) (57 ) Result for the year (280 ) (306 ) Capital expenditures (CapEx) (13 ) (70 ) The following table presents the figures of Telefónica Venezolana in certain items of the consolidated income statement, the consolidated statement of cash flows and the consolidated statement of financial position of the Telefónica Group, by applying the synthetic exchange rate: Millions of euros 2019 2018 2017 Revenues 79 18 106 Depreciation and amortization (10 ) (67 ) (103 ) Operating income 7 (64 ) (69 ) Net financial expense (1) 63 216 81 Profit before tax 70 152 9 Corporate income tax (2) 3 (186 ) (138 ) Result for the year 73 (34 ) (129 ) Net cash flow provided by operating activities 14 7 35 Capital expenditures (CapEx) 20 2 9 Non-current assets 43 238 295 (1) Mainly resulting from the hyperinflation adjustment to the net monetary position and the exchange differences arising from foreign currency items held by Telefónica Venezolana. (2) Mainly deferred tax recognized for the inflation adjustments of the net assets, which are not deductible according to the present tax regime in Venezuela. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life of Depreciable Assets | The Group’s subsidiaries depreciate their property, plant and equipment, from the time they can be placed in service, amortizing the cost of the assets, net of their residual values on a straight-line basis over the assets’ estimated useful lives, which are calculated in accordance with technical studies that are revised periodically in light of technological advances and the rate of dismantling, as follows: Years of estimated Buildings 25 – 40 Plant and machinery 10 – 15 Telephone installations, networks and subscriber equipment 5 – 20 Furniture, tools and other items 2 – 10 The composition of and movement in the items constituting net “Property, plant and equipment” in 2019 and 2018 were as follows: 2019 Millions of euros Balance at 12/31/18 First application of IFRS 16 Additions (1) Depreciation Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion Balance at 12/31/19 Land and buildings 4,310 (9 ) 37 (334 ) (227 ) 61 (56 ) (179 ) 3,603 Plant and machinery 25,346 (107 ) 1,258 (4,845 ) (33 ) 3,638 (58 ) (193 ) 25,006 Furniture, tools and other items 1,201 (133 ) 129 (434 ) (4 ) 503 7 (21 ) 1,248 PP&E in progress 2,438 — 4,568 — (2 ) (4,612 ) 18 (39 ) 2,371 Total PP&E 33,295 (249 ) 5,992 (5,613 ) (266 ) (410 ) (89 ) (432 ) 32,228 (1) Total additions of property, plant and equipment in 2019 amounted to 6,051 million euros, including the additions corresponding to companies held for sale and sold companies during the annual reporting period (see Note 2). 2018 Millions of euros Balance at 12/31/17 Additions Depreciation Disposals Transfers and others Translation differences and hyperinflation adjustments Balance at 12/31/18 Land and buildings 4,383 42 (368 ) (29 ) 77 205 4,310 Plant and machinery 25,297 1,305 (4,905 ) (6 ) 4,204 (549 ) 25,346 Furniture, tools and other items 1,267 134 (478 ) (21 ) 340 (41 ) 1,201 PP&E in progress 3,278 4,660 — (15 ) (5,401 ) (84 ) 2,438 Total PP&E 34,225 6,141 (5,751 ) (71 ) (780 ) (469 ) 33,295 The gross cost, accumulated depreciation and impairment losses of property, plant and equipment at December 31, 2019 and 2018 were as follows: Balance at December 31, 2019 Millions of euros Gross cost Accumulated depreciation Impairment losses PP&E Land and buildings 10,588 (6,975 ) (10 ) 3,603 Plant and machinery 101,249 (76,186 ) (57 ) 25,006 Furniture, tools and other items 7,041 (5,788 ) (5 ) 1,248 PP&E in progress 2,381 — (10 ) 2,371 Total PP&E 121,259 (88,949 ) (82 ) 32,228 Balance at December 31, 2018 Millions of euros Gross cost Accumulated depreciation Impairment losses PP&E Land and buildings 11,949 (7,636 ) (3 ) 4,310 Plant and machinery 102,615 (77,222 ) (47 ) 25,346 Furniture, tools and other items 7,137 (5,931 ) (5 ) 1,201 PP&E in progress 2,453 — (15 ) 2,438 Total PP&E 124,154 (90,789 ) (70 ) 33,295 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Segments [Abstract] | |
Schedule of Income and Capital Expenditure Information Regarding the Group's Operating Segments | The following table presents income, CapEx information (capital expenditures in intangible assets and property, plant and equipment, see Notes 6 and 8) and acquisitions of rights of use (since the entry into force of IFRS 16, see Note 9) regarding the Group’s operating segments: 2019 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Hispam Norte Telefónica Other companies Eliminations Total Group Revenues 12,767 7,109 7,399 10,035 3,795 6,384 2,624 (1,691 ) 48,422 External revenues 12,527 7,068 7,364 10,018 3,698 6,334 1,413 — 48,422 Intersegment revenues 240 41 35 17 97 50 1,211 (1,691 ) — Other operating income and expenses (9,080 ) (4,995 ) (5,073 ) (5,773 ) (2,965 ) (4,986 ) (1,737 ) 1,306 (33,303 ) OIBDA 3,687 2,114 2,326 4,262 830 1,398 887 (385 ) 15,119 Depreciation and amortization (1,988 ) (1,204 ) (2,463 ) (2,516 ) (981 ) (1,279 ) (424 ) 273 (10,582 ) Operating income 1,699 910 (137 ) 1,746 (151 ) 119 463 (112 ) 4,537 CapEx 1,646 914 2,469 2,005 580 965 388 (183 ) 8,784 Acquisitions of rights of use 127 157 230 409 214 160 117 (122 ) 1,292 2018 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Telefónica Other companies Eliminations Total Group Revenues 12,706 6,790 7,320 10,126 4,075 6,677 2,679 (1,680 ) 48,693 External revenues 12,461 6,757 7,281 10,105 3,986 6,630 1,473 — 48,693 Intersegment revenues 245 33 39 21 89 47 1,206 (1,680 ) — Other operating income and expenses (7,943 ) (4,925 ) (5,486 ) (5,815 ) (3,282 ) (4,958 ) (2,315 ) 1,602 (33,122 ) OIBDA 4,763 1,865 1,834 4,311 793 1,719 364 (78 ) 15,571 Depreciation and amortization (1,650 ) (943 ) (2,071 ) (1,990 ) (967 ) (1,167 ) (304 ) 43 (9,049 ) Operating income 3,113 922 (237 ) 2,321 (174 ) 552 60 (35 ) 6,522 CapEx 1,719 1,464 966 1,910 668 1,116 295 (19 ) 8,119 2017 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Telefónica Other companies Eliminations Total Group Revenues 12,653 6,540 7,296 12,019 4,331 8,218 2,779 (1,828 ) 52,008 External revenues 12,364 6,505 7,252 11,994 4,220 8,170 1,503 — 52,008 Intersegment revenues 289 35 44 25 111 48 1,276 (1,828 ) — Other operating income and expenses (7,701 ) (4,901 ) (5,475 ) (7,828 ) (3,068 ) (5,943 ) (2,657 ) 1,752 (35,821 ) OIBDA 4,952 1,639 1,821 4,191 1,263 2,275 122 (76 ) 16,187 Depreciation and amortization (1,688 ) (1,047 ) (1,954 ) (2,228 ) (992 ) (1,198 ) (327 ) 38 (9,396 ) Operating income 3,264 592 (133 ) 1,963 271 1,077 (205 ) (38 ) 6,791 CapEx 1,683 827 951 2,225 1,264 1,414 334 (1 ) 8,697 The following table presents main assets and liabilities by segment: 2019 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Telefónica Other companies Eliminations Total Group Fixed assets 15,116 10,051 14,091 20,585 3,396 8,440 1,986 — 73,665 Rights of use (1) 1,499 716 2,499 1,933 755 623 464 (1,550 ) 6,939 Investments accounted for by the equity method — 9 — 2 1 72 56 — 140 Financial assets and other non-currents assets 166 468 457 1,159 187 423 6,873 (2,610 ) 7,123 Deferred tax assets 2,357 2 314 337 525 221 2,926 — 6,682 Other current financial assets 42 72 17 67 217 220 5,634 (3,146 ) 3,123 Total allocated assets 24,307 13,869 20,143 28,120 7,640 12,421 24,313 (11,936 ) 118,877 Non-current financial liabilities 775 1,132 2,153 572 798 1,868 37,948 (1,958 ) 43,288 Non-current lease liabilities 1,252 490 2,027 1,582 807 490 356 (1,378 ) 5,626 Deferred tax liabilities 158 101 358 945 33 386 927 — 2,908 Current financial liabilities 854 — 339 464 630 357 10,860 (4,428 ) 9,076 Current lease liabilities 282 213 462 448 108 139 133 (185 ) 1,600 Total allocated liabilities 16,020 5,450 10,659 8,599 4,951 6,318 53,362 (11,932 ) 93,427 (1) The eliminations of rights of use amounted to 1,550 million euros mainly correspond to the rights of use for assets leased by Telxius to the operating companies of the Group. 2018 Millions of euros Telefónica Spain Telefónica United Kingdom Telefónica Germany Telefónica Brazil Telefónica Telefónica Other companies Eliminations Total Group Fixed assets 15,347 9,646 13,520 21,230 4,971 9,041 2,144 — 75,899 Investments accounted for by the equity method 2 8 — 2 1 — 55 — 68 Financial assets and other non-currents assets 163 304 377 1,718 363 469 7,058 (3,343 ) 7,109 Deferred tax assets 2,084 2 204 335 1,063 165 3,778 — 7,631 Other current financial assets 31 79 9 88 68 145 5,635 (3,846 ) 2,209 Total allocated assets 23,622 12,609 16,837 27,402 8,672 12,043 26,363 (13,501 ) 114,047 Non-current financial liabilities 649 1,077 2,004 1,058 1,101 1,618 39,624 (1,797 ) 45,334 Deferred tax liabilities 189 102 236 693 134 397 923 — 2,674 Current financial liabilities 1,683 — 145 334 1,083 339 12,854 (7,070 ) 9,368 Total allocated liabilities 14,328 4,633 6,287 7,204 5,096 5,396 57,618 (13,495 ) 87,067 |
Schedule of Composition of Segment Revenues, Detailed by the Main Countries of Operation | The composition of segment revenues, detailed by the main countries in which the Group operates, is as follows: Millions of euros 2019 2018 2017 Country by segments Fixed Mobile Others and elims. Total Fixed Mobile Others and elims. Total Fixed Mobile Others and elims. Total Spain (*) 12,767 12,706 12,653 United Kingdom — 6,600 509 7,109 — 6,390 400 6,790 — 6,216 324 6,540 Germany 741 6,647 11 7,399 767 6,539 14 7,320 862 6,415 19 7,296 Brazil 3,537 6,498 — 10,035 3,754 6,372 — 10,126 4,659 7,360 — 12,019 Hispam Norte 706 3,085 4 3,795 732 3,343 — 4,075 736 3,595 — 4,331 Colombia 434 670 — 1,104 574 894 — 1,468 554 909 — 1,463 Mexico — 867 — 867 — 1,175 — 1,175 — 1,336 — 1,336 Remaining operators and segment eliminations 272 1,548 4 1,824 158 1,274 — 1,432 182 1,350 — 1,532 Hispam Sur 2,707 3,674 3 6,384 2,712 3,965 — 6,677 3,225 4,993 — 8,218 Argentina 486 945 — 1,431 818 1,497 — 2,315 1,216 2,279 — 3,495 Chile 646 910 — 1,556 864 1,215 — 2,079 926 1,259 — 2,185 Peru 761 785 — 1,546 1,037 1,038 — 2,075 1,092 1,226 — 2,318 Remaining operators and segment eliminations 814 1,034 3 1,851 (7 ) 215 — 208 (9 ) 229 — 220 Other and inter-segment eliminations — — 933 933 — — 999 999 — — 951 951 Total Group 48,422 48,693 52,008 Note: In the countries of the Telefónica Hispam Norte and Telefónica Hispam Sur segment with separate fixed and mobile operating companies, intercompany revenues were not considered. (*) The detail of revenues for Telefónica Spain is shown in the table below. Given the convergence reached at Telefónica Spain due to the high penetration of convergent offers in Telefónica Spain, the revenue breakdown by fixed and mobile is less relevant in this segment. For this reason, management believes that the revenue breakdown shown below is more meaningful . Millions of euros Telefónica Spain 2019 2018 2017 Mobile handset sale 373 386 379 Ex-Mobile handset sale 12,394 12,320 12,274 Consumer 6,658 6,689 6,602 Corporate 3,509 3,462 3,401 Others 2,227 2,169 2,271 Total 12,767 12,706 12,653 |
Business Combinations and Acq_2
Business Combinations and Acquisitions of Non-Controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations and Acquisitions of Non-Controlling Interests [Abstract] | |
Schedule of Consideration Transferred, Fair Values of the Assets and Liabilities Identified at the Acquisition Date, and Goodwill Generated | At the date of authorization for issuer of the 2017 consolidated financial statements of the Telefónica Group the purchase price allocation was provisional. In 2018 the preliminary allocation was reviewed within the twelve-month period from the acquisition date. The following table summarizes the consideration, the final fair values of the assets and liabilities identified on acquisition and the generated goodwill. Millions of euros Consideration paid for the acquisition of control (1) 147 Fair value of the prior stake 41 Fair value of the minority stake 3 Consideration 191 Intangible assets 13 Customer relationships 13 Other intangible assets — Property, plant and equipment 147 Deferred tax assets 7 Other non-current assets 16 Cash and cash equivalents 13 Other current assets 18 Deferred tax liabilities (23 ) Other non-current liabilities (100 ) Current liabilities (26 ) Fair value of net assets 65 Goodwill 126 (1) Excluding the proportion assumed by the non-controlling shareholder and the cash and cash equivalents contributed by the companies at the moment of its inclusion in the consolidation scope, the impact in the consolidated cash flow amounted to 85 million euros (see Note 28). |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Schedule of Composition and Movements in Net Intangible Assets | The composition of and movements in net intangible assets in 2019 and 2018 are as follows: 2019 Millions of euros Balance at 12/31/2018 Additions (1) Amortization Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion of companies Balance at 12/31/2019 Service concession arrangements and licenses 9,995 25 (1,227 ) (495 ) 333 23 (88 ) 8,566 Software 2,940 420 (1,464 ) (4 ) 1,113 (6 ) (19 ) 2,980 Customer base 2,138 — (478 ) — 9 (3 ) — 1,666 Trademarks 690 — (58 ) — — 8 — 640 Other intangible assets 77 15 (21 ) — (18 ) (1 ) — 52 Intangible assets in process 1,016 2,267 — (1 ) (1,146 ) — (6 ) 2,130 Total intangible assets 16,856 2,727 (3,248 ) (500 ) 291 21 (113 ) 16,034 (1) Total additions of intangible assets in 2019 amounted to 2,733 million euros, including the additions corresponding to companies held for sale and sold companies during the annual reporting period (see Note 2). 2018 Millions of euros Balance at 12/31/17 Additions Amortization Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion of companies Balance at 12/31/2018 Service concession arrangements and licenses 10,785 509 (1,221 ) — (9 ) (69 ) — 9,995 Software 2,987 632 (1,450 ) (19 ) 876 (86 ) — 2,940 Customer base 2,731 — (539 ) — (5 ) (49 ) — 2,138 Trademarks 780 — (58 ) — — (32 ) — 690 Other intangible assets 86 22 (30 ) — 4 (2 ) (3 ) 77 Intangible assets in process 636 815 — — (412 ) (23 ) — 1,016 Total intangible assets 18,005 1,978 (3,298 ) (19 ) 454 (261 ) (3 ) 16,856 |
Schedule of Gross Cost, Accumulated Amortization and Impairment Losses of Intangible Assets | The gross cost, accumulated amortization and impairment losses of intangible assets at December 31, 2019 and 2018 are as follows: Balance at 12/31/2019 Millions of euros Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangements and licenses 20,414 (11,848 ) — 8,566 Software 17,578 (14,597 ) (1 ) 2,980 Customer base 6,544 (4,878 ) — 1,666 Trademarks 1,887 (1,247 ) — 640 Other intangible assets 956 (901 ) (3 ) 52 Intangible assets in process 2,130 — — 2,130 Total intangible assets 49,509 (33,471 ) (4 ) 16,034 Balance at 12/31/2018 Millions of euros Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangements and licenses 21,145 (11,150 ) — 9,995 Software 17,153 (14,213 ) — 2,940 Customer base 6,766 (4,628 ) — 2,138 Trademarks 1,853 (1,163 ) — 690 Other intangible assets 1,022 (942 ) (3 ) 77 Intangible assets in process 1,016 — — 1,016 Total intangible assets 48,955 (32,096 ) (3 ) 16,856 The movement in goodwill assigned to each Group segment was as follows: 2019 Millions of euros Balance at 12/31/2018 Disposals Additions Write-offs Exchange rate impact and other Balance at 12/31/2019 Telefónica Spain 4,310 (11 ) — — — 4,299 Telefónica Brazil 8,991 (1 ) — — (176 ) 8,814 Telefónica Germany 4,815 — 4 — — 4,819 Telefónica United Kingdom 4,611 — — — 236 4,847 Telefónica Hispam Norte 464 (144 ) — — 5 325 Telefónica Hispam Sur 2,462 (22 ) — (206 ) (31 ) 2,203 Others 95 (1 ) 2 — — 96 Total 25,748 (179 ) 6 (206 ) 34 25,403 2018 Millions of euros Balance at 12/31/2017 Transfer to Non-currents assets held for sale Write-offs and disposals Exchange rate impact and other Balance at 12/31/2018 Telefónica Spain 4,310 — — — 4,310 Telefónica Brazil 10,057 — — (1,066 ) 8,991 Telefónica Germany 4,815 — — — 4,815 Telefónica United Kingdom 4,648 — — (37 ) 4,611 Telefónica Hispam Norte 1,002 (183 ) (350 ) (5 ) 464 Telefónica Hispam Sur 1,907 — — 555 2,462 Others 102 — (6 ) (1 ) 95 Total 26,841 (183 ) (356 ) (554 ) 25,748 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Schedule of Goodwill by Group Segment | The gross cost, accumulated amortization and impairment losses of intangible assets at December 31, 2019 and 2018 are as follows: Balance at 12/31/2019 Millions of euros Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangements and licenses 20,414 (11,848 ) — 8,566 Software 17,578 (14,597 ) (1 ) 2,980 Customer base 6,544 (4,878 ) — 1,666 Trademarks 1,887 (1,247 ) — 640 Other intangible assets 956 (901 ) (3 ) 52 Intangible assets in process 2,130 — — 2,130 Total intangible assets 49,509 (33,471 ) (4 ) 16,034 Balance at 12/31/2018 Millions of euros Gross cost Accumulated amortization Impairment losses Intangible assets Service concession arrangements and licenses 21,145 (11,150 ) — 9,995 Software 17,153 (14,213 ) — 2,940 Customer base 6,766 (4,628 ) — 2,138 Trademarks 1,853 (1,163 ) — 690 Other intangible assets 1,022 (942 ) (3 ) 77 Intangible assets in process 1,016 — — 1,016 Total intangible assets 48,955 (32,096 ) (3 ) 16,856 The movement in goodwill assigned to each Group segment was as follows: 2019 Millions of euros Balance at 12/31/2018 Disposals Additions Write-offs Exchange rate impact and other Balance at 12/31/2019 Telefónica Spain 4,310 (11 ) — — — 4,299 Telefónica Brazil 8,991 (1 ) — — (176 ) 8,814 Telefónica Germany 4,815 — 4 — — 4,819 Telefónica United Kingdom 4,611 — — — 236 4,847 Telefónica Hispam Norte 464 (144 ) — — 5 325 Telefónica Hispam Sur 2,462 (22 ) — (206 ) (31 ) 2,203 Others 95 (1 ) 2 — — 96 Total 25,748 (179 ) 6 (206 ) 34 25,403 2018 Millions of euros Balance at 12/31/2017 Transfer to Non-currents assets held for sale Write-offs and disposals Exchange rate impact and other Balance at 12/31/2018 Telefónica Spain 4,310 — — — 4,310 Telefónica Brazil 10,057 — — (1,066 ) 8,991 Telefónica Germany 4,815 — — — 4,815 Telefónica United Kingdom 4,648 — — (37 ) 4,611 Telefónica Hispam Norte 1,002 (183 ) (350 ) (5 ) 464 Telefónica Hispam Sur 1,907 — — 555 2,462 Others 102 — (6 ) (1 ) 95 Total 26,841 (183 ) (356 ) (554 ) 25,748 |
Schedule of Allocation of Goodwill to the Different Cash-Generating Units (CGUs) | The discount rates applied to the cash flow projections in 2019 and 2018 for the main CGUs are as follows: 2019 2018 Discount rate in local currency Before tax After-tax Before tax After-tax Spain 8.2% 6.2% 8.3% 6.4% Brazil 12.6% 10.0% 14.4% 11.2% United Kingdom 7.8% 6.2% 7.5% 6.3% Germany 7.8% 4.9% 6.9% 5.2% In order to test for impairment, goodwill was allocated to the different cash-generating units (CGUs), which are grouped into the following reportable operating segments: Millions of euros 12/31/2019 12/31/2018 Telefónica Spain 4,299 4,310 Telefónica Brazil 8,814 8,991 Telefónica Germany 4,819 4,815 Telefónica United Kingdom 4,847 4,611 Telefónica Hispam Norte 325 464 Colombia 195 192 Central America — 144 Ecuador 130 128 Telefónica Hispam Sur 2,203 2,462 Chile 856 906 Peru 766 744 Argentina 557 785 Uruguay 24 27 Others 96 95 TOTAL 25,403 25,748 The perpetuity growth rates applied to the cash flow projections in 2019 and 2018 for the main CGUs are as follows: Perpetuity growth rate in local currency 2019 2018 Spain 1.0% 0.9% Brazil 4.5% 4.5% United Kingdom 0.8% 0.8% Germany 1.1% 1.0% |
Schedule of Sensitivity to Changes in Assumptions | The Group performs a sensitivity analysis of the impairment test by considering reasonable changes in the main assumptions used in the test. For the main CGU, the following maximum increases or decreases were assumed, expressed in percentage points (percentage points): Changes in key assumptions, Spain United Kingdom Germany Brazil Financial variables Discount rate +/- 0.5 +/- 1 +/- 0.5 +/- 1 Perpetuity growth rates +/- 0.25 +/- 0.5 +/- 0.25 +/- 0.5 Long-term operating variables OIBDA Margin +/- 2 +/- 1.5 +/- 1.5 +/- 2 Ratio of CapEx/Revenues +/- 1 +/- 0.75 +/- 0.75 +/- 1 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | The Group’s subsidiaries depreciate their property, plant and equipment, from the time they can be placed in service, amortizing the cost of the assets, net of their residual values on a straight-line basis over the assets’ estimated useful lives, which are calculated in accordance with technical studies that are revised periodically in light of technological advances and the rate of dismantling, as follows: Years of estimated Buildings 25 – 40 Plant and machinery 10 – 15 Telephone installations, networks and subscriber equipment 5 – 20 Furniture, tools and other items 2 – 10 The composition of and movement in the items constituting net “Property, plant and equipment” in 2019 and 2018 were as follows: 2019 Millions of euros Balance at 12/31/18 First application of IFRS 16 Additions (1) Depreciation Disposals Transfers and others Translation differences and hyperinflation adjustments Exclusion Balance at 12/31/19 Land and buildings 4,310 (9 ) 37 (334 ) (227 ) 61 (56 ) (179 ) 3,603 Plant and machinery 25,346 (107 ) 1,258 (4,845 ) (33 ) 3,638 (58 ) (193 ) 25,006 Furniture, tools and other items 1,201 (133 ) 129 (434 ) (4 ) 503 7 (21 ) 1,248 PP&E in progress 2,438 — 4,568 — (2 ) (4,612 ) 18 (39 ) 2,371 Total PP&E 33,295 (249 ) 5,992 (5,613 ) (266 ) (410 ) (89 ) (432 ) 32,228 (1) Total additions of property, plant and equipment in 2019 amounted to 6,051 million euros, including the additions corresponding to companies held for sale and sold companies during the annual reporting period (see Note 2). 2018 Millions of euros Balance at 12/31/17 Additions Depreciation Disposals Transfers and others Translation differences and hyperinflation adjustments Balance at 12/31/18 Land and buildings 4,383 42 (368 ) (29 ) 77 205 4,310 Plant and machinery 25,297 1,305 (4,905 ) (6 ) 4,204 (549 ) 25,346 Furniture, tools and other items 1,267 134 (478 ) (21 ) 340 (41 ) 1,201 PP&E in progress 3,278 4,660 — (15 ) (5,401 ) (84 ) 2,438 Total PP&E 34,225 6,141 (5,751 ) (71 ) (780 ) (469 ) 33,295 The gross cost, accumulated depreciation and impairment losses of property, plant and equipment at December 31, 2019 and 2018 were as follows: Balance at December 31, 2019 Millions of euros Gross cost Accumulated depreciation Impairment losses PP&E Land and buildings 10,588 (6,975 ) (10 ) 3,603 Plant and machinery 101,249 (76,186 ) (57 ) 25,006 Furniture, tools and other items 7,041 (5,788 ) (5 ) 1,248 PP&E in progress 2,381 — (10 ) 2,371 Total PP&E 121,259 (88,949 ) (82 ) 32,228 Balance at December 31, 2018 Millions of euros Gross cost Accumulated depreciation Impairment losses PP&E Land and buildings 11,949 (7,636 ) (3 ) 4,310 Plant and machinery 102,615 (77,222 ) (47 ) 25,346 Furniture, tools and other items 7,137 (5,931 ) (5 ) 1,201 PP&E in progress 2,453 — (15 ) 2,438 Total PP&E 124,154 (90,789 ) (70 ) 33,295 |
Rights of Use (Tables)
Rights of Use (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Rights of Use [Abstract] | |
Schedule of Movements of Rights of Use | The movement of rights of use in 2019 is as follows: 2019 Millions of euros Balance at 12/31/18 First application IFRS 16 (Note 2) Additions (1) Amorti-zation Disposals Exclusion Transfers and others Translation differences and hyperinflation Balance at 12/31/19 Rights of use on land and natural properties — 1,622 334 (385 ) (61 ) (6 ) (3 ) 13 1,514 Rights of use on buildings — 4,361 697 (904 ) (136 ) (109 ) (123 ) 7 3,793 Rights of use on plant and machinery — 1,676 206 (373 ) (70 ) (6 ) (7 ) 8 1,434 Other rights of use — 211 47 (59 ) (2 ) — (1 ) 2 198 Total of rights of use — 7,870 1,284 (1,721 ) (269 ) (121 ) (134 ) 30 6,939 1) Total additions of rights of use in 2019 amounted to 1,292 million euros, including the additions corresponding to companies held for sale and sold companies during the annual reporting period. Additions of rights of use are detailed in Note 4. |
Schedule of Gross Cost, Accumulated Depreciation and Impairment Losses of Rights of Use | The gross cost and accumulated depreciation of the rights of use at December 31, 2019 is as follows: Balance at December 31, 2019 Millions of euros Gross cost Accumulated depreciation Rights of use Rights of use on land and natural properties 1,890 (376 ) 1,514 Rights of use on buildings 4,722 (929 ) 3,793 Rights of use on plant and machinery 1,822 (388 ) 1,434 Other rights of use 305 (107 ) 198 Total of rights of use 8,739 (1,800 ) 6,939 |
Schedule of Expenses Related to Leases and Income from Subleasing Right-of-Use Assets | The detail of expenses related to leases included in Supplies and Other expenses (see Note 3.n) of the consolidated income statement for 2019 is as follows: Millions of euros 2019 Short-term leases included in operating results as supplies 115 Short-term leases included in external services 108 Leases of low-value assets included in external services 13 Variable lease payments not included in the measurement of leases liabilities 2 Total expenses as external services (Note 26) 123 Total lease expenses 238 |
Associates and Joint Ventures (
Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interests In Other Entities [Abstract] | |
Schedule of Interests in Joint Ventures | The breakdown of items related to associates and joint ventures recognized in the consolidated statements of financial position and consolidated income statements is as follows: Millions of euros 12/31/2019 12/31/2018 Investments accounted for by the equity method 140 68 Receivables from associates and joint ventures for current operations (Note 14) 37 33 Financial debt, associates and joint ventures — 104 Payables to associates and joint ventures (Note 22) 634 520 Millions of euros 2019 2018 2017 Share of income (loss) of investments accounted for by the equity method 13 4 5 Revenue from operations with associates and joint ventures 265 233 218 Expenses from operations with associates and joint ventures 30 14 20 Financial revenues with associates and joint ventures — 1 — Financial expenses with associates and joint ventures 1 — — |
Schedule of Interests in Associates | The detail of the movement in investments accounted for by the equity method in 2019 and 2018 was as follows: Investments accounted for by the equity method Millions of euros Balance at 12/31/17 77 Additions 5 Disposals (4 ) Translation differences and other comprehensive income (loss) 2 Income (loss) 4 Dividends (14 ) Transfers and others (2 ) Balance at 12/31/18 68 Income (loss) 13 Dividends (13 ) Transfers and others 72 Balance at 12/31/19 140 "Transfers and others" line mainly includes the reclassification of the net book value of Internet para Todos, S.A.C. to Investments accounted for by the equity method. The Group holds a 37% stake in this company. |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Schedule of Transactions | The following is a summary of significant transactions between the Telefónica Group and BBVA and la Caixa companies, carried out at market prices: Millions of euros 2019 BBVA La Caixa Finance costs 32 7 Receipt of services 8 8 Purchase of goods — 62 Other expenses 4 — Total costs 44 77 Finance income 27 — Dividends received (1) 11 N/A Services rendered 13 63 Sale of goods 9 49 Other income 1 — Total revenues 61 112 Purchase of assets — 4 Finance arrangements: loans and capital contributions (borrower) 568 116 Finance arrangements: loans and capital contributions (lessee) — 5 Guarantees 169 91 Commitments — 89 Finance arrangements: loans and capital contributions (lender) 608 675 Dividends paid 121 108 Factoring operations 904 — ( 1) At December 31, 2019 , Telefónica held a 0.66% stake ( 0.66% stake at December 31, 2018 ) in the share capital of Banco Bilbao Vizcaya Argentaria, S.A. (see Note 12). Millions of euros 2018 BBVA La Caixa Finance costs 37 9 Receipt of services 6 6 Purchase of goods — 60 Other expenses 3 — Total costs 46 75 Finance income 42 — Dividends received 11 N/A Services rendered 26 60 Sale of goods 3 48 Other income 2 — Total revenues 84 108 Finance arrangements: loans and capital contributions (borrower) 368 368 Finance arrangements: loans and capital contributions (lessee) — 10 Guarantees 202 104 Commitments — 94 Finance arrangements: loans and capital contributions (lender) 595 891 Dividends 124 105 Factoring operations 643 300 |
Financial Assets and Other No_2
Financial Assets and Other Non-current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Schedule of Movement in Non-Current Financial Assets | The movement in investments, long-term receivables for indirect taxes, other long-term credits, deposits and guarantees, trade receivables, long-term receivables for subleases and impairment of trade receivables in 2019 and 2018, is as follows: Millions of euros Invest-ments Long-term receivables for indirect taxes Other long-term credits Deposits and guarantees Trade receiva-bles Long-term receivables for subleases Impairment of trade receivables Balance at 12/31/17 650 190 993 2,625 638 — (137 ) First application of IFRS 9 impact — — — — (201 ) — 17 Acquisitions 65 1,625 452 66 662 — (21 ) Disposals (24 ) (166 ) (497 ) (728 ) (148 ) — 10 Translation differences (5 ) (39 ) (4 ) (149 ) (12 ) — 1 Fair value adjustments and financial updates (115 ) 16 7 18 (4 ) — — Transfers and other 2 (895 ) (632 ) (208 ) (447 ) — 12 Balance at 12/31/18 573 731 319 1,624 488 — (118 ) First application of IFRS 16 impact — — — — — 13 — Acquisitions 29 175 141 70 794 5 (19 ) Disposals (9 ) (30 ) (85 ) (118 ) (187 ) — 10 Translation differences — — 3 (14 ) 9 — (3 ) Fair value adjustments and financial updates 7 26 (1 ) 7 8 — — Transfers and other — (714 ) (24 ) (284 ) (393 ) (6 ) (24 ) Balance at 12/31/19 600 188 353 1,285 719 12 (154 ) The breakdown of financial assets and other non-current assets of the Telefónica Group at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Non-current financial assets (Note 16) 6,392 6,393 Investments 600 573 Long-term receivables for indirect taxes 188 731 Other long-term credits 353 319 Deposits and guarantees 1,285 1,624 Trade receivables 719 488 Receivables for subleases 12 — Impairment of trade receivables (154 ) (118 ) Derivative financial assets (Note 19) 3,389 2,776 Other non-current assets 731 716 Contractual assets (Note 23) 138 108 Deferred expenses (Note 23) 221 191 Prepayments 372 417 Total 7,123 7,109 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventories [Abstract] | |
Schedule of Inventories | The detail of inventories of the Telefónica Group at December 31, 2019 and December 31, 2018 are as follows: Millions of euros 12/31/2019 12/31/2018 Audiovisual rights 1,189 795 Mobile terminals and other equipments 830 872 Other inventories 33 88 Inventories impairment provision (53 ) (63 ) Inventories 1,999 1,692 "Audiovisual rights" mainly includes the rights to broadcast sport events (see Note 29.c) and rights to broadcast films, television series and documentaries (see Note 3.j). |
Receivables and Other Current_2
Receivables and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Receivables and Other Current Assets | The detail of receivables and other current assets of the Telefónica Group at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Receivables (Note 16) 8,752 8,419 Trade receivables 10,969 10,666 Impairment of trade receivables (2,798 ) (2,657 ) Receivables from associates and joint ventures (Note 10) 37 33 Other receivables 544 377 Other current assets 2,033 2,160 Contractual assets (Note 23) 351 341 Capitalized costs (Note 23) 625 566 Prepayments 1,057 1,253 Total 10,785 10,579 |
Schedule of Impairment of Trade Receivables | The movement in impairment of trade receivables in 2019 and 2018 is as follows: Millions of euros Impairment provision at December 31, 2017 2,563 Adjustment on initial application of IFRS 9 126 Allowances 853 Inclusion of companies (10 ) Amounts applied (768 ) Translation differences and other (107 ) Impairment provision at December 31, 2018 2,657 Allowances 1,022 Transfers (30 ) Amounts applied (848 ) Translation differences and other (3 ) Impairment provision at December 31, 2019 2,798 |
Schedule of Accounts Receivable Balances | The detail of the age of the accounts receivable balances from customers and their corrections for impairment as of December 31, 2019 and 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Trade receivables Impairment Trade receivables Impairment Trade receivables pending billing 2,680 (19 ) 2,682 (25 ) Amount not overdue invoiced 3,978 (242 ) 3,508 (195 ) Less than 90 days 1,299 (195 ) 1,532 (164 ) Between 90 and 180 days 504 (201 ) 519 (168 ) Between 180 and 360 days 602 (440 ) 364 (212 ) More than 360 days 1,906 (1,701 ) 2,061 (1,893 ) Total 10,969 (2,798 ) 10,666 (2,657 ) |
Breakdown of Financial Assets (
Breakdown of Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Schedule of Breakdown of Financial Assets | Financial assets and other non-current assets The breakdown of financial assets and other non-current assets of the Telefónica Group at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Non-current financial assets (Note 16) 6,392 6,393 Investments 600 573 Long-term receivables for indirect taxes 188 731 Other long-term credits 353 319 Deposits and guarantees 1,285 1,624 Trade receivables 719 488 Receivables for subleases 12 — Impairment of trade receivables (154 ) (118 ) Derivative financial assets (Note 19) 3,389 2,776 Other non-current assets 731 716 Contractual assets (Note 23) 138 108 Deferred expenses (Note 23) 221 191 Prepayments 372 417 Total 7,123 7,109 Non-current financial assets The movement in investments, long-term receivables for indirect taxes, other long-term credits, deposits and guarantees, trade receivables, long-term receivables for subleases and impairment of trade receivables in 2019 and 2018, is as follows: Millions of euros Invest-ments Long-term receivables for indirect taxes Other long-term credits Deposits and guarantees Trade receiva-bles Long-term receivables for subleases Impairment of trade receivables Balance at 12/31/17 650 190 993 2,625 638 — (137 ) First application of IFRS 9 impact — — — — (201 ) — 17 Acquisitions 65 1,625 452 66 662 — (21 ) Disposals (24 ) (166 ) (497 ) (728 ) (148 ) — 10 Translation differences (5 ) (39 ) (4 ) (149 ) (12 ) — 1 Fair value adjustments and financial updates (115 ) 16 7 18 (4 ) — — Transfers and other 2 (895 ) (632 ) (208 ) (447 ) — 12 Balance at 12/31/18 573 731 319 1,624 488 — (118 ) First application of IFRS 16 impact — — — — — 13 — Acquisitions 29 175 141 70 794 5 (19 ) Disposals (9 ) (30 ) (85 ) (118 ) (187 ) — 10 Translation differences — — 3 (14 ) 9 — (3 ) Fair value adjustments and financial updates 7 26 (1 ) 7 8 — — Transfers and other — (714 ) (24 ) (284 ) (393 ) (6 ) (24 ) Balance at 12/31/19 600 188 353 1,285 719 12 (154 ) Investments “Investments” includes the fair value of investments in companies where Telefónica exercises no significant influence or control and for which there is no specific short-term disposal plan (see Note 3.i). It should be noted, the Telefónica Group’s shareholding in Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) amounted to 220 million euros ( 205 million euros at December 31, 2018), representing 0.66% of its share capital at December 31, 2019 (same percentage at December 31, 2018). At December 31, 2019, Telefónica maintained a 0.59% stake in the share capital of China Unicom (Hong Kong) Limited, valued at 152 million euros (same percentage at December 31, 2018, valued at 169 million euros). At December 31, 2019, Telefónica maintained a 9.03% stake in the share capital of Promotora de Informaciones, S.A. (Prisa), valued at 94 million euros ( 9.44% at December 31, 2018 valued at 93 million euros). In 2019 and 2018, Telefónica subscribed the capital increase of PRISA, acquiring 11.3 and 42.2 million new shares, respectively, and selling the rest of the preferred subscription rights. The net amount of the transactions was 15 million euros in 2019 and 49 million euros in 2018. With the application of IFRS 9, the shares described above, classified as financial available-for-sale assets at December 31, 2017, have been reclassified as of January 1, 2018 to the categories of financial assets at fair value thought other comprehensive income, equity instruments. Long-term receivables for indirect taxes During 2018 two final decisions in favor of Telefónica Brazil were passed, which recognized the right to deduct the state tax on goods and services (ICMS) from the calculation basis of the Social Integration Program-PIS (Programa de Integração Social) and the Financing of Social Security-COFINS (Contribuição para Financiamento da Seguridade Social). These decisions cover the period from September 2003 to June 2017, and the period from July 2004 to June 2013. Once the values were determined, Telefónica Brazil presented to the tax authorities a refund request for the payments of PIS/COFINS affected by the judicial decision, together with the corresponding default interest. The total amount, recorded as acquisitions of "Long-term receivables for indirect taxes" in 2018 in the table above, amounted to 6,240 million Brazilian reals (around 1,454 million euros at an average exchange rate of 2018). I n 2018, the impact on the consolidated income statement amounted to 3,386 million Brazilian reals ( 789 million euros at an average exchange rate of 2018), reducing the Taxes item under Other expenses (Note 26), and 2,854 million Brazilian reals ( 665 million euros at an average exchange rate of 2018) under Finance Income (see Note 19). In August 2018 Telefónica Brazil started compensating the credits. In October 2018 the competent authority in Brazil filed a review of the supporting documentation with the purpose of approving the PIS and COFINS credits. This review is still ongoing at the date of approval of these consolidated financial statements. Telefónica Brazil met all the requests of this procedure and it continues compensating the credits, in line with the favorable decision issued by the court. The outstanding credit at December 31, 2018 amounted to 4,915 million Brazilian reals ( 1,107 million euros at the closing exchange rate of 2018), of which 539 million euros were registered as "Long-term receivables for indirect taxes" in the table above and 568 million euros as short-term. The outstanding credit at December 31, 2019 amounted to 2,046 million Brazilian reals ( 452 million euros at the closing exchange rate for 2019) and it is expected to be compensated within a twelve-month period and as such it is recorded under current assets (see Note 25). The Company is still engaged in three other lawsuits of the same nature (including the lawsuits of the companies GVT and Telemig, currently incorporated in Telefónica Brazil). According to the company’s estimates, the contingent assets for these processes, which comprise various periods between December 2001 and June 2017, lie in a range between 1,700 and 2,200 million Brazilian reals (between 376 and 486 million euros at the closing exchange rate of 2019). Other long-term credits “Other long-term credits” at December 31, 2017 included long-term financial assets of the subsidiary Seguros de Vida y Pensiones Antares, S.A., fundamentally fixed-income securities, amounting to 692 million euros. At December 31, 2018, these long-term financial assets amounted to 634 million euros and were reclassified as non-current assets classified as held for sale (see Note 30). These assets were mainly intended to cover obligations from the defined benefit plans of Telefónica de España (ITP and Survival, see Note 24) but did not qualify as “plan assets” under Employee Benefits (IAS 19) (see Note 24). As described in Note 2, on February 14, 2019 the sale of Antares was concluded. Likewise, this line item includes long-term financial assets of Telefónica Germany amounting to 68 and 62 million euros at December 31, 2019 and 2018, respectively, that are mainly intended to cover obligations from the defined benefit plan of Telefónica Germany but do not represent "plan assets" in accordance with IAS 19 (see Note 24). The vast majority of long-term credits, recognized at amortized cost (Note 16), are considered to be low credit risk assets, therefore the impairment analysis was carried out on the basis of expected credit losses in the next twelve months. Deposits and guarantees Telefónica Brazil has non-current judicial deposits amounting to 750 million euros (see Note 24) at December 31, 2019 ( 810 million euros at December 31, 2018). At December 31, 2019, there were deposits related to the collateral guarantees on derivatives signed by Telefónica, S.A. and its counterparties for the credit risk management of derivatives amounting to 403 million euros of which 80 million euros cross currency swap ( 687 million euros at December 31, 2018 that included 276 million euros related to cross currency swap). In addition, 145,000 bonds issued by Telefónica Emisiones, S.A.U. are deposited in a securities account of Telefónica S.A. linked to these collateral contracts as guarantee for a nominal amount of 129 million euros at December 31, 2019 ( 120,000 bonds for a nominal amount of 105 million euros at December 31, 2018). The vast majority deposits and guarantees recognized at amortized cost (Note 16), are considered to be low credit risk assets, therefore the impairment analysis was carried out on the basis of expected credit losses in the next 12 months. The breakdown of financial assets of the Telefónica Group at December 31, 2018 was as follows: December 31, 2018 Fair value through profit or loss Fair value through other comprehensive income Measurement hierarchy Millions of euros Held for trading Fair value option Debt instru-ments Equity instru-ments Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Amortized cost Total carrying amount Total fair value Non-current financial assets (Note 12) 860 — 70 545 1,950 660 2,765 — 2,968 6,393 6,393 Investments 28 — — 545 — 492 81 — — 573 573 Credits and other financial assets 6 — — — — 6 — — 1,044 1,050 1,050 Deposits and guarantees — — — — — — — — 1,624 1,624 1,624 Derivative instruments 826 — — — 1,950 162 2,614 — — 2,776 2,776 Trade receivables — — 70 — — — 70 — 418 488 370 Impairment of trade receivables — — — — — — — — (118 ) (118 ) — Current financial assets 961 — 681 — 660 154 2,148 — 14,018 16,320 16,320 Trade receivables (Note 14) 580 — 680 — — — 1,260 — 9,816 11,076 8,419 Impairment of trade receivables (Note 14) — — — — — — — — (2,657 ) (2,657 ) — Other current financial assets (Note 15) 381 — 1 — 660 154 888 — 1,167 2,209 2,209 Cash and cash equivalents — — — — — — — — 5,692 5,692 5,692 Total 1,821 — 751 545 2,610 814 4,913 — 16,986 22,713 22,713 The breakdown of financial assets of the Telefónica Group at December 31, 2019 is as follows: December 31, 2019 Fair value through profit or loss Fair value through other comprehensive income Measurement hierarchy Millions of euros Held for trading Fair value option Debt instru-ments Equity instru-ments Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Amortized cost Total carrying amount Total fair value Non-current financial assets (Note 12) 757 — 104 565 2,676 511 3,591 — 2,290 6,392 6,392 Investments 35 — — 565 — 496 104 — — 600 600 Credits and other financial assets 9 — — — — 9 — — 532 541 541 Deposits and guarantees — — — — — — — — 1,285 1,285 1,285 Derivative instruments 713 — — — 2,676 6 3,383 — — 3,389 3,389 Trade receivables — — 104 — — — 104 — 615 719 565 Trade receivables for subleases — — — — — — — — 12 12 12 Impairment of trade receivables — — — — — — — — (154 ) (154 ) — Current financial assets 960 — 567 — 1,104 317 2,314 — 15,286 17,917 17,917 Trade receivables (Note 14) 480 — 567 — — — 1,047 — 10,503 11,550 8,752 Impairment of trade receivables (Note 14) — — — — — — — — (2,798 ) (2,798 ) — Other financial assets (Note 15) 480 — — — 1,104 317 1,267 — 1,539 3,123 3,123 Cash and cash equivalents — — — — — — — — 6,042 6,042 6,042 Total 1,717 — 671 565 3,780 828 5,905 — 17,576 24,309 24,309 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Schedule of Proposed Distribution of Profit | The Company’s Board of Directors will submit the following proposed distribution of 2019 profit for approval at the Shareholders’ Meeting: Millions of euros Other reserves 5,740 Total 5,740 |
Schedule of Subordinated Securities | The characteristic of undated deeply subordinated securities, the detail of the tender offer and the amounts repurchased in the operations and the amount amortized un advance, are the following (million euros): Issue date Annual Fix Variable Exercisable by issuer 12/31/2018 Tender Offer Amount repurchased Redemption 12/31/2019 09/24/2019 2.875 % from 09/24/27 rate SWAP + spread incremental 2027 — — — — 500 03/14/2019 4.375 % from 03/14/23 rate SWAP + spread incremental 2025 — — — — 1,300 03/22/2018 3 % from 12/04/23 rate SWAP + spread incremental 2023 1,250 — — — 1,250 3.875 % from 09/22/26 rate SWAP + spread incremental 2026 1,000 — — — 1,000 12/07/2017 2.625 % from 06/07/23 rate SWAP + spread incremental 2023 1,000 — — — 1,000 09/15/2016 3.750 % from 03/15/22 rate SWAP + spread incremental 2022 1,000 — — — 1,000 03/30/2015(*) 8.50 % from 03/30/20 rate SWAP + spread incremental 2020 452 — — — 452 12/04/2014 4.20 % from 12/04/19 rate SWAP + spread incremental 2019 705 705 (587 ) (118 ) — 03/31/2014 5 % 3/31/2020 2020 592 592 (348 ) — 244 5.875 % 3/31/2024 2024 1,000 — — — 1,000 11/26/2013(**) 6.75 % from 11/26/20 rate SWAP + spread incremental 2020 205 — — — 205 09/18/2013 7.625 % from 09/18/21 rate SWAP + spread incremental 2021 292 — — — 292 7,496 8,243 (*) Issued by Colombia Telecomunicaciones, S.A. ESP ( 500 million U.S. dollars). (**) Security Issued in pounds sterling for a live nominal amount of 172 million pounds sterling. |
Schedule of Breakdown of Accumulated Contribution of Translation Differences | The breakdown of the accumulated contribution of translation differences attributable to equity holders of the parent at December 31 is as follows: Millions of euros 2019 2018 2017 Brazilian real (10,910 ) (10,603 ) (8,710 ) Pound sterling (2,868 ) (3,266 ) (3,223 ) Other currencies (810 ) (882 ) (3,921 ) Total Group (14,588 ) (14,751 ) (15,854 ) |
Schedule of Impact of Adoption of New IFRS Guidance | The modifications introduced by IFRS 16 have had a significant impact on the group's financial statements since the date of adoption, as shown below: Millions of euros Impact of the first application Opening balance of rights of use at January 1, 2019 (Note 9) 7,870 Impact of IFRS 16 on rights of use of companies held for sale at December 31, 2018 (1) 155 Reclassification of property, plant and equipment deriving from finance leases under IAS 17 (Note 8) (249 ) Reclassification of advance payments of lease contracts in force at December 31, 2018 (178 ) Accounts receivable for subleases 18 Impact of IFRS 16 on assets at transition date 7,616 Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 Impact of IFRS 16 on lease liabilities of companies held for sale at December 31, 2018 (1) 152 Reclassification of finance lease liabilities under IAS 17 at December 31, 2018 (201 ) Reclassification of other liabilities at December 31, 2018 (56 ) Impact of IFRS 16 on liabilities at transition date 7,600 Impact of IFRS 16 on equity at transition date (Note 17) 16 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30) The table below shows the reconciliation between the operating lease obligations as reported in the consolidated financial statements of 2018 and the opening balance of lease liabilities under IFRS 16: Millions of euros 1/1/2019 Present value of future payments for operating leases at December 31, 2018 7,229 Present value of future payments for operating leases of companies held for sale at December 31, 2018 (1) (98 ) Finance lease liabilities under IAS 17 201 Low cost and/or short-term lease contracts (337 ) Cancelable contracts without penalty cost 541 Differences in lease term and discount rates 247 Other items (78 ) Opening balance of lease liabilities at January 1, 2019 (Note 20) 7,705 (1) Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador (see Note 30). Following is a summary of estimated impacts of IFRS 16 on the Group’s consolidated income statement in 2019, presented on a voluntary basis: Millions of euros 2019 INCOME STATEMENT IFRS 16 IAS 17 IFRS 16 Impact Revenues 48,422 48,422 — Other income 2,842 3,032 (190 ) Supplies (13,635 ) (14,490 ) 855 Personnel expenses (8,066 ) (8,070 ) 4 Other expenses (14,444 ) (15,284 ) 840 Depreciation and amortization (10,582 ) (8,950 ) (1,632 ) OPERATING INCOME 4,537 4,660 (123 ) Share of income (loss) of investments accounted for by the equity method 13 13 — Finance income 842 842 — Exchange gains 2,461 2,449 12 Finance costs (2,795 ) (2,599 ) (196 ) Exchange losses (2,340 ) (2,310 ) (30 ) Net financial expense (1,832 ) (1,618 ) (214 ) PROFIT BEFORE TAX 2,718 3,055 (337 ) Corporate income tax (1,054 ) (1,104 ) 50 PROFIT FOR THE YEAR 1,664 1,951 (287 ) Attributable to equity holders of the Parent 1,142 1,383 (241 ) Attributable to non-controlling interests 522 568 (46 ) Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.17 0.21 (0.05 ) The impacts of adopting IFRS 15 on the Group’s financial statements for the year ended December 31, 2018 are set out below: Millions of euros 12/31/2018 ASSETS IFRS 15 IAS 18 IFRS 15 impact A) NON-CURRENT ASSETS 90,707 90,448 259 Intangible assets 16,856 16,856 — Goodwill 25,748 25,748 — Property, plant and equipment 33,295 33,295 — Investments accounted for by the equity method 68 68 — Financial assets and other non-current assets 7,109 6,823 286 Deferred tax assets 7,631 7,658 (27 ) B) CURRENT ASSETS 23,340 22,540 800 Inventories 1,692 1,692 — Receivables and other current assets 10,579 9,789 790 Tax receivables 1,676 1,666 10 Other current financial assets 2,209 2,209 — Cash and cash equivalents 5,692 5,692 — Non-current assets classified as held for sale 1,492 1,492 — TOTAL ASSETS (A+B) 114,047 112,988 1,059 Millions of euros 12/31/2018 EQUITY AND LIABILITIES IFRS 15 IAS 18 IFRS 15 Impact A) EQUITY 26,980 26,193 787 Equity attributable to equity holders of the parent and other holders of equity instruments 17,947 17,262 685 Equity attributable to non-controlling interests 9,033 8,931 102 B) NON-CURRENT LIABILITIES 57,418 57,267 151 Non-current financial liabilities 45,334 45,334 — Payables and other non-current liabilities 1,890 1,903 (13 ) Deferred tax liabilities 2,674 2,510 164 Non-current provisions 7,520 7,520 — C) CURRENT LIABILITIES 29,649 29,528 121 Current financial liabilities 9,368 9,368 — Payables and other-current liabilities 15,485 15,460 25 Current tax payables 2,047 1,951 96 Current provisions 1,912 1,912 — Liabilities associated with non-current assets classified as held for sale 837 837 — TOTAL EQUITY AND LIABILITIES (A+B+C) 114,047 112,988 1,059 Millions of euros 2018 INCOME STATEMENT IFRS 15 IAS 18 IFRS 15 Impact Revenues 48,693 48,728 (35 ) Depreciation and amortization (9,049 ) (9,049 ) — OPERATING INCOME 6,522 6,446 76 Share of income (loss) of investments accounted for by the equity method 4 4 — Net financial expense (955 ) (944 ) (11 ) PROFIT BEFORE TAX 5,571 5,506 65 Corporate income tax (1,621 ) (1,609 ) (12 ) PROFIT FOR THE YEAR 3,950 3,897 53 Attributable to equity holders of the Parent 3,331 3,291 40 Attributable to non-controlling interests 619 606 13 Basic and diluted earnings per share attributable to equity holders of the parent (euros) 0.57 0.56 0.01 n) New IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) The accounting policies applied in the preparation of the consolidated financial statements for the year ended December 31, 2019 are consistent with those used in the preparation of the Group’s consolidated annual financial statements for the year ended December 31, 2018 , with the exception of the following new standards and amendments to existing standards issued by the IASB and adopted by the European Union for application in Europe, which are mandatory for annual periods beginning on or after January 1, 2019: • IFRS 16 Leases Following is a detail of the Group's new accounting policies pursuant to the adoption of IFRS 16, which have been applied since the date of its initial application. Information on the impact of the first-time application of this new standard is included in Note 2. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure requirements for leases, requiring a lessee to account for all leases on the statement of financial position under a single model, similar to the recognition of finance leases in IAS 17. At the inception date of the lease (i.e. the date when the underlying asset is available for use), a lessee recognizes a liability for the present value of the lease payments payable over the lease term and a right of use asset that represents the right to use the underlying asset over the term of the lease. Rights of use assets are measured at cost, less accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The cost of rights of use assets includes the amount of initial direct costs incurred and lease payments made before the commencement date less incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term. The Group does not recognize non-lease components separately from lease components for those classes of assets in which non-lease components are not significant with respect to the total value of the arrangement. Lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable, variable lease payments that depend on an index or rate, and amounts expected to be paid as residual value guarantees. Similarly, the measurement of the lease liability includes the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option, and payments of penalties for early termination, if the lease term reflects the lessee exercising such cancellation option. For the calculation of the present value of the lease payments, the Group uses the incremental borrowing rate at the start date of the lease. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for the payments made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, changes in future lease payments resulting from a change in an index or rate used to determine those payments. The amount of such remeasurement is generally recognized against an adjustment to the right-of-use asset. The standard includes two recognition exemptions: "low value" asset leases (the Group uses this exemption for office equipment) and short-term leases (the Group uses this exemption for all leases with a term of 12 months or less). In such cases, lease payments are recognized as an expense on a straight-line basis over the lease term. The Group determines the lease term as the non-cancellable term of the contract, together with any period covered by an extension (or termination) option whose exercise is discretionary for the Group, if there is reasonable certainty that it will be exercised (or it will not be exercised). In its assessment, the Group considers all available information by asset class in the industry and evaluates all relevant factors (technology, regulation, competition, business model) that create an economic incentive to exercise or not a renewal/cancellation option. In particular, the Group takes into consideration the time horizon of the strategic planning of its operations. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control that may affect its ability to exercise (or not to exercise) an option to extend or terminate (for example, a change in business strategy). Lessor accounting is substantially unchanged under the new standard. Lessors continue to classify all leases using the classification principles in the prior standard, IAS 17, and distinguishing between operating and finance leases. Leases in which the lessor retains a significant portion of the risks and rewards of ownership of the leased asset are treated as operating leases. Otherwise, the lease is a finance lease. • IFRIC 23 Uncertainty over Income Tax Treatment The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 (see Note 3.n). The Interpretation clarifies that the approach that better predicts the resolution of the uncertainty should be followed, and specifically addresses the assumptions an entity makes about the examination of tax treatments by taxation authorities and how an entity determines taxable profit (loss), tax bases, unused tax losses and tax credits, and tax rates, where there is uncertainty over an income tax treatment. The Group's current practice is in line with this Interpretation, so the application of these requirements did not have a significant impact on the Group's results in the period. These items are now presented in the statement of financial position under the headings Deferred tax liabilities or Current tax payables, depending on whether they are deferred tax liabilities or current tax liabilities, as appropriate. This involved a reclassification from the heading Provisions amounting to 856 million euros (see Notes 24 and 25). • Prepayment Features with Negative Compensation (Amendments to IFRS 9) Under IFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are ‘solely payments of principal and interest on the principal amount outstanding’ (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of the event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. This amendment did not have a significant impact on the Group's financial position or results in the period. • Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) The amendments to IAS 19 specify that when a plan amendment, curtailment or settlement occurs during the annual reporting period, an entity is required to: - Determine current service cost for the remainder of the period after the plan amendment, curtailment or settlement, using the actuarial assumptions used to remeasure the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event. - Determine net interest for the remainder of the period after the plan amendment, curtailment or settlement using: the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event; and the discount rate used to remeasure that net defined benefit liability (asset). The amendments also clarify that an entity first determines any past service cost, or a gain or loss on settlement, without considering the effect of the asset ceiling. This amount is recognized in profit or loss. An entity then determines the effect of the asset ceiling after the plan amendment, curtailment or settlement. Any change in that effect, excluding amounts included in the net interest, is recognized in other comprehensive income. These amendments did not have an impact on the Group's financial position or results in the period. • Long-term interests in associates and joint ventures (Amendments to IAS 28) The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The amendments also clarify that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28 Investments in Associates and Joint Ventures. These amendments did not have a significant impact on the Group's financial position or results in the period. • Annual Improvements to IFRS Standards 2015-2017 Cycle This text includes a number of improvements to existing IFRS, mainly to eliminate inconsistencies and clarify the wording of some of these standards. - IFRS 3 Business Combinations The amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the requirements for a business combination achieved in stages, including remeasuring previously held interests in the assets and liabilities of the joint operation at fair value. In doing so, the acquirer remeasures its entire previously held interest in the joint operation. - IFRS 11 Joint Arrangements A party that participates in, but does not have joint control of, a joint operation might obtain joint control of the joint operation in which the activity of the joint operation constitutes a business as defined in IFRS 3. The amendments clarify that the previously held interests in that joint operation are not remeasured. - IAS 12 Income Taxes The amendments clarify that the income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity recognises the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. - IAS 23 Borrowing Costs The amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all of the activities necessary to prepare that asset for its intended use or sale are complete. These improvements did not have a significant impact on the Group's financial position or results in the period. New standards and amendments to standards issued but not effected as of December 31, 2019 . At the date of preparation of the consolidated financial statements, the following IFRS and amendments to existing standards had been published, but their application is not mandatory: Standards and amendments Mandatory application: annual periods beginning on or after Amendments to IFRS 3 Definition of a Business January 1, 2020 Amendments to IAS 1 and IAS 8 Definition of Material January 1, 2020 Amendments to References to the Conceptual Framework in IFRSs Standards January 1, 2020 Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform January 1, 2020 IFRS 17 Insurance Contracts January 1, 2021 Amendments to IAS 1 Classification of Liabilities as Current or Non-Current January 1, 2022 Based on the assessment made to date, the Group estimates that the adoption of these new pronouncements will not have a significant impact on the consolidated financial statements in the initial period of application. The initial application of IFRS 9 Financial instruments and IFRS 15 Revenue from contracts with customers (see Note 2), effective as of January 1, 2018 , had a net impact on total equity amounting to -165 million euros and 743 million euros, respectively in 2018, with the following detail: Millions of euros IFRS 9 IFRS 15 Total Gross impact on equity (221 ) 1,006 785 Tax effect 56 (263 ) (207 ) Impact on equity (165 ) 743 578 Attributable to equity holders (142 ) 654 512 Attributable to non-controlling interest (23 ) 89 66 |
Schedule of Treasury Share Instruments | Telefónica, S.A. held the following treasury shares at December 31, 2019 , 2018 and 2017 : Euros per share Number of shares Acquisition price Trading price Market value (*) % Treasury shares at 12/31/19 77,562,635 9.88 6.23 483 1.49385 % Treasury shares at 12/31/18 65,496,120 10.48 7.34 481 1.26145 % Treasury shares at 12/31/17 65,687,859 10.48 8.13 534 1.26514 % (*) Millions of euros. The following transactions involving treasury shares were carried out in 2019 , 2018 and 2017 : Number of shares Treasury shares at 12/31/16 141,229,134 Acquisitions — Employee share option plan (3,518,795 ) Capital reduction (72,022,480 ) Treasury shares at 12/31/17 65,687,859 Acquisitions — Employee share option plan (191,739 ) Treasury shares at 12/31/18 65,496,120 Acquisitions 14,033,446 Employee share option plan (1,966,931 ) Treasury shares at 12/31/19 77,562,635 |
Schedule of Equity Attributable to Non-Controlling Interests | “Equity attributable to non-controlling interests” represents the share of non-controlling interests in the equity and income or loss for the year of fully consolidated Group companies. The movements in this balance for the 2019 , 2018 and 2017 consolidated statements of financial position are as follows: Millions of euros Balance at 12/31/18 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 12/31/19 Telefônica Brasil, S.A. 4,604 (3 ) — (374 ) 307 (85 ) (7 ) 4,442 Telefónica Deutschland Holding, A.G. 2,873 — — (247 ) (75 ) — (7 ) 2,544 Colombia Telecomunicaciones, S.A., ESP 523 (1 ) — — 11 4 (11 ) 526 Telefónica Centroamericana Inversiones, S.L. 316 — (414 ) — 196 7 1 106 Telxius Telecom, S.A. 677 — — (87 ) 86 7 (2 ) 681 Other 40 — — (2 ) (3 ) — (2 ) 33 Total 9,033 (4 ) (414 ) (710 ) 522 (67 ) (28 ) 8,332 Millions of euros Balance at 12/31/17 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 12/31/18 Telefônica Brasil, S.A. 5,018 — — (406 ) 556 (550 ) (14 ) 4,604 Telefónica Deutschland Holding, A.G. 3,114 — — (238 ) (88 ) — 85 2,873 Colombia Telecomunicaciones, S.A., ESP 523 — — — 41 (19 ) (22 ) 523 Telefónica Centroamericana Inversiones, S.L. 307 — — (28 ) 30 7 — 316 Telxius Telecom, S.A. 694 139 — (231 ) 80 5 (10 ) 677 Other 42 — 1 (3 ) — (1 ) 1 40 Total 9,698 139 1 (906 ) 619 (558 ) 40 9,033 Millions of euros Balance at 12/31/16 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 12/31/17 Telefônica Brasil, S.A. 5,756 25 — (320 ) 336 (772 ) (7 ) 5,018 Telefónica Deutschland Holding, A.G. 4,150 — (671 ) (229 ) (140 ) — 4 3,114 Colombia Telecomunicaciones, S.A., ESP (88 ) 605 — — 26 (4 ) (16 ) 523 Telefónica Centroamericana Inversiones, S.L. 354 — — (22 ) 18 (43 ) — 307 Telxius Telecom, S.A. — 690 — — 7 (3 ) — 694 Other 56 — — (12 ) (1 ) (2 ) 1 42 Total 10,228 1,320 (671 ) (583 ) 246 (824 ) (18 ) 9,698 |
Schedule of Condensed Financial Statements of Non-controlling Interests | Note 4 contains the revenues, OIBDA, Operating income, capital expenditure and the main items of the statement of financial position for the main segments of the Telefónica Group with non-controlling interests, namely Telefónica Brazil and Telefónica Germany. The detail of these figures for Colombia Telecomunicaciones is as follows: Millions of euros Colombia Telecomunicaciones 2019 2018 2017 Revenues 1,410 1,468 1,462 OIBDA 558 556 482 Depreciation and amortization (386 ) (385 ) (357 ) Operating income 172 171 125 Capital Expenditure 309 192 796 Fixed Assets 1,904 1,950 2,221 Total allocated assets 3,296 3,073 3,246 Total allocated liabilities 1,825 1,615 1,790 |
Schedule of Subsidiary Cash Flows | The statements of cash flows of these companies are as follows: Millions of euros Telefónica Brazil 2019 2018 2017 Net cash flow provided by operating activities 4,231 3,599 3,710 Net cash flow used in investing activities (1,900 ) (2,012 ) (2,285 ) Net cash flow used in financing activities (2,230 ) (1,660 ) (1,653 ) 101 (73 ) (228 ) Millions of euros Telefónica Germany 2019 2018 2017 Net cash flow provided by operating activities 2,249 1,898 1,942 Net cash flow used in investing activities (1,194 ) (1,137 ) (1,223 ) Net cash flow used in financing activities (997 ) (569 ) (706 ) 58 192 13 Millions of euros Colombia Telecomunicaciones 2019 2018 2017 Net cash flow provided by operating activities 237 344 324 Net cash flow provided by (used in) investing activities 15 (167 ) (684 ) Net cash flow provided by (used in) financing activities (169 ) (229 ) 407 83 (52 ) 47 |
Financial Liabilities (Tables)
Financial Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Schedule of Maturity of Debentures and Bonds | The breakdown of financial liabilities at December 31, 2019 and the corresponding maturities schedule is as follows: Millions of euros Current Non-current Maturity 2020 2021 2022 2023 2024 Subsequent years Non-current total Total Debentures and bonds 5,826 4,876 5,152 2,369 1,048 23,365 36,810 42,636 Promissory notes & commercial paper 1,635 — — 140 263 320 723 2,358 Total Issues 7,461 4,876 5,152 2,509 1,311 23,685 37,533 44,994 Loans and other payables 1,091 447 380 423 547 1,600 3,397 4,488 Derivative instruments (Note 19) 524 199 228 101 132 1,698 2,358 2,882 Total 9,076 5,522 5,760 3,033 1,990 26,983 43,288 52,364 The detail and key features of outstanding debentures and bonds at December 31, 2019 are as follows (in millions of euros): Total Telefónica and its instrumental companies Maturity (nominal) Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total T. EUROPE BV SEP_00 BOND GLOBAL D USD 8.250 % — — — — — 1,092 1,092 TEBV FEB_03 EMTN FIXED TRANCHE B EUR 5.875 % — — — — — 500 500 Telefónica Europe, B.V. — — — — — 1,592 1,592 EMTN O2 GBP GBP 5.375 % — — — — — 587 587 TELEF. EMISIONES JUNE 06 TRANCHE D USD 7.045 % — — — — — 1,781 1,781 TELEF. EMISIONES JANUARY 07 A EUR 1 x EURIBOR6M +0,83% — 55 — — — — 55 TELEF. EMISIONES MAY 2014 EUR 2.242 % — — 1,250 — — — 1,250 EMTN GBP 12/09/2022 650 GBP GBP 5.289 % — — 764 — — — 764 TELEF. EMISIONES APRIL 2010 USD 5.134 % 1,247 — — — — — 1,247 EMTN GBP 10/08/2029 400 GBP GBP 5.445 % — — — — — 470 470 TELEF. EMISIONES FEBRUARY 2011 USD 5.462 % — 1,336 — — — — 1,336 TELEF. EMISIONES FEBRUARY 2012 GBP 5.597 % 822 — — — — — 822 TELEF. EMISIONES OCTOBER 2012 EUR 4.710 % 1,200 — — — — — 1,200 TELEF. EMISIONES DECEMBER 2012 CHF 3.450 % — — 138 — — — 138 TELEF EMISIONES JANUARY 2013 EUR 3.987 % — — — 1,500 — — 1,500 TELEF. EMISIONES MARCH 2013 EUR 3.961 % — 1,000 — — — — 1,000 TELEF EMISIONES APRIL 2013 USD 4.570 % — — — 668 — — 668 TELEF. EMISIONES OCTOBER 2014 EUR 2.932 % — — — — — 800 800 TELEF. EMISIONES OCTOBER 2013 CHF 2.595 % 207 — — — — — 207 TELEF. EMISIONES JULY 2015 EUR 1 x EURIBOR6M +0,83% — — 67 — — — 67 TELEF. EMISIONES SEPTEMBER 2015 EUR 1.477 % — 1,000 — — — — 1,000 TELEF EMISIONES APRIL 2016 EUR 0.750 % — — 1,400 — — — 1,400 Total Telefónica and its instrumental companies (cont.) Maturity (nominal) Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total TELEF EMISIONES APRIL 2016 EUR 1.460 % — — — — — 1,350 1,350 TELEF. EMISIONES OCTOBER 2016 EUR 0.318 % 1,250 — — — — — 1,250 TELEF. EMISIONES OCTOBER 2016 EUR 1.930 % — — — — — 750 750 TELEF. EMISIONES DECEMBER 2016 EUR 4.000 % — — — — — 150 150 TELEF. EMISIONES JANUARY 2017 EUR 1.528 % — — — — — 1,250 1,250 TELEF. EMISIONES JANUARY 2017 EUR 2.318 % — — — — — 500 500 TELEF. EMISIONES MARCH 2017 USD 4.103 % — — — — — 1,336 1,336 TELEF. EMISIONES MARCH 2017 USD 5.213 % — — — — — 1,781 1,781 TELEF. EMISIONES MARCH 2017 EUR 2.318 % — — — — — 200 200 TELEF. EMISIONES APRIL 2017 USD 4.900 % — — — — — 178 178 TELEF. EMISIONES APRIL 2017 USD 5.213 % — — — — — 445 445 TELEF. EMISIONES SEPTEMBER 2017 EUR 1.715 % — — — — — 1,250 1,250 TELEF. EMISIONES JANUARY 2018 EUR 1.447 % — — — — — 1,000 1,000 TELEF. EMISIONES MARCH 2018 USD 4.895 % — — — — — 1,113 1,113 TELEF. EMISIONES MARCH 2018 USD 4.665 % — — — — — 668 668 TELEF. EMISIONES SEPTEMBER 2018 EUR 1.495 % — — — — — 1,000 1,000 TELEF. EMISIONES FEBRUARY 2019 GREEN B. EUR 1.069 % — — — — 1,000 — 1,000 TELEF. EMISIONES MARCH 2019 EUR 1.788 % — — — — — 1,000 1,000 TELEF. EMISIONES MARCH 2019 USD 5.520 % — — — — — 1,113 1,113 TELEF. EMISIONES JULY 2019 EUR 1.957 % — — — — — 500 500 Telefónica Emisiones, S.A.U. 4,726 3,391 3,619 2,168 1,000 19,222 34,126 Exchangeable Bond MARCH 2016 (*) EUR — — 600 — — — — 600 Telefónica Participaciones — — 600 — — — — 600 Total Telefónica, S.A. and its instrumental companies 4,726 3,991 3,619 2,168 1,000 20,814 36,318 (*) Issue of non-dilutive cash-settled equity-linked bonds referenced to Telefónica share price, with a nominal amount of 600 million euros, issue price of 101.25% and maturing in March 2021. Foreign operators Maturity Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total Bond T CLP 4.900 % 11 23 — 23 — — 57 144A Bond USD 3.875 % — — 445 — — — 445 Telefónica Chile, S.A. 11 23 445 23 — — 502 Bond F UF 3.600 % — — — 101 — — 101 Bond G UF 2.200 % 67 — — — — — 67 Bond I UF 1.950 % 67 — — — — — 67 Bond K CLP 4.900 % — 112 — — — — 112 Foreign operators (cont.) Maturity Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total Telefónica Móviles Chile, S.A. 134 112 — 101 — — 347 T. Finanzas Mex 0710 FIX MXN 8.070 % 94 — — — — — 94 Telefónica Finanzas México, S.A. 94 — — — — — 94 Bond T. Peru 4th Program (19th Serie A) N. SOL VAC + 3,625% — — — — — 23 23 Bond T. Peru 4th Program (19th Serie B) N. SOL VAC + 2,875% — — — — — 18 18 Bond T. Peru 4th Program (37th Serie A) N. SOL VAC + 3,125% — — — — — 18 18 Bond T. Peru 4th Program (19th Serie C) N. SOL VAC + 3,1875% — — — — — 7 7 Bond T. Peru 5th Program (22nd Serie Ac) N. SOL VAC + 3,500% — 9 — — — — 9 Bond T. Peru 6th Program (17th Serie A) N. SOL VAC + 3,09375% — — — — — 17 17 Bond T. Peru 6th Program (11th Serie A) N. SOL 6.656 % — — — 70 — — 70 Bond T. Peru 6th Program (11th Serie B) N. SOL 6.188 % — — — — 32 — 32 Bond T. Peru 6th Program (12th Serie A) N. SOL 5.063 % 30 — — — — — 30 Bond T. Peru 6th Program (13th Serie A) N. SOL 5.500 % — — 38 — — — 38 Bond T. Peru 6th Program (14th Serie A) N. SOL 5.344 % — — 27 — — — 27 Bond T. Peru 6th Program (15th Serie A) N. SOL 5.469 % — — — — 36 — 36 Bond T. Peru 6th Program (16th Serie A) N. SOL 5.500 % — — — — — 28 28 Bond T. Peru 6th Program (12th Serie B) N. SOL 4.188 % — 19 — — — — 19 Bond T. Peru 1st Private Program (1st Serie A) N. SOL 7.281 % — — — — — 21 21 Bond T. Peru 1st Program International Issue (1sr Serie A) N. SOL 7.375 % — — — — — 457 457 Telefónica del Perú, S.A. 30 28 65 70 68 589 850 Nonconvertible bonds BRL 1,0825 XCDI — 222 222 — — — 444 Nonconvertible bonds BRL 1,0 XCDI + 0,24% 222 — — — — — 222 Nonconvertible bonds (Telemig) I BRL IPCA + 0,5% — — — — — — — Nonconvertible bonds (Telemig) II BRL IPCA + 0,5% 1 1 — — — — 2 Nonconvertible bonds (Telemig) III BRL IPCA + 0,5% 2 2 — — — — 4 Telefônica Brasil, S.A. 225 225 222 — — — 672 BOND R144-A USD 5.375 % — — 650 — — — 650 Bond A5 COP 6.650 % — — — — 94 — 94 Bond C10 COP IPC + 3,39% — — — — — 41 41 Colombia Telecomunicaciones, S.A, ESP — — 650 — 94 41 785 Bond EUR 2.375 % — 500 — — — — 500 Bond EUR 1.750 % — — — — — 600 600 O2 Telefónica Deutschland Finanzierungs, GmbH — 500 — — — 600 1,100 Total Outstanding Debentures and Bonds Foreign operators 494 888 1,382 194 162 1,230 4,350 Total Outstanding Debentures and Bonds 5,220 4,879 5,001 2,362 1,162 22,044 40,668 |
Schedule of Financial Liabilities | The composition of these financial liabilities by category at December 31, 2019 and 2018 is as follows: December 31, 2019 Fair value through profit or loss Measurement hierarchy Millions of euros Held for trading Fair value option Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Liabilities at amortized cost Total carrying amount Total fair value Issues — — — — — — 44,994 44,994 49,474 Loans and other payables — — — — — — 4,488 4,488 4,511 Derivative instruments 961 — 1,921 59 2,823 — — 2,882 2,882 Total financial liabilities 961 — 1,921 59 2,823 — 49,482 52,364 56,867 December 31, 2018 Fair value through profit or loss Measurement hierarchy Millions of euros Held for trading Fair value option Hedges Level 1 (Quoted prices) Level 2 (Other directly observable market inputs) Level 3 (Inputs not based on observable market data) Liabilities at amortized cost Total carrying amount Total fair value Issues — — — — — — 43,630 43,630 44,939 Loans and other payables — — — — — — 8,555 8,555 8,517 Derivative instruments 870 — 1,647 71 2,446 — — 2,517 2,517 Total financial liabilities 870 — 1,647 71 2,446 — 52,185 54,702 55,973 |
Schedule of Reconciliation of Changes in Financial Liabilities | The movement in changes in issues, promissory notes, commercial paper, loans and other payables in 2019 and 2018 arising from financial activities is as follows: Cash used in financing activities Millions of euros Balance at 12/31/18 First application of IFRS 16 Cash received Cash paid Translation differences and exchange gains and losses Fair value adjustment and financial updates Other movements Balance at 12/31/19 Issues 41,176 — 4,186 (3,653 ) 427 494 6 42,636 Promissory notes and commercial paper 2,454 — 412 (512 ) 1 1 2 2,358 Loans and other payables 8,555 (151 ) 1,138 (6,076 ) 55 25 942 4,488 Cash used in financing activities Millions of euros Balance at 12/31/17 Cash received Cash paid Translation differences and exchange gains and losses Fair value adjustment and financial updates Other movements Balance at 12/31/18 Issues 41,288 4,289 (4,654 ) 533 (280 ) — 41,176 Promissory notes and commercial paper 2,406 299 (255 ) 4 — — 2,454 Loans and other payables 8,900 3,465 (4,161 ) 80 10 261 8,555 |
Schedule of Interest-Bearing Debt | Interest-bearing debt arranged or repaid in 2019 mainly includes the following: Description Limit 12/31/2019 (million euros) Currency Outstanding balance 12/31/2019 (million euros) Arrangement date Maturity date Drawndown 2019 (million euros) Repayment 2019 (million euros) Telefónica, S.A. Bilateral Credit (1) 300 EUR — 05/14/2019 05/14/2024 — — Bilateral loan (2) — EUR — 06/26/2014 04/01/2019 — (1,000 ) Bilateral loan — EUR — 10/24/2016 03/19/2019 — (150 ) Bilateral loan — EUR — 12/20/2017 07/22/2019 — (385 ) Bilateral loan — EUR 200 07/11/2019 08/14/2026 200 — Bilateral loan (3) — EUR — 12/28/2017 10/22/2019 — (100 ) Bilateral loan (4) — EUR — 11/24/2017 10/30/2019 — (100 ) Bilateral loan 150 EUR — 11/08/2019 03/31/2030 — — Bilateral loan (5) — EUR — 02/23/2016 12/23/2019 — (100 ) Bilateral loan 200 EUR — 12/04/2019 06/04/2027 — — Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (6) — COP — 01/05/2018 12/16/2019 — (142 ) Telefónica Europe B.V. Structured financing (7) — EUR — 11/28/2016 12/16/2019 — (1,500 ) Telxius Telecom S.A.U. Bilateral loan — EUR 150 11/29/2019 11/29/2021 150 — Telefónica Germany GmbH & Co. OHG Syndicated facility (8) 750 EUR — 12/17/2019 12/17/2024 — — EIB Financing (Tranche 1) 300 EUR — 12/18/2019 12/18/2028 — — (1) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (2) On February, 18, 2019 and April 1, 2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (3) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (4) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (5) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (6) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. The main debentures and bonds issued by the Group in 2019 are as follows: Nominal (millions) Item Date Maturity Date Currency Euros Currency of issuance Coupon Telefónica Emisiones, S.A.U. EMTN Bond 02/05/2019 02/05/2024 1,000 1,000 EUR 1.069 % SHELF Bond 03/01/2019 03/01/2049 1,250 1,113 USD 5.520 % EMTN Bond 03/12/2019 03/12/2029 1,000 1,000 EUR 1.788 % EMTN Bond 07/01/2019 07/01/2039 500 500 EUR 1.957 % Telefónica del Perú, S.A.A. Bond 04/10/2019 04/10/2027 1,700 457 PEN 7.375 % Colombia Telecomunicaciones S.A E.S.P. Bond 05/29/2019 05/29/2024 347,590 94 COP 6.650 % Bond 05/29/2019 05/29/2029 152,410 41 COP IPC + 3.390% The main financing transactions at December 31, 2019 and 2018 and their nominal amounts are as follows: Outstanding principal balance (millions of euros) Descriptive name summary Current limit (millions) Currency 12/31/2019 12/31/2018 Arrangement date Maturity date Telefónica, S.A Structured Financing (*) 59 USD 53 93 05/03/2011 07/30/2021 Structured Financing (*) 316 USD 282 379 02/22/2013 01/31/2023 Structured Financing (*) 273 USD 243 314 08/01/2013 10/31/2023 Bilateral loan (1) — EUR — 1,000 06/26/2014 04/01/2019 Structured Financing (*) 503 USD 448 516 12/11/2015 03/11/2026 Structured Financing (*) 341 EUR 341 401 12/11/2015 03/11/2026 Bilateral loan (2) — EUR — 100 02/23/2016 12/23/2019 Bilateral loan — EUR — 150 10/24/2016 03/19/2019 Credit 380 EUR — 271 12/27/2002 12/27/2022 Bilateral loan (3) — EUR — 100 11/24/2017 10/30/2019 Bilateral loan (4) — EUR — 100 12/28/2017 10/22/2019 Bilateral loan — EUR — 385 12/20/2017 07/22/2019 Credit 100 GBP 117 112 05/23/2013 03/01/2022 Bilateral credit (5) 300 EUR — — 05/14/2019 05/14/2024 Bilateral loan — EUR 200 — 07/11/2019 08/14/2026 Bilateral loan 150 EUR — — 11/08/2019 03/31/2030 Bilateral loan 200 EUR — — 12/04/2019 06/04/2027 Telefónica Germany GmbH & Co. OHG BEI Financing — EUR 408 450 06/13/2016 06/13/2025 Syndicated facility (6) 750 EUR — — 12/17/2019 12/17/2024 BEI Financing (Tranche 1) 300 EUR — — 12/18/2019 12/18/2028 Telefónica Europe, B.V. Structured Financing (7) — EUR — 1,500 11/28/2016 12/16/2019 Telxius Telecom, S.A. Syndicated facility 300 EUR 300 300 12/01/2017 12/01/2023 Bilateral loan — EUR 150 — 11/29/2019 11/29/2021 Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (8) — COP — 143 01/05/2018 12/16/2019 (1) On February, 18, 2019 and April 1,2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (2) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (3) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (4) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (5) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (6) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (*) Facility with amortization schedule, showing in the column "Current limit" the undrawn amount. |
Schedule of Loans and Advances to Customers | The breakdown of “Loans and other payables” line by currency at December 31, 2019 and 2018 , and the equivalent value of foreign-currency loans in euros, is as follows: Outstanding balance (in millions) Local Currency Euros Currency 12/31/19 12/31/18 12/31/19 12/31/18 Euro 2,484 5,114 2,484 5,114 U.S. dollar 1,522 2,413 1,355 2,106 Brazilian real 1,527 2,964 337 668 Colombian peso 166,616 1,031,005 45 277 Pounds sterling 100 100 117 112 Peruvian nuevo sol 54 525 14 136 Other currencies 136 142 Total Group 4,488 8,555 |
Derivative Financial Instrume_2
Derivative Financial Instruments and Risk Management Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Schedule of Sensitivity Analysis | The following table illustrates the sensitivity of foreign currency gains and sensitivity losses and of equity to changes in exchange rates, where: a) in calculating the impact on the income statement, the exchange rate position affecting the income statement at the end of 2019 was considered constant during 2020 ; b) in calculating the impact on equity, only monetary items have been considered, namely debt and derivatives such as hedges of net investment and loans to subsidiaries related to the investment, breakdown of which is considered constant in 2020 and identical to that existing at the end of 2019 . In both cases, Latin American currencies are assumed to change their value against the dollar and the rest of the currencies against the euro by 10% . Millions of euros Currency Change Impact on the consolidated income statement Impact on consolidated equity All currencies vs EUR 10% 3 (615 ) USD 10% 2 (114 ) European currencies vs EUR 10% 1 (375 ) Latin American currencies vs USD 10% — (126 ) All currencies vs EUR (10%) (3 ) 615 USD (10%) (2 ) 114 European currencies vs EUR (10%) (1 ) 375 Latin American currencies vs USD (10%) — 126 Millions of euros Change in basis points (bp) Impact on consolidated income statement Impact on consolidated equity +100bp (87 ) (642 ) -100bp 85 642 |
Schedule of Financial Results | The breakdown of the financial results recognized in 2019 , 2018 and 2017 is as follows: Millions of euros 2019 2018 2017 Interest income 291 234 638 Dividends received 15 15 16 Other financial income 120 826 17 Subtotal 426 1,075 671 Changes in fair value of asset derivatives at fair value through profit or loss 353 202 35 Changes in fair value of liability derivatives at fair value through profit or loss (376 ) (190 ) (97 ) Changes in the fair value of debt instruments and other assets at fair value to profit or loss (3 ) (3 ) — Transfer from equity of results of cash flow hedges - future cash flows that are not longer expected to happen — (7 ) — Transfer from equity to profit and loss from available-for-sale assets and others n.a. n.a. (33 ) (Loss)/Gain on fair value hedges 604 (223 ) (150 ) Gain/(loss) on adjustment to items hedged by fair value hedges (540 ) 271 194 Subtotal 38 50 (51 ) Interest expenses (1,903 ) (1,715 ) (2,137 ) Ineffective portion of cash flow hedges (20 ) (29 ) (10 ) Accretion of provisions and other liabilities (334 ) (410 ) (453 ) Other financial expenses (160 ) (203 ) (310 ) Subtotal (2,417 ) (2,357 ) (2,910 ) Net finance costs excluding foreign exchange differences and hyperinflation adjustments (1,953 ) (1,232 ) (2,290 ) n.a.: not applicable. |
Schedule of Derivatives, Fair Value, and Expected Maturity | The detail of hedged items by fair value hedges at December 31, 2019 and December 31, 2018 are as follows: December 31, 2019 Hedged items carrying amount Accumulated amount in the hedged item adjusted by fair value hedge (*) Millions of euros Interest rate risk Exchange rate risk Interest rate and exchange rate risk Total Interest rate risk Exchange rate risk Interest rate and exchange rate risk Total Of which: accumulated amount of any hedge item that have cesased to be adjusted for gains and losses Assets — 474 3 477 — 1 — 1 — Financial assets and other non-current assets — 151 — 151 — — — — — Receivables and other current assets — 323 — 323 — 1 — 1 — Other current financial assets — — 3 3 — — — — — Liabilities 3,929 1,956 5,703 11,588 819 (6 ) 774 1,587 152 Non-current financial liabilities 3,858 1,176 5,512 10,546 817 — 750 1,567 125 Payables and other non-current liabilities — 99 — 99 — — — — — Current financial liabilities 71 9 191 271 2 — 24 26 6 Payables and other current liabilities — 672 — 672 — (6 ) — (6 ) 21 (*) Accumulated amount adjusted by fair value hedge is shown with negative sign when it reduces the value (lowest liability or lowest asset) and vice versa. The movement of the net position of derivatives during the years ended December 31, 2019 and December 31, 2018 is as follows: Millions of euros Movement in 2019 Movement in 2018 Opening balance of assets/(liabilities) 1,181 505 Financing payments 148 52 Financing proceeds (153 ) (209 ) Interest (proceeds)/payments (238 ) (126 ) Other (proceeds)/payments 5 (28 ) Fair value adjustments through other comprehensive income 357 999 Movements with counterparty in the income statement 646 2 Translation differences (49 ) (70 ) Other movements 51 56 Closing balance of assets/(liabilities) 1,948 1,181 The evolutions of hedges in equity at December 31, 2019 and December 31, 2018 are as follows: Derivate instruments No derivate instruments Total Gross amount Tax effect Total hedges in equity Gains (losses) of cash flow hedges Derivates - Net investment hedges No Derivates - Net investment hedges Millions of euros Interest rate risk Exchange rate risk Exchange rate and interest rate risks Balance at 12/31/2018 (295 ) (348 ) (78 ) 1,535 (5 ) 809 (249 ) 560 Changes in the fair value registered in equity (5 ) 572 67 (260 ) (1 ) 373 (100 ) 273 Transfer to the initial value of hedged item 2 (4 ) (7 ) — — (9 ) 3 (6 ) Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen 26 — — — — 26 — 26 Transfer to the income statement of the period - the hedged item has affected profit or loss 124 (371 ) (295 ) 73 — (469 ) 118 (351 ) Total translation differences — (1 ) — 1 — — — — Other movements — (4 ) 3 — — (1 ) 1 — Balance at 12/31/2019 (148 ) (156 ) (310 ) 1,349 (6 ) 729 (227 ) 502 Amounts remaining in equity for continuing hedges (12 ) (188 ) (216 ) 1,349 (6 ) 927 Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied (136 ) 32 (94 ) — — (198 ) Balance at 12/31/2019 (148 ) (156 ) (310 ) 1,349 (6 ) 729 The total amount of "Transfer to the income statements of the period - the hedged item has affected profit or loss" has impacted in financial results, reported under "Interest expenses" amounted to +166 million euros ( +68 million euros in 2018), see detail of "Net finance costs excluding foreign exchange differences and hyperinflation adjustments" in this note, and in exchange differences amounted to +369 million euros ( +645 million euros in 2018). Derivate instruments No derivate instruments Total Gross amount Tax effect Total hedges in equity Gains (losses) of cash flow hedges Derivates - Net investment hedges No Derivates - Net investment hedges Millions of euros Interest rate risk Exchange rate risk Exchange rate and interest rate risks Balance at 12/31/2017 (394 ) (357 ) (179 ) 1,502 — 572 (188 ) 384 Changes in the fair value registered in equity (52 ) 584 392 33 (5 ) 952 (243 ) 709 Transfer to the initial value of hedged item — — (1 ) — — (1 ) — (1 ) Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen 7 — — — — 7 (2 ) 5 Transfer to the income statement of the period - the hedged item has affected profit or loss 144 (574 ) (290 ) — — (720 ) 184 (536 ) Total translation differences — (1 ) — — — (1 ) — (1 ) Balance at 12/31/2018 (295 ) (348 ) (78 ) 1,535 (5 ) 809 (249 ) 560 Amounts remaining in equity for continuing hedges (176 ) (377 ) 14 1,534 (5 ) 990 Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied (119 ) 29 (92 ) 1 — (181 ) Balance at 12/31/2018 (295 ) (348 ) (78 ) 1,535 (5 ) 809 The details of the ineffective portion of accounting hedges with impact on the income statement in 2019 and 2018 are as follows: 2019 Millions of euros Changes in fair value of the hedging instrument Changes in the fair value of hedges item for the hedged risk Ineffective portion hedged registered in the income statement Interest rate risk 315 336 (21 ) Cash flow hedges (129 ) (108 ) (21 ) Fair value hedges 444 444 — Exchange rate risk 242 238 4 Cash flow hedges 551 547 4 Net investment hedges (309 ) (309 ) — Interest rate and exchange rate risk 191 194 (3 ) Cash flow hedges 191 194 (3 ) Total 748 768 (20 ) 2018 Millions of euros Changes in fair value of the hedging instrument Changes in the fair value of hedges item for the hedged risk Ineffective portion hedged registered in the income statement Interest rate risk (53 ) (53 ) — Cash flow hedges (27 ) (27 ) — Fair value hedges (26 ) (26 ) — Exchange rate risk 622 651 (29 ) Cash flow hedges 605 634 (29 ) Net investment hedges 17 17 — Interest rate and exchange rate risk 377 377 — Cash flow hedges 377 377 — Total 946 975 (29 ) The evolution of cost of hedging in equity in 2019 and 2018 are as follows: Exchange rate risk Total gross amount Tax effect Total cost of hedging in equity Forward element /CBS Millions of euros A time - period related hedge item Balance at 12/31/2017 — — — — Changes in the fair value registered in equity 51 51 (13 ) 38 Transfer to the income statement of the period - the hedged item has affected profit or loss (2 ) (2 ) 1 (1 ) Balance at 12/31/2018 49 49 (12 ) 37 Changes in the fair value registered in equity (14 ) (14 ) 4 (10 ) Transfer to the income statement of the period - the hedged item has affected profit or loss (4 ) (4 ) 1 (3 ) Balance at 12/31/2019 31 31 (7 ) 24 The breakdown of Telefónica’s detail of hedges and other derivative instruments at December 31, 2019 and December 31, 2018, their fair value at year-end and the expected maturity schedule is as set forth in the table below: December 31, 2019 Notional amount - Maturities (*) Book value of the derivative and no-derivative instruments (**) Millions of euros 2020 2021 2022 Later Total Non-current asset Current asset Non-current liabilities Current liabilities Total Derivate instruments of accounting hedges (662 ) 2,827 1,446 7,041 10,652 (2,676 ) (1,104 ) 1,667 254 (1,859 ) Interest rate risk 677 (199 ) 818 (1,605 ) (309 ) (584 ) (289 ) 41 38 (794 ) Cash flow hedges 482 — 1,403 884 2,769 (8 ) (4 ) 29 38 55 Fair value hedges 195 (199 ) (585 ) (2,489 ) (3,078 ) (576 ) (285 ) 12 — (849 ) Exchange rate risk (2,331 ) 1,038 400 6,033 5,140 (1,489 ) (389 ) 1,339 148 (391 ) Cash flow hedges 1,587 1,102 686 6,033 9,408 (1,325 ) (348 ) 1,337 37 (299 ) Fair value hedges 693 — (286 ) — 407 (164 ) (21 ) — 15 (170 ) Net investments hedges (4,611 ) (64 ) — — (4,675 ) — (20 ) 2 96 78 Interest rate and exchange rate risk 992 1,988 228 2,613 5,821 (603 ) (426 ) 287 68 (674 ) Cash flow hedges 1,006 2,004 230 2,648 5,888 (549 ) (409 ) 287 65 (606 ) Fair value hedges (14 ) (16 ) (2 ) (35 ) (67 ) (54 ) (17 ) — 3 (68 ) Derivate instruments of no-accounting hedges (3,798 ) (349 ) (774 ) (1,799 ) (6,720 ) (713 ) (337 ) 691 270 (89 ) Other derivatives of interest rate (1,501 ) (473 ) (774 ) (1,799 ) (4,547 ) (713 ) (316 ) 688 146 (195 ) Other derivatives of exchange rate (2,484 ) — — — (2,484 ) — (21 ) — 113 92 Other derivatives 187 124 — — 311 — — 3 11 14 Total derivative instruments (4,460 ) 2,478 672 5,242 3,932 (3,389 ) (1,441 ) 2,358 524 (1,948 ) No derivatives instruments of accounting hedges (***) — 59 234 720 1,013 — — 1,043 — 1,043 Exchange rate risk — 59 234 720 1,013 — — 1,043 — 1,043 Fair value hedges — — — — — — — — — — Net investments hedges — 59 234 720 1,013 — — 1,043 — 1,043 (*) For interest rate hedges, the positive amount is in terms of fixed “payment.” For foreign currency hedges, a positive amount means payment in functional vs. foreign currency. (**) Positive amounts indicate payables. (***) Of the hedging instruments that are not derivatives, 251 million euros correspond to "Loans and other debts" and 792 million euros to "Obligations and bonds" (see Note 18). December 31, 2018 Notional amount - Maturities (*) Book value of the derivative and no-derivative instruments (**) Millions of euros 2019 2020 2021 Later Total Non-current asset Current asset Non-current liabilities Current liabilities Total Derivate instruments of accounting hedges (4,443 ) 4,743 2,799 7,471 10,570 (1,950 ) (660 ) 1,447 200 (963 ) Interest rate risk (686 ) 1,746 (299 ) (86 ) 675 (398 ) (186 ) 270 9 (305 ) Cash flow hedges (607 ) 1,567 46 1,269 2,275 (154 ) (2 ) 228 4 76 Fair value hedges (79 ) 179 (345 ) (1,355 ) (1,600 ) (244 ) (184 ) 42 5 (381 ) Exchange rate risk (4,718 ) 2,219 1,102 5,980 4,583 (835 ) (183 ) 939 70 (9 ) Cash flow hedges 341 2,219 1,102 5,980 9,642 (834 ) (76 ) 939 10 39 Fair value hedges 50 — — — 50 (1 ) (45 ) — 14 (32 ) Net investments hedges (5,109 ) — — — (5,109 ) — (62 ) — 46 (16 ) Interest rate and exchange rate risk 961 778 1,996 1,577 5,312 (717 ) (291 ) 238 121 (649 ) Cash flow hedges 962 801 2,001 1,736 5,500 (541 ) (291 ) 238 121 (473 ) Fair value hedges (1 ) (23 ) (5 ) (159 ) (188 ) (176 ) — — — (176 ) Derivate instruments of no-accounting hedges (4,318 ) (321 ) (531 ) (2,551 ) (7,721 ) (826 ) (262 ) 840 30 (218 ) Other derivatives of interest rate (3,571 ) (321 ) (531 ) (2,551 ) (6,974 ) (826 ) (128 ) 830 3 (121 ) Other derivatives of exchange rate (747 ) — — — (747 ) — (134 ) — 25 (109 ) Other derivatives — — — — — — — 10 2 12 Total derivative instruments (8,761 ) 4,422 2,268 4,920 2,849 (2,776 ) (922 ) 2,287 230 (1,181 ) No derivatives instruments of accounting hedges (***) — 56 56 858 970 — — 996 — 996 Exchange rate risk — 56 56 858 970 — — 996 — 996 Fair value hedges — — — — — — — — — — Net investments hedges — 56 56 858 970 — — 996 — 996 (*) For interest rate hedges, the positive amount is in terms of fixed “payment.” For foreign currency hedges, a positive amount means payment in functional vs. foreign currency. (**) Positive amounts indicate payables. (***) Of the hedging instruments that are not derivatives, 243 million euros correspond to "Loans and other debts" and 753 million euros to "Obligations and bonds" (see Note 18). |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of leases [Abstract] | |
Schedule of Movement of Lease Liabilities | The evolution of lease liabilities in 2019 was as follows: Millions of euros Lease liabilities Balance at 12/31/2018 — First application impacts due to accounting changes (Note 2) 7,705 Additions 1,474 Principal and interests payments (1,654 ) Principal payments (1,518 ) Interests payments (185 ) Minus: Payments of companies held for sale and sold companies during 2019 49 Disposals (261 ) Exclusion of companies (121 ) Accrued interests 199 Translation differences 23 Transfers and others (139 ) Balance at 12/31/2019 7,226 |
Schedule of Maturity of Lease Liabilities | The maturity schedule of lease liabilities at December 31, 2019 is as follows: Millions of euros Current Non-Current Maturity 2020 2021 2022 2023 2024 Subsequent years Non-current total Total Lease liabilities 1,600 1,312 943 892 577 1,902 5,626 7,226 |
Payables and Other Non-curren_2
Payables and Other Non-current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Composition of Payables and Other Non-Current Liabilities | The composition of “Payables and other non-current liabilities” of the Telefónica Group at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Payables 1,553 856 Trade payables 86 87 Payables to suppliers of property, plant and equipment — 9 Payables for spectrum acquisition 1,362 662 Other payables 105 98 Other non-current liabilities 1,375 1,034 Contractual liabilities (Note 23) 851 613 Deferred revenue 336 283 Current tax payables 188 138 Total 2,928 1,890 |
Payables and Other Current Li_2
Payables and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Composition of Payables and Other Current Liabilities | The composition of “Payables and other current liabilities” at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Payables 13,307 13,868 Trade payables 8,095 8,457 Payables to suppliers of property, plant and equipment 3,019 3,237 Payables for spectrum acquisition 196 251 Other payables 1,081 1,092 Dividends pending payment 282 311 Associates and joint ventures payables (Note 10) 634 520 Other current liabilities 1,596 1,617 Contract liabilities (Note 23) 1,283 1,335 Deferred revenue 120 106 Advances received 193 176 Total 14,903 15,485 |
Schedule of Current Other Payables | The composition of current "Other payables" at December 31, 2019 and December 31, 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Accrued employee benefits 603 611 Other non-financial non-trade payables 478 481 Total 1,081 1,092 |
Schedule of Average Payment Period to Suppliers | In accordance with the aforementioned Law, the following information corresponding to the Spanish companies of the Telefónica Group is disclosed: 2019 2018 Number of days Weighted average maturity period 53 49 Ratio of payments 55 50 Ratio of outstanding invoices 38 44 Millions of euros Total payments 7,337 6,770 Outstanding invoices 1,152 1,190 |
Breakdown of Contractual Asse_2
Breakdown of Contractual Assets and Liabilities, and Capitalized Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Movement of contractual assets and contractual liabilities | The movement of contractual liabilities of contracts with customers in 2019 and 2018 is as follows: Millions of euros Balance at 12/31/18 Additions Disposals Transfers Translation differences and hyperinflation adjustments Other movements Balance at 12/31/19 Long-term contractual liabilities (Note 21) 613 409 (7 ) (180 ) 16 — 851 Short-term contractual liabilities (Note 22) 1,335 7,516 (7,747 ) 165 18 (4 ) 1,283 Total 1,948 7,925 (7,754 ) (15 ) 34 (4 ) 2,134 Millions of euros Balance at 12/31/17 First application of new IFRS impacts Additions Disposals Transfers Translation differences and hyperinflation adjustments Balance at 12/31/18 Long-term contractual liabilities (Note 21) — 106 558 (295 ) 240 4 613 Short-term contractual liabilities (Note 22) — 98 7,561 (7,631 ) 1,317 (10 ) 1,335 Total — 204 8,119 (7,926 ) 1,557 (6 ) 1,948 The movement of contractual assets and capitalized costs in 2019 and 2018 is as follows: Millions of euros Balance at 12/31/18 Additions Disposals Transfers Translation differences and hyperinflation adjustments Other movements Balance at 12/31/19 Long-term contractual assets (Note 12) 108 204 (7 ) (172 ) 5 — 138 Contractual assets 114 204 (7 ) (173 ) 5 1 144 Impairment losses (6 ) — — 1 — (1 ) (6 ) Short-term contractual assets (Note 14) 341 662 (816 ) 156 9 (1 ) 351 Contractual assets 364 677 (824 ) 157 9 (2 ) 381 Impairment losses (23 ) (15 ) 8 (1 ) — 1 (30 ) Total 449 866 (823 ) (16 ) 14 (1 ) 489 Millions of euros Balance at 12/31/17 First application of new IFRS impacts Additions Disposals Transfers Translation differences and hyperinflation adjustments Balance at 12/31/18 Long-term contractual assets (Note 12) — 68 153 (2 ) (110 ) (1 ) 108 Contractual assets — 71 156 (2 ) (110 ) (1 ) 114 Impairment losses — (3 ) (3 ) — — — (6 ) Short-term contractual assets (Note 14) — 332 761 (856 ) 113 (9 ) 341 Contractual assets — 354 764 (857 ) 113 (10 ) 364 Impairment losses — (22 ) (3 ) 1 — 1 (23 ) Total — 400 914 (858 ) 3 (10 ) 449 |
Movement of deferred expenses | The movement of the deferred expenses in 2019 and 2018 is as follows: Millions of euros Balance at 12/31/18 Additions Disposals Transfers Translation differences and hyperinflation adjustments Other movements Balance at 12/31/19 Non-current capitalized costs (Note 12) 191 413 (3 ) (381 ) — 1 221 Of obtaining a contract 178 368 (3 ) (353 ) 1 — 191 Of fulfilling a contract 13 45 — (28 ) (1 ) 1 30 Impairment losses — — — — — — — Current capitalized costs (Note 14) 566 473 (796 ) 379 5 (2 ) 625 Of obtaining a contract 541 428 (752 ) 351 6 (1 ) 573 Of fulfilling a contract 25 45 (44 ) 28 (1 ) (1 ) 52 Impairment losses — — — — — — — Total 757 886 (799 ) (2 ) 5 (1 ) 846 Millions of euros Balance at 12/31/17 First application of new IFRS impacts Additions Disposals Transfers Translation differences and hyperinflation adjustments Balance at 12/31/18 Non-current capitalized costs (Note 12) — 172 366 (1 ) (343 ) (3 ) 191 Of obtaining a contract — 170 349 (1 ) (338 ) (2 ) 178 Of fulfilling a contract — 2 17 — (5 ) (1 ) 13 Impairment losses — — — — — — — Current capitalized costs (Note 14) — 540 437 (746 ) 342 (7 ) 566 Of obtaining a contract — 522 400 (713 ) 337 (5 ) 541 Of fulfilling a contract — 18 37 (33 ) 5 (2 ) 25 Impairment losses — — — — — — — Total — 712 803 (747 ) (1 ) (10 ) 757 |
Maturity schedule of contractual liabilities | The maturity schedule of contractual liabilities at December 31, 2019 is as follows: Millions of euros 2020 2021 2022 Subsequent years Total Contractual liabilities, activation fees 190 6 3 14 213 Contractual liabilities, sales of prepay cards 541 — — — 541 Contractual liabilities, services 322 31 6 21 380 Contractual liabilities, sales of handsets 26 2 — — 28 Contractual liabilities, sales of other equipments 2 — — 8 10 Contractual liabilities, irrevocable rights to use 54 48 45 372 519 Other contractual liabilities 148 120 115 60 443 Maturity of performance obligations 1,283 207 169 475 2,134 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits [Abstract] | |
Schedule of Amounts of Provisions | The amounts of provisions in 2019 and 2018 are as follows: 12/31/2019 12/31/2018 Millions of euros Current Non-current Total Current Non-current Total Employee benefits 1,110 5,789 6,899 886 4,499 5,385 Termination plans 486 729 1,215 441 805 1,246 Post-employment defined benefit plans 11 565 576 9 389 398 Other benefits 613 4,495 5,108 436 3,305 3,741 Dismantling of assets 96 847 943 125 784 909 Other provisions 466 1,850 2,316 901 2,237 3,138 Total 1,672 8,486 10,158 1,912 7,520 9,432 |
Schedule of Distribution by Segment of Restructuring Costs | The distribution by segment of the restructuring costs, in terms of their impact on operating income, is as follows: Millions of euros 2019 2018 Telefónica Spain 1,732 297 Telefónica United Kingdom 31 — Telefónica Brazil — 46 Telefónica Germany 22 84 Telefónica Hispam Norte 39 18 Telefónica Hispam Sur 201 50 Other companies 145 (34 ) Total 2,170 461 |
Schedule of Movement in Provisions for Post-Employment Plans | The movement in provisions for termination plans in 2019 and 2018 is as follows: Millions of euros Total Provisions for termination plans at 12/31/17 1,797 Additions 140 Retirements/amount applied (579 ) Transfers (109 ) Translation differences, hyperinflation adjustments and accretion (3 ) Provisions for termination plans at 12/31/18 1,246 Additions 452 Retirements/amount applied (496 ) Translation differences, hyperinflation adjustments and accretion 11 Other 2 Provisions for termination plans at 12/31/19 1,215 |
Schedule of Post-Employment Defined Benefit Plans by Country of Operation | The Group has a number of defined benefit plans in the countries where it operates. The following tables present the main data of these plans: 12/31/2019 Millions of euros United Kingdom Germany Brazil Hispam Norte Hispam Sur Others Total Obligation 1,858 304 982 72 6 17 3,239 Assets (1,839 ) (93 ) (1,038 ) — — (12 ) (2,982 ) Net provision before asset ceiling 19 211 (56 ) 72 6 5 257 Asset ceiling — — 262 — — — 262 Total 19 211 206 72 6 5 519 Net provision 19 218 255 72 6 6 576 Net assets — 7 49 — — 1 57 12/31/2018 Millions of euros United Kingdom Germany Brazil Hispam Norte Hispam Sur Others Total Obligation 1,548 239 749 68 6 18 2,628 Assets (1,570 ) (90 ) (848 ) — — (12 ) (2,520 ) Net provision before asset ceiling (22 ) 149 (99 ) 68 6 6 108 Asset ceiling — — 249 — — — 249 Total (22 ) 149 150 68 6 6 357 Net provision 4 157 153 72 6 6 398 Net assets 26 8 3 4 — — 41 |
Schedule of Movement in the Present Value of Obligations | The movement in the present value of obligations in 2019 and 2018 is as follows: Millions of euros Spain (Antares) United Kingdom Germany Brazil Hispam Norte Hispam Sur Other Total Present value of obligation at 12/31/17 490 1,828 235 734 72 8 16 3,383 Translation differences — (12 ) — (81 ) (3 ) (3 ) 1 (98 ) Current service cost 6 — 9 4 1 — 1 21 Interest cost 7 44 4 65 5 2 1 128 Actuarial losses and gains 4 (260 ) (6 ) 68 (2 ) 1 — (195 ) Benefits paid (41 ) (50 ) (3 ) (41 ) (5 ) (2 ) (1 ) (143 ) Transfers (466 ) — — — — — — (466 ) Other movements — (2 ) — — — — — (2 ) Present value of obligation at 12/31/18 — 1,548 239 749 68 6 18 2,628 Translation differences — 86 — (21 ) 1 (2 ) — 64 Current service cost — — 11 4 (2 ) — 1 14 Interest cost — 44 5 67 9 2 — 127 Actuarial losses and gains — 226 53 233 4 — (1 ) 515 Benefits paid — (46 ) (4 ) (50 ) (4 ) — (1 ) (105 ) Plan curtailments — — — — 1 — — 1 Other movements — — — — (5 ) — — (5 ) Present value of obligation at 12/31/19 — 1,858 304 982 72 6 17 3,239 |
Schedule of Movement in the Fair Value of Plan Assets | Fair value of Plan assets is as follows: Millions of euros 12/31/2019 12/31/2018 Credit instruments 1,710 1,570 Cash equivalents 129 — Total 1,839 1,570 Movements in the fair value of plan assets in 2019 and 2018 are as follows: Millions of euros United Kingdom Germany Brazil Other Total Fair value of plan assets at 12/31/17 1,651 84 835 9 2,579 Translation differences (13 ) — (92 ) — (105 ) Interest income 40 1 74 — 115 Actuarial losses and gains (57 ) 1 69 1 14 Company contributions (2 ) — — 1 (1 ) Participants contributions — 3 — — 3 Benefits paid (49 ) (2 ) (38 ) — (89 ) Other movements — 3 — 1 4 Fair value of plan assets at 12/31/18 1,570 90 848 12 2,520 Translation differences 86 — (22 ) — 64 Interest income 46 2 76 — 124 Actuarial losses and gains 157 2 181 — 340 Company contributions 27 — — — 27 Participants contributions — 3 — — 3 Benefits paid (46 ) (2 ) (44 ) — (92 ) Other movements (1 ) (2 ) (1 ) — (4 ) Fair value of plan assets at 12/31/19 1,839 93 1,038 12 2,982 |
Schedule of Main Actuarial Assumptions Used in Valuing Plans | The main actuarial assumptions used in valuing the plan are as follows: 12/31/2019 12/31/2018 Nominal rate of pension payment increase 2.90 % 3.05 % Discount rate 2.05 % 2.85 % Expected inflation 2.95 % 3.20 % Mortality tables 95% S2NA, 95% S2NA, CMI 2018 1% 7 and a initial addition of 0.25% CMI 2017 1% 7.5 The main actuarial assumptions used in valuing these plans are as follows: 12/31/2019 12/31/2018 Discount rate 6.65% - 7.54% 8.96% - 9.27% Nominal rate of salary increase 5.47 % 5.67 % Long-term inflation rate 3.80 % 4.00 % Growth rate for medical costs 6.91 % 7.12 % Mortality tables AT 2000 M/F AT 2000 M/F The average length of the plans was 7.42 years at December 31, 2018. The main actuarial assumptions used in valuing these plans at December 31, 2018 were as follows: Survival ITP Discount rate 1.32 % 1.29 % Expected rate of salary increase 0%-0.5% — Mortality tables PERM/F 2000P OM77 90%PERM 2000C/98% PERF 2000C |
Schedule of Sensitivity to Changes in Actuarial Assumptions | So long as other assumptions remained constant, at December 31, 2019 , reasonably possible changes to one of the following actuarial assumptions would have affected the defined benefit obligation by the amounts shown below: Millions of euros Increase in defined benefit obligation Discount rate (0.25% decrease) 115 Expected inflation (0.25% increase) 110 Life expectancy (1 year longer) 48 The table below shows the sensitivity of the value of termination, post-employment and other obligations, including the Individual Suspension Plan of Telefónica Group companies in Spain to changes in the discount rate: -100 b.p. +100 b.p. Impact on value Impact on income statement Impact on value Impact on income statement (253 ) (253 ) 235 235 The discount rate and growth rate for medical costs are considered to be the most significant actuarial assumptions with a reasonable possibility of fluctuations depending on demographic and economic changes and may significantly change the amount of the post-employment benefit obligation. The sensitivity to changes in these assumptions is shown below: Present value of the discounted obligation at the current discount rate Present value of the obligation by increasing the discount rate by 0.5% Present value of the obligation by reducing the discount rate by 0.5% Pension plans 537 515 560 Health plans 446 411 485 Total obligation 983 926 1,045 Present value of the obligation at the current growth rate for medical costs Present value of the obligation by increasing the rate by 1% Present value of the obligation by reducing the rate by 1% Pension plans 537 537 537 Health plans 446 527 381 Total obligation 983 1,064 918 |
Schedule of Movement in Other Provisions | The movement of provision for dismantling of assets in 2019 and 2018 is as follows: Millions of euros Dismantling of assets at 12/31/17 973 Additions and accretion 96 Retirements/amount applied (83 ) Translation differences and other (77 ) Dismantling of assets at 12/31/18 909 Additions and accretion 178 Retirements/amount applied (97 ) Translation differences and other (47 ) Dismantling of assets at 12/31/19 943 The detail by segments of provision for dismantling of assets in 2019 and 2018 is as follows: Millions of euros 12/31/2019 12/31/2018 Telefónica Spain 6 7 Telefónica Germany 421 421 Telefónica Brazil 141 152 Telefónica United Kingdom 89 85 Telefónica Hispam Norte 51 26 Telefónica Hispam Sur 69 76 Other companies 166 142 Total 943 909 The movement in “Other provisions” in 2019 and 2018 is as follows: Millions of euros Other provisions at December 31, 2017 3,883 Additions and accretion 911 Retirements/amount applied (1,276 ) Transfers (89 ) Translation differences and other (291 ) Other provisions at December 31, 2018 3,138 Reclassification entry into force IFRIC 23 (856 ) Additions and accretion 946 Retirements/amount applied (841 ) Transfers 19 Translation differences and other (90 ) Other provisions at December 31, 2019 2,316 |
Disclosure of Provisions for Tax Proceedings | The detail of provisions for tax proceedings by nature of risk is as follows: Millions of euros 12/31/2019 12/31/2018 Federal taxes 127 119 State taxes 103 205 Municipal taxes 8 8 FUST 110 108 Total 348 440 The breakdown of changes in provisions for tax proceedings in 2019 and 2018 is as follows: Millions of euros Balance at 12/31/2017 902 Movements with a counterparty in judicial deposits (569 ) Movements with a counterparty in the income statement 105 Write-offs due to payment (12 ) Monetary updating 97 Translation differences (83 ) Balance at 12/31/2018 440 Reclassification entry into force IFRIC 23 (16 ) Movements with a counterparty in the income statement 7 Write-offs due to payment (83 ) Monetary updating 6 Translation differences (6 ) Balance at 12/31/2019 348 The balance of these provisions at December 31, 2019 and December 31, 2018 is shown in the following table: Millions of euros 12/31/2019 12/31/2018 Tax proceedings 348 440 Regulatory proceedings 253 230 Labor claims 121 176 Civil proceedings 176 226 Total 898 1,072 The detail of provisions for tax proceedings by nature of risk is as follows: Millions of euros 12/31/2019 12/31/2018 Federal taxes 127 119 State taxes 103 205 Municipal taxes 8 8 FUST 110 108 Total 348 440 |
Disclosure of Provisions for Judicial Deposits | In some situations, in connection with a legal requirement or presentation of guarantees, judicial deposits are made to secure the continuance of the claims under discussion. The judicial deposits by nature of risk at December 31, 2019 and December 31, 2018 are as follows: Millions of euros 12/31/2019 12/31/2018 Tax proceedings 443 435 Labor claims 70 118 Civil proceedings 232 262 Regulatory proceedings 58 47 Garnishments 8 19 Total 811 881 Current (see Note 15) 61 71 Non-current (see Note 12) 750 810 |
Income Tax Matters (Tables)
Income Tax Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule of Deferred Taxes Movement | The movements in Tax credits for loss carryforwards in the Telefónica Group in 2019 and 2018 are as follows: Location of the company (Millions of euros) Balance at 12/31/2018 Additions Reversals Perimeter changes Translation differences and other Balance at 12/31/2019 Spain 2,272 — (16 ) — (836 ) 1,420 Germany 580 192 (77 ) — — 695 Latin America 976 25 (202 ) — (30 ) 769 Other countries — — — — — — Total tax credits for loss carryforwards 3,828 217 (295 ) — (866 ) 2,884 Location of the company (Millions of euros) Balance at 12/31/2017 Additions Reversals Perimeter changes Translation differences and other Balance at 12/31/2018 Spain 1,500 791 (11 ) — (8 ) 2,272 Germany 472 185 (77 ) — — 580 Latin America 799 292 (69 ) — (46 ) 976 Other countries 5 — (4 ) — (1 ) — Total tax credits for loss carryforwards 2,776 1,268 (161 ) — (55 ) 3,828 The Group assesses the recoverability of deferred tax assets based on the future activities carried out by the different companies, on tax regulations in the different countries in which these companies operate, and on the strategic decisions affecting the companies. Under the assumptions made, the estimated realization of deferred tax assets and liabilities recognized in the consolidated statement of financial position in 2019 and 2018 is as follows: Millions of euros 12/31/2019 Total Less than 1 year More than 1 year Deferred tax assets 6,682 747 5,935 Deferred tax liabilities 2,908 (17 ) 2,925 Millions of euros 12/31/2018 Total Less than 1 year More than 1 year Deferred tax assets 7,631 1,736 5,895 Deferred tax liabilities 2,674 (9 ) 2,683 The movements in deferred taxes in the Telefónica Group in 2019 and 2018 are as follows: Millions of euros Deferred tax assets Deferred tax liabilities Balance at December 31, 2018 7,631 2,674 Reclassification entry into force IFRIC 23 — 313 Additions 1,070 586 Disposals (1,123 ) (323 ) Transfers (882 ) (250 ) Translation differences and hyperinflation adjustments (33 ) (87 ) Company movements and others 19 (5 ) Balance at December 31, 2019 6,682 2,908 Millions of euros Deferred tax assets Deferred tax liabilities Balance at December 31, 2017 7,820 2,145 Additions 1,866 916 Disposals (1,844 ) (320 ) Transfers (79 ) (204 ) Translation differences and hyperinflation adjustments (127 ) 130 Company movements and others (5 ) 7 Balance at December 31, 2018 7,631 2,674 The sources of deferred tax assets and liabilities from temporary differences recognized at December 31, 2019 and 2018 are as follows: Millions of euros 12/31/2019 12/31/2018 Goodwill and intangible assets 323 724 Property, plant and equipment 520 742 Personnel commitments 1,730 1,397 Provisions 832 895 Investments in subsidiaries, associates and other shareholdings 6 6 Inventories and receivables 273 254 Rights of use 15 — Lease liabilities 796 — Other 615 572 Total deferred tax assets for temporary differences 5,110 4,590 Deferred tax assets and liabilities offset (2,771 ) (2,209 ) Total deferred tax assets for temporary differences registered in the statement of financial position 2,339 2,381 Millions of euros 12/31/2019 12/31/2018 Goodwill and intangible assets 2,115 1,981 Property, plant and equipment 1,203 1,307 Personnel commitments 7 19 Provisions 385 19 Investments in subsidiaries, associates and other shareholdings 414 780 Inventories and receivables 197 185 Rights of use 800 — Other 558 592 Total deferred tax liabilities for temporary differences 5,679 4,883 Deferred tax assets and liabilities offset (2,771 ) (2,209 ) Total deferred tax liabilities for temporary differences registered in the statement of financial position 2,908 2,674 The Spanish tax group had unused tax loss carryforwards at December 31, 2019 amounting to 7,738 million euros: Millions of euros Total Less than 1 year More than 1 year Tax loss carryforwards generated in the tax group 4,736 219 4,517 Tax loss carryforwards generated before consolidation in the tax group 3,002 — 3,002 Millions of euros 12/31/2019 12/31/2018 Tax credits for loss carryforwards 2,884 3,828 Unused tax deductions 1,459 1,422 Deferred tax assets for temporary differences 2,339 2,381 Total deferred tax assets 6,682 7,631 |
Schedule of Tax Payables and Receivables | Current tax payables and receivables at December 31, 2019 and 2018 are as follows: Millions of euros Balance at 12/31/2019 Balance at 12/31/2018 Taxes payable Tax withholdings 161 98 Indirect taxes 817 781 Social security 137 123 Current income taxes payable 1,073 580 Other 372 465 Total 2,560 2,047 Millions of euros Balance at 12/31/2019 Balance at 12/31/2018 Tax receivables Indirect taxes 941 1,073 Current income taxes receivable 507 456 Other 113 147 Total 1,561 1,676 |
Schedule of Reconciliation of Book Profit before Taxes on Taxable Income | The reconciliation between book profit before tax and the income tax expense from continuing operations for 2019 , 2018 and 2017 is as follows: Millions of euros 2019 2018 2017 Accounting profit before tax 2,718 5,571 4,597 Tax expense at prevailing statutory rate 722 1,544 1,310 Permanent differences (223 ) 133 (186 ) Changes in deferred tax charge due to changes in tax rates 8 6 19 (Capitalization)/reversal of tax deduction and tax relief (44 ) 371 (79 ) (Capitalization)/reversal of loss carryforwards 118 (1,067 ) (123 ) (Increase)/decrease in tax expense arising from temporary differences 484 569 157 Other (11 ) 65 121 Corporate income tax 1,054 1,621 1,219 Breakdown of current/deferred tax expense Current tax expense 1,108 1,122 968 Deferred tax expense/(benefit) (54 ) 499 251 Total Corporate income tax 1,054 1,621 1,219 |
Revenue and Expenses (Tables)
Revenue and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |
Schedule of Breakdown of Revenues | The breakdown of Revenues for the years 2019, 2018 and 2017 is as follows: Millions of euros 2019 2018 2017 Rendering of services 42,264 43,085 47,175 Sales 6,158 5,608 4,833 Total 48,422 48,693 52,008 |
Schedule of Breakdown of Other Income | The breakdown of “Other income” is as follows: Millions of euros 2019 2018 2017 Own work capitalized 890 815 863 Gain on disposal of companies 677 21 3 Gain on disposal of other assets 612 241 176 Government grants 22 22 23 Other operating income 641 523 424 Total 2,842 1,622 1,489 |
Schedule of Breakdown of Other Expenses | The breakdown of “Other expenses” is as follows: Millions of euros 2019 2018 2017 Leases included in "Other expenses" (1) 123 1,071 1,069 Advertising 892 1,029 1,211 Other external services 10,478 10,398 10,445 Taxes other than income tax 995 365 1,285 Change in trade provisions 939 748 863 Losses on disposal of fixed assets and changes in provisions for fixed assets 187 35 44 Goodwill impairment (Note 7) 206 350 — Other operating expenses 624 403 509 Total 14,444 14,399 15,426 (1) Following the adoption of IFRS 16 (Leases) in 2019, only included short-term leases and leases of low-value or intangible assets (see Notes 2 and 9). |
Schedule of Estimated Payments on Operating Leases, Purchases, and Other Contractual Commitments | The estimated payment schedule for purchases and other contractual commitments (non-cancelable without penalty cost) is as follows: Millions of euros Purchases and other contractual commitments Less than 1 year 4,590 1 to 3 years 4,590 3 to 5 years 1,265 More than 5 years 1,030 Total 11,475 |
Schedule of Breakdown of the Telefónica Group’s Average Number of Employees by Segment | The table below presents the breakdown of the Telefónica Group’s average number of employees by segment (see Note 4) in 2019 , 2018 and 2017 , together with total headcount at December 31 each year. 2019 2018 2017 Average Year-end Average Year-end Average Year-end Telefónica Spain 25,132 22,869 26,712 25,305 28,084 27,291 Telefónica United Kingdom 6,940 6,861 6,732 7,188 6,776 6,687 Telefónica Germany 8,034 7,955 8,366 8,203 8,653 8,535 Telefónica Brazil 33,147 33,905 34,068 33,499 33,991 34,125 Telefónica Hispam Norte 11,108 10,604 12,254 12,156 12,620 12,354 Telefónica Hispam Sur 24,142 23,085 24,883 24,673 25,378 25,095 Other companies 8,844 8,540 8,838 9,114 9,869 8,631 Total 117,347 113,819 121,853 120,138 125,371 122,718 |
Schedule of Breakdown of Depreciation and Amortization | The breakdown of “Depreciation and amortization” on the consolidated income statement is as follows: Millions of euros 2019 2018 2017 Property, plant and equipment (Note 8) 5,613 5,751 5,953 Intangible assets (Note 6) 3,248 3,298 3,443 Rights of use (Note 9) 1,721 n.a. n.a. Total 10,582 9,049 9,396 |
Schedule of Earnings Per Share | Thus, basic and diluted earnings per share attributable to equity holders of the parent are as follows: Figures in euros 2019 2018 2017 Basic earnings per share 0.17 0.57 0.56 Diluted earnings per share 0.17 0.57 0.56 Both basic and diluted earnings per share attributable to equity holders of the parent are calculated based on the following data: Millions of euros 2019 2018 2017 Profit attributable to ordinary equity holders of the parent from continuing operations 1,142 3,331 3,132 Adjustment for the coupon corresponding to undated deeply subordinated securities (379 ) (540 ) (374 ) Tax effect 97 138 97 Adjustment for the financial expense of the debt component of the mandatorily convertible notes — — 1 Total profit attributable to ordinary equity holders of the parent for basic and diluted earnings per share from continuing operations 860 2,929 2,856 Number of shares (thousands) 2019 2018 2017 Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share 5,119,138 5,126,575 5,110,188 Adjustment for mandatorily convertible notes — — — Adjusted number of shares for basic earnings per share (excluding treasury shares) 5,119,138 5,126,575 5,110,188 Telefónica, S.A. share option plans 4,766 663 — Weighted average number of ordinary shares outstanding for diluted earnings per share 5,123,904 5,127,238 5,110,188 |
Share-Based Payment Plans (Tabl
Share-Based Payment Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-Based Payment Arrangements [Abstract] | |
Schedule of Number and Weighted-Average Exercise Prices of Other Equity Instruments | The plan will be in force for five years and is divided into three cycles of three years each. The first cycle commenced in 2018 and will be finalized on December 31, 2020, with delivery of the respective shares in 2021. The maximum number of shares assigned to this cycle of the plan was 8,466,996 shares and the outstanding shares at December 31, 2019 7,756,796 , with the following breakdown: First cycle No. of shares assigned Outstanding shares at 12/31/2019 Unit fair value (euros) TSR Objective 4,233,498 3,878,398 4.52 FCF Objective 4,233,498 3,878,398 6.46 The second cycle commenced in 2019 and will be finalized on December 31, 2021, with delivery of the respective shares in 2022. The maximum number of shares assigned to this cycle of the plan was 9,471,489 shares and the outstanding shares at December 31, 2019 9,034,668 , with the following breakdown: Second cycle No. of shares assigned Outstanding shares at 12/31/2019 Unit fair value (euros) TSR Objective 4,735,744.5 4,517,334 4.44 FCF Objective 4,735,744.5 4,517,334 6.14 The first cycle commenced in 2018 and will be finalized on December 31, 2020, with delivery of the respective shares in 2021. The maximum number of shares assigned to this cycle of the plan was 787,500 shares and there were 759,500 , outstanding shares at December 31, 2019, with the following breakdown: First cycle No. of shares assigned Outstanding shares at 12/31/2019 Unit fair value (euros) TSR Objective 393,750 379,750 4.52 FCF Objective 393,750 379,750 6.46 The second cycle commenced in 2019 and will be finalized on December 31, 2021, with delivery of the respective shares in 2022. The maximum number of shares assigned to this cycle of the plan was 812,000 shares and there were 803,250 outstanding shares at December 31, 2019, with the following breakdown: Second cycle No. of shares assigned Outstanding shares at 12/31/2019 Unit fair value (euros) TSR Objective 406,000 401,625 4.44 FCF Objective 406,000 401,625 6.14 |
Cash Flow Detail (Tables)
Cash Flow Detail (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash Flow Statement [Abstract] | |
Schedule of Operating Activities | The detail of net cash flow provided by operating activities is the following: Millions of euros 2019 2018 2017 Cash received from operations 57,699 58,815 63,456 Cash paid from operations (41,224 ) (42,891 ) (46,929 ) Cash paid to suppliers (35,450 ) (37,044 ) (40,508 ) Cash paid to employees (4,934 ) (5,072 ) (5,725 ) Payments related to cancellation of commitments (840 ) (775 ) (696 ) Net payments of interest and other financial expenses net of dividends received (1,725 ) (1,636 ) (1,726 ) Net interest and other financial expenses paid (1,754 ) (1,664 ) (1,755 ) Dividends received 29 28 29 Taxes proceeds / (payments) 272 (865 ) (1,005 ) Net cash flow provided by operating activities 15,022 13,423 13,796 |
Schedule of Investing Activities: Investments, Property, Plant and Equipment, and Intangible Assets | The detail of (Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets, net is the following: Millions of euros 2019 2018 2017 Proceeds from the sale in property, plant and equipment and intangible assets 751 192 148 Payments on investments in property, plant and equipment and intangible assets (8,410 ) (8,777 ) (9,140 ) (Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets, net (7,659 ) (8,585 ) (8,992 ) |
Schedule of Investing Activities: Proceeds on Disposals of Companies and Payments on Investments in Companies | The detail of proceeds on disposals of companies, net of cash and cash equivalents disposed and payments on investments in companies, net of cash and cash equivalents acquired is the following: Millions of euros 2019 2018 2017 Sale of Telefónica Telecomunicaciones Públicas, S.A.U. — — 28 Sale of Axonix Ltd and Telefónica Digital Inc. — 29 — Sale of Seguros de Vida y Pensiones Antares, S.A. (Note 2) 151 — — Sale of Telefónica Móviles Guatemala, S.A. (Note 2) 270 — — Sale of Telefonía Celular de Nicaragua, S.A. (Note 2) 342 — — Venta de Telefónica Móviles Panamá, S.A. (Note 2) 519 — — Sale of Data Centers (Note 2) 515 — — Tax associated with the sales of Guatemala, Nicaragua and Panamá in Telefónica Centroamérica Inversiones, S.L. (83 ) — — Others 9 — 12 Proceeds on disposals of companies, net of cash and cash equivalents disposed 1,723 29 40 Acquisition of Coltel affiliates (Note 5) — — (85 ) Acquisition of Minodes GmbH — — (9 ) Acquisition of Co-trade GmbH — — (20 ) Others (12 ) (3 ) (14 ) Payments on investments in companies, net of cash and cash equivalents acquired (12 ) (3 ) (128 ) |
Schedule of Investing Activities: Proceeds and Payments on Financial Investments | The detail of proceeds on financial investments not included under cash equivalents and payments on financial investments not included under cash equivalents is the following: Millions of euros 2019 2018 2017 Sale of stake in China Unicom (Hong Kong) Limited (see Note 12) — — 72 Investments of Seguros de Vida y Pensiones Antares, S.A. 3 78 49 Sale of stake in Shortcut I GmbH & Co. KG — 21 — Collateral guarantees on derivatives 1,793 806 72 Legal deposits 11 — — Others 28 99 103 Proceeds on financial investments not included under cash equivalents 1,835 1,004 296 Legal deposits (33 ) (54 ) (75 ) Long term deposits — — (150 ) Collateral guarantees on derivatives (947 ) (754 ) (781 ) Derivatives of Telefónica, S.A. (12 ) — — Purchase of Prisa´s stake by Telefónica, S.A. (15 ) — — Others (125 ) (157 ) (100 ) Payments on financial investments not included under cash equivalents (1,132 ) (965 ) (1,106 ) |
Schedule of Financing Activities: Dividends Paid, Proceeds from Issuance of Share Capital, and Other Operations | The detail of dividends paid, proceeds from issue of share capital increase, payments and proceeds of treasury shares and other operations with shareholder and minority interest, and operations with other equity holders is the following: Millions of euros 2019 2018 2017 Dividends paid by Telefónica, S.A. (*) (2,056 ) (2,048 ) (1,904 ) Payments to non-controlling interests of Telefônica Brasil, S.A. (352 ) (245 ) (290 ) Payments to non-controlling interests of Telefónica Deutschland Holding, A.G. (247 ) (238 ) (229 ) Payments to non-controlling interests of Telefónica Centroamérica Inversiones, S.L. — (28 ) (23 ) Payments to non-controlling interests of Telxius Telecom, S.A. and Pontel Participaciones, S.L. (86 ) (231 ) — Others (1 ) (4 ) (13 ) Dividends paid (see Note 17) (2,742 ) (2,794 ) (2,459 ) Proceeds from share capital increase — — 2 Sale of 40% of Telxius Telecom, S.A. to Taurus Bidco S.à.r.l. (Note 5) — — 1,275 Sale of 16.65% of Pontel Participaciones, S.L. (Note 2) — 379 — Transactions carried out by Telefónica, S.A. (see Note 17) (86 ) — — Purchase of shares by Coltel from the Metropolitan Area of Barranquilla for the participation in Metrotel (4 ) — — Telefónica Centroamérica Inversiones, S.L. share premium (ECPN.) refund related to the sale of Guatemala, Nicaragua and Panama (414 ) — — Others — — (6 ) (Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests (504 ) 379 1,269 Issuance of undated deeply subordinated securities (Note 17) 1,800 2,250 1,000 Acquisition of undated deeply subordinated securities (Note 17) (935 ) (1,779 ) — Payment of undated deeply subordinated securities (Note 17) (118 ) (473 ) — Payment of the coupon related to the issuances of undated deeply subordinated securities issued (See Note 17) (357 ) (559 ) (354 ) Operations with other equity holders 390 (561 ) 646 (*) This amount differs from that indicated in Note 17 because of withholding taxes deducted in the payment to certain major shareholders in accordance with current legislation. |
Schedule of Financing Activities: Proceeds on Issuance of Debentures and Bonds and Additional Information | The detail of proceeds on issue of debentures and bonds, and other debts, proceeds on loans, borrowings and promissory notes, amortization of debentures and bonds, and other debts, repayments of loans, borrowings and promissory notes, lease principal payments and financed operating payments and investments in property, plant and equipment and intangible assets payments is the following: Millions of euros 2019 2018 2017 Issued under the EMTN program of Telefónica Emisiones, S.A.U. (see Appendix III) (*) 2,500 2,000 3,517 Issued under the SHELF program of Telefónica Emisiones, S.A.U. (see Appendix III) (*) 1,113 1,746 3,335 Issuance of Telefônica Brasil, S.A. (*) — — 756 Issuance of O2 Telefónica Deutschland Finanzierungs, GmbH (Appendix III) — 600 — Issuance of Telefónica del Perú, S.A.A. (*) 457 — — Others 116 (57 ) 782 Proceeds on issue of debentures and bonds, and other debts 4,186 4,289 8,390 Structured financing (see Note 18) — 750 750 Disposal bilateral loans of Telefónica, S.A. (see Note 18) 200 585 — Syndicated loan of 750 million euros by Telefónica Germany GmbH — — 650 Syndicated loan of Telxius Telecom, S.A. (see Note 18) — 289 — Syndicated bilateral loan of Telxius Telecom, S.A. (see Note 18) 150 — — Settlement of nominal value of gross debt hedging derivatives 153 209 575 Others 1,199 2,140 2,869 Proceeds on loans, borrowings and promissory notes (see Appendix V) 1,702 3,973 4,844 Repayments of debentures and bonds, and other debts (3,653 ) (4,654 ) (6,687 ) Syndicated loan of 2,500 million euros by Telefónica, S.A. — — (550 ) Syndicated loan of 750 million euros by Telefónica Germany GmbH — — (700 ) Amortization bilateral loans of Telefónica, S.A. (see Note 18) (1,835 ) (800 ) — Amortization of structured financing of Telefónica Europe B.V. (1,500 ) — — Settlement of nominal value of amortized debt hedging derivatives (148 ) (52 ) (179 ) Others (2,873 ) (3,188 ) (5,282 ) Repayments of loans, borrowings and promissory notes (see Appendix V) (6,356 ) (4,040 ) (6,711 ) Lease principal payments (Note 20) (1,518 ) — — Financed spectrum licenses payments (Note 21) (59 ) (44 ) (329 ) Payments for investments in spectrum use licenses financed without explicit interest (87 ) — — Payments to suppliers with extended payment terms (Note 18) (380 ) (428 ) (717 ) Financed operating payments and investments in property, plant and equipment and intangible assets payments (526 ) (472 ) (1,046 ) (*) Data converted at the exchange rate at the end of each of the corresponding periods. The impact of the exchange rate with respect to the date of the transaction is included in the "Others" line within the same sub-heading. |
Other Information (Tables)
Other Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Additional information [abstract] | |
Schedule of Auditors' Fees | The detail of these amounts is as follows: 2019 2018 Millions of euros PwC Auditores, S.L. Other PwC Total PwC Auditores, S.L. Other PwC Total Audit services 6.92 10.62 17.54 6.98 11.06 18.04 Audit-related services 0.73 0.45 1.18 0.78 0.29 1.07 Tax services — — — — — — All other services (consulting, advisory, etc.) — — — — — — Total 7.65 11.07 18.72 7.76 11.35 19.11 |
Schedule of Key Management Personnel Compensation | Compensation of the Board of Directors and of the Committees thereof Amounts in euros Position Board of Directors Executive Commission Advisory or Control Committees (*) Chairman 240,000 80,000 22,400 Vice chairman 200,000 80,000 — Executive Member — — — Proprietary Member 120,000 80,000 11,200 Independent Member 120,000 80,000 11,200 Other external 120,000 80,000 11,200 (*) In addition, the amount of the attendance fee for each of the meetings of the Advisory or Control Committees is 1,000 euros. TELEFÓNICA, S.A. (Amounts in euros) Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. José María Álvarez-Pallete López 1,923,100 — — 3,447,734 — 5,836 5,376,670 Mr. Isidro Fainé Casas — 200,000 — — 80,000 — 280,000 Mr. José María Abril Pérez — 200,000 9,000 — 91,200 — 300,200 Mr. José Javier Echenique Landiríbar — 120,000 25,000 — 113,600 — 258,600 Mr. Ángel Vilá Boix 1,600,000 — — 2,390,400 — 18,367 4,008,767 Mr. Juan Ignacio Cirac Sasturain — 120,000 9,000 — 11,200 — 140,200 Mr. Peter Erskine — 120,000 17,000 — 113,600 — 250,600 Ms. Sabina Fluxà Thienemann — 120,000 8,000 — 11,200 — 139,200 Ms. Carmen García de Andrés — 120,000 19,000 — 22,400 — 161,400 Ms. María Luisa García Blanco — 120,000 16,000 — 22,400 — 158,400 Mr. Jordi Gual Solé — 120,000 19,000 — 22,400 — 161,400 Mr. Peter Löscher — 120,000 14,000 — 33,600 — 167,600 Mr. Ignacio Moreno Martínez — 120,000 30,000 — 44,800 — 194,800 Ms. Verónica Pascual Boé 7 — — — — — — — Mr. Francisco Javier de Paz Mancho — 120,000 35,000 — 124,800 — 279,800 Mr. Francisco José Riberas Mera — 120,000 — — — — 120,000 Ms. Claudia Sender Ramírez 7 — — — — — — — 1 Salary: Regarding Mr José María Álvarez-Pallete López and Mr Ángel Vilá Boix, the amount includes the non-variable remuneration earned from their executive functions. 2 Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the Board, regardless of the effective attendance of the member to board meetings. 3 Allowances: Total amount of allowances for attending Advisory or Steering Committee meetings. 4 Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2019 and paid in the year 2020. In reference to the bonus corresponding to 2018, which was paid in 2019, Executive Board Member Mr José María Álvarez-Pallete López perceived 3,478,888 euros and Executive Board Member Mr Ángel Vilá Boix perceived 2,412,000 euros. 5 Remuneration for belonging to the Board Committees: Amount of items other than allowances, which the directors are beneficiaries through their position on the Executive Committee and the Advisory or Steering Committees, regardless of the effective attendance of the board member such Committee meetings. 6. Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by Telefónica, S.A. 7 Ms. Verónica Pascual Boé and Ms. Claudia Sender Ramírez were appointed Directors of the Company on December 18, 2019. Likewise, Mr. Luiz Fernando Furlán and Mr. Wang Xiaochu stood down as Board Members on December 18, 2019, reflecting below the payment received (and accrued) by them, in 2019 until the dates mentioned. Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. Luiz Fernando Furlán — 120,000 11,000 — 11,200 — 142,200 Mr. Wang Xiaochu — 120,000 — — — — 120,000 1 to 6: Definitions of these concepts are those included in the previous table. The following table breaks down the amounts accrued and/or received from other companies of the Telefónica Group other than Telefónica, S.A. individually, by the Board Members of the Company, by the performance of executive functions or by their membership to the Board of Directors of such companies: OTHER COMPANIES OF THE TELEFÓNICA GROUP (Amounts in euros) Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. José María Álvarez-Pallete López — — — — — — — Mr. Isidro Fainé Casas — — — — — — — Mr. José María Abril Pérez — — — — — — — Mr. José Javier Echenique Landiríbar — 155,602 — — — — 155,602 Mr. Ángel Vilá Boix — — — — — — — Mr. Juan Ignacio Cirac Sasturain — — — — — — — Mr. Peter Erskine — 20,000 — — — — 20,000 Ms. Sabina Fluxà Thienemann — — — — — — — Ms Carmen García de Andrés — — — — — — — Ms. María Luisa García Blanco — — — — — — — Mr. Jordi Gual Solé — — — — — — — Mr. Peter Löscher — — — — — — — Mr. Ignacio Moreno Martínez — — — — — — — Ms. Verónica Pascual Boé — — — — — — — Mr. Francisco Javier de Paz Mancho — 305,344 — — — — 305,344 Mr. Francisco José Riberas Mera — — — — — — — Ms. Claudia Sender Ramírez — — — — — — — 1 Salary: Amount of non-variable remuneration earned by the Director from other companies of the Telefónica Group for his/her executive functions. 2 Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the boards of other companies of the Telefónica Group. 3 Allowances: Total amount of the allowances for attending the board meetings of other companies of the Telefónica Group. 4. Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2019 and paid in the year 2020 by other companies of the Telefónica Group. 5. Remuneration for belonging to the Board Committees of other companies of the Telefónica Group: Amount of items other than allowances, which the directors are beneficiaries through their position on the Advisory or Steering Committees of other companies of the Telefónica Group, regardless of the effective attendance of the board member such Committee meetings. 6. Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by other companies of the Telefónica Group. Likewise, Mr. Luiz Fernando Furlán and Mr. Wang Xiaochu stood down as Board Members on December 18, 2019, reflecting below the payment received (and accrued) by them, in 2019 until the dates mentioned. Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. Luiz Fernando Furlán — 85,767 — — — — 85,767 Mr. Wang Xiaochu — — — — — — — 1 to 6: Definitions of these concepts are those included in the previous table. |
Operations Classified as Held_2
Operations Classified as Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Assets And Liabilities Classified As Held For Sale [Abstract] | |
Schedule of Detailed Information on Operations Classified as Held for Sale and Liabilities Associated | The breakdown of non-current assets classified as held for sale and liabilities associated at December 31, 2019 and December 1, 2018 is as follows: 2019 Millions of euros Non-current assets as held for sale Liabilities associated to non-current assets as held for sale Telefónica Móviles El Salvador 327 136 Telefónica de Costa Rica 439 244 Other assets 52 — Total 818 380 2018 Millions of euros Non-current assets as held for sale Liabilities associated to non-current assets as held for sale Antares 793 661 Telefónica Móviles Guatemala 376 105 Telefónica Móviles El Salvador 234 71 Other assets 89 — Total 1,492 837 The breakdown of non-current assets classified as held for sale and liabilities associated of Telefónica de Costa Rica and Telefónica Móviles El Salvador at December 31, 2019 is as follows: 2019 Millions of euros T. Costa Rica T. El Salvador Non-current assets 352 279 Intangible assets 72 34 Goodwill — 63 Property, plant and equipment 100 124 Rights of use 139 53 Financial assets and other non-current assets 13 3 Deferred tax assets 28 2 Current assets 87 48 Inventories 9 4 Receivables and other current assets 61 31 Tax receivables 4 2 Other current financial assets — 2 Cash and cash equivalents 13 9 Non-current liabilities 166 69 Non-current financial liabilities — 13 Non-current lease liabilities 104 35 Payable and other non-current liabilities — 1 Deferred tax liabilities 58 15 Non-current provisions 4 5 Current liabilities 78 67 Current financial liabilities — 23 Current lease liabilities 19 11 Payables and other current liabilities 47 32 Tax payables 12 1 The breakdown of non-current assets classified as held for sale and liabilities associated of Antares, Telefónica Móviles Guatemala and Telefónica Móviles El Salvador at December 31, 2018 is as follows: 2018 Millions of euros Antares T. Guatemala T. El Salvador Non-current assets 635 326 184 Intangible assets 1 44 30 Goodwill — 123 60 Property, plant and equipment — 157 91 Financial assets and other non-current assets 634 2 2 Deferred tax assets — — 1 Current assets 158 50 50 Inventories — 9 7 Receivables and other current assets 10 25 30 Tax receivables — 9 3 Other current financial assets 52 — 2 Cash and cash equivalents 96 7 8 Non-current liabilities 656 45 11 Non-current financial liabilities — 19 — Payable and other non-current liabilities — — 1 Deferred tax liabilities 1 13 5 Non-current provisions 655 13 5 Current liabilities 5 60 60 Current financial liabilities — 5 18 Payables and other current liabilities 4 52 39 Tax payables — 3 3 Current provisions 1 — — |
Appendix I_ Scope of Consolid_2
Appendix I: Scope of Consolidation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Consolidations [Abstract] | |
Schedule of Main Companies of the Telefonica Group | The table below lists the main companies comprising the Telefónica Group at December 31, 2019 and the main investments consolidated using the equity method. Included for each company are the company name, corporate purpose, country, functional currency, share capital (in millions of functional currency units), the Telefónica Group’s effective shareholding and the company or companies through which the Group holds a stake. Parent Company Telefónica, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Telefónica Spain Telefónica de España, S.A.U. Spain EUR 1,024 100 % Telefónica, S.A. Telefónica Móviles España, S.A.U. Spain EUR 209 100 % Telefónica, S.A. Acens Technologies, S.L. Spain EUR 23 100 % Telefónica de España, S.A.U. Teleinformática y Comunicaciones, S.A.U. (Telyco) Spain EUR 8 100 % Telefónica de España, S.A.U. Telefónica Soluciones de Informática y Com. de España S.A.U. Spain EUR 2 100 % Telefónica de España, S.A.U. Telefónica Soluciones de Outsourcing, S.A. Spain EUR 1 100 % Telefónica Soluciones de Informática y Com. de España S.A.U. Telefónica Servicios Integrales de Distribución S.A.U. Spain EUR 2 100 % Telefónica de España, S.A.U. DTS Distribuidora de Televisión Digital, S.A. Spain EUR 80 100 % Telefónica de España, S.A.U. Telefónica de Contenidos, S.A.U. Spain EUR 226 100 % Telefónica, S.A. Telefónica Servicios Audiovisuales, S.A.U. Spain EUR 6 100 % Telefónica de Contenidos, S.A.U. Telefónica Broadcast Services, S.L.U. Spain EUR — 100 % Telefónica Servicios Audiovisuales, S.A.U. Telefónica Audiovisual Digital, S.L.U. Spain EUR 46 100 % Telefónica de Contenidos, S.A.U. Compañía Independiente de Televisión, S.L. Spain EUR 1 100 % Telefónica Audiovisual Digital, S.L.U. Telefónica United Kingdom Telefónica O2 Holdings Ltd. UK GBP 9 100 % Telefónica, S.A. (99.99%) MmO2 plc UK GBP 20 100 % O2 Secretaries Ltd. (0.1%) O2 Holdings Ltd UK GBP 12 100 % Telefónica O2 Holding Ltd. Telefónica United Kingdom Ltd. UK GBP 10 100 % O2 Holdings Ltd. Giffgaff Ltd UK GBP — 100 % Telefónica United Kingdom Ltd. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Telefónica United Kingdom (cont.) O2 Networks Ltd. UK GBP — 100 % O2 Holdings Ltd. Cornerstone Telecomunications UK GBP — 50 % O2 Networks Ltd. (40%) Telefónica Germany Telefónica Deutschland Holding A.G Germany EUR 2,975 69.22 % Telefónica Germany Holdings Limited Telefónica Germany GmbH & Co. OHG Germany EUR 51 69.22 % Telefónica Deutschland Holding A.G (69.21%) E-Plus Services GmbH Germany EUR — 69.22 % Telefónica Germany GmbH & Co. OHG Telefónica Germany Next GmbH Germany EUR — 69.22 % Telefónica Germany GmbH & Co. OHG O2 Telefónica Deutschland Finanzierungs GmbH Germany EUR — 69.22 % Telefónica Germany GmbH & Co. OHG Minodes GmbH Germany EUR — 69.22 % Telefónica Germany Next Gmbh Telefónica Brasil Telefônica Brasil, S.A. Brazil BRL 63,571 73.68 % Telefónica Latinoamérica Holding, S.L. (24.18%) Terra Networks Brasil, S.A. Brazil BRL — 73.68 % Telefônica Brasil, S.A. Telefónica Hispam Norte Telefónica Venezolana, C.A. Venezuela VES 603,582 100 % Latin America Cellular Holdings, S.L. (97.36%) Colombia Telecomunicaciones, S.A. ESP Colombia COP 3,410 67.50 % Telefónica Latinoamérica Holding, S.L. (51.52%) Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P Colombia COP 83,191 67.49 % Colombia Telecomunicaciones, S.A. ESP (37.79%) Metropolitana de Telecomunicaciones S.A E.S.P Colombia COP 50,212 67.48 % Colombia Telecomunicaciones, S.A. ESP (38.75%) Operaciones Tecnológicas y Comerciales S.A.S Colombia COP 2,330 67.49 % Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P (27.00%) Telefónica Móviles México, S.A. de C.V. Mexico MXN 119,701 100 % Telefónica, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Telefónica Hispam Norte (Cont.) Telefónica Centroamérica Inversiones ,S.L. ions services provider Spain EUR 1 60 % Telefónica, S.A. Otecel, S.A. Ecuador USD 183 100 % Telefónica Lati noamérica Holding, S.L. Telefónica Hispam Sur Telefónica de Argentina, S.A. Argentina ARS 36,263 100 % Telefónica Móviles Argentina, S.A. (83.45%) Telefónica Móviles Argentina, S.A. Argentina ARS 6,795 100 % Telefónica, S.A. (73.20%) Telefónica Móviles Chile, S.A. Chile CLP 1,329,872 100 % Inversiones Telefónica Internacional Holding, S.A. (98.93%) 07%) Telefónica Chile, S.A. Chile CLP 569,773 99.14 % Telefónica Móviles Chile, S.A. Telefónica del Perú, S.A.A. Peru PEN 2,954 98.57 % Telefónica Latinoamérica Holding, S.L. (50.22%) Telefónica Móviles del Uruguay, S.A. Uruguay UYU 1,107 100 % Telefónica Latinoamérica Holding, S.L. Other Companies O2 International Holdings Ltd. UK GBP — 100 % O2 (Europe) Ltd. O2 (Netherlands ) Holdings BV. Netherlands EUR — 100 % O2 International Holdings Ltd. Telefónica Germany Holdings Ltd. UK EUR — 100 % O2 (Europe) Ltd. O2 (Europe) Ltd. UK EUR 1,239 100 % Telefónica, S.A. Telefónica International Holding, B.V Netherlands EUR — 100 % Telefónica Latinoamérica Holding, S.L. Telefónica Latinoamérica Holding, S.L. Spain EUR 237 100 % Telefónica, S.A. Sao Paulo Telecomunicaçoes Participaçoes Ltda Brazil BRL 14,804 100 % Telefónica Latinoamérica Holding, S.L. (60.6%) Pontel Participaciones, S.L. Spain EUR — 83.35 % Telefónica, S.A. Telxius Telecom, S.A. Spain EUR 250 50.01 % Pontel Participaciones, S.L. Inmosites, S.A.U. Spain EUR 7 50.01 % Telxius Telecom, S.A. Telxius Cable América, S.A. Uruguay USD 507 50.01 % Telxius Telecom, S.A. Telxius Cable España, S.L.U. Spain EUR 5 50.01 % Telxius Telecom, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Other Companies (Cont.) Telxius Cable República Dominicana, S.A.S. Republica Dominicana USD 3 50.01 % Telxius Cable América, S.A. (49.51%) Telxius Cable Argentina, S.A. Argentina USD 78 50.01 % Telxius Cable América, S.A. (49.98%) Telxius Cable Panamá, S.A. Panama USD 17 50.01 % Telxius Cable América, S.A. Telxius Cable Puerto Rico, Inc. Puerto Rico USD 24 50.01 % Telxius Cable América, S.A. Telxius Cable USA, Inc. US USD 58 50.01 % Telxius Cable América, S.A. Telxius Cable Ecuador, S.A. Ecuador USD 5 50.01 % Telxius Cable América, S.A. (50%) Telxius Cable Chile, S.A. Chile USD 37 50.01 % Telxius Cable América, S.A. Telxius Cable Guatemala, S.A. Guatemala USD 24 50.01 % Telxius Cable América, S.A. Telxius Cable Perú, S.A.C. Peru USD 20 50.01 % Telxius Cable América, S.A. Telxius Cable Colombia, S.A. Colombia USD 4 50.01 % Telxius Cable América, S.A. (47.50%) Telxius Cable Brasil Participaçoes, Ltda. Brazil USD 62 50.01 % Telxius Cable América, S.A. Telxius Cable Brasil, Ltda. Brazil USD 74 50.01 % Telxius Cable Brasil Participaçoes, Ltda. Telxius Cable Bolivia, S.A. Bolivia USD 5 50.01 % Telxius Cable América, S.A. (49.01%) Telxius Torres Latam, S.L.U. Spain EUR 8 50.01 % Telxius Telecom, S.A. Telxius Torres España, S.L.U. Spain EUR 10 50.01 % Telxius Telecom, S.A. Telxius Towers Germany, Gmbh. Germany EUR — 50.01 % Telxius Telecom, S.A. Telxius Torres Perú S.A.C. Peru PEN 104 50.01 % Telxius Torres Latam, S.L.U. Telxius Torres Chile Holding, S.A. Chile EUR 8 50.01 % Telxius Torres Latam, S.L.U. (50%) Telxius Torres Chile, S.A. Chile CLP 23,594 50.01 % Telxius Torres Chile Holding, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Other Companies (Cont.) Telxius Torres Brasil, Ltda. Brazil BRL 764 50.01 % Telxius Torres Latam, S.L.U. Telxius Torres Argentina, S.A. Argentina ARS 1,549 50.01 % Telxius Torres Latam, S.L.U. (47.51%) Latin American Cellular Holdings, S.L. Spain EUR — 100 % Telefónica Latinoamérica Holding, S.L. Telefónica International Wholesale Services II, S.L. Spain EUR 1 100 % Telefónica, S.A. Telefónica USA, Inc. US USD 202 100 % Telefónica International Wholesale Services II, S.L. Telefónica International Wholesale Services México, S.A. Mexico MXN 31 100 % Telefónica International Wholesale Services II, S.L. Telefónica Digital España, S.L. Spain EUR 26 100 % Telefónica, S.A Telefónica Open Future , S.L Spain EUR 4 100 % Telefónica Digital España, S.L. Telefónica Digital Ltd. UK GBP 58 100 % Telefónica Digital España, S.L. Wayra Investigación y Desarrollo S.L. Spain EUR 2 100 % Telefónica Digital España, S.L. Wayra Chile Tecnología e Innovación Limitada Chile CLP 29,899 100 % Wayra Investigacion y Desarrollo, S.L. Wayra Brasil Aceleradora de Projetos Ltda. Brazil BRL 49 100 % Wayra Investigación y Desarrollo S.L. WY Telecom, S.A. de C.V. Mexico MXN 173 100 % Wayra Investigacion y Desarrollo, S.L. Wayra Argentina, S.A. Argentina ARS 282 100 % Wayra Investigacion y Desarrollo, S.L. (95%) Wayra Colombia, S.A.S. Colombia COP 2,088 100 % Wayra Investigacion y Desarrollo, S.L. Proyecto Wayra, C.A. Venezuela VES 5,138 100 % Telefónica Venezolana, C.A. Wayra Perú Aceleradora de Proyectos, S.A.C. Peru PEN 27 100 % Wayra Investigacion y Desarrollo, S.L. Wayra UK Ltd. UK GBP — 100 % Wayra Investigacion y Desarrollo, S.L. Terra Networks Perú, S.A. Peru PEN 10 100 % Telefónica Latinoamérica Holding, S.L. Terra Networks Argentina, S.A. Argentina ARS 11 100 % Telefónica Latinoamérica Holding, S.L. (99.99%) Terra Networks México, S.A. de C.V. Mexico MXN 305 100 % Terra Networks Mexico Holding, S.A. de C.V. Telfisa Global, B.V. Netherlands EUR — 100 % Telefónica, S.A. Telefónica Global Activities Holding, B.V. Netherlands EUR — 100 % Telfisa Global, B.V. Telefónica Global Services, GmbH Germany EUR — 100 % Group 3G UMTS Holding, GmbH Telefónica Global Roaming, GmbH Germany EUR — 100 % Telefónica Global Services, GmbH Group 3G UMTS Holding GmbH Germany EUR 250 100 % Telefónica Global Activities Holdings, B.V Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Other Companies (Cont.) Telefónica Compras Electrónicas, S.L. Spain EUR — 100 % Telefónica Global Services, GmbH Telefónica On The Spot Services, S.A.U. Spain EUR 1 100 % Telefónica de Contenidos, S.A.U. Telefónica Educación Digital, S.L. Spain EUR 1 100 % Telefónica Digital España, S.L. Telfin Ireland Ltd. Ireland EUR — 100 % Telefónica, S.A. Telefónica Ingeniería de Seguridad, S.A.U. Spain EUR 13 100 % Telefónica, S.A. Telefônica Infraestructura e Segurança Brasil Ltda. Brazil BRL — 100 % Terra Networks Brasil, S.A. Telefónica Capital, S.A.U. Spain EUR 7 100 % Telefónica, S.A. Lotca Servicios Integrales, S.L. Spain EUR 17 100 % Telefónica, S.A. Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones, S.A Spain EUR 16 70 % Telefónica Capital, S.A. Fonditel Gestión, Soc. Gestora de Instituciones de Inversión Colectiva, S.A. Spain EUR 2 100 % Telefónica Capital, S.A. Telefónica Investigación y Desarrollo, S.A.U. Spain EUR 7 100 % Telefónica, S.A. Media Networks Latin America, S.A.C Peru USD 91 100 % Telefónica Latinoamérica Holding, S.L. Telefónica Luxembourg Holding, S.à.r.L. Luxembourg EUR 3 100 % Telefónica, S.A. Casiopea Reaseguradora, S.A. Luxembourg EUR 4 100 % Telefónica Luxembourg Holding, S.à.r.L. Nova Casiopea RE S.A. Luxembourg EUR 15 100 % Telefónica Luxembourg Holding, S.à.r.L. Telefónica Insurance, S.A. Luxembourg EUR 23 100 % Telefónica Luxembourg Holding, S.à.r.L. Telefónica Finanzas, S.A.U. Spain EUR 3 100 % Telefónica, S.A. Pléyade Peninsular, Correduría de Seguros y Reaseguros del Grupo Telefónica, S.A. Spain EUR — 100 % Telefónica Finanzas, S.A.U. (TELFISA) (83.33%) Fisatel Mexico, S.A. de C.V. Mexico MXN 3,505 100 % Telefónica, S.A. Telefónica Europe, B.V. Netherlands EUR — 100 % Telefónica, S.A. Telefónica Participaciones, S.A.U. Spain EUR — 100 % Telefónica, S.A. Telefónica Emisiones, S.A.U. Spain EUR — 100 % Telefónica, S.A. Telefónica Global Technology, S.A.U. Spain EUR 16 100 % Telefónica, S.A. Aliança Atlântica Holding B.V. Netherlands EUR 150 100 % Telefónica, S.A. (50%) Telefónica Serviços Empresariais do BRASIL, Ltda. Brazil BRL 48 99.99 % Telefónica Servicios Globales, S.L.U. Telefónica Gestión Integral de Edificios y Servicios S.L. Spain EUR — 100 % Telefónica Servicios Globales, S.L.U. Tempotel, Empresa de Trabajo Temporal, S.A. Spain EUR — 100 % Telefónica Servicios Globales, S.L.U. O2 Worldwide Limited UK GBP — 100 % Telefónica, S.A. Name and corporate purpose Country Currency Capital %Telefónica Group Holding Company Other Companies (Cont.) Telefónica Innovación Alpha, S.L. Spain EUR 1 100 % Telefónica, S.A. Telefónica Servicios Globales, S.L.U. Spain EUR 1 100 % Telefónica, S.A. Telefónica Holding Atticus, B.V. Netherlands EUR — 100 % Telefónica Latinoamérica Holding, S.L. Telefónica Soluciones de Criptografía, S.A. Spain EUR — 100 % Telefónica, S.A. Telefónica Chile Holdings, S.L. Chile CLP — 100 % Telefónica, S.A. Other companies held for sale Telefónica Móviles El Salvador, S.A. de C.V. Provision of wireless and international long distance communications services El Salvador USD 42 59.58 % Telefónica Centroamérica Inversiones S.L. (59.46%) Telefónica Multiservicios S.A. de C.V. (0.12%) Telefónica de Costa Rica TC, S.A. Costa Rica CRC 199,892 100 % Telefónica, S.A. Companies accounted for using the equity method Telefónica Factoring España, S.A. Spain EUR 5 50 % Telefónica, S.A. Telefónica Factoring Do Brasil, Ltd. Brazil BRL 5 50 % Telefónica, S.A. (40.00%) Telefónica Factoring Mexico, S.A. de C.V. SOFOM ENR Mexico MXN 34 50 % Telefónica, S.A. (40.50%) Telefónica Factoring Perú, S.A.C. Peru PEN 6 50 % Telefónica, S.A. (40.50%) Telefónica Factoring Colombia, S.A. Colombia COP 4,000 50 % Telefónica, S.A. (40.50%) Mobile Financial Services Holding SPRL Belgica USD 197 50 % Telefónica Internacional Holding, B.V (26.28%) Telefónica Consumer Finance, Establecimiento Financiero de Crédito, S.A. Spain EUR 5 50 % Telefónica, S.A. Tesco Mobile Ltd. UK GBP — 50 % O2 Communication Ltd. The Smart Steps Data Technology Company China CNY — 37.5 % Telefónica Digital España, S.L. Internet para todos S.A.C Peru PEN — 37 % Telefónica del Perú, S.A.A. Main changes in the scope of consolidation for the year 2019 Acquisition of companies Companies/Segment/Subsidiaries Country Date of inclusion % Acquisition Other companies Telefónica Soluciones de Criptografía, S.A. Spain 02/28/2019 100 % Constitution of new companies Companies/Segment/Subsidiaries Country Date of inclusion % Participation Other companies Inmosites, S.A.U. Spain 12/31/2019 50.01 % Sold companies Companies/Segment/Subsidiaries Country Date of deconsolidated % Sold Hispam Norte Telefónica Móviles Guatemala, S.A. Guatemala 01/31/2019 60 % Telefonía Celular de Nicaragua, S.A. Nicaragua 05/31/2019 60 % Telefónica Móviles Panamá, S.A. Panama 08/31/2019 60 % Other companies Seguros de Vida y Pensiones Antares, S.A. Spain 02/28/2019 100 % Telefónica Gestión Logística, S.A.C Peru 04/30/2019 100 % Main changes in the scope of consolidation for the year 2018 Constitution of new companies Companies/Segment/Subsidiaries Country Date of inclusion % Acquisition Other companies Telxius Cable Bolivia, S.A. Bolivia 03/31/2018 50.01 % Pontel Participaciones, S.L. Spain 07/31/2018 83.35 % Sold companies Companies/Segment/Subsidiaries Country Date of deconsolidated % Sold Telefónica Spain Centro de Asistencia Telefónica, S.A. Spain 12/31/2018 100 % Telefónica Germany Shortcut I GmbH & Co. KG Germany 10/31/2018 69.22 % Other companies Telefónica Digital Inc. US 08/31/2018 100 % Tokbox Inc. US 08/31/2018 100 % Axonix Ltd UK 08/31/2018 78 % Merged companies Companies/Segment/Subsidiaries Country Date Surviving company Telefónica Germany Co-Trade GmbH Germany 07/31/2018 Telefónica Germany Retail Gmbh Other companies Synergic Partners, S.L. Spain 10/31/2018 Telefónica Digital España, S.L. Companies liquidation Companies/Segment/Subsidiaries Country Date of deconsolidated % Participation Other companies Telefónica Gestión de Servicios Compartidos México, S.A. de C.V. Mexico 12/31/2018 100 % Operations with minority interests Companies/Segment/Subsidiaries Country Date % Participation after operation Other companies Pontel Participaciones, S.L. Spain 07/31/2018 83.35 % |
Appendix II_ Board and Senior_2
Appendix II: Board and Senior Management Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation [Abstract] | |
Schedule of Key Management Personnel Compensation | Compensation of the Board of Directors and of the Committees thereof Amounts in euros Position Board of Directors Executive Commission Advisory or Control Committees (*) Chairman 240,000 80,000 22,400 Vice chairman 200,000 80,000 — Executive Member — — — Proprietary Member 120,000 80,000 11,200 Independent Member 120,000 80,000 11,200 Other external 120,000 80,000 11,200 (*) In addition, the amount of the attendance fee for each of the meetings of the Advisory or Control Committees is 1,000 euros. TELEFÓNICA, S.A. (Amounts in euros) Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. José María Álvarez-Pallete López 1,923,100 — — 3,447,734 — 5,836 5,376,670 Mr. Isidro Fainé Casas — 200,000 — — 80,000 — 280,000 Mr. José María Abril Pérez — 200,000 9,000 — 91,200 — 300,200 Mr. José Javier Echenique Landiríbar — 120,000 25,000 — 113,600 — 258,600 Mr. Ángel Vilá Boix 1,600,000 — — 2,390,400 — 18,367 4,008,767 Mr. Juan Ignacio Cirac Sasturain — 120,000 9,000 — 11,200 — 140,200 Mr. Peter Erskine — 120,000 17,000 — 113,600 — 250,600 Ms. Sabina Fluxà Thienemann — 120,000 8,000 — 11,200 — 139,200 Ms. Carmen García de Andrés — 120,000 19,000 — 22,400 — 161,400 Ms. María Luisa García Blanco — 120,000 16,000 — 22,400 — 158,400 Mr. Jordi Gual Solé — 120,000 19,000 — 22,400 — 161,400 Mr. Peter Löscher — 120,000 14,000 — 33,600 — 167,600 Mr. Ignacio Moreno Martínez — 120,000 30,000 — 44,800 — 194,800 Ms. Verónica Pascual Boé 7 — — — — — — — Mr. Francisco Javier de Paz Mancho — 120,000 35,000 — 124,800 — 279,800 Mr. Francisco José Riberas Mera — 120,000 — — — — 120,000 Ms. Claudia Sender Ramírez 7 — — — — — — — 1 Salary: Regarding Mr José María Álvarez-Pallete López and Mr Ángel Vilá Boix, the amount includes the non-variable remuneration earned from their executive functions. 2 Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the Board, regardless of the effective attendance of the member to board meetings. 3 Allowances: Total amount of allowances for attending Advisory or Steering Committee meetings. 4 Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2019 and paid in the year 2020. In reference to the bonus corresponding to 2018, which was paid in 2019, Executive Board Member Mr José María Álvarez-Pallete López perceived 3,478,888 euros and Executive Board Member Mr Ángel Vilá Boix perceived 2,412,000 euros. 5 Remuneration for belonging to the Board Committees: Amount of items other than allowances, which the directors are beneficiaries through their position on the Executive Committee and the Advisory or Steering Committees, regardless of the effective attendance of the board member such Committee meetings. 6. Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by Telefónica, S.A. 7 Ms. Verónica Pascual Boé and Ms. Claudia Sender Ramírez were appointed Directors of the Company on December 18, 2019. Likewise, Mr. Luiz Fernando Furlán and Mr. Wang Xiaochu stood down as Board Members on December 18, 2019, reflecting below the payment received (and accrued) by them, in 2019 until the dates mentioned. Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. Luiz Fernando Furlán — 120,000 11,000 — 11,200 — 142,200 Mr. Wang Xiaochu — 120,000 — — — — 120,000 1 to 6: Definitions of these concepts are those included in the previous table. The following table breaks down the amounts accrued and/or received from other companies of the Telefónica Group other than Telefónica, S.A. individually, by the Board Members of the Company, by the performance of executive functions or by their membership to the Board of Directors of such companies: OTHER COMPANIES OF THE TELEFÓNICA GROUP (Amounts in euros) Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. José María Álvarez-Pallete López — — — — — — — Mr. Isidro Fainé Casas — — — — — — — Mr. José María Abril Pérez — — — — — — — Mr. José Javier Echenique Landiríbar — 155,602 — — — — 155,602 Mr. Ángel Vilá Boix — — — — — — — Mr. Juan Ignacio Cirac Sasturain — — — — — — — Mr. Peter Erskine — 20,000 — — — — 20,000 Ms. Sabina Fluxà Thienemann — — — — — — — Ms Carmen García de Andrés — — — — — — — Ms. María Luisa García Blanco — — — — — — — Mr. Jordi Gual Solé — — — — — — — Mr. Peter Löscher — — — — — — — Mr. Ignacio Moreno Martínez — — — — — — — Ms. Verónica Pascual Boé — — — — — — — Mr. Francisco Javier de Paz Mancho — 305,344 — — — — 305,344 Mr. Francisco José Riberas Mera — — — — — — — Ms. Claudia Sender Ramírez — — — — — — — 1 Salary: Amount of non-variable remuneration earned by the Director from other companies of the Telefónica Group for his/her executive functions. 2 Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the boards of other companies of the Telefónica Group. 3 Allowances: Total amount of the allowances for attending the board meetings of other companies of the Telefónica Group. 4. Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2019 and paid in the year 2020 by other companies of the Telefónica Group. 5. Remuneration for belonging to the Board Committees of other companies of the Telefónica Group: Amount of items other than allowances, which the directors are beneficiaries through their position on the Advisory or Steering Committees of other companies of the Telefónica Group, regardless of the effective attendance of the board member such Committee meetings. 6. Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by other companies of the Telefónica Group. Likewise, Mr. Luiz Fernando Furlán and Mr. Wang Xiaochu stood down as Board Members on December 18, 2019, reflecting below the payment received (and accrued) by them, in 2019 until the dates mentioned. Directors Salary 1 Fixed remunera-tion 2 Allowances 3 Short-term variable remuneration 4 Remuneration for belonging to the Board Committees 5 Other items 6 Total Mr. Luiz Fernando Furlán — 85,767 — — — — 85,767 Mr. Wang Xiaochu — — — — — — — 1 to 6: Definitions of these concepts are those included in the previous table. |
Schedule of Long-term Savings Systems of Key Management Personnel Compensation | LONG-TERM SAVINGS SYSTEMS (Amounts in euros) Directors Contributions for fiscal year 2019 Mr. José María Álvarez-Pallete López 673,085 Mr. Ángel Vilá Boix 560,000 The breakdown of the long-term saving systems includes contributions to Pension Plans, to the Benefit Plan and to the Unit link-type Insurance, as set out below: (Amounts in euros) Directors Contribution to Pension Plans Contribution to Benefit Plan 1 Contributions to Unit link-type Insurance/Pension Plan Surplus 2 Mr. José María Álvarez-Pallete López 6,060 540,968 126,057 Mr. Ángel Vilá Boix 5,377 487,840 66,783 1 Contributions to the Executive Social Welfare Plan established in 2006, financed exclusively by the Company, to complement the current Pension Plan, which involves defined contributions equivalent to a certain percentage of the fixed remuneration of the Director, depending on the professional levels in the organization of the Telefónica Group. 2 Contributions to Unit link-type Insurance/Pension Plan Surplus: In 2015 applicable law reduced the financial and tax limits of the contributions to Pension Plans; for this reason, in order to compensate for the difference in favor of the Beneficiaries, a Unit-link type group insurance policy was arranged to channel such differences that occur during each fiscal year. This Unit-link type insurance is arranged with the entity Plus Ultra, Seguros Generales y Vida, S.A. de Seguros y Reaseguros (after the merger through absorption of Seguros de Vida y Pensiones Antares, S.A.U. by Plus Ultra), and covers the same contingencies as those of the “Pension Plan” and the same exceptional liquidity events in case of serious illness or long-term unemployment. |
Schedule of Life Insurance Premiums of Key Management Personnel Compensation | LIFE INSURANCE PREMIUMS (Amounts in euros) Directors Life insurance premiums Mr. José María Álvarez-Pallete López 27,509 Mr. Ángel Vilá Boix 13,799 |
Schedule of PSP of Key Management Personnel Compensation | PSP - First Cycle / 2018-2021 Directors Maximum number of shares (*) Mr. José María Álvarez-Pallete López 421,000 Mr. Ángel Vilá Boix 312,000 (*) Maximum possible number of shares to be received in case of maximum completion of FCF and TSR target. PSP - Second Cycle / 2019-2022 (shares allocate in February 2019) Directors Maximum number of shares (*) Mr. José María Álvarez-Pallete López 468,000 Mr. Ángel Vilá Boix 347,000 ( *) Maximum possible number of shares to be received in case of maximum completion of FCF and TSR target. |
Appendix III_ Debentures and _2
Appendix III: Debentures and Bonds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Appendix III: Debentures and Bonds [Abstract] | |
Schedule of Maturity of Debentures and Bonds | The breakdown of financial liabilities at December 31, 2019 and the corresponding maturities schedule is as follows: Millions of euros Current Non-current Maturity 2020 2021 2022 2023 2024 Subsequent years Non-current total Total Debentures and bonds 5,826 4,876 5,152 2,369 1,048 23,365 36,810 42,636 Promissory notes & commercial paper 1,635 — — 140 263 320 723 2,358 Total Issues 7,461 4,876 5,152 2,509 1,311 23,685 37,533 44,994 Loans and other payables 1,091 447 380 423 547 1,600 3,397 4,488 Derivative instruments (Note 19) 524 199 228 101 132 1,698 2,358 2,882 Total 9,076 5,522 5,760 3,033 1,990 26,983 43,288 52,364 The detail and key features of outstanding debentures and bonds at December 31, 2019 are as follows (in millions of euros): Total Telefónica and its instrumental companies Maturity (nominal) Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total T. EUROPE BV SEP_00 BOND GLOBAL D USD 8.250 % — — — — — 1,092 1,092 TEBV FEB_03 EMTN FIXED TRANCHE B EUR 5.875 % — — — — — 500 500 Telefónica Europe, B.V. — — — — — 1,592 1,592 EMTN O2 GBP GBP 5.375 % — — — — — 587 587 TELEF. EMISIONES JUNE 06 TRANCHE D USD 7.045 % — — — — — 1,781 1,781 TELEF. EMISIONES JANUARY 07 A EUR 1 x EURIBOR6M +0,83% — 55 — — — — 55 TELEF. EMISIONES MAY 2014 EUR 2.242 % — — 1,250 — — — 1,250 EMTN GBP 12/09/2022 650 GBP GBP 5.289 % — — 764 — — — 764 TELEF. EMISIONES APRIL 2010 USD 5.134 % 1,247 — — — — — 1,247 EMTN GBP 10/08/2029 400 GBP GBP 5.445 % — — — — — 470 470 TELEF. EMISIONES FEBRUARY 2011 USD 5.462 % — 1,336 — — — — 1,336 TELEF. EMISIONES FEBRUARY 2012 GBP 5.597 % 822 — — — — — 822 TELEF. EMISIONES OCTOBER 2012 EUR 4.710 % 1,200 — — — — — 1,200 TELEF. EMISIONES DECEMBER 2012 CHF 3.450 % — — 138 — — — 138 TELEF EMISIONES JANUARY 2013 EUR 3.987 % — — — 1,500 — — 1,500 TELEF. EMISIONES MARCH 2013 EUR 3.961 % — 1,000 — — — — 1,000 TELEF EMISIONES APRIL 2013 USD 4.570 % — — — 668 — — 668 TELEF. EMISIONES OCTOBER 2014 EUR 2.932 % — — — — — 800 800 TELEF. EMISIONES OCTOBER 2013 CHF 2.595 % 207 — — — — — 207 TELEF. EMISIONES JULY 2015 EUR 1 x EURIBOR6M +0,83% — — 67 — — — 67 TELEF. EMISIONES SEPTEMBER 2015 EUR 1.477 % — 1,000 — — — — 1,000 TELEF EMISIONES APRIL 2016 EUR 0.750 % — — 1,400 — — — 1,400 Total Telefónica and its instrumental companies (cont.) Maturity (nominal) Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total TELEF EMISIONES APRIL 2016 EUR 1.460 % — — — — — 1,350 1,350 TELEF. EMISIONES OCTOBER 2016 EUR 0.318 % 1,250 — — — — — 1,250 TELEF. EMISIONES OCTOBER 2016 EUR 1.930 % — — — — — 750 750 TELEF. EMISIONES DECEMBER 2016 EUR 4.000 % — — — — — 150 150 TELEF. EMISIONES JANUARY 2017 EUR 1.528 % — — — — — 1,250 1,250 TELEF. EMISIONES JANUARY 2017 EUR 2.318 % — — — — — 500 500 TELEF. EMISIONES MARCH 2017 USD 4.103 % — — — — — 1,336 1,336 TELEF. EMISIONES MARCH 2017 USD 5.213 % — — — — — 1,781 1,781 TELEF. EMISIONES MARCH 2017 EUR 2.318 % — — — — — 200 200 TELEF. EMISIONES APRIL 2017 USD 4.900 % — — — — — 178 178 TELEF. EMISIONES APRIL 2017 USD 5.213 % — — — — — 445 445 TELEF. EMISIONES SEPTEMBER 2017 EUR 1.715 % — — — — — 1,250 1,250 TELEF. EMISIONES JANUARY 2018 EUR 1.447 % — — — — — 1,000 1,000 TELEF. EMISIONES MARCH 2018 USD 4.895 % — — — — — 1,113 1,113 TELEF. EMISIONES MARCH 2018 USD 4.665 % — — — — — 668 668 TELEF. EMISIONES SEPTEMBER 2018 EUR 1.495 % — — — — — 1,000 1,000 TELEF. EMISIONES FEBRUARY 2019 GREEN B. EUR 1.069 % — — — — 1,000 — 1,000 TELEF. EMISIONES MARCH 2019 EUR 1.788 % — — — — — 1,000 1,000 TELEF. EMISIONES MARCH 2019 USD 5.520 % — — — — — 1,113 1,113 TELEF. EMISIONES JULY 2019 EUR 1.957 % — — — — — 500 500 Telefónica Emisiones, S.A.U. 4,726 3,391 3,619 2,168 1,000 19,222 34,126 Exchangeable Bond MARCH 2016 (*) EUR — — 600 — — — — 600 Telefónica Participaciones — — 600 — — — — 600 Total Telefónica, S.A. and its instrumental companies 4,726 3,991 3,619 2,168 1,000 20,814 36,318 (*) Issue of non-dilutive cash-settled equity-linked bonds referenced to Telefónica share price, with a nominal amount of 600 million euros, issue price of 101.25% and maturing in March 2021. Foreign operators Maturity Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total Bond T CLP 4.900 % 11 23 — 23 — — 57 144A Bond USD 3.875 % — — 445 — — — 445 Telefónica Chile, S.A. 11 23 445 23 — — 502 Bond F UF 3.600 % — — — 101 — — 101 Bond G UF 2.200 % 67 — — — — — 67 Bond I UF 1.950 % 67 — — — — — 67 Bond K CLP 4.900 % — 112 — — — — 112 Foreign operators (cont.) Maturity Debentures and bonds Currency % Interest rate 2020 2021 2022 2023 2024 Subsequent years Total Telefónica Móviles Chile, S.A. 134 112 — 101 — — 347 T. Finanzas Mex 0710 FIX MXN 8.070 % 94 — — — — — 94 Telefónica Finanzas México, S.A. 94 — — — — — 94 Bond T. Peru 4th Program (19th Serie A) N. SOL VAC + 3,625% — — — — — 23 23 Bond T. Peru 4th Program (19th Serie B) N. SOL VAC + 2,875% — — — — — 18 18 Bond T. Peru 4th Program (37th Serie A) N. SOL VAC + 3,125% — — — — — 18 18 Bond T. Peru 4th Program (19th Serie C) N. SOL VAC + 3,1875% — — — — — 7 7 Bond T. Peru 5th Program (22nd Serie Ac) N. SOL VAC + 3,500% — 9 — — — — 9 Bond T. Peru 6th Program (17th Serie A) N. SOL VAC + 3,09375% — — — — — 17 17 Bond T. Peru 6th Program (11th Serie A) N. SOL 6.656 % — — — 70 — — 70 Bond T. Peru 6th Program (11th Serie B) N. SOL 6.188 % — — — — 32 — 32 Bond T. Peru 6th Program (12th Serie A) N. SOL 5.063 % 30 — — — — — 30 Bond T. Peru 6th Program (13th Serie A) N. SOL 5.500 % — — 38 — — — 38 Bond T. Peru 6th Program (14th Serie A) N. SOL 5.344 % — — 27 — — — 27 Bond T. Peru 6th Program (15th Serie A) N. SOL 5.469 % — — — — 36 — 36 Bond T. Peru 6th Program (16th Serie A) N. SOL 5.500 % — — — — — 28 28 Bond T. Peru 6th Program (12th Serie B) N. SOL 4.188 % — 19 — — — — 19 Bond T. Peru 1st Private Program (1st Serie A) N. SOL 7.281 % — — — — — 21 21 Bond T. Peru 1st Program International Issue (1sr Serie A) N. SOL 7.375 % — — — — — 457 457 Telefónica del Perú, S.A. 30 28 65 70 68 589 850 Nonconvertible bonds BRL 1,0825 XCDI — 222 222 — — — 444 Nonconvertible bonds BRL 1,0 XCDI + 0,24% 222 — — — — — 222 Nonconvertible bonds (Telemig) I BRL IPCA + 0,5% — — — — — — — Nonconvertible bonds (Telemig) II BRL IPCA + 0,5% 1 1 — — — — 2 Nonconvertible bonds (Telemig) III BRL IPCA + 0,5% 2 2 — — — — 4 Telefônica Brasil, S.A. 225 225 222 — — — 672 BOND R144-A USD 5.375 % — — 650 — — — 650 Bond A5 COP 6.650 % — — — — 94 — 94 Bond C10 COP IPC + 3,39% — — — — — 41 41 Colombia Telecomunicaciones, S.A, ESP — — 650 — 94 41 785 Bond EUR 2.375 % — 500 — — — — 500 Bond EUR 1.750 % — — — — — 600 600 O2 Telefónica Deutschland Finanzierungs, GmbH — 500 — — — 600 1,100 Total Outstanding Debentures and Bonds Foreign operators 494 888 1,382 194 162 1,230 4,350 Total Outstanding Debentures and Bonds 5,220 4,879 5,001 2,362 1,162 22,044 40,668 |
Schedule of Detailed Information about Debt | Interest-bearing debt arranged or repaid in 2019 mainly includes the following: Description Limit 12/31/2019 (million euros) Currency Outstanding balance 12/31/2019 (million euros) Arrangement date Maturity date Drawndown 2019 (million euros) Repayment 2019 (million euros) Telefónica, S.A. Bilateral Credit (1) 300 EUR — 05/14/2019 05/14/2024 — — Bilateral loan (2) — EUR — 06/26/2014 04/01/2019 — (1,000 ) Bilateral loan — EUR — 10/24/2016 03/19/2019 — (150 ) Bilateral loan — EUR — 12/20/2017 07/22/2019 — (385 ) Bilateral loan — EUR 200 07/11/2019 08/14/2026 200 — Bilateral loan (3) — EUR — 12/28/2017 10/22/2019 — (100 ) Bilateral loan (4) — EUR — 11/24/2017 10/30/2019 — (100 ) Bilateral loan 150 EUR — 11/08/2019 03/31/2030 — — Bilateral loan (5) — EUR — 02/23/2016 12/23/2019 — (100 ) Bilateral loan 200 EUR — 12/04/2019 06/04/2027 — — Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (6) — COP — 01/05/2018 12/16/2019 — (142 ) Telefónica Europe B.V. Structured financing (7) — EUR — 11/28/2016 12/16/2019 — (1,500 ) Telxius Telecom S.A.U. Bilateral loan — EUR 150 11/29/2019 11/29/2021 150 — Telefónica Germany GmbH & Co. OHG Syndicated facility (8) 750 EUR — 12/17/2019 12/17/2024 — — EIB Financing (Tranche 1) 300 EUR — 12/18/2019 12/18/2028 — — (1) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (2) On February, 18, 2019 and April 1, 2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (3) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (4) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (5) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (6) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. The main debentures and bonds issued by the Group in 2019 are as follows: Nominal (millions) Item Date Maturity Date Currency Euros Currency of issuance Coupon Telefónica Emisiones, S.A.U. EMTN Bond 02/05/2019 02/05/2024 1,000 1,000 EUR 1.069 % SHELF Bond 03/01/2019 03/01/2049 1,250 1,113 USD 5.520 % EMTN Bond 03/12/2019 03/12/2029 1,000 1,000 EUR 1.788 % EMTN Bond 07/01/2019 07/01/2039 500 500 EUR 1.957 % Telefónica del Perú, S.A.A. Bond 04/10/2019 04/10/2027 1,700 457 PEN 7.375 % Colombia Telecomunicaciones S.A E.S.P. Bond 05/29/2019 05/29/2024 347,590 94 COP 6.650 % Bond 05/29/2019 05/29/2029 152,410 41 COP IPC + 3.390% The main financing transactions at December 31, 2019 and 2018 and their nominal amounts are as follows: Outstanding principal balance (millions of euros) Descriptive name summary Current limit (millions) Currency 12/31/2019 12/31/2018 Arrangement date Maturity date Telefónica, S.A Structured Financing (*) 59 USD 53 93 05/03/2011 07/30/2021 Structured Financing (*) 316 USD 282 379 02/22/2013 01/31/2023 Structured Financing (*) 273 USD 243 314 08/01/2013 10/31/2023 Bilateral loan (1) — EUR — 1,000 06/26/2014 04/01/2019 Structured Financing (*) 503 USD 448 516 12/11/2015 03/11/2026 Structured Financing (*) 341 EUR 341 401 12/11/2015 03/11/2026 Bilateral loan (2) — EUR — 100 02/23/2016 12/23/2019 Bilateral loan — EUR — 150 10/24/2016 03/19/2019 Credit 380 EUR — 271 12/27/2002 12/27/2022 Bilateral loan (3) — EUR — 100 11/24/2017 10/30/2019 Bilateral loan (4) — EUR — 100 12/28/2017 10/22/2019 Bilateral loan — EUR — 385 12/20/2017 07/22/2019 Credit 100 GBP 117 112 05/23/2013 03/01/2022 Bilateral credit (5) 300 EUR — — 05/14/2019 05/14/2024 Bilateral loan — EUR 200 — 07/11/2019 08/14/2026 Bilateral loan 150 EUR — — 11/08/2019 03/31/2030 Bilateral loan 200 EUR — — 12/04/2019 06/04/2027 Telefónica Germany GmbH & Co. OHG BEI Financing — EUR 408 450 06/13/2016 06/13/2025 Syndicated facility (6) 750 EUR — — 12/17/2019 12/17/2024 BEI Financing (Tranche 1) 300 EUR — — 12/18/2019 12/18/2028 Telefónica Europe, B.V. Structured Financing (7) — EUR — 1,500 11/28/2016 12/16/2019 Telxius Telecom, S.A. Syndicated facility 300 EUR 300 300 12/01/2017 12/01/2023 Bilateral loan — EUR 150 — 11/29/2019 11/29/2021 Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (8) — COP — 143 01/05/2018 12/16/2019 (1) On February, 18, 2019 and April 1,2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (2) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (3) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (4) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (5) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (6) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (*) Facility with amortization schedule, showing in the column "Current limit" the undrawn amount. |
Appendix IV_ Financial Instru_2
Appendix IV: Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Appendix IV: Financial Instruments [Abstract] | |
Schedule of Detailed Information about Financial Instruments | The detail of the type of financial instruments arranged by the Group (notional amount) by currency and interest rates at December 31, 2019 is as follows: Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Euro (4,684 ) 6,878 4,222 3,185 1,939 22,022 33,562 21,898 12,052 33,950 Floating rate 1,672 3,097 1,089 1,987 519 2,623 10,987 1,266 9,769 11,035 Spread (0.34 %) (0.18 %) (0.03 %) 0.05 % 0.22 % 0.08 % (0.07 %) — — — Fixed rate (6,356 ) 3,781 3,133 1,198 1,420 19,399 22,575 20,632 2,283 22,915 Interest rate (2.79 %) 1.98 % 1.49 % 2.67 % 1.83 % 1.61 % 2.97 % — — — Rate cap — — — — — — — — — — Other european currencies Instruments in CZK (67 ) — — — — — (67 ) 1 (68 ) (67 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (67 ) — — — — — (67 ) 1 (68 ) (67 ) Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in GBP 2,585 28 235 — — 1,057 3,905 2,022 1,934 3,956 Floating rate (518 ) 141 493 (117 ) (255 ) 470 214 (1 ) 214 213 Spread — — — — — — — — — — Fixed rate 3,103 (113 ) (258 ) — 255 587 3,574 1,906 1,720 3,626 Interest rate 1.61 % 0.72 % (1.71 %) — 1.11 % 5.38 % 2.47 % — — — Rate cap — — — 117 — — 117 117 — 117 Instruments in CHF — — — — — — — 369 (369 ) — Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate — — — — — — — 369 (369 ) — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — America Instruments in USD (491 ) (1,763 ) 663 134 — 1,782 325 20,104 (19,707 ) 397 Floating rate 57 (1,770 ) 681 134 — 1,781 883 410 (196 ) 214 Spread 2.22 % (0.08 %) 0.07 % 1.12 % — — 0.52 % — — — Fixed rate (548 ) 7 (18 ) — — 1 (558 ) 19,694 (19,511 ) 183 Interest rate (1.42 %) 344.56 % (184.98 %) — — — (11.60 %) — — — Rate cap — — — — — — — — — — Instruments in UYU 28 — — — — — 28 (15 ) 34 19 Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate 28 — — — — — 28 (15 ) 34 19 Interest rate (0.01 %) — — — — — (0.01 %) — — — Rate cap — — — — — — — — — — Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Instruments in ARS (74 ) 8 — — — — (66 ) (58 ) — (58 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (74 ) 8 — — — — (66 ) (58 ) — (58 ) Interest rate 33.69 % 45.54 % — — — — 32.33 % — — — Rate cap — — — — — — — — — — Instruments in BRL 898 424 223 — — 69 1,614 (250 ) 1,888 1,638 Floating rate (1,218 ) 192 221 — — (26 ) (831 ) (752 ) (65 ) (817 ) Spread — — — — — (0.34 %) (0.01 %) — — — Fixed rate 2,116 232 2 — — 95 2,445 502 1,953 2,455 Interest rate 4.08 % 4.69 % 6.82 % — — (0.08 %) 3.97 % — — — Rate cap — — — — — — — — — — Instruments in CLP 96 298 286 161 — (3 ) 838 (427 ) 1,255 828 Floating rate (21 ) 3 289 113 — — 384 — 378 378 Spread (0.34 %) 26.86 % (0.80 %) 1.46 % — — 0.05 % — — — Fixed rate 117 295 (3 ) 48 — (3 ) 454 (427 ) 877 450 Interest rate 4.24 % 3.72 % 5.07 % 3.79 % — 1.41 % 3.87 % — — — Rate cap — — — — — — — — — — Instruments in UFC — — — — — — — 256 (256 ) — Floating rate — — — — — — — 256 (256 ) — Spread — — — — — — — — — — Fixed rate — — — — — — — — — — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in PEN 126 52 64 70 69 507 888 635 282 917 Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate 126 52 64 70 69 507 888 635 282 917 Interest rate 6.49 % 3.46 % 5.43 % 6.66 % 5.81 % 7.27 % 6.64 % — — — Rate cap — — — — — — — — — — Instruments in VAC — 9 — — — 83 92 92 — 92 Floating rate — 9 — — — 83 92 92 — 92 Spread — 3.50 % — — — 3.21 % 3.24 % — — — Fixed rate — — — — — — — — — — Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — Instruments in COP 819 36 — — 94 — 949 47 950 997 Floating rate 28 — — — — (41 ) (13 ) 28 — 28 Spread 1.59 % — — — — 3.39 % 7.23 % — — — Fixed rate 791 36 — — 94 41 962 19 950 969 Interest rate 5.15 % 4.75 % — — 6.65 % 8.09 % 5.40 % — — — Rate cap — — — — — — — — — — Instruments in VEB (4 ) 1 — — — — (3 ) (2 ) — (2 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate (4 ) 1 — — — — (3 ) (2 ) — (2 ) Interest rate 0.01 % 16.63 % — — — — (2.52 %) — — — Rate cap — — — — — — — — — — Fair value Millions of euros 2020 2021 2022 2023 2024 Subsequent years Notional Underlying debt Associated derivatives TOTAL Instruments in MXN 44 26 (16 ) (19 ) (19 ) (86 ) (70 ) (75 ) 57 (18 ) Floating rate (29 ) (30 ) (63 ) (65 ) (65 ) (290 ) (542 ) 348 (518 ) (170 ) Spread (0.02 %) (0.10 %) — — — — (0.01 %) — — — Fixed rate 73 56 47 46 46 204 472 (423 ) 575 152 Interest rate 5.77 % 4.22 % 3.69 % 3.71 % 3.71 % 3.71 % 4.09 % — — — Rate cap — — — — — — — — — — Asia Instruments in JPY — — — — — — — (8 ) — (8 ) Floating rate — — — — — — — — — — Spread — — — — — — — — — — Fixed rate — — — — — — — (8 ) — (8 ) Interest rate — — — — — — — — — — Rate cap — — — — — — — — — — TOTAL 41,995 44,589 (1,948 ) 42,641 Floating rate 11,174 1,647 9,326 10,973 Fixed rate 30,704 42,825 (11,336 ) 31,489 Rate cap 117 117 — 117 Currency Options and Others (*) — — 62 62 (*) Amounts include in fixed rate The table below is an extract of the previous table that shows the sensitivity to interest rates originated by our position on interest rate swaps categorized into instruments entered into for trading purposes and instruments entered into for purposes other than trading at December 31, 2019: Interest rate swaps Millions of euros Maturity Non trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value EUR (87 ) Fixed to fix — — — — — — — 3 Receiving leg — (100 ) (75 ) — — — (175 ) (135 ) Average Interest Rate — — — — — — — — Paying leg — 100 75 — — — 175 138 Average Interest Rate — 1.18 % 0.55 % — — — 0.70 % — Fixed to floating — — — — — — — (800 ) Receiving leg (8,907 ) (7,120 ) (3,968 ) (3,674 ) (2,093 ) (4,310 ) (30,072 ) (19,002 ) Average Interest Rate 1.40 % 1.65 % 1.03 % 1.52 % 0.80 % 0.74 % 1.29 % — Paying leg 8,907 7,120 3,968 3,674 2,093 4,310 30,072 18,202 Average Spread 0.36 % 0.51 % 1.00 % 0.37 % 0.24 % — 0.42 % — Floating to fixed — — — — — — — 710 Receiving leg (3,560 ) (3,460 ) (359 ) (1,997 ) (1,170 ) (3,072 ) (13,618 ) (13,597 ) Average Spread 2.11 % 0.02 % — — — — 0.56 % — Paying leg 3,560 3,460 359 1,997 1,170 3,072 13,618 14,307 Average Interest Rate 2.59 % 1.95 % 1.30 % 1.02 % 1.89 % 0.89 % 1.72 % — USD (5 ) Fixed to floating — — — — — — — (13 ) Receiving leg (303 ) (303 ) (570 ) (303 ) (151 ) — (1,630 ) (433 ) Average Interest Rate 1.52 % 1.61 % 1.73 % 1.74 % 3.55 % — — — Paying leg 303 303 570 303 151 — 1,630 420 Average Spread 1.61 % 1.68 % 0.92 % 1.77 % — — — — Floating to fixed — — — — — — — 8 Receiving leg — — (267 ) — (151 ) — (418 ) (420 ) Average Spread — — — — — — — — Paying leg — — 267 — 151 — 418 428 Average Interest Rate — — 1.93 % — 2.52 % — — — GBP (33 ) Fixed to floating — — — — — — — (44 ) Receiving leg (23 ) (258 ) (634 ) — — — (915 ) (961 ) Average Interest Rate 2.36 % 1.76 % 3.00 % — — — — — Paying leg 23 258 634 — — — 915 917 Average Spread — — — — — — — — Floating to fixed — — — — — — — 11 Receiving leg (70 ) (176 ) (200 ) — — — (446 ) (448 ) Average Spread — — — — — — — — Paying leg 70 176 200 — — — 446 459 Average Interest Rate 0.73 % 2.56 % 1.84 % — — — — — Interest rate swaps Millions of euros Maturity Trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value EUR 1,211 Fixed to floating — — — — — — — (93 ) Receiving leg — (500 ) — (800 ) — (400 ) (1,700 ) (1,788 ) Average Interest Rate — 1.25 % — 1.50 % — 0.59 % 1.22 % — Paying leg — 500 — 800 — 400 1,700 1,695 Average Spread — — — — — — — — Floating to fixed — — — — — — — 1,304 Receiving leg (4,547 ) (1,102 ) (192 ) — — (7,832 ) (13,673 ) (11,865 ) Average Spread 0.08 % 0.03 % — — — — 0.03 % — Paying leg 4,547 1,102 192 — — 7,832 13,673 13,169 Average Interest Rate 2.11 % 1.92 % 0.12 % — — 1.10 % 1.49 % — USD (1,956 ) Fixed to floating — — — — — — — (1,956 ) Receiving leg (1,900 ) (1,612 ) (1,319 ) (781 ) (79 ) (9,562 ) (15,253 ) (16,212 ) Average Interest Rate 3.02 % 3.44 % 1.83 % 1.85 % 2.36 % 3.23 % 3.03 % — Paying leg 1,900 1,612 1,319 781 79 9,562 15,253 14,256 Average Spread 0.22 % — — — — — 0.03 % — MXN (2 ) Fixed to floating — — — — — — — (4 ) Receiving leg (142 ) — — — — — (142 ) (146 ) Average Interest Rate 7.90 % — — — — — 7.90 % — Paying leg 142 — — — — — 142 142 Average Spread 0.41 % — — — — — 0.41 % — Floating to fixed — — — — — — — 2 Receiving leg (142 ) — — — — — (142 ) (142 ) Average Spread 0.41 % — — — — — 0.41 % — Paying leg 142 — — — — — 142 144 Average Interest Rate 6.67 % — — — — — 6.67 % — GBP (171 ) Fixed to floating — — — — — — — (171 ) Receiving leg (822 ) — (587 ) — — (470 ) (1,879 ) (2,047 ) Average Interest Rate 1.87 % — 3.51 % — — 3.42 % 2.77 % — Paying leg 822 — 587 — — 470 1,879 1,876 Average Spread — — — — — — — — Millions of euros Maturity Trading purposes 2020 2021 2022 2023 2024 Subsequent years Total Fair value CLP 6 Fixed to floating — — — — — — — (1 ) Receiving leg (6 ) (3 ) (3 ) (3 ) — — (15 ) (2 ) Average Interest Rate 4.90 % 4.90 % 4.90 % 4.90 % — — 0.98 % — Paying leg 6 3 3 3 — — 15 1 Average Spread 1.27 % 1.27 % 1.27 % 1.27 % — — 0.25 % — Floating to fixed — — — — — — — 7 Receiving leg (24 ) (118 ) — (28 ) — — (170 ) (166 ) Average Spread — — — — — — — — Paying leg 24 118 — 28 — — 170 173 Average Interest Rate 3.31 % 3.26 % — 2.99 % — — 3.22 % — CHF (9 ) Fixed to floating — — — — — — — (9 ) Receiving leg (207 ) — (138 ) — — — (345 ) (354 ) Average Interest Rate 0.95 % — 0.75 % — — — 0.87 % — Paying leg 207 — 138 — — — 345 345 Average Spread — — — — — — — — COP 2 Floating to fixed — — — — — — — 2 Receiving leg — — — — — (41 ) (41 ) — Average Spread — — — — — 3.39 % 3.39 % — Paying leg — — — — — 41 41 2 Average Interest Rate — — — — — 8.09 % 8.09 % — |
Schedule of Maturity Analysis for Derivative Financial Liabilities | Interest rate options, by maturity, are as follows: Interest rate options Maturities Millions of euros 2020 2021 2022 2023 2024 Subsequent years Collars Notional amount of options bought — — 881 — — — Strike Cap — — 4.92 — — — Strike Floor — — 4.15 — — — Caps Notional amount of options bought — — — — — — Strike — — — — — — Notional amount of options sold — — 881 — — — Strike — — 5.53 — — — Floors Notional amount of options bought — — 881 — — — Strike — — 1.17 — — — Notional amount of options sold — — — — — — Strike — — — — — — Cash flows receivable or payable on derivative financial instruments to be settled via the swap of nominals, categorized by currency of collection/payment, along with contractual maturities are as follows: Millions of euros 2020 2021 2022 2023 2024 Subsequent years Total Currency swaps Receive ARS — — — — — — — Pay ARS — — — — — — — Receive BRL 82 — — — — — 82 Pay BRL (215 ) (64 ) — — — — (279 ) Receive CLP — — 286 83 — — 369 Pay CLP (119 ) (118 ) (571 ) (221 ) — — (1,029 ) Receive COP — — — — — — — Pay COP — — — — — — — Receive CZK — — — — — — — Pay CZK — — — — — — — Receive EUR 1,241 64 — — — 89 1,394 Pay EUR (3,031 ) (3,104 ) (875 ) (668 ) (80 ) (7,844 ) (15,602 ) Receive GBP 1,292 — 587 — — — 1,879 Pay GBP — — — — — — — Receive JPY — — — — — — — Pay JPY — — — — — — — Receive MXN — — — — — — — Pay MXN (46 ) (46 ) (46 ) (46 ) (46 ) (206 ) (436 ) Receive PEN — — — — — — — Pay PEN — — — — 1 — 1 Receive UFC 135 — — 202 — — 337 Pay UFC — — — (101 ) — — (101 ) Receive USD 1,741 3,527 1,096 842 79 7,781 15,066 Pay USD (1,135 ) — (445 ) — (1 ) — (1,581 ) Receive UDI 65 65 65 65 65 290 615 Pay UDI — — — — — — — Receive CHF 207 — 138 — — — 345 Pay CHF — — — — — — — TOTAL 217 324 235 156 18 110 1,060 (*) The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.80), EUR/USD (1.17), USD/COP (2,911.47) and EUR/CHF (1.22). Millions of euros 2020 2021 2022 2023 2024 Subsequent years Total Forwards Receive ARS — — — — — — — Pay ARS — — — — — — — Receive BRL 63 — — — — — 63 Pay BRL (1,762 ) — — — — — (1,762 ) Receive CLP 2 — — — — — 2 Pay CLP (539 ) (22 ) — — — — (561 ) Receive COP 86 — — — — — 86 Pay COP (977 ) (3 ) — — — — (980 ) Receive CZK 67 — — — — — 67 Pay CZK — — — — — — — Receive EUR 8,383 — — — — — 8,383 Pay EUR (1,124 ) — — — — — (1,124 ) Receive GBP 86 — — — — — 86 Pay GBP (4,193 ) — — — — — (4,193 ) Receive MXN 32 — — — — — 32 Pay MXN (214 ) — — — — — (214 ) Receive PEN 4 — — — — — 4 Pay PEN (287 ) — — — — — (287 ) Receive UFC — — — — — — — Pay UFC — — — — — — — Receive USD 2,587 25 — — — — 2,612 Pay USD (2,333 ) — — — — — (2,333 ) Receive UYU — — — — — — — Pay UYU (34 ) — — — — — (34 ) TOTAL (153 ) — — — — — (153 ) (*) The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.88), EUR/USD (1.11), USD/COP (3,289.51) and EUR/BRL (4.62). |
Appendix V_ Interest-Bearing _2
Appendix V: Interest-Bearing Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Appendix V: Interest-Bearing Debt [Abstract] | |
Schedule of Interest-Bearing Debt | Interest-bearing debt arranged or repaid in 2019 mainly includes the following: Description Limit 12/31/2019 (million euros) Currency Outstanding balance 12/31/2019 (million euros) Arrangement date Maturity date Drawndown 2019 (million euros) Repayment 2019 (million euros) Telefónica, S.A. Bilateral Credit (1) 300 EUR — 05/14/2019 05/14/2024 — — Bilateral loan (2) — EUR — 06/26/2014 04/01/2019 — (1,000 ) Bilateral loan — EUR — 10/24/2016 03/19/2019 — (150 ) Bilateral loan — EUR — 12/20/2017 07/22/2019 — (385 ) Bilateral loan — EUR 200 07/11/2019 08/14/2026 200 — Bilateral loan (3) — EUR — 12/28/2017 10/22/2019 — (100 ) Bilateral loan (4) — EUR — 11/24/2017 10/30/2019 — (100 ) Bilateral loan 150 EUR — 11/08/2019 03/31/2030 — — Bilateral loan (5) — EUR — 02/23/2016 12/23/2019 — (100 ) Bilateral loan 200 EUR — 12/04/2019 06/04/2027 — — Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (6) — COP — 01/05/2018 12/16/2019 — (142 ) Telefónica Europe B.V. Structured financing (7) — EUR — 11/28/2016 12/16/2019 — (1,500 ) Telxius Telecom S.A.U. Bilateral loan — EUR 150 11/29/2019 11/29/2021 150 — Telefónica Germany GmbH & Co. OHG Syndicated facility (8) 750 EUR — 12/17/2019 12/17/2024 — — EIB Financing (Tranche 1) 300 EUR — 12/18/2019 12/18/2028 — — (1) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (2) On February, 18, 2019 and April 1, 2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (3) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (4) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (5) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (6) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. The main debentures and bonds issued by the Group in 2019 are as follows: Nominal (millions) Item Date Maturity Date Currency Euros Currency of issuance Coupon Telefónica Emisiones, S.A.U. EMTN Bond 02/05/2019 02/05/2024 1,000 1,000 EUR 1.069 % SHELF Bond 03/01/2019 03/01/2049 1,250 1,113 USD 5.520 % EMTN Bond 03/12/2019 03/12/2029 1,000 1,000 EUR 1.788 % EMTN Bond 07/01/2019 07/01/2039 500 500 EUR 1.957 % Telefónica del Perú, S.A.A. Bond 04/10/2019 04/10/2027 1,700 457 PEN 7.375 % Colombia Telecomunicaciones S.A E.S.P. Bond 05/29/2019 05/29/2024 347,590 94 COP 6.650 % Bond 05/29/2019 05/29/2029 152,410 41 COP IPC + 3.390% The main financing transactions at December 31, 2019 and 2018 and their nominal amounts are as follows: Outstanding principal balance (millions of euros) Descriptive name summary Current limit (millions) Currency 12/31/2019 12/31/2018 Arrangement date Maturity date Telefónica, S.A Structured Financing (*) 59 USD 53 93 05/03/2011 07/30/2021 Structured Financing (*) 316 USD 282 379 02/22/2013 01/31/2023 Structured Financing (*) 273 USD 243 314 08/01/2013 10/31/2023 Bilateral loan (1) — EUR — 1,000 06/26/2014 04/01/2019 Structured Financing (*) 503 USD 448 516 12/11/2015 03/11/2026 Structured Financing (*) 341 EUR 341 401 12/11/2015 03/11/2026 Bilateral loan (2) — EUR — 100 02/23/2016 12/23/2019 Bilateral loan — EUR — 150 10/24/2016 03/19/2019 Credit 380 EUR — 271 12/27/2002 12/27/2022 Bilateral loan (3) — EUR — 100 11/24/2017 10/30/2019 Bilateral loan (4) — EUR — 100 12/28/2017 10/22/2019 Bilateral loan — EUR — 385 12/20/2017 07/22/2019 Credit 100 GBP 117 112 05/23/2013 03/01/2022 Bilateral credit (5) 300 EUR — — 05/14/2019 05/14/2024 Bilateral loan — EUR 200 — 07/11/2019 08/14/2026 Bilateral loan 150 EUR — — 11/08/2019 03/31/2030 Bilateral loan 200 EUR — — 12/04/2019 06/04/2027 Telefónica Germany GmbH & Co. OHG BEI Financing — EUR 408 450 06/13/2016 06/13/2025 Syndicated facility (6) 750 EUR — — 12/17/2019 12/17/2024 BEI Financing (Tranche 1) 300 EUR — — 12/18/2019 12/18/2028 Telefónica Europe, B.V. Structured Financing (7) — EUR — 1,500 11/28/2016 12/16/2019 Telxius Telecom, S.A. Syndicated facility 300 EUR 300 300 12/01/2017 12/01/2023 Bilateral loan — EUR 150 — 11/29/2019 11/29/2021 Colombia Telecomunicaciones, S.A. E.S.P. Bilateral loan (8) — COP — 143 01/05/2018 12/16/2019 (1) On February, 18, 2019 and April 1,2019 Telefónica, S.A. made an early repayment for 500 million euros respectively, of its 1,000 million euros bilateral loan signed on June 26, 2014 and originally scheduled to mature on June 26, 2019. (2) On December 23, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on February 23, 2021. (3) On October 30, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on January 30, 2026. (4) On October 22, 2019, Telefónica, S.A. made an early repayment of its 100 million euros bilateral loan originally scheduled to mature on October 22, 2020. (5) The facility matures in 2024, with two annual extension options, at the request of Telefónica, for a maximum maturity in 2026. (6) On December 17, 2019, Telefónica Germany GmbH & Co. OHG signed a syndicated financing facility for an aggregate amount of 750 million euros which replaces the syndicated financing facility for 750 million euros signed on March 22, 2016, and originally scheduled to mature on March 22, 2023. The new financing matures in 2024, with two annual extension options at the request of Telefónica Germany GmbH & Co. OHG, for a maximum maturity in 2026. (7) On August 16, 2019, Telefónica Europe, B.V. made an early repayment for 750 million euros, on November 15, 2019 450 million euros and on December 16, 2019 300 million euros of its structured financing signed on November 28, 2016 and originally scheduled to mature on November 28, 2024. (8) On May 30, 2019 Colombia Telecomunicaciones S.A. E.S.P. made an early repayment for 380,000 million COP and on December 16, 2019 153,000 million COP of its 533,000 million COP bilateral loan signed on January 5, 2018 and originally scheduled to mature on January 5, 2025. (*) Facility with amortization schedule, showing in the column "Current limit" the undrawn amount. |
Appendix VI_ Key Regulatory I_2
Appendix VI: Key Regulatory Issues and Concessions and Licenses Held by the Telefonica Group (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about service concession arrangements [abstract] | |
Schedule of Detailed Information about Service Concession Arrangements | EUROPE Frequency Bandwidth (MHz) Year of Exp. Date Spain 800 MHz 20 2031 900 MHz 29.6 2030 1800 MHz 40 2030 1900 MHz (TDD) 5 2020 (1) 2100 MHz 29.6 2020 (1) 2600 MHz 40 2030 2600 MHz 20 (2) 2030 2600 MHz (TDD) 10 (3 ) 2030 3.5 GHz 40 2020 (1) 3.7 GHz (TDD) 50 2038 United Kingdom 800 MHz 20 Indefinite (4) 900 MHz 34.8 Indefinite 1800 MHz 11.6 Indefinite 1900 MHz (TDD) 5 Indefinite 2100 MHz 20 Indefinite 2300 MHz (TDD) 40 Indefinite (4) 3.5 GHz (TDD) 40 Indefinite (4) Germany 700 MHz 20 2033 800 MHz 20 2025 900 MHz 20 2033 1800 MHz 20 2033 1800 MHz 20 2025 1900 MHz (TDD) 5 2025 1900 MHz (TDD) 5 2020 2000 MHz (TDD) 14.2 2025 2100 MHz 39.6 2020 2100 MHz 29.7 2025 2600 MHz 60 2025 2600 MHz (TDD) 20 2025 3.5 GHz (TDD) 70 2040 (1)Initial term until 2020, with the possibility of extending the concession until 18 April 2030. (2) Regional licenses in Madrid and Melilla. (3) National license excluding 2 regions (Madrid and Melilla). (4) initial term of 20 years BRAZIL (1)(2) Frequency Bandwidth (MHz) Year of Exp. Date 450 MHz 14 (3) 2027 700 MHz 20 2029 850 MHz 25 (4) 2020-2028 (5) 900 MHz 5 (6) 2020-2023 (7) 1800 MHz 20-50 (8) 2020-2023 (7) 2100 MHz 20-30 (11) 2023 2500 MHz 40 (9) 2027-2031 (10) (1) Expiration date accounts for initial term of 15 years, another 15 years extension is contemplated in all licenses. (2) Regional codes are included in Annex 1. (3) SP State (towns with CN 13 to 19), MG and North East (AL, CE, PB, PE, PI, RN e SE). (4) Except regions 2', 4', 6', 7', 7’’ and 10. (5) Regional licenses expiring in different dates. This expiration date corresponds to the second 15 years term. (6) Only in regions 3, 4, 4', 5, 6, 7, 8 and 9. Not in regions 1, 2, 2', 5', 6', 7', 7’’ and 10. (7) Regional licenses: expiration and renewal dates are dependent on the region. (8) 20 MHz is the most common bandwidth, but it is higher in some regions (up to 50 MHz). (9) 40 MHz national license, plus Band P ( 20 MHz) in some areas. (10) Band X will expire in 2027 and Band P will expire in 2031. (11) 30 MHz in some regions. HISPANOAMÉRICA Frequency Bandwidth (MHz) Year of Exp. Date Argentina 700 MHz 20 2033 850 MHz (AMBA) 30 Indefinite 850 MHz (Sur) 25 Indefinite 1900 MHz (AMBA) 20 Indefinite 1900 MHz (Norte) 50 Indefinite 1900 MHz (Sur) 25 Indefinite 1700 MHz/2100 MHz 20 2033 2600 MHz 30 2035 (1) 3.5 GHz 50 Indefinite (2) Chile 700 MHz 20 2045 850 MHz 25 Indefinite 1900 MHz 30 2032/2033 (3) 2600 MHz 40 2043 2600 MHz (TDD) 12 2038 (4) Colombia 850 MHz 25 2024 1700 MHz/2100 MHz 30 2023 1900 MHz 15 2024 1900 MHz 15 2021 Ecuador 850 MHz 25 2023 1900 MHz 60 2023 Mexico (5) 850 MHz (Reg. 1, 2, 3, 4) 20 2020/2022 (6) 850 MHz (Monterrey and surroundings) 1.92 2020 1900 MHz (Reg. 1) 40 2020 1900 MHz (Reg. 2) 50 2019/2022 (7) 1900 MHz (Reg. 3) 60 2019/2020 (8) 1900 MHz (Reg. 4) 50 2019/2020 (9) 1900 MHz (Reg. 5) 50 2021 1900 MHz (Reg. 6) 60 2019/2021 (10) 1900 MHz (Reg.7) 60 2019/2020 (11) 1900 MHz (Reg.8 - Guerrero, Oaxaca, Puebla,Tlaxcala and Veracruz) 60 2019/2022 (12) 1900 MHz (Reg. 9 – Mexico D.F. ) 70 2019/2021 (13) 2600 MHz 40 2019 (14) Peru 450 MHz 10 2028 700 MHz 30 2036 850 MHz 25 2030 (15) 900 MHz (Lima and Callao) 10 2028 900 MHz (Rest of provinces) 16 2028 1700 MHz/2100 MHz 40 2033 1900 MHz (Lima and Callao) 25 2030 1900 MHz (Rest of provinces) 25 2018 (16) 3.5 GHz 50 2027 Uruguay 700 MHz 30 2037 850 MHz 25 2024 1900 MHz 20 2022/2024 (17) 1900 MHz 40 2033 2600 MHz 40 2045 Venezuela 850 MHz 25 2022 1900 MHz 50 2022 1700 MHz/2100 MHz 20 2022 2600 MHz 40 2029 3.5 GHz 50 2026 Costa Rica 850 MHz 10.6 2026 1800 MHz 30 2026 1800 MHz 20 2032 2100 MHz 20 2026 2100 MHz 20 2032 El Salvador 850 MHz 25 2038 1900 MHz 30 2041 (1) Covering 65% of the population. (2) Only in 37 locations. (3) 20 MHz expires in November 2032; 10 MHz in April 2033. Ongoing process to return 10MHz by 2021 as a result of the ‘Subtel’ (Chilean National Regulator) proposal to comply with the High Court resolution (June 2018) that mandates operators to return certain amount of spectrum they acquired in the 700MHz auction in 2014. (4) Only in Metropolitan Region. (5) Regional codes are included in Annex 2. (6) In Regions 1, 3 and 4: 20 MHz expires in 2020; In Region 2: 20 MHz expires in 2022. (7) 10 MHz expires in 31.12.2019; 40 MHz expires in 31.06.2022. (8) 20 MHz expires in 31.12.2019; 40 MHz expires in 31.12.2020. (9) 10 MHz expires in 31.12.2019; 40 MHz expires in 31.12.2020. (10) 10 MHz expires in 31.12.2019; 50 MHz expires in 31.12.2021. (11) 10 MHz expires in 31.12.2019; 50 MHz expires in 31.12.2020. (12) 10 MHz expires in 31.12.2019; 50 MHz expires in 30.06.2022. (13) 10 MHz expires in 31.12.2019; 60 MHz expires in 31.12.2021. (14) 40 MHz expires in 31.12.2019. *The concessions indicated in points (6) to (14) have been renounced by Pegaso PCS, SA DE CV, anticipating its expiration dates to the dates listed. This renounce was notified to IFETEL on November 21, 2019. (15) Provinces of Lima and Callao: expiration date of March 2030; rest of provinces in December 2030. (16) Under review. Extension requested on May 30, 2016. According to the law, the license maintains its validity until the Ministry of Transport and Communications decides. (17) 10 MHz expires in 2022; 10 MHz in 2024. |
Basis of Presentation of the _3
Basis of Presentation of the Consolidated Financial Statements - Impact of Adopting IFRS 16 (Details) - EUR (€) € / shares in Units, € in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Dec. 31, 2016 |
Disclosure of subsidiaries [line items] | ||||||
Right-of-use assets | € 7,870 | € 6,939 | € 0 | |||
Lease liabilities | 7,705 | 7,226 | 0 | |||
Equity | 26,996 | 25,450 | 26,980 | € 26,618 | € 29,229 | € 28,385 |
Present value of future payments for operating leases at December 31, 2018 | 11,475 | |||||
Profit or loss [abstract] | ||||||
Revenues | 48,422 | 48,693 | 52,008 | |||
Other income | 2,842 | 1,622 | 1,489 | |||
Supplies | (13,635) | (14,013) | (15,022) | |||
Personnel expenses | (8,066) | (6,332) | (6,862) | |||
Other expenses | (14,444) | (14,399) | (15,426) | |||
Depreciation and amortization | (10,582) | (9,049) | (9,396) | |||
OPERATING INCOME | 4,537 | 6,522 | 6,791 | |||
Share of income (loss) of investments accounted for by the equity method | 13 | 4 | 5 | |||
Finance income | 842 | 1,458 | 1,073 | |||
Exchange gains | 2,461 | 3,389 | 3,958 | |||
Finance costs | (2,795) | (2,690) | (3,363) | |||
Exchange losses | (2,340) | (3,112) | (3,867) | |||
Net financial expense | (1,832) | (955) | (2,199) | |||
PROFIT BEFORE TAX | 2,718 | 5,571 | 4,597 | |||
Corporate income tax | (1,054) | (1,621) | (1,219) | |||
PROFIT FOR THE PERIOD | 1,664 | 3,950 | 3,378 | |||
Attributable to equity holders of the parent | 1,142 | 3,331 | 3,132 | |||
Attributable to non-controlling interests | € 522 | € 619 | € 246 | |||
Basic and diluted earnings per share attributable to equity holders of the parent (EUR per share) | € 0.17 | € 0.57 | € 0.56 | |||
Principal payments of lease liabilities | € 1,518 | € 0 | € 0 | |||
Net payments of interest and other financial expenses net of dividends received | 1,725 | 1,636 | € 1,726 | |||
IAS 17 | ||||||
Disclosure of subsidiaries [line items] | ||||||
Equity | 26,193 | |||||
Present value of future payments for operating leases at December 31, 2018 | 7,229 | |||||
Present value of future payments for operating leases of companies held for sale at December 31, 2018 | (98) | |||||
Finance lease liabilities under IAS 17 | 201 | |||||
Profit or loss [abstract] | ||||||
Revenues | 48,422 | 48,728 | ||||
Other income | 3,032 | |||||
Supplies | (14,490) | |||||
Personnel expenses | (8,070) | |||||
Other expenses | (15,284) | |||||
Depreciation and amortization | (8,950) | (9,049) | ||||
OPERATING INCOME | 4,660 | 6,446 | ||||
Share of income (loss) of investments accounted for by the equity method | 13 | 4 | ||||
Finance income | 842 | |||||
Exchange gains | 2,449 | |||||
Finance costs | (2,599) | |||||
Exchange losses | (2,310) | |||||
Net financial expense | (1,618) | (944) | ||||
PROFIT BEFORE TAX | 3,055 | 5,506 | ||||
Corporate income tax | (1,104) | (1,609) | ||||
PROFIT FOR THE PERIOD | 1,951 | 3,897 | ||||
Attributable to equity holders of the parent | 1,383 | 3,291 | ||||
Attributable to non-controlling interests | € 568 | € 606 | ||||
Basic and diluted earnings per share attributable to equity holders of the parent (EUR per share) | € 0.21 | € 0.56 | ||||
IFRS 16 Impact | ||||||
Disclosure of subsidiaries [line items] | ||||||
Right-of-use assets | 7,616 | |||||
Right-of-use assets of companies held for sale | € 155 | |||||
Reclassification of property, plant and equipment deriving from finance leases | (249) | |||||
Advance payments of lease contracts in force | (178) | |||||
Effect on accounts receivable for subleases | 18 | |||||
Lease liabilities | 7,600 | |||||
Lease liabilities of companies held for sale | € 152 | |||||
Reclassification of finance lease liabilities | (201) | |||||
Reclassification of other lease liabilities | (56) | |||||
Equity | 16 | |||||
Low cost and/or short term lease liabilities | (337) | |||||
Cancelable contracts without penalty cost | 541 | |||||
Differences in lease term and discount rates | 247 | |||||
Leases, other items | € (78) | |||||
Profit or loss [abstract] | ||||||
Revenues | € 0 | |||||
Other income | (190) | |||||
Supplies | 855 | |||||
Personnel expenses | 4 | |||||
Other expenses | 840 | |||||
Depreciation and amortization | (1,632) | |||||
OPERATING INCOME | (123) | |||||
Share of income (loss) of investments accounted for by the equity method | 0 | |||||
Finance income | 0 | |||||
Exchange gains | 12 | |||||
Finance costs | (196) | |||||
Exchange losses | (30) | |||||
Net financial expense | (214) | |||||
PROFIT BEFORE TAX | (337) | |||||
Corporate income tax | 50 | |||||
PROFIT FOR THE PERIOD | (287) | |||||
Attributable to equity holders of the parent | (241) | |||||
Attributable to non-controlling interests | € (46) | |||||
Basic and diluted earnings per share attributable to equity holders of the parent (EUR per share) | € (0.05) | |||||
Principal payments of lease liabilities | € 1,518 | |||||
Net payments of interest and other financial expenses net of dividends received | € 185 | |||||
Minimum | ||||||
Disclosure of subsidiaries [line items] | ||||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 (as a percent) | 2.40% | |||||
Maximum | ||||||
Disclosure of subsidiaries [line items] | ||||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 (as a percent) | 3.00% |
Basis of Presentation of the _4
Basis of Presentation of the Consolidated Financial Statements - Impacts of Adopting IFRS 15 (Details) - EUR (€) € / shares in Units, € in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2016 | |
ASSETS | ||||||
NON-CURRENT ASSETS | € 94,549 | € 90,707 | ||||
Intangible assets | 16,034 | 16,856 | € 18,005 | |||
Goodwill | 25,403 | 25,748 | ||||
Property, plant and equipment | 32,228 | 33,295 | 34,225 | |||
Investments accounted for by the equity method | 140 | 68 | ||||
Financial assets and other non-current assets | 7,123 | 7,109 | ||||
Deferred tax assets | 6,682 | 7,631 | 7,820 | |||
CURRENT ASSETS | 24,328 | 23,340 | ||||
Inventories | 1,999 | 1,692 | ||||
Receivables and other current assets | 10,785 | 10,579 | ||||
Tax receivables | 1,561 | 1,676 | ||||
Other current financial assets | 3,123 | 2,209 | ||||
Cash and cash equivalents | 6,042 | 5,692 | 5,192 | € 3,736 | ||
Non-current assets classified as held for sale | 818 | 1,492 | ||||
Total allocated assets | 118,877 | 114,047 | ||||
EQUITY AND LIABILITIES | ||||||
EQUITY | 25,450 | 26,980 | 26,618 | € 26,996 | € 29,229 | € 28,385 |
Equity attributable to equity holders of the parent and other holders of equity instruments | 17,118 | 17,947 | ||||
Equity attributable to non-controlling interests | 8,332 | 9,033 | ||||
NON-CURRENT LIABILITIES | 63,236 | 57,418 | ||||
Non-current financial liabilities | 43,288 | 45,334 | ||||
Payables and other non-current liabilities | 2,928 | 1,890 | ||||
Deferred tax liabilities | 2,908 | 2,674 | 2,145 | |||
Non-current provisions | 8,486 | 7,520 | ||||
CURRENT LIABILITIES | 30,191 | 29,649 | ||||
Current financial liabilities | 9,076 | 9,368 | ||||
Payables and other current liabilities | 14,903 | 15,485 | ||||
Current tax payables | 2,560 | 2,047 | ||||
Current provisions | 1,672 | 1,912 | ||||
Liabilities associated with non-current assets classified as held for sale | 380 | 837 | ||||
TOTAL EQUITY AND LIABILITIES | 118,877 | 114,047 | ||||
Profit or loss [abstract] | ||||||
Revenues | 48,422 | 48,693 | 52,008 | |||
Depreciation and amortization | (10,582) | (9,049) | (9,396) | |||
OPERATING INCOME | 4,537 | 6,522 | 6,791 | |||
Share of income (loss) of investments accounted for by the equity method | 13 | 4 | 5 | |||
Net financial expense | (1,832) | (955) | (2,199) | |||
PROFIT BEFORE TAX | 2,718 | 5,571 | 4,597 | |||
Corporate income tax | (1,054) | (1,621) | (1,219) | |||
PROFIT FOR THE YEAR | 1,664 | 3,950 | 3,378 | |||
Attributable to equity holders of the parent | 1,142 | 3,331 | 3,132 | |||
Attributable to non-controlling interests | € 522 | € 619 | € 246 | |||
Basic and diluted earnings per share attributable to equity holders of the parent (EUR per share) | € 0.17 | € 0.57 | € 0.56 | |||
IAS 18 | ||||||
ASSETS | ||||||
NON-CURRENT ASSETS | € 90,448 | |||||
Intangible assets | 16,856 | |||||
Goodwill | 25,748 | |||||
Property, plant and equipment | 33,295 | |||||
Investments accounted for by the equity method | 68 | |||||
Financial assets and other non-current assets | 6,823 | |||||
Deferred tax assets | 7,658 | |||||
CURRENT ASSETS | 22,540 | |||||
Inventories | 1,692 | |||||
Receivables and other current assets | 9,789 | |||||
Tax receivables | 1,666 | |||||
Other current financial assets | 2,209 | |||||
Cash and cash equivalents | 5,692 | |||||
Non-current assets classified as held for sale | 1,492 | |||||
Total allocated assets | 112,988 | |||||
EQUITY AND LIABILITIES | ||||||
EQUITY | 26,193 | |||||
Equity attributable to equity holders of the parent and other holders of equity instruments | 17,262 | |||||
Equity attributable to non-controlling interests | 8,931 | |||||
NON-CURRENT LIABILITIES | 57,267 | |||||
Non-current financial liabilities | 45,334 | |||||
Payables and other non-current liabilities | 1,903 | |||||
Deferred tax liabilities | 2,510 | |||||
Non-current provisions | 7,520 | |||||
CURRENT LIABILITIES | 29,528 | |||||
Current financial liabilities | 9,368 | |||||
Payables and other current liabilities | 15,460 | |||||
Current tax payables | 1,951 | |||||
Current provisions | 1,912 | |||||
Liabilities associated with non-current assets classified as held for sale | 837 | |||||
TOTAL EQUITY AND LIABILITIES | 112,988 | |||||
Profit or loss [abstract] | ||||||
Revenues | € 48,422 | 48,728 | ||||
Depreciation and amortization | (8,950) | (9,049) | ||||
OPERATING INCOME | 4,660 | 6,446 | ||||
Share of income (loss) of investments accounted for by the equity method | 13 | 4 | ||||
Net financial expense | (1,618) | (944) | ||||
PROFIT BEFORE TAX | 3,055 | 5,506 | ||||
Corporate income tax | (1,104) | (1,609) | ||||
PROFIT FOR THE YEAR | 1,951 | 3,897 | ||||
Attributable to equity holders of the parent | 1,383 | 3,291 | ||||
Attributable to non-controlling interests | € 568 | € 606 | ||||
Basic and diluted earnings per share attributable to equity holders of the parent (EUR per share) | € 0.21 | € 0.56 | ||||
IFRS 15 impact | ||||||
ASSETS | ||||||
NON-CURRENT ASSETS | € 259 | |||||
Intangible assets | 0 | |||||
Goodwill | 0 | |||||
Property, plant and equipment | 0 | |||||
Investments accounted for by the equity method | 0 | |||||
Financial assets and other non-current assets | 286 | |||||
Deferred tax assets | (27) | |||||
CURRENT ASSETS | 800 | |||||
Inventories | 0 | |||||
Receivables and other current assets | 790 | |||||
Tax receivables | 10 | |||||
Other current financial assets | 0 | |||||
Cash and cash equivalents | 0 | |||||
Non-current assets classified as held for sale | 0 | |||||
Total allocated assets | 1,059 | |||||
EQUITY AND LIABILITIES | ||||||
EQUITY | 787 | |||||
Equity attributable to equity holders of the parent and other holders of equity instruments | 685 | |||||
Equity attributable to non-controlling interests | 102 | |||||
NON-CURRENT LIABILITIES | 151 | |||||
Non-current financial liabilities | 0 | |||||
Payables and other non-current liabilities | (13) | |||||
Deferred tax liabilities | 164 | |||||
Non-current provisions | 0 | |||||
CURRENT LIABILITIES | 121 | |||||
Current financial liabilities | 0 | |||||
Payables and other current liabilities | 25 | |||||
Current tax payables | 96 | |||||
Current provisions | 0 | |||||
Liabilities associated with non-current assets classified as held for sale | 0 | |||||
TOTAL EQUITY AND LIABILITIES | 1,059 | |||||
Profit or loss [abstract] | ||||||
Revenues | (35) | |||||
Depreciation and amortization | 0 | |||||
OPERATING INCOME | 76 | |||||
Share of income (loss) of investments accounted for by the equity method | 0 | |||||
Net financial expense | (11) | |||||
PROFIT BEFORE TAX | 65 | |||||
Corporate income tax | (12) | |||||
PROFIT FOR THE YEAR | 53 | |||||
Attributable to equity holders of the parent | 40 | |||||
Attributable to non-controlling interests | € 13 | |||||
Basic and diluted earnings per share attributable to equity holders of the parent (EUR per share) | € 0.01 |
Basis of Presentation of the _5
Basis of Presentation of the Consolidated Financial Statements - Impact of Adopting IFRS 9 (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Impairment loss determined in accordance with IFRS 9 | € (221) |
Basis of Presentation of the _6
Basis of Presentation of the Consolidated Financial Statements - Translation of Telefonica Venezolana's Financial Statements (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)ves / $ | Dec. 31, 2018EUR (€) / $ | Dec. 31, 2017EUR (€) | |
Disclosure of subsidiaries [abstract] | |||
Revenues | € 48,422 | € 48,693 | € 52,008 |
Profit before tax | 2,718 | 5,571 | 4,597 |
Income tax | (1,054) | (1,621) | (1,219) |
Result for the year | 1,664 | 3,950 | 3,378 |
Net cash flow provided by operating activities | 15,022 | 13,423 | € 13,796 |
Non-current assets | € 94,549 | € 90,707 | |
Conversion at synthetic exchange rate | |||
Disclosure of subsidiaries [line items] | |||
Translation exchange rate | 68,448.19 | 7,608 | |
Impact on retained earnings | € (212) | € (23) | |
Venezuela | |||
Disclosure of subsidiaries [line items] | |||
Translation exchange rate | 46,620.83 | 638 | |
Inflation rate (as a percent) | 9585.50% | 2106600.60% | 2874.10% |
Telefonica Venezolana | |||
Disclosure of subsidiaries [abstract] | |||
Revenues | € 79 | € 18 | € 106 |
Depreciation and amortization | 10 | 67 | 103 |
Operating income | 7 | (64) | (69) |
Financial result | 63 | 216 | 81 |
Profit before tax | 70 | 152 | 9 |
Income tax | 3 | (186) | (138) |
Result for the year | 73 | (34) | (129) |
Net cash flow provided by operating activities | 14 | 7 | 35 |
CapEx | 20 | 2 | 9 |
Non-current assets | € 43 | € 238 | € 295 |
Basis of Presentation of the _7
Basis of Presentation of the Consolidated Financial Statements - Hyper-inflation in Argentina (Details) € in Millions | Jan. 01, 2018EUR (€) | Dec. 31, 2019EUR (€)ves / $ | Dec. 31, 2018EUR (€)ves / $ | Dec. 31, 2017EUR (€) |
Disclosure of subsidiaries [line items] | ||||
Closing foreign exchange rate | ves / $ | 68,448 | 7,608 | ||
Accounting change impact and initial impact of hyperinflation | € 2,033 | |||
Translation differences | € (258) | € (799) | € (328) | |
Condensed Financial Information Disclosure [Abstract] | ||||
Revenues | 48,422 | 48,693 | 52,008 | |
Depreciation and amortization | 10,582 | 9,049 | 9,396 | |
Income tax | (1,054) | (1,621) | (1,219) | |
Result for the year | 1,664 | 3,950 | € 3,378 | |
Telefonica Group | IAS 29 | ||||
Disclosure of subsidiaries [line items] | ||||
Translation differences | € 3,147 | |||
Argentina | IAS 29 | ||||
Disclosure of subsidiaries [line items] | ||||
Impact on retained earnings | (46) | (776) | ||
Condensed Financial Information Disclosure [Abstract] | ||||
Revenues | (104) | (313) | ||
Depreciation and amortization | (207) | (160) | ||
Operating income | (246) | (308) | ||
Financial result | 40 | 59 | ||
Income tax | 73 | 57 | ||
Result for the year | (280) | (306) | ||
Capital Expenditures (CapEx) | € (13) | € (70) |
Basis of Presentation of the _8
Basis of Presentation of the Consolidated Financial Statements - Sale of Share Capital (Details) € / shares in Units, € in Millions, shares in Millions, $ in Millions | Aug. 29, 2019USD ($) | Aug. 29, 2019EUR (€) | May 16, 2019USD ($) | May 16, 2019EUR (€) | Feb. 20, 2019USD ($) | Feb. 20, 2019EUR (€) | Feb. 14, 2019EUR (€) | Jan. 24, 2019USD ($) | Jan. 24, 2019EUR (€) | Nov. 08, 2018EUR (€) | Jul. 27, 2018EUR (€)€ / shares | Nov. 13, 2017EUR (€)shares | Oct. 24, 2017EUR (€)shares | Feb. 20, 2017EUR (€)shares | Dec. 31, 2017EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Oct. 31, 2017 |
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Impact of transaction in equity attributable to equity holders | € 232 | ||||||||||||||||||
Increase (decrease) in equity through change in equity of equity holders | € (507) | € 371 | € 1,843 | ||||||||||||||||
Other income | 2,842 | 1,622 | 1,489 | ||||||||||||||||
Retained earnings | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Increase (decrease) in equity through change in equity of equity holders | € 570 | (89) | 232 | 449 | |||||||||||||||
Reserve of exchange differences on translation [member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Increase (decrease) in equity through change in equity of equity holders | (9) | (9) | |||||||||||||||||
Non-controlling interests | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Increase (decrease) in equity through change in equity of equity holders | € 139 | 690 | (418) | € 139 | € 649 | ||||||||||||||
Telefónica Centroamericana Inversiones, S.L. | Telefonica, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proportion of ownership interest (as a percent) | 60.00% | 60.00% | |||||||||||||||||
Telefónica Centroamericana Inversiones, S.L. | Corporacion Multi Inversiones, SA | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proportion of ownership interest (as a percent) | 40.00% | 40.00% | |||||||||||||||||
Telefónica Moviles Guatemala | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Purchase of investment interest | 114 | ||||||||||||||||||
Equity attributable to noncontrolling interestsa | € 114 | ||||||||||||||||||
Telefonía Celular de Nicaragua, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Purchase of investment interest | 112 | ||||||||||||||||||
Equity attributable to noncontrolling interestsa | € 188 | € 112 | |||||||||||||||||
Telefónica Móviles Panamá, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Purchase of investment interest | € 188 | ||||||||||||||||||
Telxius Telecom, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proportion of ownership interest (as a percent) | 50.01% | ||||||||||||||||||
Proportion of share capital acquired (as a percent) | 40.00% | 40.00% | |||||||||||||||||
Purchase of investment interest | € 1,275 | ||||||||||||||||||
Telxius Telecom, S.A. | Telefonica, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proportion of indirect participation (as a percent) | 9.99% | 9.99% | |||||||||||||||||
Telxius Telecom, S.A. | Pontel Participaciones, SL | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proportion of ownership interest (as a percent) | 60.00% | 60.00% | |||||||||||||||||
Telxius Telecom, S.A. | KKR | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Increase (decrease) in equity through change in equity of equity holders | 690 | ||||||||||||||||||
Number of share options exercised | shares | 38 | 38 | |||||||||||||||||
Proportion of share capital acquired (as a percent) | 15.20% | 15.20% | 40.00% | 15.20% | |||||||||||||||
Purchase of investment interest | € 484.5 | € 484.5 | € 1,275 | ||||||||||||||||
Grupo Catalana Occidente | Antares | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | € 161 | ||||||||||||||||||
Non-current assets or disposal groups classified as held for sale | € 793 | ||||||||||||||||||
Liabilities associated with noncurrent assets held for sale | € 661 | ||||||||||||||||||
Capital gain (loss) | € 98 | ||||||||||||||||||
Reclassification between actuarial gains and losses and impact of limit on assets for defined benefit pension plans and retained earnings | € 89 | ||||||||||||||||||
Grupo Catalana Occidente | Antares | Telefonica, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proportion of voting equity transferred (as a percent) | 100.00% | ||||||||||||||||||
America Movil, SAB de CV | Telefónica Moviles Guatemala & Telefónica Moviles El Salvador | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | $ 648 | 570 | |||||||||||||||||
America Movil, SAB de CV | Telefónica Moviles Guatemala | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | 293 | ||||||||||||||||||
America Movil, SAB de CV | Telefónica Moviles El Salvador | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | € 277 | ||||||||||||||||||
America Movil, SAB de CV | Telefónica Moviles El Salvador | Telefonica, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proportion of voting equity transferred (as a percent) | 99.30% | ||||||||||||||||||
Millicom International Cellular, S.A. | Telefonica Moviles Panama & Telefonica Celular de Nicaragua & Telefonica de Costa Rica | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | $ 1,650 | € 1,455 | |||||||||||||||||
Millicom International Cellular, S.A. | Telefonía Celular de Nicaragua, S.A. | Telefónica Centroamericana Inversiones, S.L. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | $ 437 | 390 | |||||||||||||||||
Other income | € 172 | ||||||||||||||||||
Millicom International Cellular, S.A. | Telefónica Móviles Panamá, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | $ 594 | € 536 | |||||||||||||||||
Other income | € 190 | ||||||||||||||||||
Pontegadea Group | Telxius Telecom, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | € 378.8 | ||||||||||||||||||
Transfer price per share (EUR per share) | € / shares | € 15.2 | ||||||||||||||||||
Pontegadea Group | Telxius Telecom, S.A. | Telefonica, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proportion of voting equity transferred (as a percent) | 16.65% | ||||||||||||||||||
KKR | Telxius Telecom, S.A. | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from exchange of share capital | € 790.5 | € 790.5 | |||||||||||||||||
Number of shares exchanged for cash | shares | 62 | 62 | |||||||||||||||||
Percent of share capital transferred | 0.248 | 0.248 | 0.248 |
Basis of Presentation of the _9
Basis of Presentation of the Consolidated Financial Statements - Capital Increase in Colombia Telecommunicaciones (Details) € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2017EUR (€) | Sep. 30, 2017COP ($) | |
Colombia Telecomunicaciones, S.A., ESP | Telebucaramanga, Metrotel, and Optecom Acquisition | |||
Disclosure of subsidiaries [line items] | |||
Consideration paid for the acquisition of control | € 147 | $ 509,975 | |
Colombia Telecomunicaciones, S.A., ESP | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest (as a percent) | 67.50% |
Basis of Presentation of the_10
Basis of Presentation of the Consolidated Financial Statements - Individual Suspension Plan (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other provisions [line items] | |||
Employee benefits expense | € 8,066 | € 6,332 | € 6,862 |
Individual Suspension Plan | |||
Disclosure of other provisions [line items] | |||
Employee benefits expense | € 1,732 | € 297 | € 165 |
Basis of Presentation of the_11
Basis of Presentation of the Consolidated Financial Statements - Sale of a Portfolio of Data Centers (Details) - EUR (€) € in Millions | May 08, 2019 | Dec. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2019 |
Asterion Industrial Partners SGEIC | Telefonica, S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proceeds from sale of portfolio of data centers | € 550 | |||
Other Income | ||||
Disclosure of subsidiaries [line items] | ||||
Capital gain (loss) | € 213 | |||
Spain, Brazil, Mexico, Peru, Chile and Argentina | Asterion Industrial Partners SGEIC | Telefonica, S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proceeds from sale of portfolio of data centers | € 472 | |||
United States | Asterion Industrial Partners SGEIC | Telefonica, S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Proceeds from sale of portfolio of data centers | € 43 |
Basis of Presentation of the_12
Basis of Presentation of the Consolidated Financial Statements - Transformation of Operating Model of Telefonica Mexico (Details) - EUR (€) € in Millions | Nov. 21, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of subsidiaries [line items] | ||||
Provisions | € 10,158 | € 9,432 | ||
Net loss | (1,664) | (3,950) | € (3,378) | |
Reversal of deferred tax assets | 215 | |||
Telefonica Moviles Mexico | ||||
Disclosure of subsidiaries [line items] | ||||
Net loss | € 27 | |||
Profit (loss) corresponding to fully paid licenses | 123 | |||
Profit (loss) corresponding to licenses with deferred payments | (95) | |||
Workforce reduction expense | 44 | |||
Accelerated depreciation and amortization due to reduction of useful lives | 36 | |||
Reduction of net financial debt | 508 | |||
Reversal of deferred tax assets | € 454 | € 327 | ||
Other Expenses | Telefonica Moviles Mexico | ||||
Disclosure of subsidiaries [line items] | ||||
Provisions | € 167 |
Basis of Presentation of the_13
Basis of Presentation of the Consolidated Financial Statements - Court Proceedings (Details) € in Millions, R$ in Millions | 12 Months Ended | ||||
Dec. 31, 2018EUR (€) | Dec. 31, 2018BRL (R$) | Dec. 31, 2019EUR (€) | Dec. 31, 2019BRL (R$) | Dec. 31, 2018BRL (R$) | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |||||
Increase (reduction) in credits and other financial assets | € 1,454 | R$ 6240 | |||
Increase (reduction) to tax expense due to decisions with tax authorities | 789 | 3,386 | |||
Increase (reduction) to finance income due to decisions with tax authorities | 665 | R$ 2854 | |||
Outstanding tax credit | € 1,107 | € 452 | R$ 2046 | R$ 4915 |
Basis of Presentation of the_14
Basis of Presentation of the Consolidated Financial Statements - IFRIC 23 Uncertainty over Income Tax Treatment (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Provisions | € 10,158 | € 9,432 |
IAS 12 | ||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Provisions | € 856 |
Accounting Policies - Hyperinfl
Accounting Policies - Hyperinflationary Economies (Details) | 12 Months Ended | ||
Dec. 31, 2019ves / $Bs. / $$ / $ | Dec. 31, 2018ves / $Bs. / $$ / $ | Dec. 31, 2017Bs. / $ | |
Disclosure of geographical areas [line items] | |||
Exchange rate as of closing date of period (per USD) | ves / $ | 68,448 | 7,608 | |
Venezuela | |||
Disclosure of geographical areas [line items] | |||
Inflation rate (as a percent) | 9585.50% | 2106600.60% | 2874.10% |
Exchange rate as of closing date of period (per USD) | Bs. / $ | 68,448 | 7,608 | 36,115 |
Argentina | |||
Disclosure of geographical areas [line items] | |||
Exchange rate as of closing date of period (per USD) | $ / $ | 67.26 | 43.30 | |
Cumulative index rate (as a percent) | 283.44% | 184.85% | |
Annual index rate (as a percent) | 53.00% | 48.00% |
Accounting Policies - Intangibl
Accounting Policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Customer base | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization term length | 5 years |
Customer base | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization term length | 14 years |
Software | Minimum | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization term length | 2 years |
Software | Maximum | |
Disclosure of detailed information about intangible assets [line items] | |
Amortization term length | 5 years |
Accounting Policies - Estimated
Accounting Policies - Estimated Useful Life of Depreciable Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Period to qualify assets to condition necessary for intended use or sale | 18 months |
Buildings | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 25 years |
Buildings | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 40 years |
Plant and machinery | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 10 years |
Plant and machinery | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 15 years |
Telephone installations, networks and subscriber equipment | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 5 years |
Telephone installations, networks and subscriber equipment | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 20 years |
Furniture, tools and other items | Minimum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 2 years |
Furniture, tools and other items | Maximum | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful life | 10 years |
Accounting Policies - IFRIC 23
Accounting Policies - IFRIC 23 Uncertainty over Income Tax Treatment (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Provisions | € 10,158 | € 9,432 |
IAS 12 | ||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||
Provisions | € 856 |
Segment Information - Narrative
Segment Information - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Disclosure of subsidiaries [line items] | ||||
Revenues | € 48,422 | € 48,693 | € 52,008 | |
Operating income | 4,537 | 6,522 | 6,791 | |
Acquisitions of right-of-use assets | 1,284 | |||
Property, plant and equipment | 32,228 | 33,295 | 34,225 | |
Right-of-use assets | 6,939 | 0 | € 7,870 | |
Eliminations | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | (1,691) | (1,680) | (1,828) | |
OIBDA | (385) | (78) | (76) | |
Operating income | (112) | (35) | (38) | |
CapEx | (183) | (19) | € (1) | |
Acquisitions of right-of-use assets | (122) | |||
Property, plant and equipment | 0 | 0 | ||
Right-of-use assets | (1,550) | |||
Other companies | Telxius Telecom, S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | 842 | 792 | ||
OIBDA | 504 | 370 | ||
Operating income | 255 | 245 | ||
CapEx | 284 | 181 | ||
Acquisitions of right-of-use assets | 88 | |||
Property, plant and equipment | 1,145 | 1,116 | ||
Right-of-use assets | 388 | |||
Other companies | Eliminations | Telxius Telecom, S.A. | ||||
Disclosure of subsidiaries [line items] | ||||
Revenues | € 482 | € 458 |
Segment Information - Income an
Segment Information - Income and Capital Expenditure Information Regarding Operating Segments (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Revenues | € 48,422 | € 48,693 | € 52,008 |
Other operating income and expenses | 641 | 523 | 424 |
Depreciation and amortization | (10,582) | (9,049) | (9,396) |
OPERATING INCOME | 4,537 | 6,522 | 6,791 |
Acquisitions of right-of-use assets | 1,284 | ||
Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | (1,691) | (1,680) | (1,828) |
External revenues | 0 | 0 | 0 |
Other operating income and expenses | 1,306 | 1,602 | 1,752 |
OIBDA | (385) | (78) | (76) |
Depreciation and amortization | 273 | 43 | 38 |
OPERATING INCOME | (112) | (35) | (38) |
CapEx | (183) | (19) | (1) |
Acquisitions of right-of-use assets | (122) | ||
Telefónica Spain | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 12,767 | 12,706 | 12,653 |
External revenues | 12,527 | 12,461 | 12,364 |
Other operating income and expenses | (9,080) | (7,943) | (7,701) |
OIBDA | 3,687 | 4,763 | 4,952 |
Depreciation and amortization | (1,988) | (1,650) | (1,688) |
OPERATING INCOME | 1,699 | 3,113 | 3,264 |
CapEx | 1,646 | 1,719 | 1,683 |
Acquisitions of right-of-use assets | 127 | ||
Telefónica Spain | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 240 | 245 | 289 |
Telefónica United Kingdom | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 7,109 | 6,790 | 6,540 |
External revenues | 7,068 | 6,757 | 6,505 |
Other operating income and expenses | (4,995) | (4,925) | (4,901) |
OIBDA | 2,114 | 1,865 | 1,639 |
Depreciation and amortization | (1,204) | (943) | (1,047) |
OPERATING INCOME | 910 | 922 | 592 |
CapEx | 914 | 1,464 | 827 |
Acquisitions of right-of-use assets | 157 | ||
Telefónica United Kingdom | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 41 | 33 | 35 |
Telefónica Germany | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 7,399 | 7,320 | 7,296 |
External revenues | 7,364 | 7,281 | 7,252 |
Other operating income and expenses | (5,073) | (5,486) | (5,475) |
OIBDA | 2,326 | 1,834 | 1,821 |
Depreciation and amortization | (2,463) | (2,071) | (1,954) |
OPERATING INCOME | (137) | (237) | (133) |
CapEx | 2,469 | 966 | 951 |
Acquisitions of right-of-use assets | 230 | ||
Telefónica Germany | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 35 | 39 | 44 |
Telefónica Brazil | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 10,035 | 10,126 | 12,019 |
External revenues | 10,018 | 10,105 | 11,994 |
Other operating income and expenses | (5,773) | (5,815) | (7,828) |
OIBDA | 4,262 | 4,311 | 4,191 |
Depreciation and amortization | (2,516) | (1,990) | (2,228) |
OPERATING INCOME | 1,746 | 2,321 | 1,963 |
CapEx | 2,005 | 1,910 | 2,225 |
Acquisitions of right-of-use assets | 409 | ||
Telefónica Brazil | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 17 | 21 | 25 |
Telefónica Hispam Norte | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 3,795 | 4,075 | 4,331 |
External revenues | 3,698 | 3,986 | 4,220 |
Other operating income and expenses | (2,965) | (3,282) | (3,068) |
OIBDA | 830 | 793 | 1,263 |
Depreciation and amortization | (981) | (967) | (992) |
OPERATING INCOME | (151) | (174) | 271 |
CapEx | 580 | 668 | 1,264 |
Acquisitions of right-of-use assets | 214 | ||
Telefónica Hispam Norte | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 97 | 89 | 111 |
Telefónica Hispam Sur | Operating segments | |||
Disclosure of operating segments [line items] | |||
Revenues | 6,384 | 6,677 | 8,218 |
External revenues | 6,334 | 6,630 | 8,170 |
Other operating income and expenses | (4,986) | (4,958) | (5,943) |
OIBDA | 1,398 | 1,719 | 2,275 |
Depreciation and amortization | (1,279) | (1,167) | (1,198) |
OPERATING INCOME | 119 | 552 | 1,077 |
CapEx | 965 | 1,116 | 1,414 |
Acquisitions of right-of-use assets | 160 | ||
Telefónica Hispam Sur | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 50 | 47 | 48 |
Other companies | |||
Disclosure of operating segments [line items] | |||
Revenues | 2,624 | 2,679 | 2,779 |
External revenues | 1,413 | 1,473 | 1,503 |
Other operating income and expenses | (1,737) | (2,315) | (2,657) |
OIBDA | 887 | 364 | 122 |
Depreciation and amortization | (424) | (304) | (327) |
OPERATING INCOME | 463 | 60 | (205) |
CapEx | 388 | 295 | 334 |
Acquisitions of right-of-use assets | 117 | ||
Other companies | Eliminations | |||
Disclosure of operating segments [line items] | |||
Revenues | 1,211 | 1,206 | 1,276 |
Telefonica, S.A. | |||
Disclosure of operating segments [line items] | |||
Revenues | 48,422 | 48,693 | 52,008 |
External revenues | 48,422 | 48,693 | 52,008 |
Other operating income and expenses | (33,303) | (33,122) | (35,821) |
OIBDA | 15,119 | 15,571 | 16,187 |
Depreciation and amortization | (10,582) | (9,049) | (9,396) |
OPERATING INCOME | 4,537 | 6,522 | 6,791 |
CapEx | 8,784 | € 8,119 | € 8,697 |
Acquisitions of right-of-use assets | € 1,292 |
Segment Information - Segment A
Segment Information - Segment Assets, Liabilities and Investments Accounted for by the Equity Method (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | € 32,228 | € 33,295 | € 34,225 | |
Rights of use | 6,939 | € 7,870 | 0 | |
Investments accounted for by the equity method | 140 | 68 | ||
Financial assets and other non-current assets | 7,123 | 7,109 | ||
Deferred tax assets | 6,682 | 7,631 | 7,820 | |
Other current financial assets | 3,123 | 2,209 | ||
Total allocated assets | 118,877 | 114,047 | ||
Non-current financial liabilities | 43,288 | 45,334 | ||
Non-current lease liabilities | 5,626 | 0 | ||
Deferred tax liabilities | 2,908 | 2,674 | € 2,145 | |
Current financial liabilities | 9,076 | 9,368 | ||
Current lease liabilities | 1,600 | 0 | ||
Telefónica Spain | ||||
Disclosure of operating segments [line items] | ||||
Deferred tax assets | 492 | |||
Other companies | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 1,986 | 2,144 | ||
Rights of use | 464 | |||
Investments accounted for by the equity method | 56 | 55 | ||
Financial assets and other non-current assets | 6,873 | 7,058 | ||
Deferred tax assets | 2,926 | 3,778 | ||
Other current financial assets | 5,634 | 5,635 | ||
Total allocated assets | 24,313 | 26,363 | ||
Non-current financial liabilities | 37,948 | 39,624 | ||
Non-current lease liabilities | 356 | |||
Deferred tax liabilities | 927 | 923 | ||
Current financial liabilities | 10,860 | 12,854 | ||
Current lease liabilities | 133 | |||
Total allocated liabilities | 53,362 | 57,618 | ||
Operating segments | Telefónica Spain | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 15,116 | 15,347 | ||
Rights of use | 1,499 | |||
Investments accounted for by the equity method | 0 | 2 | ||
Financial assets and other non-current assets | 166 | 163 | ||
Deferred tax assets | 2,357 | 2,084 | ||
Other current financial assets | 42 | 31 | ||
Total allocated assets | 24,307 | 23,622 | ||
Non-current financial liabilities | 775 | 649 | ||
Non-current lease liabilities | 1,252 | |||
Deferred tax liabilities | 158 | 189 | ||
Current financial liabilities | 854 | 1,683 | ||
Current lease liabilities | 282 | |||
Total allocated liabilities | 16,020 | 14,328 | ||
Operating segments | Telefónica United Kingdom | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 10,051 | 9,646 | ||
Rights of use | 716 | |||
Investments accounted for by the equity method | 9 | 8 | ||
Financial assets and other non-current assets | 468 | 304 | ||
Deferred tax assets | 2 | 2 | ||
Other current financial assets | 72 | 79 | ||
Total allocated assets | 13,869 | 12,609 | ||
Non-current financial liabilities | 1,132 | 1,077 | ||
Non-current lease liabilities | 490 | |||
Deferred tax liabilities | 101 | 102 | ||
Current financial liabilities | 0 | 0 | ||
Current lease liabilities | 213 | |||
Total allocated liabilities | 5,450 | 4,633 | ||
Operating segments | Telefónica Germany | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 14,091 | 13,520 | ||
Rights of use | 2,499 | |||
Investments accounted for by the equity method | 0 | 0 | ||
Financial assets and other non-current assets | 457 | 377 | ||
Deferred tax assets | 314 | 204 | ||
Other current financial assets | 17 | 9 | ||
Total allocated assets | 20,143 | 16,837 | ||
Non-current financial liabilities | 2,153 | 2,004 | ||
Non-current lease liabilities | 2,027 | |||
Deferred tax liabilities | 358 | 236 | ||
Current financial liabilities | 339 | 145 | ||
Current lease liabilities | 462 | |||
Total allocated liabilities | 10,659 | 6,287 | ||
Operating segments | Telefónica Brazil | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 20,585 | 21,230 | ||
Rights of use | 1,933 | |||
Investments accounted for by the equity method | 2 | 2 | ||
Financial assets and other non-current assets | 1,159 | 1,718 | ||
Deferred tax assets | 337 | 335 | ||
Other current financial assets | 67 | 88 | ||
Total allocated assets | 28,120 | 27,402 | ||
Non-current financial liabilities | 572 | 1,058 | ||
Non-current lease liabilities | 1,582 | |||
Deferred tax liabilities | 945 | 693 | ||
Current financial liabilities | 464 | 334 | ||
Current lease liabilities | 448 | |||
Total allocated liabilities | 8,599 | 7,204 | ||
Operating segments | Telefónica Hispam Norte | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 3,396 | 4,971 | ||
Rights of use | 755 | |||
Investments accounted for by the equity method | 1 | 1 | ||
Financial assets and other non-current assets | 187 | 363 | ||
Deferred tax assets | 525 | 1,063 | ||
Other current financial assets | 217 | 68 | ||
Total allocated assets | 7,640 | 8,672 | ||
Non-current financial liabilities | 798 | 1,101 | ||
Non-current lease liabilities | 807 | |||
Deferred tax liabilities | 33 | 134 | ||
Current financial liabilities | 630 | 1,083 | ||
Current lease liabilities | 108 | |||
Total allocated liabilities | 4,951 | 5,096 | ||
Operating segments | Telefónica Hispam Sur | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 8,440 | 9,041 | ||
Rights of use | 623 | |||
Investments accounted for by the equity method | 72 | 0 | ||
Financial assets and other non-current assets | 423 | 469 | ||
Deferred tax assets | 221 | 165 | ||
Other current financial assets | 220 | 145 | ||
Total allocated assets | 12,421 | 12,043 | ||
Non-current financial liabilities | 1,868 | 1,618 | ||
Non-current lease liabilities | 490 | |||
Deferred tax liabilities | 386 | 397 | ||
Current financial liabilities | 357 | 339 | ||
Current lease liabilities | 139 | |||
Total allocated liabilities | 6,318 | 5,396 | ||
Eliminations | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 0 | 0 | ||
Rights of use | (1,550) | |||
Investments accounted for by the equity method | 0 | 0 | ||
Financial assets and other non-current assets | (2,610) | (3,343) | ||
Deferred tax assets | 0 | 0 | ||
Other current financial assets | (3,146) | (3,846) | ||
Total allocated assets | (11,936) | (13,501) | ||
Non-current financial liabilities | (1,958) | (1,797) | ||
Non-current lease liabilities | (1,378) | |||
Deferred tax liabilities | 0 | 0 | ||
Current financial liabilities | (4,428) | (7,070) | ||
Current lease liabilities | (185) | |||
Total allocated liabilities | (11,932) | (13,495) | ||
Telefonica, S.A. | ||||
Disclosure of operating segments [line items] | ||||
Property, plant and equipment | 73,665 | 75,899 | ||
Rights of use | 6,939 | |||
Investments accounted for by the equity method | 140 | 68 | ||
Financial assets and other non-current assets | 7,123 | 7,109 | ||
Deferred tax assets | 6,682 | 7,631 | ||
Other current financial assets | 3,123 | 2,209 | ||
Total allocated assets | 118,877 | 114,047 | ||
Non-current financial liabilities | 43,288 | 45,334 | ||
Non-current lease liabilities | 5,626 | |||
Deferred tax liabilities | 2,908 | 2,674 | ||
Current financial liabilities | 9,076 | 9,368 | ||
Current lease liabilities | 1,600 | |||
Total allocated liabilities | € 93,427 | € 87,067 |
Segment Information - Compositi
Segment Information - Composition of Segment Revenues, Detailed by the Main Countries of Operation (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Revenues | € 48,422 | € 48,693 | € 52,008 |
Other and inter-segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 933 | 999 | 951 |
Others and elims. | Other and inter-segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 933 | 999 | 951 |
Telefónica Spain | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 12,767 | 12,706 | 12,653 |
Telefónica Spain | Mobile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 373 | 386 | 379 |
Telefónica Spain | Ex-Mobile handset sale | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 12,394 | 12,320 | 12,274 |
Telefónica Spain | Ex-Mobile handset sale, Consumer | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 6,658 | 6,689 | 6,602 |
Telefónica Spain | Ex-Mobile handset sale, Corporate | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3,509 | 3,462 | 3,401 |
Telefónica Spain | Ex-Mobile handset sale, Others | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,227 | 2,169 | 2,271 |
Telefónica United Kingdom | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 7,109 | 6,790 | 6,540 |
Telefónica United Kingdom | Fixed | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 0 | 0 | 0 |
Telefónica United Kingdom | Mobile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 6,600 | 6,390 | 6,216 |
Telefónica United Kingdom | Others and elims. | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 509 | 400 | 324 |
Telefónica Germany | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 7,399 | 7,320 | 7,296 |
Telefónica Germany | Fixed | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 741 | 767 | 862 |
Telefónica Germany | Mobile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 6,647 | 6,539 | 6,415 |
Telefónica Germany | Others and elims. | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 11 | 14 | 19 |
Telefónica Brazil | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 10,035 | 10,126 | 12,019 |
Telefónica Brazil | Fixed | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3,537 | 3,754 | 4,659 |
Telefónica Brazil | Mobile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 6,498 | 6,372 | 7,360 |
Telefónica Brazil | Others and elims. | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 0 | 0 | 0 |
Telefónica Hispam Norte | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3,795 | 4,075 | 4,331 |
Telefónica Hispam Norte | Remaining operators and segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,824 | 1,432 | 1,532 |
Telefónica Hispam Norte | Colombia | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,104 | 1,468 | 1,463 |
Telefónica Hispam Norte | Mexico | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 867 | 1,175 | 1,336 |
Telefónica Hispam Norte | Fixed | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 706 | 732 | 736 |
Telefónica Hispam Norte | Fixed | Remaining operators and segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 272 | 158 | 182 |
Telefónica Hispam Norte | Fixed | Colombia | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 434 | 574 | 554 |
Telefónica Hispam Norte | Fixed | Mexico | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 0 | 0 | 0 |
Telefónica Hispam Norte | Mobile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3,085 | 3,343 | 3,595 |
Telefónica Hispam Norte | Mobile | Remaining operators and segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,548 | 1,274 | 1,350 |
Telefónica Hispam Norte | Mobile | Colombia | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 670 | 894 | 909 |
Telefónica Hispam Norte | Mobile | Mexico | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 867 | 1,175 | 1,336 |
Telefónica Hispam Norte | Others and elims. | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 4 | 0 | 0 |
Telefónica Hispam Norte | Others and elims. | Remaining operators and segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 4 | 0 | 0 |
Telefónica Hispam Norte | Others and elims. | Colombia | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 0 | 0 | 0 |
Telefónica Hispam Norte | Others and elims. | Mexico | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 0 | 0 | 0 |
Telefónica Hispam Sur | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 6,384 | 6,677 | 8,218 |
Telefónica Hispam Sur | Remaining operators and segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,851 | 208 | 220 |
Telefónica Hispam Sur | Argentina | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,431 | 2,315 | 3,495 |
Telefónica Hispam Sur | Chile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,556 | 2,079 | 2,185 |
Telefónica Hispam Sur | Peru | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,546 | 2,075 | 2,318 |
Telefónica Hispam Sur | Fixed | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 2,707 | 2,712 | 3,225 |
Telefónica Hispam Sur | Fixed | Remaining operators and segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 814 | (7) | (9) |
Telefónica Hispam Sur | Fixed | Argentina | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 486 | 818 | 1,216 |
Telefónica Hispam Sur | Fixed | Chile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 646 | 864 | 926 |
Telefónica Hispam Sur | Fixed | Peru | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 761 | 1,037 | 1,092 |
Telefónica Hispam Sur | Mobile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3,674 | 3,965 | 4,993 |
Telefónica Hispam Sur | Mobile | Remaining operators and segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 1,034 | 215 | 229 |
Telefónica Hispam Sur | Mobile | Argentina | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 945 | 1,497 | 2,279 |
Telefónica Hispam Sur | Mobile | Chile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 910 | 1,215 | 1,259 |
Telefónica Hispam Sur | Mobile | Peru | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 785 | 1,038 | 1,226 |
Telefónica Hispam Sur | Others and elims. | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3 | 0 | 0 |
Telefónica Hispam Sur | Others and elims. | Remaining operators and segment eliminations | |||
Disclosure of geographical areas [line items] | |||
Revenues | 3 | 0 | 0 |
Telefónica Hispam Sur | Others and elims. | Argentina | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 0 | 0 | 0 |
Telefónica Hispam Sur | Others and elims. | Chile | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | 0 | 0 | 0 |
Telefónica Hispam Sur | Others and elims. | Peru | Operating segments | |||
Disclosure of geographical areas [line items] | |||
Revenues | € 0 | € 0 | € 0 |
Business Combinations and Acq_3
Business Combinations and Acquisitions of Non-Controlling Interests - Coltel Acquisitions (Details) € in Millions, $ in Millions | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Sep. 30, 2017EUR (€) | Sep. 30, 2017COP ($) |
Disclosure of detailed information about business combination [line items] | ||||
Goodwill | € 25,403 | € 25,748 | ||
Impact on the consolidated cash flows | € 85 | |||
Colombia Telecomunicaciones, S.A., ESP | Telebucaramanga, Metrotel, and Optecom Acquisition | ||||
Disclosure of detailed information about business combination [line items] | ||||
Consideration paid for the acquisition of control | 147 | $ 509,975 | ||
Fair value of the prior stake | 41 | |||
Fair value of the minority stake | 3 | |||
Consideration transferred | 191 | |||
Intangible assets | 13 | |||
Property, plant and equipment | 147 | |||
Deferred tax assets | 7 | |||
Other non-current assets | 16 | |||
Cash and cash equivalents | 13 | |||
Other current assets | 18 | |||
Deferred tax liabilities | (23) | |||
Other non-current liabilities | (100) | |||
Current liabilities | (26) | |||
Fair value of net assets | 65 | |||
Goodwill | 126 | |||
Colombia Telecomunicaciones, S.A., ESP | Customer base | Telebucaramanga, Metrotel, and Optecom Acquisition | ||||
Disclosure of detailed information about business combination [line items] | ||||
Intangible assets | 13 | |||
Colombia Telecomunicaciones, S.A., ESP | Other intangible assets | Telebucaramanga, Metrotel, and Optecom Acquisition | ||||
Disclosure of detailed information about business combination [line items] | ||||
Intangible assets | € 0 |
Business Combinations and Acq_4
Business Combinations and Acquisitions of Non-Controlling Interests - Sale of Share Capital of Telxius (Details) - EUR (€) € / shares in Units, € in Millions | Jul. 27, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | |||||
Impact of transaction in equity attributable to equity holders | € 232 | ||||
Increase (decrease) in equity through change in equity of equity holders | € (507) | € 371 | € 1,843 | ||
Telxius Telecom, S.A. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of ownership interest (as a percent) | 50.01% | ||||
Telxius Telecom, S.A. | Pontegadea Group | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proceeds from exchange of share capital | € 378.8 | ||||
Transfer price per share (EUR per share) | € 15.2 | ||||
Telefonica, S.A. | Telxius Telecom, S.A. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of indirect participation (as a percent) | 9.99% | 9.99% | |||
Telefonica, S.A. | Telxius Telecom, S.A. | Pontegadea Group | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of voting equity transferred (as a percent) | 16.65% | ||||
Pontel Participaciones, SL | Telxius Telecom, S.A. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of ownership interest (as a percent) | 60.00% | 60.00% | |||
Non-controlling interests | |||||
Disclosure of detailed information about business combination [line items] | |||||
Increase (decrease) in equity through change in equity of equity holders | € 139 | € 690 | € (418) | € 139 | € 649 |
Business Combinations and Acq_5
Business Combinations and Acquisitions of Non-Controlling Interests - Share Exchange with KPN (Details) € in Millions | Feb. 28, 2017 | Dec. 31, 2017EUR (€) | Mar. 31, 2017EUR (€)shares | Dec. 31, 2019EUR (€)shares | Dec. 31, 2018EUR (€)shares | Dec. 31, 2017EUR (€)shares |
Disclosure of detailed information about business combination [line items] | ||||||
Increase (decrease) in equity through change in equity of equity holders | € (507) | € 371 | € 1,843 | |||
Increase (decrease) in equity through treasury share transactions | € (85) | € 1 | € 35 | |||
Telefónica Deutschland Holding, A.G. | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Proportion of ownership interest (as a percent) | 63.20% | 69.20% | 69.22% | |||
Koninklijke KPN NV | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Treasury stock delivered (shares) | shares | 72,000,000 | |||||
Percent of share capital transferred | 0.0143 | |||||
Stock received in exchange for treasury stock (shares) | shares | 178,500,000 | |||||
Increase (decrease) in equity through change in equity of equity holders | € (671) | |||||
Koninklijke KPN NV | Telefónica Deutschland Holding, A.G. | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Percent of share capital transferred | 0.060 | |||||
Treasury shares | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Stock received in exchange for treasury stock (shares) | shares | 14,033,446 | 0 | 0 | |||
Increase (decrease) in equity through change in equity of equity holders | € 754 | |||||
Increase (decrease) in equity through treasury share transactions | € (80) | € 2 | 35 | |||
Treasury shares | Koninklijke KPN NV | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Increase (decrease) in equity through treasury share transactions | € (754) | |||||
Retained earnings | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Increase (decrease) in equity through change in equity of equity holders | € 570 | (89) | 232 | € 449 | ||
Increase (decrease) in equity through treasury share transactions | € (5) | € (1) | ||||
Retained earnings | Koninklijke KPN NV | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Increase (decrease) in equity through treasury share transactions | € 83 |
Business Combinations and Acq_6
Business Combinations and Acquisitions of Non-Controlling Interests - Sale of Texius Telecom, S.A. (Details) € / shares in Units, € in Millions, shares in Millions | Nov. 13, 2017EUR (€)shares€ / shares | Oct. 24, 2017EUR (€)€ / sharesshares | Feb. 20, 2017EUR (€)shares€ / shares | Dec. 31, 2017EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Oct. 31, 2017 |
Disclosure of detailed information about business combination [line items] | ||||||||
Increase (decrease) in equity through change in equity of equity holders | € (507) | € 371 | € 1,843 | |||||
Change in translation differences | (258) | (799) | (328) | |||||
Telxius Telecom, S.A. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Proportion of share capital acquired (as a percent) | 40.00% | 40.00% | ||||||
Purchase of investment interest | € 1,275 | |||||||
Share price (euros per share) | € / shares | € 12.75 | |||||||
Change in translation differences | € 7 | € 5 | (3) | |||||
Telxius Telecom, S.A. | KKR | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Proportion of share capital acquired (as a percent) | 15.20% | 15.20% | 40.00% | 15.20% | ||||
Purchase of investment interest | € 484.5 | € 484.5 | € 1,275 | |||||
Share price (euros per share) | € / shares | € 12.75 | |||||||
Number of share options exercised | shares | 38 | 38 | ||||||
Increase (decrease) in equity through change in equity of equity holders | 690 | |||||||
KKR | Telxius Telecom, S.A. | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Share price (euros per share) | € / shares | € 12.75 | |||||||
Number of shares exchanged for cash | shares | 62 | 62 | ||||||
Percent of share capital transferred | 0.248 | 0.248 | 0.248 | |||||
Proceeds from exchange of share capital | € 790.5 | € 790.5 | ||||||
Retained earnings | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Increase (decrease) in equity through change in equity of equity holders | 570 | € (89) | € 232 | 449 | ||||
Change in translation differences | € (258) | € (799) | (328) | |||||
Retained earnings | Telxius Telecom, S.A. | KKR | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Increase (decrease) in equity through appropriation of retained earnings | 570 | |||||||
Translation differences | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Increase (decrease) in equity through change in equity of equity holders | (9) | € (9) | ||||||
Translation differences | Telxius Telecom, S.A. | KKR | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Change in translation differences | € (9) |
Intangible Assets - Composition
Intangible Assets - Composition and Movements in Net Intangible Assets (Details) - EUR (€) € in Millions | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | € 18,005 | € 16,856 | € 18,005 | |
Additions | 2,727 | 1,978 | ||
Amortization | (3,248) | (3,298) | € (3,443) | |
Disposals | (500) | (19) | ||
Transfers and others | 291 | 454 | ||
Translation differences and hyperinflation adjustments | 483 | 21 | (261) | |
Exclusion of companies | (113) | (3) | ||
Ending balance | 16,034 | 16,856 | 18,005 | |
Service concession arrangements and licenses | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | 10,785 | 9,995 | 10,785 | |
Additions | 25 | 509 | ||
Amortization | (1,227) | (1,221) | ||
Disposals | (495) | 0 | ||
Transfers and others | 333 | (9) | ||
Translation differences and hyperinflation adjustments | 458 | 23 | (69) | |
Exclusion of companies | (88) | 0 | ||
Ending balance | 8,566 | 9,995 | 10,785 | |
Software | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | 2,987 | 2,940 | 2,987 | |
Additions | 420 | 632 | ||
Amortization | (1,464) | (1,450) | ||
Disposals | (4) | (19) | ||
Transfers and others | 1,113 | 876 | ||
Translation differences and hyperinflation adjustments | 24 | (6) | (86) | |
Exclusion of companies | (19) | 0 | ||
Ending balance | 2,980 | 2,940 | 2,987 | |
Customer base | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | 2,731 | 2,138 | 2,731 | |
Additions | 0 | 0 | ||
Amortization | (478) | (539) | ||
Disposals | 0 | 0 | ||
Transfers and others | 9 | (5) | ||
Translation differences and hyperinflation adjustments | (3) | (49) | ||
Exclusion of companies | 0 | 0 | ||
Ending balance | 1,666 | 2,138 | 2,731 | |
Trademarks | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | 780 | 690 | 780 | |
Additions | 0 | 0 | ||
Amortization | (58) | (58) | ||
Disposals | 0 | 0 | ||
Transfers and others | 0 | 0 | ||
Translation differences and hyperinflation adjustments | 8 | (32) | ||
Exclusion of companies | 0 | 0 | ||
Ending balance | 640 | 690 | 780 | |
Other intangible assets | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | 86 | 77 | 86 | |
Additions | 15 | 22 | ||
Amortization | (21) | (30) | ||
Disposals | 0 | 0 | ||
Transfers and others | (18) | 4 | ||
Translation differences and hyperinflation adjustments | (1) | (2) | ||
Exclusion of companies | 0 | (3) | ||
Ending balance | 52 | 77 | 86 | |
Intangible assets in process | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Beginning balance | € 636 | 1,016 | 636 | |
Additions | 2,267 | 815 | ||
Amortization | 0 | 0 | ||
Disposals | (1) | 0 | ||
Transfers and others | (1,146) | (412) | ||
Translation differences and hyperinflation adjustments | 0 | (23) | ||
Exclusion of companies | (6) | 0 | ||
Ending balance | € 2,130 | € 1,016 | € 636 |
Intangible Assets - Gross Cost,
Intangible Assets - Gross Cost, Accumulated Amortization and Impairment Losses of Intangible Assets (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 16,034 | € 16,856 | € 18,005 |
Gross cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 49,509 | 48,955 | |
Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (33,471) | (32,096) | |
Impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (4) | (3) | |
Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 8,566 | 9,995 | 10,785 |
Service concession arrangements and licenses | Gross cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 20,414 | 21,145 | |
Service concession arrangements and licenses | Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (11,848) | (11,150) | |
Service concession arrangements and licenses | Impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 0 | 0 | |
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,980 | 2,940 | 2,987 |
Software | Gross cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 17,578 | 17,153 | |
Software | Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (14,597) | (14,213) | |
Software | Impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (1) | 0 | |
Customer base | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 1,666 | 2,138 | 2,731 |
Customer base | Gross cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 6,544 | 6,766 | |
Customer base | Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (4,878) | (4,628) | |
Customer base | Impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 0 | 0 | |
Trademarks | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 640 | 690 | 780 |
Trademarks | Gross cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 1,887 | 1,853 | |
Trademarks | Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (1,247) | (1,163) | |
Trademarks | Impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 0 | 0 | |
Other intangible assets | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 52 | 77 | 86 |
Other intangible assets | Gross cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 956 | 1,022 | |
Other intangible assets | Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (901) | (942) | |
Other intangible assets | Impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | (3) | (3) | |
Intangible assets in process | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,130 | 1,016 | € 636 |
Intangible assets in process | Gross cost | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 2,130 | 1,016 | |
Intangible assets in process | Accumulated amortization | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | 0 | 0 | |
Intangible assets in process | Impairment losses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | € 0 | € 0 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - EUR (€) € in Millions | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line items] | |||
Additions | € 2,727 | € 1,978 | |
Transfers and others | 291 | 454 | |
Translation differences and hyperinflation adjustments | € 483 | 21 | (261) |
Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions related to companies held-for-sale | 1,501 | 868 | |
Additions | 25 | 509 | |
Transfers and others | 333 | (9) | |
Translation differences and hyperinflation adjustments | 458 | 23 | (69) |
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | 420 | 632 | |
Transfers and others | 1,113 | 876 | |
Translation differences and hyperinflation adjustments | € 24 | (6) | (86) |
Telefonica Uruguay | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | 26 | ||
Telefónica United Kingdom | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | 230 | ||
Telefónica United Kingdom Ltd. Wireless communications | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | 358 | ||
Telefónica Spain | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | 108 | ||
Telefónica México | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | 33 | ||
Telefónica Hispam Norte | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | 102 | ||
Telefónica Argentina | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | 21 | ||
Telefonica Moviles Costa Rica and Telefonica Moviles El Salvador | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Transfers and others | 65 | ||
Telefónica Moviles Guatemala | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Transfers and others | 44 | ||
Telefónica Moviles El Salvador | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Transfers and others | € 30 | ||
Telefonía Celular de Nicaragua, S.A. | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Exclusion of companies | 12 | ||
Telefónica Móviles Panamá, S.A. | Service concession arrangements and licenses | |||
Disclosure of detailed information about intangible assets [line items] | |||
Exclusion of companies | € 100 |
Goodwill - Reconciliation of Go
Goodwill - Reconciliation of Goodwill by Group Segment (Details) - Goodwill - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | € 25,748 | € 26,841 |
Disposals | (179) | |
Additions | 6 | |
Transfer to Non-currents assets held for sale | (183) | |
Write-offs and disposals | (206) | (356) |
Exchange rate impact and other | 34 | (554) |
Ending balance | 25,403 | 25,748 |
Others | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 95 | 102 |
Disposals | (1) | |
Additions | 2 | |
Transfer to Non-currents assets held for sale | 0 | |
Write-offs and disposals | 0 | (6) |
Exchange rate impact and other | 0 | (1) |
Ending balance | 96 | 95 |
Telefónica Spain | Operating segments | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 4,310 | 4,310 |
Disposals | (11) | |
Additions | 0 | |
Transfer to Non-currents assets held for sale | 0 | |
Write-offs and disposals | 0 | 0 |
Exchange rate impact and other | 0 | 0 |
Ending balance | 4,299 | 4,310 |
Telefónica Brazil | Operating segments | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 8,991 | 10,057 |
Disposals | (1) | |
Additions | 0 | |
Transfer to Non-currents assets held for sale | 0 | |
Write-offs and disposals | 0 | 0 |
Exchange rate impact and other | (176) | (1,066) |
Ending balance | 8,814 | 8,991 |
Telefónica Germany | Operating segments | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 4,815 | 4,815 |
Disposals | 0 | |
Additions | 4 | |
Transfer to Non-currents assets held for sale | 0 | |
Write-offs and disposals | 0 | 0 |
Exchange rate impact and other | 0 | 0 |
Ending balance | 4,819 | 4,815 |
Telefónica United Kingdom | Operating segments | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 4,611 | 4,648 |
Disposals | 0 | |
Additions | 0 | |
Transfer to Non-currents assets held for sale | 0 | |
Write-offs and disposals | 0 | 0 |
Exchange rate impact and other | 236 | (37) |
Ending balance | 4,847 | 4,611 |
Telefónica Hispam Norte | Operating segments | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 464 | 1,002 |
Disposals | (144) | |
Additions | 0 | |
Transfer to Non-currents assets held for sale | (183) | |
Write-offs and disposals | 0 | (350) |
Exchange rate impact and other | 5 | (5) |
Ending balance | 325 | 464 |
Telefónica Hispam Sur | Operating segments | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Beginning balance | 2,462 | 1,907 |
Disposals | (22) | |
Additions | 0 | |
Transfer to Non-currents assets held for sale | 0 | |
Write-offs and disposals | (206) | 0 |
Exchange rate impact and other | (31) | 555 |
Ending balance | € 2,203 | € 2,462 |
Goodwill - Narrative (Details)
Goodwill - Narrative (Details) - EUR (€) € in Millions | Jan. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about intangible assets [line items] | ||||
Strategic plan term | 4 years | |||
Years of cash flows | 5 years | |||
Normalization period added to term of strategic plan | 2 years | |||
Telefónica Móviles México | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Impairment loss | € 350 | |||
Telefónica Spain, Telefónica Germany, and Telefónica United Kingdom | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Long-term capital expenditure (CapEx) ratio | 13.00% | |||
Telefónica Spain | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
OIBDA margin ratio | 40.00% | |||
Growth rate used to extrapolate cash flow projections (as a percent) | 1.00% | 0.90% | ||
Telefónica Germany | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
OIBDA margin ratio | 30.00% | |||
Long-term capital expenditure (CapEx) ratio | 12.00% | |||
Growth rate used to extrapolate cash flow projections (as a percent) | 1.10% | 1.00% | ||
Telefónica United Kingdom | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Long-term capital expenditure (CapEx) ratio | 12.00% | |||
Growth rate used to extrapolate cash flow projections (as a percent) | 0.80% | 0.80% | ||
Telefónica Brazil | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
OIBDA margin ratio | 40.00% | |||
Long-term capital expenditure (CapEx) ratio | 18.00% | |||
Growth rate used to extrapolate cash flow projections (as a percent) | 4.50% | 4.50% | ||
Targeted growth rate | 4.00% | |||
Telefónica Brazil | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Growth rate used to extrapolate cash flow projections (as a percent) | 4.50% | |||
Telefónica Brazil | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Growth rate used to extrapolate cash flow projections (as a percent) | 6.50% | |||
Telefónica Europe | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Growth rate used to extrapolate cash flow projections (as a percent) | 1.00% | |||
Telefónica Argentina | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Impairment loss | € 858 | € 206 | ||
Perpetuity growth rates | Telefónica Spain | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | (0.25%) | |||
Perpetuity growth rates | Telefónica Spain | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 0.25% | |||
Perpetuity growth rates | Telefónica Germany | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | (0.25%) | |||
Perpetuity growth rates | Telefónica Germany | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 0.25% | |||
Perpetuity growth rates | Telefónica United Kingdom | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | (0.50%) | |||
Perpetuity growth rates | Telefónica United Kingdom | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 0.50% | |||
Perpetuity growth rates | Telefónica Brazil | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 1.50% | |||
Perpetuity growth rates | Telefónica Brazil | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | (0.50%) | |||
Perpetuity growth rates | Telefónica Brazil | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 0.50% | |||
Weighted Average Cost of Capital (WACC) | Telefónica Argentina | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 2.00% | |||
Disposals, intangible assets and goodwill | € 220 | |||
Terminal Growth Rate | Telefónica Argentina | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 0.75% | |||
Disposals, intangible assets and goodwill | € 100 | |||
OIBDA Margin | Telefónica Spain | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | (2.00%) | |||
OIBDA Margin | Telefónica Spain | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 2.00% | |||
OIBDA Margin | Telefónica Germany | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | (1.50%) | |||
OIBDA Margin | Telefónica Germany | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 1.50% | |||
OIBDA Margin | Telefónica United Kingdom | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | (1.50%) | |||
OIBDA Margin | Telefónica United Kingdom | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 1.50% | |||
OIBDA Margin | Telefónica Brazil | Minimum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | (2.00%) | |||
OIBDA Margin | Telefónica Brazil | Maximum | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 2.00% | |||
OIBDA Margin | Telefónica Argentina | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 1.50% | |||
Disposals, intangible assets and goodwill | € 200 | |||
Investment/Sales Ratio | Telefónica Argentina | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 0.75% | |||
Disposals, intangible assets and goodwill | € 100 | |||
Forecast | Telefónica Spain | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
OIBDA margin ratio | 40.00% | |||
Forecast | Telefónica Germany | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
OIBDA margin ratio | 33.00% | |||
Forecast | Telefónica United Kingdom | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
OIBDA margin ratio | 31.00% | |||
Tokbox Inc | Disposal groups classified as held for sale | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Goodwill derecognised without having previously been included in disposal group classified as held for sale | € 6 | |||
Telefónica Peru | Weighted Average Cost of Capital (WACC) | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 0.50% | |||
Disposals, intangible assets and goodwill | € 60 | |||
Telefónica Peru | Terminal Growth Rate | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Disposals, intangible assets and goodwill | € 26 | |||
Telefónica Peru | OIBDA Margin | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 1.25% | |||
Disposals, intangible assets and goodwill | € 130 | |||
Telefónica Peru | Investment/Sales Ratio | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Change in key assumption rate (as a percent) | 0.63% | |||
Disposals, intangible assets and goodwill | € 44 |
Goodwill - Allocation of Goodwi
Goodwill - Allocation of Goodwill to Cash-Generating Units (Details) - Goodwill - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | € 25,403 | € 25,748 | € 26,841 |
Others | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 96 | 95 | 102 |
Telefónica Spain | Operating segments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 4,299 | 4,310 | 4,310 |
Telefónica Brazil | Operating segments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 8,814 | 8,991 | 10,057 |
Telefónica Germany | Operating segments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 4,819 | 4,815 | 4,815 |
Telefónica United Kingdom | Operating segments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 4,847 | 4,611 | 4,648 |
Telefónica Hispam Norte | Operating segments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 325 | 464 | 1,002 |
Telefónica Hispam Norte | Operating segments | Colombia | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 195 | 192 | |
Telefónica Hispam Norte | Operating segments | Central America | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 0 | 144 | |
Telefónica Hispam Norte | Operating segments | Ecuador | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 130 | 128 | |
Telefónica Hispam Sur | Operating segments | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 2,203 | 2,462 | € 1,907 |
Telefónica Hispam Sur | Operating segments | Chile | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 856 | 906 | |
Telefónica Hispam Sur | Operating segments | Peru | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 766 | 744 | |
Telefónica Hispam Sur | Operating segments | Argentina | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | 557 | 785 | |
Telefónica Hispam Sur | Operating segments | Uruguay | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets and goodwill | € 24 | € 27 |
Goodwill - After-Tax Discount R
Goodwill - After-Tax Discount Rates Applied to the Cash Flow Projections (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Telefónica Spain | ||
Disclosure of detailed information about intangible assets [line items] | ||
Before-tax discount rates applied to cash flow projections (as a percent) | 8.20% | 8.30% |
After-tax discount rates applied to cash flow projections (as a percent) | 6.20% | 6.40% |
Telefónica Brazil | ||
Disclosure of detailed information about intangible assets [line items] | ||
Before-tax discount rates applied to cash flow projections (as a percent) | 12.60% | 14.40% |
After-tax discount rates applied to cash flow projections (as a percent) | 10.00% | 11.20% |
Telefónica United Kingdom | ||
Disclosure of detailed information about intangible assets [line items] | ||
Before-tax discount rates applied to cash flow projections (as a percent) | 7.80% | 7.50% |
After-tax discount rates applied to cash flow projections (as a percent) | 6.20% | 6.30% |
Telefónica Germany | ||
Disclosure of detailed information about intangible assets [line items] | ||
Before-tax discount rates applied to cash flow projections (as a percent) | 7.80% | 6.90% |
After-tax discount rates applied to cash flow projections (as a percent) | 4.90% | 5.20% |
Goodwill - Perpetuity Growth Ra
Goodwill - Perpetuity Growth Rate Applied to Cash Flow Projections (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Telefónica Spain | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate applied to cash flow projections (as a percent) | 1.00% | 0.90% |
Telefónica Brazil | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate applied to cash flow projections (as a percent) | 4.50% | 4.50% |
Telefónica United Kingdom | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate applied to cash flow projections (as a percent) | 0.80% | 0.80% |
Telefónica Germany | ||
Disclosure of detailed information about intangible assets [line items] | ||
Growth rate applied to cash flow projections (as a percent) | 1.10% | 1.00% |
Goodwill - Sensitivity to Chang
Goodwill - Sensitivity to Changes in Assumptions (Details) - EUR (€) € in Millions | Jan. 01, 2018 | Dec. 31, 2019 |
Telefónica Argentina | ||
Disclosure of detailed information about intangible assets [line items] | ||
Impairment loss | € 858 | € 206 |
Telefónica Argentina | Weighted Average Cost of Capital (WACC) | ||
Disclosure of detailed information about intangible assets [line items] | ||
Disposals, intangible assets and goodwill | € 220 | |
Change in key assumption rate (as a percent) | 2.00% | |
Telefónica Argentina | Terminal Growth Rate | ||
Disclosure of detailed information about intangible assets [line items] | ||
Disposals, intangible assets and goodwill | € 100 | |
Change in key assumption rate (as a percent) | 0.75% | |
Telefónica Argentina | OIBDA Margin | ||
Disclosure of detailed information about intangible assets [line items] | ||
Disposals, intangible assets and goodwill | € 200 | |
Change in key assumption rate (as a percent) | 1.50% | |
Telefónica Argentina | Investment/Sales Ratio | ||
Disclosure of detailed information about intangible assets [line items] | ||
Disposals, intangible assets and goodwill | € 100 | |
Change in key assumption rate (as a percent) | 0.75% | |
Telefónica Spain | Discount rate | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (0.50%) | |
Telefónica Spain | Discount rate | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 0.50% | |
Telefónica Spain | Perpetuity growth rates | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (0.25%) | |
Telefónica Spain | Perpetuity growth rates | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 0.25% | |
Telefónica Spain | OIBDA Margin | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (2.00%) | |
Telefónica Spain | OIBDA Margin | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 2.00% | |
Telefónica Spain | Ratio of CapEx/Revenues | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (1.00%) | |
Telefónica Spain | Ratio of CapEx/Revenues | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 1.00% | |
Telefónica Germany | Discount rate | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (0.50%) | |
Telefónica Germany | Discount rate | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 0.50% | |
Telefónica Germany | Perpetuity growth rates | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (0.25%) | |
Telefónica Germany | Perpetuity growth rates | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 0.25% | |
Telefónica Germany | OIBDA Margin | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (1.50%) | |
Telefónica Germany | OIBDA Margin | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 1.50% | |
Telefónica Germany | Ratio of CapEx/Revenues | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (0.75%) | |
Telefónica Germany | Ratio of CapEx/Revenues | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 0.75% | |
Telefónica United Kingdom | Discount rate | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (1.00%) | |
Telefónica United Kingdom | Discount rate | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 1.00% | |
Telefónica United Kingdom | Perpetuity growth rates | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (0.50%) | |
Telefónica United Kingdom | Perpetuity growth rates | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 0.50% | |
Telefónica United Kingdom | OIBDA Margin | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (1.50%) | |
Telefónica United Kingdom | OIBDA Margin | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 1.50% | |
Telefónica United Kingdom | Ratio of CapEx/Revenues | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (0.75%) | |
Telefónica United Kingdom | Ratio of CapEx/Revenues | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 0.75% | |
Telefónica Brazil | Discount rate | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (1.00%) | |
Telefónica Brazil | Discount rate | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 1.00% | |
Telefónica Brazil | Perpetuity growth rates | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 1.50% | |
Telefónica Brazil | Perpetuity growth rates | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (0.50%) | |
Telefónica Brazil | Perpetuity growth rates | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 0.50% | |
Telefónica Brazil | OIBDA Margin | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (2.00%) | |
Telefónica Brazil | OIBDA Margin | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 2.00% | |
Telefónica Brazil | Ratio of CapEx/Revenues | Minimum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | (1.00%) | |
Telefónica Brazil | Ratio of CapEx/Revenues | Maximum | ||
Disclosure of detailed information about intangible assets [line items] | ||
Change in key assumption rate (as a percent) | 1.00% | |
Telefónica Peru | Weighted Average Cost of Capital (WACC) | ||
Disclosure of detailed information about intangible assets [line items] | ||
Disposals, intangible assets and goodwill | € 60 | |
Change in key assumption rate (as a percent) | 0.50% | |
Telefónica Peru | Terminal Growth Rate | ||
Disclosure of detailed information about intangible assets [line items] | ||
Disposals, intangible assets and goodwill | € 26 | |
Telefónica Peru | OIBDA Margin | ||
Disclosure of detailed information about intangible assets [line items] | ||
Disposals, intangible assets and goodwill | € 130 | |
Change in key assumption rate (as a percent) | 1.25% | |
Telefónica Peru | Investment/Sales Ratio | ||
Disclosure of detailed information about intangible assets [line items] | ||
Disposals, intangible assets and goodwill | € 44 | |
Change in key assumption rate (as a percent) | 0.63% |
Property, Plant and Equipment -
Property, Plant and Equipment - Composition of and Movement in Net Property, Plant and Equipment (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | € 33,295 | € 34,225 |
First application of IFRS 16 | (249) | |
Additions | 5,992 | 6,141 |
Depreciation | (5,613) | (5,751) |
Disposals | (266) | (71) |
Transfers and others | (410) | (780) |
Translation differences and hyperinflation adjustments | (89) | (469) |
Exclusion of companies | (432) | |
Property, plant and equipment at end of period | 32,228 | 33,295 |
Total additions of property, plant and equipment | 6,051 | |
Land and buildings | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 4,310 | 4,383 |
First application of IFRS 16 | (9) | |
Additions | 37 | 42 |
Depreciation | (334) | (368) |
Disposals | (227) | (29) |
Transfers and others | 61 | 77 |
Translation differences and hyperinflation adjustments | (56) | 205 |
Exclusion of companies | (179) | |
Property, plant and equipment at end of period | 3,603 | 4,310 |
Plant and machinery | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 25,346 | 25,297 |
First application of IFRS 16 | (107) | |
Additions | 1,258 | 1,305 |
Depreciation | (4,845) | (4,905) |
Disposals | (33) | (6) |
Transfers and others | 3,638 | 4,204 |
Translation differences and hyperinflation adjustments | (58) | (549) |
Exclusion of companies | (193) | |
Property, plant and equipment at end of period | 25,006 | 25,346 |
Furniture, tools and other items | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 1,201 | 1,267 |
First application of IFRS 16 | (133) | |
Additions | 129 | 134 |
Depreciation | (434) | (478) |
Disposals | (4) | (21) |
Transfers and others | 503 | 340 |
Translation differences and hyperinflation adjustments | 7 | (41) |
Exclusion of companies | (21) | |
Property, plant and equipment at end of period | 1,248 | 1,201 |
PP&E in progress | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property, plant and equipment at beginning of period | 2,438 | 3,278 |
First application of IFRS 16 | 0 | |
Additions | 4,568 | 4,660 |
Depreciation | 0 | 0 |
Disposals | (2) | (15) |
Transfers and others | (4,612) | (5,401) |
Translation differences and hyperinflation adjustments | 18 | (84) |
Exclusion of companies | (39) | |
Property, plant and equipment at end of period | € 2,371 | € 2,438 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Gross Cost, Accumulated Depreciation and Impairment Losses of Property, Plant and Equipment (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € 32,228 | € 33,295 | € 34,225 |
Gross cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 121,259 | 124,154 | |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (88,949) | (90,789) | |
Impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (82) | (70) | |
Land and buildings | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 3,603 | 4,310 | 4,383 |
Land and buildings | Gross cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 10,588 | 11,949 | |
Land and buildings | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (6,975) | (7,636) | |
Land and buildings | Impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (10) | (3) | |
Plant and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 25,006 | 25,346 | 25,297 |
Plant and machinery | Gross cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 101,249 | 102,615 | |
Plant and machinery | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (76,186) | (77,222) | |
Plant and machinery | Impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (57) | (47) | |
Furniture, tools and other items | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 1,248 | 1,201 | 1,267 |
Furniture, tools and other items | Gross cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 7,041 | 7,137 | |
Furniture, tools and other items | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (5,788) | (5,931) | |
Furniture, tools and other items | Impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | (5) | (5) | |
PP&E in progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 2,371 | 2,438 | € 3,278 |
PP&E in progress | Gross cost | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 2,381 | 2,453 | |
PP&E in progress | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 0 | 0 | |
PP&E in progress | Impairment losses | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | € (10) | € (15) |
Property, Plant and Equipment_3
Property, Plant and Equipment - Narrative (Details) € in Millions, premise in Millions | Jan. 01, 2018EUR (€) | Dec. 31, 2019EUR (€)premise | Dec. 31, 2018EUR (€) |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | € 5,992 | € 6,141 | |
First application of IFRS 16 | (249) | ||
Transfers and others | (410) | (780) | |
Exclusion of companies | (432) | ||
Translation differences and hyperinflation adjustments | (89) | (469) | |
Telefónica Spain | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | € 1,390 | 1,387 | |
Number of premises covered by fiber optic roll out | premise | 23 | ||
Percent of population coverage by LTE networks | 97.00% | ||
Telefónica United Kingdom | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | € 779 | 777 | |
Percent of population coverage by LTE networks | 99.00% | ||
Telefónica Germany | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | € 807 | 697 | |
Percent of population coverage by LTE networks | 92.00% | ||
Telefónica Brazil | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | € 1,605 | 1,625 | |
Telefónica Hispam Norte | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 460 | 460 | |
Telefónica Hispam Sur | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 819 | 997 | |
Telefonica Moviles Costa Rica | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Transfers and others | 78 | ||
Telefónica Moviles Guatemala | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Transfers and others | 157 | ||
Telefónica El Salvador | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Transfers and others | 91 | ||
Telefonía Celular de Nicaragua, S.A. | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exclusion of companies | 103 | ||
Telefónica Móviles Panamá, S.A. | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exclusion of companies | 95 | ||
Argentina | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Translation differences and hyperinflation adjustments | € 1,029 | ||
Plant and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 1,258 | 1,305 | |
First application of IFRS 16 | (107) | ||
Transfers and others | 3,638 | 4,204 | |
Exclusion of companies | (193) | ||
Translation differences and hyperinflation adjustments | (58) | € (549) | |
Plant and machinery | Argentina | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Translation differences and hyperinflation adjustments | 623 | ||
Buildings | Argentina | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Translation differences and hyperinflation adjustments | € 298 | ||
Data Centers | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exclusion of companies | € 227 |
Rights of Use - Movements of Ri
Rights of Use - Movements of Rights of Use (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Movement of Right-of-Use Assets [Roll Forward] | |
Right-of-use assets at beginning of period | € 0 |
First application impacts due to accounting changes NIIF 16 | 7,870 |
Additions | 1,284 |
Amortization | (1,721) |
Disposals | (269) |
Exclusion of companies | (121) |
Translation differences and hyperinflation, right-of-use assets | (134) |
Transfers and others | 30 |
Right-of-use assets at end of period | 6,939 |
Additions to right-of-use assets including companies held for sale and the sale of companies | 1,292 |
Land and Natural Properties | |
Movement of Right-of-Use Assets [Roll Forward] | |
Right-of-use assets at beginning of period | 0 |
First application impacts due to accounting changes NIIF 16 | 1,622 |
Additions | 334 |
Amortization | (385) |
Disposals | (61) |
Exclusion of companies | (6) |
Translation differences and hyperinflation, right-of-use assets | (3) |
Transfers and others | 13 |
Right-of-use assets at end of period | 1,514 |
Buildings | |
Movement of Right-of-Use Assets [Roll Forward] | |
Right-of-use assets at beginning of period | 0 |
First application impacts due to accounting changes NIIF 16 | 4,361 |
Additions | 697 |
Amortization | (904) |
Disposals | (136) |
Exclusion of companies | (109) |
Translation differences and hyperinflation, right-of-use assets | (123) |
Transfers and others | 7 |
Right-of-use assets at end of period | 3,793 |
Plant and Machinery | |
Movement of Right-of-Use Assets [Roll Forward] | |
Right-of-use assets at beginning of period | 0 |
First application impacts due to accounting changes NIIF 16 | 1,676 |
Additions | 206 |
Amortization | (373) |
Disposals | (70) |
Exclusion of companies | (6) |
Translation differences and hyperinflation, right-of-use assets | (7) |
Transfers and others | 8 |
Right-of-use assets at end of period | 1,434 |
Other assets | |
Movement of Right-of-Use Assets [Roll Forward] | |
Right-of-use assets at beginning of period | 0 |
First application impacts due to accounting changes NIIF 16 | 211 |
Additions | 47 |
Amortization | (59) |
Disposals | (2) |
Exclusion of companies | 0 |
Translation differences and hyperinflation, right-of-use assets | (1) |
Transfers and others | 2 |
Right-of-use assets at end of period | € 198 |
Rights of Use - Narrative (Deta
Rights of Use - Narrative (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Transfers and others | € 30 |
Exclusion of companies | 121 |
Telefónica de Costa Rica TC, S.A. | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Transfers and others | € 127 |
Rights of Use - Gross Costs, Ac
Rights of Use - Gross Costs, Accumulated Depreciation, and Impairment Losses of Rights of Use (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | € 6,939 | € 7,870 | € 0 |
Land and Natural Properties | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 1,514 | 0 | |
Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 3,793 | 0 | |
Plant and Machinery | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 1,434 | 0 | |
Other assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 198 | € 0 | |
Gross cost | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 8,739 | ||
Gross cost | Land and Natural Properties | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 1,890 | ||
Gross cost | Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 4,722 | ||
Gross cost | Plant and Machinery | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 1,822 | ||
Gross cost | Other assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | 305 | ||
Accumulated depreciation | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | (1,800) | ||
Accumulated depreciation | Land and Natural Properties | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | (376) | ||
Accumulated depreciation | Buildings | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | (929) | ||
Accumulated depreciation | Plant and Machinery | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | (388) | ||
Accumulated depreciation | Other assets | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Rights of use | € (107) |
Rights of Use - Expenses Relate
Rights of Use - Expenses Related to Leases included in Operating Results and Income from Subleasing Right-of-Use Assets (Details) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Rights of Use [Abstract] | |
Total expenses related to short-term leases included in operating results as supplies | € 115,000,000 |
Expense relating to short-term leases included in external services | 108,000,000 |
Expense relating to leases of low-value assets included in external services | 13,000,000 |
Other | 2,000,000 |
Total expenses related to leases included in operating results as external services | 123,000,000 |
Income from subleasing right-of-use assets | € 238,000,000 |
Associates and Joint Ventures -
Associates and Joint Ventures - Summary (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Investments accounted for by the equity method | € 140 | € 68 | |
Receivables from associates and joint ventures for current operations (Note 14) | 37 | 33 | |
Payables to associates and joint ventures (Note 22) | 634 | 520 | |
Revenue from operations with associates and joint ventures | 48,422 | 48,693 | € 52,008 |
Financial revenues with associates and joint ventures | 842 | 1,458 | 1,073 |
Financial expenses with associates and joint ventures | 2,795 | 2,690 | 3,363 |
Associates and Joint Ventures | |||
Disclosure Of Joint Ventures And Associates [Line Items] | |||
Investments accounted for by the equity method | 140 | 68 | 77 |
Receivables from associates and joint ventures for current operations (Note 14) | 37 | 33 | |
Financial debt, associates and joint ventures | 0 | 104 | |
Payables to associates and joint ventures (Note 22) | 634 | 520 | |
Share of income (loss) of investments accounted for by the equity method | 13 | 4 | 5 |
Revenue from operations with associates and joint ventures | 265 | 233 | 218 |
Expenses from operations with associates and joint ventures | 30 | 14 | 20 |
Financial revenues with associates and joint ventures | 0 | 1 | 0 |
Financial expenses with associates and joint ventures | € 1 | € 0 | € 0 |
Associates and Joint Ventures_2
Associates and Joint Ventures - Equity Method Investment of Associates (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | |||
Investments accounted for by the equity method at period start | € 68 | ||
Translation differences and other comprehensive income (loss) | 96 | € (2,602) | € (5,094) |
Investments accounted for by the equity method at period end | 140 | 68 | |
Associates and Joint Ventures | |||
Disclosure of associates [line items] | |||
Investments accounted for by the equity method at period start | 68 | 77 | |
Additions | 5 | ||
Disposals | (4) | ||
Translation differences and other comprehensive income (loss) | 2 | ||
Income (loss) | 13 | 4 | 5 |
Dividends | (13) | (14) | |
Transfers and others | 72 | (2) | |
Investments accounted for by the equity method at period end | € 140 | € 68 | € 77 |
Associates and Joint Ventures_3
Associates and Joint Ventures - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Internet para Todos, S.A.C. | |
Disclosure Of Joint Ventures And Associates [Line Items] | |
Proportion of ownership interest (as a percent) | 37.00% |
Related Parties - Narrative (De
Related Parties - Narrative (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||
Unearned premiums | € 1,969,090 | € 1,916,210 |
Blackrock inc. | ||
Disclosure of transactions between related parties [line items] | ||
Significant shareholder stake of the Company (as a percent) | 5.70% | |
BBVA | ||
Disclosure of transactions between related parties [line items] | ||
Significant shareholder stake of the Company (as a percent) | 5.18% | |
La Caixa | ||
Disclosure of transactions between related parties [line items] | ||
Significant shareholder stake of the Company (as a percent) | 5.01% | |
BBVA | ||
Disclosure of transactions between related parties [line items] | ||
Significant shareholder stake of the Company (as a percent) | 0.66% | 0.66% |
Collateral guarantees on derivatives | € 169,000,000 | € 202,000,000 |
Receipt of services | 8,000,000 | 6,000,000 |
La Caixa | ||
Disclosure of transactions between related parties [line items] | ||
Collateral guarantees on derivatives | 91,000,000 | 104,000,000 |
Receipt of services | 8,000,000 | 6,000,000 |
Global Dominion Access Group | ||
Disclosure of transactions between related parties [line items] | ||
Receipt of services | € 27,000,000 | 25,000,000 |
Big Data Services | China Unicom Big Data Limited Corporation | ||
Disclosure of transactions between related parties [line items] | ||
Significant shareholder stake of the Company (as a percent) | 55.00% | |
Big Data Services | Suqian Xindongtend Business Service, Co. | ||
Disclosure of transactions between related parties [line items] | ||
Significant shareholder stake of the Company (as a percent) | 16.67% | |
Big Data Services | Telefonica, S.A. | ||
Disclosure of transactions between related parties [line items] | ||
Significant shareholder stake of the Company (as a percent) | 37.50% | |
Derivative instruments | BBVA | ||
Disclosure of transactions between related parties [line items] | ||
Nominal amount of hedging instrument | € 14,553,000,000 | 17,962,000,000 |
Derivative fair value | 491,000,000 | 428,000,000 |
Collateral guarantees on derivatives | 276,000,000 | 8,000,000 |
Derivative instruments | La Caixa | ||
Disclosure of transactions between related parties [line items] | ||
Nominal amount of hedging instrument | 557,000,000 | 543,000,000 |
Derivative fair value | 2,000,000 | (10,000,000) |
Collateral guarantees on derivatives | € 19,000,000 | € 6,000,000 |
Related Parties - Summary of Si
Related Parties - Summary of Significant Transactions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
BBVA | ||
Disclosure of transactions between related parties [line items] | ||
Finance costs | € 32 | € 37 |
Receipt of services | 8 | 6 |
Purchase of goods | 0 | 0 |
Other expenses | 4 | 3 |
Total costs | 44 | 46 |
Finance income | 27 | 42 |
Dividends received | 11 | 11 |
Services rendered | 13 | 26 |
Sale of goods | 9 | 3 |
Other income | 1 | 2 |
Total revenues | 61 | 84 |
Purchase of assets | 0 | |
Finance arrangements: loans and capital contributions (borrower) | 568 | 368 |
Finance arrangements: loans and capital contributions (lessee) | 0 | 0 |
Guarantees | 169 | 202 |
Commitments | 0 | 0 |
Finance arrangements: loans and capital contributions (lender) | 608 | 595 |
Dividends paid | 121 | 124 |
Factoring operations | € 904 | € 643 |
Significant shareholder stake of the Company (as a percent) | 0.66% | 0.66% |
La Caixa | ||
Disclosure of transactions between related parties [line items] | ||
Finance costs | € 7 | € 9 |
Receipt of services | 8 | 6 |
Purchase of goods | 62 | 60 |
Other expenses | 0 | 0 |
Total costs | 77 | 75 |
Finance income | 0 | 0 |
Services rendered | 63 | 60 |
Sale of goods | 49 | 48 |
Other income | 0 | 0 |
Total revenues | 112 | 108 |
Purchase of assets | 4 | |
Finance arrangements: loans and capital contributions (borrower) | 116 | 368 |
Finance arrangements: loans and capital contributions (lessee) | 5 | 10 |
Guarantees | 91 | 104 |
Commitments | 89 | 94 |
Finance arrangements: loans and capital contributions (lender) | 675 | 891 |
Dividends paid | 108 | 105 |
Factoring operations | € 0 | € 300 |
Financial Assets and Other No_3
Financial Assets and Other Non-current Assets - Breakdown of Assets (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | |||
Non-current financial assets | € 6,392 | € 6,393 | |
Other non-current assets | 731 | 716 | |
Contractual assets (Note 23) | 138 | 108 | |
Deferred expenses (Note 23) | 221 | 191 | |
Prepayments | 372 | 417 | |
Total | 7,123 | 7,109 | |
Investments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 600 | 573 | € 650 |
Long-term receivables for indirect taxes | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 188 | 731 | 190 |
Other long-term credits | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 353 | 319 | 993 |
Deposits and guarantees | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 1,285 | 1,624 | 2,625 |
Trade receivables | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 719 | 488 | 638 |
Receivables for subleases | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 12 | 0 | 0 |
Impairment of trade receivables | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | (154) | (118) | € (137) |
Derivative financial assets (Note 19) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | € 3,389 | € 2,776 |
Financial Assets and Other No_4
Financial Assets and Other Non-current Assets - Movement in Non-current Financial Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Disclosure of financial assets [line items] | ||||
Non-current financial assets, beginning balance | € 6,393 | |||
Non-current financial assets, ending balance | 6,392 | € 6,393 | ||
Investments | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets, beginning balance | 573 | 650 | ||
First application of IFRS 9 impact | € 0 | |||
First application of IFRS 16 impact | € 0 | |||
Acquisitions | 29 | 65 | ||
Disposals | (9) | (24) | ||
Translation differences | 0 | (5) | ||
Fair value adjustments and financial updates | 7 | (115) | ||
Transfers and other | 0 | 2 | ||
Non-current financial assets, ending balance | 600 | 573 | ||
Long-term receivables for indirect taxes | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets, beginning balance | 731 | 190 | ||
First application of IFRS 9 impact | 0 | |||
First application of IFRS 16 impact | 0 | |||
Acquisitions | 175 | 1,625 | ||
Disposals | (30) | (166) | ||
Translation differences | 0 | (39) | ||
Fair value adjustments and financial updates | 26 | 16 | ||
Transfers and other | (714) | (895) | ||
Non-current financial assets, ending balance | 188 | 731 | ||
Other long-term credits | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets, beginning balance | 319 | 993 | ||
First application of IFRS 9 impact | 0 | |||
First application of IFRS 16 impact | 0 | |||
Acquisitions | 141 | 452 | ||
Disposals | (85) | (497) | ||
Translation differences | 3 | (4) | ||
Fair value adjustments and financial updates | (1) | 7 | ||
Transfers and other | (24) | (632) | ||
Non-current financial assets, ending balance | 353 | 319 | ||
Deposits and guarantees | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets, beginning balance | 1,624 | 2,625 | ||
First application of IFRS 9 impact | 0 | |||
First application of IFRS 16 impact | 0 | |||
Acquisitions | 70 | 66 | ||
Disposals | (118) | (728) | ||
Translation differences | (14) | (149) | ||
Fair value adjustments and financial updates | 7 | 18 | ||
Transfers and other | (284) | (208) | ||
Non-current financial assets, ending balance | 1,285 | 1,624 | ||
Trade receivables | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets, beginning balance | 488 | 638 | ||
First application of IFRS 9 impact | (201) | |||
First application of IFRS 16 impact | 0 | |||
Acquisitions | 794 | 662 | ||
Disposals | (187) | (148) | ||
Translation differences | 9 | (12) | ||
Fair value adjustments and financial updates | 8 | (4) | ||
Transfers and other | (393) | (447) | ||
Non-current financial assets, ending balance | 719 | 488 | ||
Receivables for subleases | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets, beginning balance | 0 | 0 | ||
First application of IFRS 9 impact | 0 | |||
First application of IFRS 16 impact | 13 | |||
Acquisitions | 5 | 0 | ||
Disposals | 0 | 0 | ||
Translation differences | 0 | 0 | ||
Fair value adjustments and financial updates | 0 | 0 | ||
Transfers and other | (6) | 0 | ||
Non-current financial assets, ending balance | 12 | 0 | ||
Impairment of trade receivables | ||||
Disclosure of financial assets [line items] | ||||
Non-current financial assets, beginning balance | (118) | (137) | ||
First application of IFRS 9 impact | € 17 | |||
First application of IFRS 16 impact | € 0 | |||
Acquisitions | (19) | (21) | ||
Disposals | 10 | 10 | ||
Translation differences | (3) | 1 | ||
Fair value adjustments and financial updates | 0 | 0 | ||
Transfers and other | (24) | 12 | ||
Non-current financial assets, ending balance | € (154) | € (118) |
Financial Assets and Other No_5
Financial Assets and Other Non-current Assets - Narrative (Details) € in Millions, shares in Millions, R$ in Millions | 12 Months Ended | |||||
Dec. 31, 2019EUR (€)bondshares | Dec. 31, 2018EUR (€)bondshares | Dec. 31, 2018BRL (R$)bondshares | Dec. 31, 2019BRL (R$) | Dec. 31, 2018BRL (R$) | Dec. 31, 2017EUR (€) | |
Disclosure of financial assets [line items] | ||||||
Increase in credits and other financial assets | € 1,454 | R$ 6240 | ||||
Increase (reduction) to tax expense due to decisions with tax authorities | 789 | 3,386 | ||||
Increase (reduction) to finance income due to decisions with tax authorities | 665 | R$ 2854 | ||||
Outstanding tax credit | € 452 | 1,107 | R$ 2046 | R$ 4915 | ||
Non-current receivables from indirect taxes | 568 | R$ 539 | ||||
Other current financial assets | 3,123 | 2,209 | ||||
Bonds issued | € 40,668 | € 39,709 | ||||
Telefónica Emisiones, S.A.U. | ||||||
Disclosure of financial assets [line items] | ||||||
Number of bonds issued | bond | 145,000 | 120,000 | 120,000 | |||
Bonds issued | € 129 | € 105 | ||||
Minimum | ||||||
Disclosure of financial assets [line items] | ||||||
Legal proceedings provision | 376 | 1,700 | ||||
Maximum | ||||||
Disclosure of financial assets [line items] | ||||||
Legal proceedings provision | 486 | R$ 2200 | ||||
Collateral guarantees on derivatives | ||||||
Disclosure of financial assets [line items] | ||||||
Other current financial assets | 403 | 687 | ||||
Cross currency swaps | ||||||
Disclosure of financial assets [line items] | ||||||
Other current financial assets | 80 | 276 | ||||
Telefónica Germany | ||||||
Disclosure of financial assets [line items] | ||||||
Long-term financial assets | 68 | 62 | ||||
Telefonica Brasil S.A. | ||||||
Disclosure of financial assets [line items] | ||||||
Long-term deposits | 750 | 810 | ||||
Seguos de Vida y Pensiones Antares | ||||||
Disclosure of financial assets [line items] | ||||||
Other long-term credits | 634 | € 692 | ||||
Banco Bilbao Vizcaya Argentaria (BBVA) | ||||||
Disclosure of financial assets [line items] | ||||||
Investments in associates | € 220 | 205 | ||||
Proportion of ownership interest in associate (as a percent) | 0.66% | |||||
China Unicom | ||||||
Disclosure of financial assets [line items] | ||||||
Investments in associates | € 152 | 169 | ||||
Proportion of ownership interest in associate (as a percent) | 0.59% | |||||
Promotora de informaciones, S.A. (Prisa) | ||||||
Disclosure of financial assets [line items] | ||||||
Investments in associates | € 94 | € 93 | ||||
Proportion of ownership interest in associate (as a percent) | 9.03% | 9.44% | 9.44% | |||
Acquisitions (shares) | shares | 11.3 | 42.2 | 42.2 | |||
Payments for equity | € 15 | € 49 |
Inventories - Summary (Details)
Inventories - Summary (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Audiovisual rights | € 1,189 | € 795 |
Mobile terminals and other equipments | 830 | 872 |
Other inventories | 33 | 88 |
Inventories impairment provision | (53) | (63) |
Inventories | € 1,999 | € 1,692 |
Receivables and Other Current_3
Receivables and Other Current Assets - Summary (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Receivables (Note 16) | € 8,752 | € 8,419 |
Trade receivables billed | 10,969 | 10,666 |
Impairment of trade receivables | (2,798) | (2,657) |
Receivables from associates and joint ventures (Note 9) | 37 | 33 |
Other receivables | 544 | 377 |
Other current assets | 2,033 | 2,160 |
Contractual assets (Note 23) | 351 | 341 |
Capitalized costs (Note 23) | 625 | 566 |
Prepayments | 1,057 | 1,253 |
Total | € 10,785 | € 10,579 |
Receivables and Other Current_4
Receivables and Other Current Assets - Impairment Provision (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Impairment provision at period start | € 2,657 | |
Impairment provision at period end | 2,798 | € 2,657 |
Trade receivables | ||
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | ||
Impairment provision at period start | 2,657 | 2,563 |
Adjustment on initial application of NIIF 9 (Note 14) | 126 | |
Allowances | 1,022 | 853 |
Transfers | (30) | |
Inclusion of companies | (10) | |
Amounts applied | (848) | (768) |
Translation differences and other | (3) | (107) |
Impairment provision at period end | € 2,798 | € 2,657 |
Receivables and Other Current_5
Receivables and Other Current Assets - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | € 10,969 | € 10,666 |
Government | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | € 352 | € 345 |
Receivables and Other Current_6
Receivables and Other Current Assets - Billed and Unbilled Trade Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | € 10,969 | € 10,666 |
Allowance account for credit losses of financial assets | (2,798) | (2,657) |
Trade receivables pending billing | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | 2,680 | 2,682 |
Allowance account for credit losses of financial assets | (19) | (25) |
Amount not overdue invoiced | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | 3,978 | 3,508 |
Allowance account for credit losses of financial assets | (242) | (195) |
Less than 90 days | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | 1,299 | 1,532 |
Allowance account for credit losses of financial assets | (195) | (164) |
Between 90 and 180 days | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | 504 | 519 |
Allowance account for credit losses of financial assets | (201) | (168) |
Between 180 and 360 days | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | 602 | 364 |
Allowance account for credit losses of financial assets | (440) | (212) |
More than 360 days | ||
Disclosure of Trade and Other Receivables [Line Items] | ||
Current trade receivables | 1,906 | 2,061 |
Allowance account for credit losses of financial assets | € (1,701) | € (1,893) |
Other Current Financial Assets
Other Current Financial Assets - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | ||
Current financial assets | € 3,123 | € 2,209 |
Derivative instruments | ||
Disclosure of financial assets [line items] | ||
Current financial assets | 1,441 | 922 |
Short-term investments | ||
Disclosure of financial assets [line items] | ||
Current financial assets | 113 | 87 |
Deposits and guarantees | ||
Disclosure of financial assets [line items] | ||
Current financial assets | 98 | 95 |
Short-term credits, net of impairment provisions | ||
Disclosure of financial assets [line items] | ||
Current financial assets | 1,298 | 1,102 |
Bank deposits | ||
Disclosure of financial assets [line items] | ||
Current financial assets | 1,149 | 972 |
Antares | Short-term investments | ||
Disclosure of financial assets [line items] | ||
Current financial assets | 52 | |
Telefonica de Argentina, SA | Short-term investments | ||
Disclosure of financial assets [line items] | ||
Current financial assets | 174 | |
Telefónica Brazil | Deposits and guarantees | ||
Disclosure of financial assets [line items] | ||
Current financial assets | € 61 | € 71 |
Breakdown of Financial Assets -
Breakdown of Financial Assets - Breakdown of Financial Assets (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | |||
Non-current financial assets | € 6,392 | € 6,393 | |
Current financial assets | 3,123 | 2,209 | |
Investments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 600 | 573 | € 650 |
Long-term credits | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 353 | 319 | 993 |
Deposits and guarantees | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 1,285 | 1,624 | 2,625 |
Current financial assets | 98 | 95 | |
Derivative instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 3,389 | 2,776 | |
Current financial assets | 1,441 | 922 | |
Trade receivables | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 719 | 488 | 638 |
Trade receivables for subleases | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 12 | 0 | 0 |
Impairment losses | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | (154) | (118) | € (137) |
Current financial assets | 1,298 | 1,102 | |
Telefonica, S.A. | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 6,392 | 6,393 | |
Current financial assets | 17,917 | 16,320 | |
Total | 24,309 | 22,713 | |
Non-current financial assets, fair value | 6,392 | 6,393 | |
Current financial assets, fair value | 17,917 | 16,320 | |
Financial assets, fair value | 24,309 | 22,713 | |
Telefonica, S.A. | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 511 | 660 | |
Current financial assets | 317 | 154 | |
Total | 828 | 814 | |
Telefonica, S.A. | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 3,591 | 2,765 | |
Current financial assets | 2,314 | 2,148 | |
Total | 5,905 | 4,913 | |
Telefonica, S.A. | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Total | 0 | 0 | |
Telefonica, S.A. | Held for trading | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 757 | 860 | |
Current financial assets | 960 | 961 | |
Total | 1,717 | 1,821 | |
Telefonica, S.A. | Fair value option | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Total | 0 | 0 | |
Telefonica, S.A. | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 104 | 70 | |
Current financial assets | 567 | 681 | |
Total | 671 | 751 | |
Telefonica, S.A. | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 565 | 545 | |
Current financial assets | 0 | 0 | |
Total | 565 | 545 | |
Telefonica, S.A. | Hedges | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 2,676 | 1,950 | |
Current financial assets | 1,104 | 660 | |
Total | 3,780 | 2,610 | |
Telefonica, S.A. | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 2,290 | 2,968 | |
Current financial assets | 15,286 | 14,018 | |
Total | 17,576 | 16,986 | |
Telefonica, S.A. | Investments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 600 | 573 | |
Non-current financial assets, fair value | 600 | 573 | |
Telefonica, S.A. | Investments | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 496 | 492 | |
Telefonica, S.A. | Investments | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 104 | 81 | |
Telefonica, S.A. | Investments | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Investments | Held for trading | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 35 | 28 | |
Telefonica, S.A. | Investments | Fair value option | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Investments | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Investments | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 565 | 545 | |
Telefonica, S.A. | Investments | Hedges | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Investments | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Long-term credits | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 541 | 1,050 | |
Non-current financial assets, fair value | 541 | 1,050 | |
Telefonica, S.A. | Long-term credits | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 9 | 6 | |
Telefonica, S.A. | Long-term credits | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Long-term credits | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Long-term credits | Held for trading | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 9 | 6 | |
Telefonica, S.A. | Long-term credits | Fair value option | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Long-term credits | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Long-term credits | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Long-term credits | Hedges | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Long-term credits | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 532 | 1,044 | |
Telefonica, S.A. | Deposits and guarantees | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 1,285 | 1,624 | |
Non-current financial assets, fair value | 1,285 | 1,624 | |
Telefonica, S.A. | Deposits and guarantees | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Deposits and guarantees | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Deposits and guarantees | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Deposits and guarantees | Held for trading | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Deposits and guarantees | Fair value option | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Deposits and guarantees | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Deposits and guarantees | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Deposits and guarantees | Hedges | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Deposits and guarantees | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 1,285 | 1,624 | |
Telefonica, S.A. | Derivative instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 3,389 | 2,776 | |
Non-current financial assets, fair value | 3,389 | 2,776 | |
Telefonica, S.A. | Derivative instruments | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 6 | 162 | |
Telefonica, S.A. | Derivative instruments | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 3,383 | 2,614 | |
Telefonica, S.A. | Derivative instruments | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Derivative instruments | Held for trading | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 713 | 826 | |
Telefonica, S.A. | Derivative instruments | Fair value option | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Derivative instruments | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Derivative instruments | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Derivative instruments | Hedges | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 2,676 | 1,950 | |
Telefonica, S.A. | Derivative instruments | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Telefonica, S.A. | Trade receivables | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 719 | 488 | |
Current financial assets | 11,550 | 11,076 | |
Non-current financial assets, fair value | 565 | 370 | |
Current financial assets, fair value | 8,752 | 8,419 | |
Telefonica, S.A. | Trade receivables | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Trade receivables | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 104 | 70 | |
Current financial assets | 1,047 | 1,260 | |
Telefonica, S.A. | Trade receivables | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Trade receivables | Held for trading | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 480 | 580 | |
Telefonica, S.A. | Trade receivables | Fair value option | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Trade receivables | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 104 | 70 | |
Current financial assets | 567 | 680 | |
Telefonica, S.A. | Trade receivables | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Trade receivables | Hedges | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Trade receivables | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 615 | 418 | |
Current financial assets | 10,503 | 9,816 | |
Telefonica, S.A. | Trade receivables for subleases | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 12 | ||
Non-current financial assets, fair value | 12 | ||
Telefonica, S.A. | Trade receivables for subleases | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | ||
Telefonica, S.A. | Trade receivables for subleases | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | ||
Telefonica, S.A. | Trade receivables for subleases | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | ||
Telefonica, S.A. | Trade receivables for subleases | Held for trading | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | ||
Telefonica, S.A. | Trade receivables for subleases | Fair value option | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | ||
Telefonica, S.A. | Trade receivables for subleases | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | ||
Telefonica, S.A. | Trade receivables for subleases | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | ||
Telefonica, S.A. | Trade receivables for subleases | Hedges | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | ||
Telefonica, S.A. | Trade receivables for subleases | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 12 | ||
Telefonica, S.A. | Impairment losses | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | (154) | (118) | |
Current financial assets | (2,798) | (2,657) | |
Non-current financial assets, fair value | 0 | 0 | |
Current financial assets, fair value | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Held for trading | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Fair value option | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Hedges | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | 0 | 0 | |
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Impairment losses | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Non-current financial assets | (154) | (118) | |
Current financial assets | (2,798) | (2,657) | |
Telefonica, S.A. | Other financial assets | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 3,123 | 2,209 | |
Current financial assets, fair value | 3,123 | 2,209 | |
Telefonica, S.A. | Other financial assets | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 317 | 154 | |
Telefonica, S.A. | Other financial assets | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 1,267 | 888 | |
Telefonica, S.A. | Other financial assets | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Other financial assets | Held for trading | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 480 | 381 | |
Telefonica, S.A. | Other financial assets | Fair value option | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Other financial assets | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 1 | |
Telefonica, S.A. | Other financial assets | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Other financial assets | Hedges | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 1,104 | 660 | |
Telefonica, S.A. | Other financial assets | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 1,539 | 1,167 | |
Telefonica, S.A. | Cash and cash equivalents | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 6,042 | 5,692 | |
Current financial assets, fair value | 6,042 | 5,692 | |
Telefonica, S.A. | Cash and cash equivalents | Level 1 (Quoted prices) | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Cash and cash equivalents | Level 2 (Other directly observable market inputs) | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Cash and cash equivalents | Level 3 (Inputs not based on observable market data) | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Cash and cash equivalents | Held for trading | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Cash and cash equivalents | Fair value option | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Cash and cash equivalents | Debt instruments | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Cash and cash equivalents | Equity instruments | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Cash and cash equivalents | Hedges | |||
Disclosure of financial assets [line items] | |||
Current financial assets | 0 | 0 | |
Telefonica, S.A. | Cash and cash equivalents | Amortized cost | |||
Disclosure of financial assets [line items] | |||
Current financial assets | € 6,042 | € 5,692 |
Equity - Share Capital and Sha
Equity - Share Capital and Share Premium (Details) - EUR (€) | Jun. 12, 2015 | Dec. 31, 2019 |
Disclosure of classes of share capital [line items] | ||
Increase In share capital maximum duration | 5 years | |
Proportion of share capital excluded from pre-emptive subscription rights (as a percent) | 20.00% | |
Aggregate amount of approved securities issuance | € 25,000,000,000 | |
Proportion of shares acquired to treasury shares held requirement (as a percent) | 10.00% | |
Ordinary shares | ||
Disclosure of classes of share capital [line items] | ||
Share capital amount | € 5,192,131,686 | |
Number of shares | 5,192,131,686 | |
Par value per share (EUR per share) | € 1 | |
Maximum authorized share capital | € 2,469,208,757 |
Equity - Dividends (Details)
Equity - Dividends (Details) - EUR (€) € / shares in Units, € in Millions | Dec. 19, 2019 | Jun. 20, 2019 | Jun. 07, 2019 | Dec. 20, 2018 | Jun. 15, 2018 | Jun. 08, 2018 | Dec. 14, 2017 | Jun. 16, 2017 | Jun. 09, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of classes of share capital [line items] | ||||||||||||
Cash dividends impact on equity | € 2,756 | € 2,957 | € 2,602 | |||||||||
Legal reserve | 1,038 | |||||||||||
Profit for the year | € 1,664 | 3,950 | 3,378 | |||||||||
Ordinary shares | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Dividends paid (EUR per share) | € 0.20 | € 0.20 | € 0.40 | € 0.20 | € 0.20 | € 0.40 | € 0.20 | € 0.20 | € 0.40 | |||
Dividends paid, total amount | € 1,023 | € 1,023 | € 1,026 | € 1,025 | € 1,025 | € 994 | ||||||
Par value per share (EUR per share) | € 1 | |||||||||||
Non-controlling interests | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Cash dividends impact on equity | € 710 | 906 | 583 | |||||||||
Profit for the year | 522 | € 619 | € 246 | |||||||||
Telefonica, S.A. | ||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||
Other reserves | 5,740 | |||||||||||
Profit for the year | € 5,740 |
Equity - Other Equity Instrume
Equity - Other Equity Instruments (Details) € in Millions, £ in Millions, $ in Millions | Sep. 24, 2027 | Sep. 24, 2019EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019GBP (£) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Sep. 23, 2029 | Sep. 23, 2047 |
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, ending balance | € 41,995 | ||||||||
Swap rate term | 8 years | ||||||||
Premium of tender offer | 28 | € 139 | |||||||
Fixed interest rate | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, ending balance | 30,704 | ||||||||
Retained earnings | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Payments on undated deeply subordinated securities | (256) | (392) | € (263) | ||||||
Exercisable from issuer in 2027 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | 0 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | $ 500 | € 500 | 0 | ||||||
Exercisable from issuer in 2027 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 2.875% | ||||||||
Exercisable from issuer in 2025 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 0 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 1,300 | 0 | |||||||
Exercisable from issuer in 2025 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 4.375% | ||||||||
Term debt | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 7,496 | ||||||||
Carrying value of deeply subordinated securities, ending balance | 8,243 | 7,496 | |||||||
Exercisable from issuer in 2023 & Exercisable From Issuer In 2026, Issued 03/22/18 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, ending balance | 1,300 | ||||||||
Exercisable from issuer in 2023 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | 1,250 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 1,250 | 1,250 | |||||||
Exercisable from issuer in 2023 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 3.00% | ||||||||
Exercisable From Issuer In 2026, Issued 03/22/18 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 1,000 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 1,000 | 1,000 | |||||||
Exercisable From Issuer In 2026, Issued 03/22/18 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 3.875% | ||||||||
Exercisable from issuer in 2023 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 1,000 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 1,000 | 1,000 | |||||||
Exercisable from issuer in 2023 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 2.625% | ||||||||
Exercisable from issuer in 2022 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 1,000 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 1,000 | 1,000 | |||||||
Exercisable from issuer in 2022 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 3.75% | ||||||||
Exercisable From Issuer In 2020, Issued 09/15/16 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 452 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 452 | 452 | |||||||
Exercisable From Issuer In 2020, Issued 09/15/16 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 8.50% | ||||||||
Exercisable From Issuer In 2019 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 705 | ||||||||
Tender Offer | € 500 | 705 | |||||||
Amount repurchased | (587) | ||||||||
Redemption | (118) | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 0 | 705 | |||||||
Fixed interest rate (as a percent) | 2.875% | ||||||||
Exercisable From Issuer In 2019 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 4.20% | ||||||||
Exercisable From Issuer In 2020, Issued 03/25/14 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 592 | ||||||||
Tender Offer | 592 | ||||||||
Amount repurchased | (348) | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 244 | 592 | |||||||
Exercisable From Issuer In 2020, Issued 03/25/14 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 5.00% | ||||||||
Exercisable From Issuer In 2024 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 1,000 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 1,000 | 1,000 | |||||||
Exercisable From Issuer In 2024 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 5.875% | ||||||||
Exercisable From Issuer In 2020, Issued 11/26/13 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 205 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 205 | £ 172 | 205 | ||||||
Exercisable From Issuer In 2020, Issued 11/26/13 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 6.75% | ||||||||
Exercisable From Issuer In 2021 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, beginning balance | € 292 | ||||||||
Tender Offer | 0 | ||||||||
Amount repurchased | 0 | ||||||||
Redemption | 0 | ||||||||
Carrying value of deeply subordinated securities, ending balance | € 292 | € 292 | |||||||
Exercisable From Issuer In 2021 | Fixed interest rate | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Annual Fix | 7.625% | ||||||||
Issued by separate lender | Gross carrying amount | Colombia Telecomunicaciones, S.A., ESP | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Carrying value of deeply subordinated securities, ending balance | $ | $ 500 | ||||||||
Forecast | Exercisable From Issuer In 2019 | Gross carrying amount | |||||||||
Equity Instruments [Roll Forward] | |||||||||
Fixed interest rate (as a percent) | 3.071% | 3.321% | 4.071% |
Equity - Legal Reserve (Detail
Equity - Legal Reserve (Details) € in Millions | Dec. 31, 2019EUR (€) |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Legal reserve | € 1,038 |
Equity - Retained Earnings (De
Equity - Retained Earnings (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Retained Earnings [Line Items] | |||
Accounting change impact and initial impact of hyperinflation | € 2,033,000,000 | ||
Increase (decrease) through appropriation of retained earnings | € 5,000,000 | € 6,000,000 | |
Revaluation reserve | 67,000,000 | 72,000,000 | |
Reserve for cancelled share capital | 0 | 0 | |
Capital redemption reserve | 731,000,000 | ||
Retained earnings | |||
Retained Earnings [Line Items] | |||
Accounting change impact and initial impact of hyperinflation | € (1,114,000,000) | ||
Retained earnings | Argentina | |||
Retained Earnings [Line Items] | |||
Accounting change impact and initial impact of hyperinflation | (1,936,000,000) | (1,890,000,000) | |
Retained earnings | Venezuela | |||
Retained Earnings [Line Items] | |||
Accounting change impact and initial impact of hyperinflation | € (3,728,000,000) | € (3,516,000,000) |
Equity - Translation Differenc
Equity - Translation Differences (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reserves within equity [line items] | |||
Accumulated contribution of translation differences | € (14,588) | € (14,751) | € (15,854) |
Brazilian real | |||
Disclosure of reserves within equity [line items] | |||
Accumulated contribution of translation differences | (10,910) | (10,603) | (8,710) |
Pound sterling | |||
Disclosure of reserves within equity [line items] | |||
Accumulated contribution of translation differences | (2,868) | (3,266) | (3,223) |
Other currencies | |||
Disclosure of reserves within equity [line items] | |||
Accumulated contribution of translation differences | € (810) | € (882) | € (3,921) |
Equity - Application of IFRS 1
Equity - Application of IFRS 16, IFRS 15 and IFRS 9 (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of reserves within equity [line items] | ||||||
Equity | € 25,450 | € 26,996 | € 26,980 | € 29,229 | € 26,618 | € 28,385 |
Gross impact on equity | 16 | 578 | ||||
IFRS 16 | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | 16 | |||||
Attributable to equity holders | 11 | |||||
Attributable to non-controlling interest | € 5 | |||||
Total | ||||||
Disclosure of reserves within equity [line items] | ||||||
Gross impact on equity | 785 | |||||
Tax effect | (207) | |||||
Impact on equity | 578 | |||||
Attributable to equity holders | 512 | |||||
Attributable to non-controlling interest | 66 | |||||
IFRS 9 | ||||||
Disclosure of reserves within equity [line items] | ||||||
Gross impact on equity | (221) | |||||
Tax effect | 56 | |||||
Impact on equity | (165) | |||||
Attributable to equity holders | (142) | |||||
Attributable to non-controlling interest | (23) | |||||
IFRS 15 | ||||||
Disclosure of reserves within equity [line items] | ||||||
Gross impact on equity | 1,006 | |||||
Tax effect | (263) | |||||
Impact on equity | 743 | |||||
Attributable to equity holders | 654 | |||||
Attributable to non-controlling interest | € 89 |
Equity - Treasury Share Instru
Equity - Treasury Share Instruments (Details) - EUR (€) | Jul. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of classes of share capital [line items] | |||||||
Acquisition price (EUR per share) | € 9.88 | € 10.48 | € 10.48 | ||||
Trading price (EUR per share) | € 6.23 | € 7.34 | € 8.13 | ||||
Market value | € 483,000,000 | € 481,000,000 | € 534,000,000 | ||||
Proportion of total shares classified as treasury shares (as a percent) | 1.49385% | 1.26145% | 1.26514% | ||||
Treasury Shares Activity [Roll Forward] | |||||||
Purchase of treasury shares | € 99,000,000 | € 0 | € 0 | ||||
Derivative financial instrument notional shares equivalent | 48,000,000 | 22,000,000 | |||||
Treasury shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares | 77,562,635 | 65,496,120 | 65,687,859 | 77,562,635 | 65,496,120 | 65,687,859 | |
Treasury Shares Activity [Roll Forward] | |||||||
Treasury shares, beginning balance | 65,496,120 | 65,687,859 | 141,229,134 | ||||
Acquisitions (shares) | 14,033,446 | 0 | 0 | ||||
Employee share option plan (shares) | (1,966,931) | (191,739) | (3,518,795) | ||||
Capital reduction (shares) | 3,187,055 | (72,022,480) | |||||
Treasury shares, ending balance | 77,562,635 | 65,496,120 | 65,687,859 | ||||
Telefónica Germany | |||||||
Treasury Shares Activity [Roll Forward] | |||||||
Acquisitions (shares) | 178,500,000 | ||||||
Proportion of share capital acquired (as a percent) | 6.00% | ||||||
Proceeds from sale of treasury shares | € 754,000,000 | ||||||
Telefónica Germany | Treasury shares | |||||||
Disclosure of classes of share capital [line items] | |||||||
Proportion of total shares classified as treasury shares (as a percent) | 1.43% | ||||||
Treasury Shares Activity [Roll Forward] | |||||||
Capital reduction (shares) | 72,000,000 |
Equity - Equity Attributable t
Equity - Equity Attributable to Non-Controlling Interests (Details) - EUR (€) € in Millions | Jul. 27, 2018 | Jul. 31, 2017 | Feb. 20, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 24, 2017 |
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Beginning balance | € 9,033 | ||||||
Profit/(loss) for the year | 522 | € 619 | € 246 | ||||
Change in translation differences | (258) | (799) | (328) | ||||
Other movements | 28 | 1 | 2 | ||||
Ending balance | € 8,332 | 9,033 | |||||
Proceeds from sales of interests in associates | € 378.8 | € 1,275 | |||||
Proportion of total shares classified as treasury shares (as a percent) | 1.49385% | 1.26145% | 1.26514% | ||||
Telefónica Brazil | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Beginning balance | € 4,604 | € 5,018 | € 5,756 | ||||
Sales of non-controlling interests and inclusion of companies | (3) | 0 | 25 | ||||
Acquisitions of non-controlling interests and exclusion of companies | 0 | 0 | 0 | ||||
Dividends paid | (374) | (406) | (320) | ||||
Profit/(loss) for the year | 307 | 556 | 336 | ||||
Change in translation differences | (85) | (550) | (772) | ||||
Other movements | (7) | (14) | (7) | ||||
Ending balance | 4,442 | 4,604 | 5,018 | ||||
Telefónica Deutschland Holding, A.G. | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Beginning balance | 2,873 | 3,114 | 4,150 | ||||
Sales of non-controlling interests and inclusion of companies | 0 | 0 | 0 | ||||
Acquisitions of non-controlling interests and exclusion of companies | 0 | 0 | (671) | ||||
Dividends paid | (247) | (238) | (229) | ||||
Profit/(loss) for the year | (75) | (88) | (140) | ||||
Change in translation differences | 0 | 0 | 0 | ||||
Other movements | (7) | 85 | 4 | ||||
Ending balance | 2,544 | 2,873 | 3,114 | ||||
Colombia Telecomunicaciones, S.A., ESP | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Beginning balance | 523 | 523 | (88) | ||||
Sales of non-controlling interests and inclusion of companies | (1) | 0 | 605 | ||||
Acquisitions of non-controlling interests and exclusion of companies | 0 | 0 | 0 | ||||
Dividends paid | 0 | 0 | 0 | ||||
Profit/(loss) for the year | 11 | 41 | 26 | ||||
Change in translation differences | 4 | (19) | (4) | ||||
Other movements | (11) | (22) | (16) | ||||
Ending balance | 526 | 523 | 523 | ||||
Telefónica Centroamericana Inversiones, S.L. | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Beginning balance | 316 | 307 | 354 | ||||
Sales of non-controlling interests and inclusion of companies | 0 | 0 | 0 | ||||
Acquisitions of non-controlling interests and exclusion of companies | (414) | 0 | 0 | ||||
Dividends paid | 0 | (28) | (22) | ||||
Profit/(loss) for the year | 196 | 30 | 18 | ||||
Change in translation differences | 7 | 7 | (43) | ||||
Other movements | 1 | 0 | 0 | ||||
Ending balance | 106 | 316 | 307 | ||||
Telxius Telecom, S.A. | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Beginning balance | 677 | 694 | 0 | ||||
Sales of non-controlling interests and inclusion of companies | 0 | 139 | 690 | ||||
Acquisitions of non-controlling interests and exclusion of companies | 0 | 0 | 0 | ||||
Dividends paid | (87) | (231) | 0 | ||||
Profit/(loss) for the year | 86 | 80 | 7 | ||||
Change in translation differences | 7 | 5 | (3) | ||||
Other movements | (2) | (10) | 0 | ||||
Ending balance | 681 | 677 | 694 | ||||
Purchase of investment interest | € 1,275 | ||||||
Proportion of share capital acquired (as a percent) | 40.00% | 40.00% | |||||
Other | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Beginning balance | 40 | 42 | 56 | ||||
Sales of non-controlling interests and inclusion of companies | 0 | 0 | 0 | ||||
Acquisitions of non-controlling interests and exclusion of companies | 0 | 1 | 0 | ||||
Dividends paid | (2) | (3) | (12) | ||||
Profit/(loss) for the year | (3) | 0 | (1) | ||||
Change in translation differences | 0 | (1) | (2) | ||||
Other movements | (2) | 1 | 1 | ||||
Ending balance | 33 | € 40 | € 42 | ||||
Telefónica Moviles Guatemala | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Purchase of investment interest | € 114 | ||||||
Proportion of share capital sold (as a percent) | 60.00% | ||||||
Telefonía Celular de Nicaragua, S.A. | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Purchase of investment interest | € 112 | ||||||
Proportion of share capital sold (as a percent) | 60.00% | ||||||
Telefónica Móviles Panamá, S.A. | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Purchase of investment interest | € 188 | ||||||
Proportion of share capital sold (as a percent) | 60.00% | ||||||
Telefónica Germany | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Acquisitions (shares) | 178,500,000 | ||||||
Proportion of share capital acquired (as a percent) | 6.00% | ||||||
Pontel Participaciones, SL | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Proportion of share capital sold (as a percent) | 16.65% | ||||||
Telefonica, S.A. | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Beginning balance | € 9,033 | € 9,698 | € 10,228 | ||||
Sales of non-controlling interests and inclusion of companies | (4) | 139 | 1,320 | ||||
Acquisitions of non-controlling interests and exclusion of companies | (414) | 1 | (671) | ||||
Dividends paid | (710) | (906) | (583) | ||||
Profit/(loss) for the year | 522 | 619 | 246 | ||||
Change in translation differences | (67) | (558) | (824) | ||||
Other movements | (28) | 40 | (18) | ||||
Ending balance | € 8,332 | € 9,033 | € 9,698 | ||||
Telefonica, S.A. | Telxius Telecom, S.A. | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Proportion of indirect participation (as a percent) | 9.99% | 9.99% | |||||
Telxius Telecom, S.A. | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Proportion of share capital sold (as a percent) | 40.00% | ||||||
Proportion of indirect participation (as a percent) | 9.99% | ||||||
Treasury shares | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Other movements | € 3 | ||||||
Increase (decrease) in number of shares outstanding (shares) | 3,187,055 | (72,022,480) | |||||
Acquisitions (shares) | 14,033,446 | 0 | 0 | ||||
Treasury shares | Telefónica Germany | |||||||
Equity Attributable to Non-Controlling Interests [Roll Forward] | |||||||
Increase (decrease) in number of shares outstanding (shares) | 72,000,000 | ||||||
Proportion of total shares classified as treasury shares (as a percent) | 1.43% |
Equity - Financial Position Di
Equity - Financial Position Disclosures (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Entity Information [Line Items] | |||
Revenues | € 48,422 | € 48,693 | € 52,008 |
Depreciation and amortization | (10,582) | (9,049) | (9,396) |
Operating income | 4,537 | 6,522 | 6,791 |
Property, plant and equipment | 32,228 | 33,295 | 34,225 |
Total allocated assets | 118,877 | 114,047 | |
Colombia Telecomunicaciones, S.A, ESP | |||
Entity Information [Line Items] | |||
Revenues | 1,410 | 1,468 | 1,462 |
OIBDA | 558 | 556 | 482 |
Depreciation and amortization | (386) | (385) | (357) |
Operating income | 172 | 171 | 125 |
CapEx | 309 | 192 | 796 |
Property, plant and equipment | 1,904 | 1,950 | 2,221 |
Total allocated assets | 3,296 | 3,073 | 3,246 |
Total allocated liabilities | € 1,825 | € 1,615 | € 1,790 |
Equity - Cash Flow Disclosures
Equity - Cash Flow Disclosures (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Entity Information [Line Items] | |||
Net cash flow provided by operating activities | € 15,022 | € 13,423 | € 13,796 |
Net cash flow used in investing activities | (5,641) | (8,685) | (10,245) |
Net cash flow used in financing activities | (9,021) | (3,880) | (1,752) |
Net increase (decrease) in cash and cash equivalents during the year | 350 | 500 | 1,456 |
Telefónica Brazil | |||
Entity Information [Line Items] | |||
Net cash flow provided by operating activities | 4,231 | 3,599 | 3,710 |
Net cash flow used in investing activities | (1,900) | (2,012) | (2,285) |
Net cash flow used in financing activities | (2,230) | (1,660) | (1,653) |
Net increase (decrease) in cash and cash equivalents during the year | 101 | (73) | (228) |
Telefónica Germany | |||
Entity Information [Line Items] | |||
Net cash flow provided by operating activities | 2,249 | 1,898 | 1,942 |
Net cash flow used in investing activities | (1,194) | (1,137) | (1,223) |
Net cash flow used in financing activities | (997) | (569) | (706) |
Net increase (decrease) in cash and cash equivalents during the year | 58 | 192 | 13 |
Colombia Telecomunicaciones, S.A, ESP | |||
Entity Information [Line Items] | |||
Net cash flow provided by operating activities | 237 | 344 | 324 |
Net cash flow used in investing activities | 15 | (167) | (684) |
Net cash flow used in financing activities | (169) | (229) | 407 |
Net increase (decrease) in cash and cash equivalents during the year | € 83 | € (52) | € 47 |
Financial Liabilities - Narrati
Financial Liabilities - Narrative (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of financial liabilities [line items] | ||
Fair value of current financial liabilities | € 1,441,000,000 | |
Fair value of non-current liabilities | 3,389,000,000 | |
Pending payment amount from undiscounted cash flows of loans and other payables | 220,000,000 | € 210,000,000 |
Payments made from undiscounted cash flows of loans and other payables | 380,000,000 | 428,000,000 |
Debentures and bonds issued | 40,668,000,000 | 39,709,000,000 |
Commercial papers issuable | 5,000,000,000 | |
Commercial papers issued | 1,390,000,000 | 1,666,000,000 |
Promissory notes issuable | 500,000,000 | |
Promissory notes issuable, allowed increase | 2,000,000,000 | |
Promissory notes issued | 75,000,000 | 181,000,000 |
Available financing capacity | 13,679,000,000 | € 12,219,000,000 |
Borrowings maturing in more than twelve months | 12,789,000,000 | |
2020 | ||
Disclosure of financial liabilities [line items] | ||
Interest payable | 1,503,000,000 | |
Promissory notes issued | 5,220,000,000 | |
2021 | ||
Disclosure of financial liabilities [line items] | ||
Interest payable | 1,282,000,000 | |
Promissory notes issued | 4,879,000,000 | |
2022 | ||
Disclosure of financial liabilities [line items] | ||
Interest payable | 1,153,000,000 | |
Promissory notes issued | 5,001,000,000 | |
2023 | ||
Disclosure of financial liabilities [line items] | ||
Interest payable | 984,000,000 | |
Promissory notes issued | 2,362,000,000 | |
2024 | ||
Disclosure of financial liabilities [line items] | ||
Interest payable | 889,000,000 | |
Promissory notes issued | 1,162,000,000 | |
Subsequent years | ||
Disclosure of financial liabilities [line items] | ||
Interest payable | 9,436,000,000 | |
Promissory notes issued | € 22,044,000,000 | |
Brazil, Panama, Ecuador and Guatemala | ||
Disclosure of financial liabilities [line items] | ||
Proportion of gross debt (as a percent) | 2.00% | |
Commercial Paper | ||
Disclosure of financial liabilities [line items] | ||
Average interest rate (as a percent) | (0.28%) | (0.23%) |
Loans and other payables | ||
Disclosure of financial liabilities [line items] | ||
Average interest rate (as a percent) | 1.52% | 1.70% |
Financial Liabilities - Maturit
Financial Liabilities - Maturity Analysis of Financial Liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Total Issues | € 41,995 | |
Loans and other payables | 4,488 | € 8,555 |
Telefonica, S.A. | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debentures and bonds | 42,636 | |
Promissory notes & commercial paper | 2,358 | |
Total Issues | 44,994 | |
Loans and other payables | 4,488 | |
Derivative instruments (Note 16) | 2,882 | |
Total | 52,364 | € 54,702 |
Telefonica, S.A. | 2020 | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debentures and bonds | 5,826 | |
Promissory notes & commercial paper | 1,635 | |
Total Issues | 7,461 | |
Loans and other payables | 1,091 | |
Derivative instruments (Note 16) | 524 | |
Total | 9,076 | |
Telefonica, S.A. | 2021 | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debentures and bonds | 4,876 | |
Promissory notes & commercial paper | 0 | |
Total Issues | 4,876 | |
Loans and other payables | 447 | |
Derivative instruments (Note 16) | 199 | |
Total | 5,522 | |
Telefonica, S.A. | 2022 | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debentures and bonds | 5,152 | |
Promissory notes & commercial paper | 0 | |
Total Issues | 5,152 | |
Loans and other payables | 380 | |
Derivative instruments (Note 16) | 228 | |
Total | 5,760 | |
Telefonica, S.A. | 2023 | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debentures and bonds | 2,369 | |
Promissory notes & commercial paper | 140 | |
Total Issues | 2,509 | |
Loans and other payables | 423 | |
Derivative instruments (Note 16) | 101 | |
Total | 3,033 | |
Telefonica, S.A. | 2024 | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debentures and bonds | 1,048 | |
Promissory notes & commercial paper | 263 | |
Total Issues | 1,311 | |
Loans and other payables | 547 | |
Derivative instruments (Note 16) | 132 | |
Total | 1,990 | |
Telefonica, S.A. | Subsequent years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debentures and bonds | 23,365 | |
Promissory notes & commercial paper | 320 | |
Total Issues | 23,685 | |
Loans and other payables | 1,600 | |
Derivative instruments (Note 16) | 1,698 | |
Total | 26,983 | |
Telefonica, S.A. | Non-current | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Debentures and bonds | 36,810 | |
Promissory notes & commercial paper | 723 | |
Total Issues | 37,533 | |
Loans and other payables | 3,397 | |
Derivative instruments (Note 16) | 2,358 | |
Total | € 43,288 |
Financial Liabilities - Breakdo
Financial Liabilities - Breakdown of Financial Liabilities (Details) - Telefonica, S.A. - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [line items] | ||
Total carrying amount | € 52,364 | € 54,702 |
Total fair value | 56,867 | 55,973 |
Level 1 (Quoted prices) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 59 | 71 |
Level 2 (Other directly observable market inputs) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 2,823 | 2,446 |
Level 3 (Inputs not based on observable market data) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Fair value through profit or loss, Held for trading | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 961 | 870 |
Fair value through profit or loss, Fair value option | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Hedges | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 1,921 | 1,647 |
Liabilities at amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 49,482 | 52,185 |
Issues | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 44,994 | 43,630 |
Total fair value | 49,474 | 44,939 |
Issues | Level 1 (Quoted prices) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Issues | Level 2 (Other directly observable market inputs) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Issues | Level 3 (Inputs not based on observable market data) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Issues | Fair value through profit or loss, Held for trading | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Issues | Fair value through profit or loss, Fair value option | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Issues | Hedges | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Issues | Liabilities at amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 44,994 | 43,630 |
Loans and other payables | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 4,488 | 8,555 |
Total fair value | 4,511 | 8,517 |
Loans and other payables | Level 1 (Quoted prices) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Loans and other payables | Level 2 (Other directly observable market inputs) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Loans and other payables | Level 3 (Inputs not based on observable market data) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Loans and other payables | Fair value through profit or loss, Held for trading | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Loans and other payables | Fair value through profit or loss, Fair value option | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Loans and other payables | Hedges | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Loans and other payables | Liabilities at amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 4,488 | 8,555 |
Derivative instruments | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 2,882 | 2,517 |
Total fair value | 2,882 | 2,517 |
Derivative instruments | Level 1 (Quoted prices) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 59 | 71 |
Derivative instruments | Level 2 (Other directly observable market inputs) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 2,823 | 2,446 |
Derivative instruments | Level 3 (Inputs not based on observable market data) | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Derivative instruments | Fair value through profit or loss, Held for trading | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 961 | 870 |
Derivative instruments | Fair value through profit or loss, Fair value option | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 0 | 0 |
Derivative instruments | Hedges | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | 1,921 | 1,647 |
Derivative instruments | Liabilities at amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Total carrying amount | € 0 | € 0 |
Financial Liabilities - Schedul
Financial Liabilities - Schedule of Change in Financial Liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Issues | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Financial liabilities, beginning balance | € 41,176 | € 41,288 |
First application of IFRS 16 | 0 | |
Cash received | 4,186 | 4,289 |
Cash paid | (3,653) | (4,654) |
Translation differences and exchange gains and losses | 427 | 533 |
Fair value adjustment and financial updates | 494 | (280) |
Others movements | 6 | 0 |
Financial liabilities, ending balance | 42,636 | 41,176 |
Promissory notes and commercial paper | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Financial liabilities, beginning balance | 2,454 | 2,406 |
First application of IFRS 16 | 0 | |
Cash received | 412 | 299 |
Cash paid | (512) | (255) |
Translation differences and exchange gains and losses | 1 | 4 |
Fair value adjustment and financial updates | 1 | 0 |
Others movements | 2 | 0 |
Financial liabilities, ending balance | 2,358 | 2,454 |
Loans and other payables | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Financial liabilities, beginning balance | 8,555 | 8,900 |
First application of IFRS 16 | (151) | |
Cash received | 1,138 | 3,465 |
Cash paid | (6,076) | (4,161) |
Translation differences and exchange gains and losses | 55 | 80 |
Fair value adjustment and financial updates | 25 | 10 |
Others movements | 942 | 261 |
Financial liabilities, ending balance | € 4,488 | € 8,555 |
Financial Liabilities - Interes
Financial Liabilities - Interest-Bearing Debt (Details) $ in Millions | 12 Months Ended | |||||||||||||||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 23, 2019EUR (€) | Dec. 17, 2019EUR (€) | Dec. 16, 2019EUR (€) | Dec. 16, 2019COP ($) | Nov. 15, 2019EUR (€) | Oct. 30, 2019EUR (€) | Oct. 22, 2019EUR (€) | Aug. 16, 2019EUR (€) | May 30, 2019COP ($) | Feb. 18, 2019EUR (€) | Jan. 05, 2018COP ($) | Mar. 22, 2016EUR (€) | Jun. 26, 2014EUR (€) | |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | € 128,654,000,000 | € 138,102,000,000 | ||||||||||||||
Outstanding balance | 41,995,000,000 | |||||||||||||||
Drawndown | 1,702,000,000 | 3,973,000,000 | € 4,844,000,000 | |||||||||||||
Repayments of loans, borrowings and promissory notes | (6,356,000,000) | € (4,040,000,000) | € (6,711,000,000) | |||||||||||||
Bilateral Loan due May 14, 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 300,000,000 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | 0 | |||||||||||||||
Bilateral Loan due April 1, 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | € 1,000,000,000 | ||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | (1,000,000,000) | |||||||||||||||
Early repayment of debt | € 500,000,000 | |||||||||||||||
Bilateral Loan due March 19, 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | (150,000,000) | |||||||||||||||
Bilateral Loan due July 22, 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | (385,000,000) | |||||||||||||||
Bilateral Loan due August 14, 2026 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | |||||||||||||||
Outstanding balance | 200,000,000 | |||||||||||||||
Drawndown | 200,000,000 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | 0 | |||||||||||||||
Bilateral Loan due October 22, 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | (100,000,000) | |||||||||||||||
Early repayment of debt | € 100,000,000 | |||||||||||||||
Bilateral Loan due October 30, 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | (100,000,000) | |||||||||||||||
Early repayment of debt | € 100,000,000 | |||||||||||||||
Bilateral Loan due March 31, 2030 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 150,000,000 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | 0 | |||||||||||||||
Bilateral Loan due December 23, 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | (100,000,000) | |||||||||||||||
Early repayment of debt | € 100,000,000 | |||||||||||||||
Bilateral Loan due June 4, 2027 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 200,000,000 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | 0 | |||||||||||||||
Bilateral Loan due December 16, 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | $ 533,000 | ||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | 142,000,000 | |||||||||||||||
Early repayment of debt | $ | $ 153,000 | $ 380,000 | ||||||||||||||
Structured Financing due December 16, 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | 1,500,000,000 | |||||||||||||||
Early repayment of debt | € 300,000,000 | € 450,000,000 | € 750,000,000 | |||||||||||||
Bilateral Loan due November 29, 2021 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 0 | |||||||||||||||
Outstanding balance | 150,000,000 | |||||||||||||||
Drawndown | 150,000,000 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | 0 | |||||||||||||||
Syndicated Facility due December 17, 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 750,000,000 | € 750,000,000 | ||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | 0 | |||||||||||||||
EIB Financing (Tranche 1) due December 18, 2028 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | 300,000,000 | |||||||||||||||
Outstanding balance | 0 | |||||||||||||||
Drawndown | 0 | |||||||||||||||
Repayments of loans, borrowings and promissory notes | € 0 | |||||||||||||||
Syndicated Facility due March 15, 2023 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Contractual limit amount | € 750,000,000 |
Financial Liabilities - Loans b
Financial Liabilities - Loans by Currency (Details) € in Millions, £ in Millions, S/ in Millions, R$ in Millions, $ in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019BRL (R$) | Dec. 31, 2019COP ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018BRL (R$) | Dec. 31, 2018COP ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018PEN (S/) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Loans and other payables | € 4,488 | € 8,555 | ||||||||||
Euro | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Loans and other payables | 2,484 | 5,114 | ||||||||||
US dollar | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Loans and other payables | $ 1,522 | 1,355 | $ 2,413 | 2,106 | ||||||||
Brazilian real | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Loans and other payables | 337 | R$ 1527 | 668 | R$ 2964 | ||||||||
Colombian Peso | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Loans and other payables | 45 | $ 166,616 | 277 | $ 1,031,005 | ||||||||
Pound sterling | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Loans and other payables | 117 | £ 100 | 112 | £ 100 | ||||||||
Peruvian nuevo sol | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Loans and other payables | 14 | S/ 54 | 136 | S/ 525 | ||||||||
Other currencies | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Loans and other payables | € 136 | € 142 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Risk Management Policies - Exchange Rate Risk (Details) € in Millions, Bs. in Millions | 12 Months Ended | |||
Dec. 31, 2019EUR (€)ves / $ | Dec. 31, 2018EUR (€)ves / $ | Dec. 31, 2019VEB (Bs.)ves / $ | Dec. 31, 2018VEB (Bs.)ves / $ | |
Disclosure of detailed information about hedging instruments [line items] | ||||
Net debt held as a hedging instrument | € 37,744 | |||
Foreign exchange gain (loss) | € (413) | € (963) | ||
Foreign exchange rate | ves / $ | 68,448 | 7,608 | 68,448 | 7,608 |
Increase in financial income due to the effect of monetary correction for inflation | € 492 | € 1,173 | ||
VEB | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Foreign exchange gain (loss) | (426) | (954) | ||
VEB | Foreign currency exchange risk | Cash flow hedges | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Net debt held as a hedging instrument | € (93) | € (158) | Bs. 7,122,859 | Bs. 1,375,524 |
Derivative Financial Instrume_4
Derivative Financial Instruments and Risk Management Policies - Sensitivity of Foreign Currency Gains and Losses and of Equity Changes in Exchange Rates (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
All currencies vs EUR | |
Change | |
Increase in exchange rate | 10.00% |
Decrease in exchange rate | (10.00%) |
Impact on the consolidated income statement | |
Increase in net income | € 3 |
Decrease in net income | (3) |
Impact on consolidated equity | |
Decrease in consolidated equity | (615) |
Increase in consolidated equity | € 615 |
USD | |
Change | |
Increase in exchange rate | 10.00% |
Decrease in exchange rate | (10.00%) |
Impact on the consolidated income statement | |
Increase in net income | € 2 |
Decrease in net income | (2) |
Impact on consolidated equity | |
Decrease in consolidated equity | (114) |
Increase in consolidated equity | € 114 |
European currencies vs EUR | |
Change | |
Increase in exchange rate | 10.00% |
Decrease in exchange rate | (10.00%) |
Impact on the consolidated income statement | |
Increase in net income | € 1 |
Decrease in net income | (1) |
Impact on consolidated equity | |
Decrease in consolidated equity | (375) |
Increase in consolidated equity | € 375 |
Latin American currencies vs USD | |
Change | |
Increase in exchange rate | 10.00% |
Decrease in exchange rate | (10.00%) |
Impact on the consolidated income statement | |
Increase in net income | € 0 |
Decrease in net income | 0 |
Impact on consolidated equity | |
Decrease in consolidated equity | (126) |
Increase in consolidated equity | € 126 |
Derivative Financial Instrume_5
Derivative Financial Instruments and Risk Management Policies - Interest Rate Risk (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments [Abstract] | ||
Percentage of net debt plus commitments pegged to fixed interest rates for a period greater than one year | 74.60% | 73.60% |
Percentage of net debt at floating rates or at fixed rates maturing in under one year | 25.40% | |
Percentage of net debt at floating rates or at fixed rates maturing in under one year with collared interest rates over one year | 1.10% | 0.90% |
Net financial results | € 1,832 | |
Increase (decrease) in net financial results from prior year | € (877) |
Derivative Financial Instrume_6
Derivative Financial Instruments and Risk Management Policies - Sensitivity Analysis Due to Fluctuations in Interest Rates (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Change in interest rate | |
Increase in interest rate | 1.00% |
Decrease in interest rate | (1.00%) |
Impact on consolidated income statement | |
Decrease in consolidated income | € (87) |
Increase in consolidated income | 85 |
Impact on consolidated equity | |
Increase in consolidated equity | (642) |
Decrease in consolidated equity | € 642 |
Derivative Financial Instrume_7
Derivative Financial Instruments and Risk Management Policies - Liquidity Risk (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of financial liabilities [line items] | |
Average maturity of net financial debt | 10 years 6 months |
Period to pay all commitments | 12 months |
Net debt held as a hedging instrument | € 37,744 |
Gross debt held as a hedging instrument, current maturities | 9,076 |
Non-current financial liabilities | € 12,789 |
Minimum | |
Disclosure of financial liabilities [line items] | |
Average maturity of net financial debt | 6 years |
Derivative Financial Instrume_8
Derivative Financial Instruments and Risk Management Policies - Country Risk (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of financial liabilities [line items] | |
Borrowings | € 37,744 |
Proportion of net financial debt held (as a percent) | 3.30% |
Net repatriation of funds to Spain | € 721 |
Net repatriation of funds from dividends received | 1,180 |
Telefónica Hispam Norte | |
Disclosure of financial liabilities [line items] | |
Borrowings | 1,253 |
Net repatriation of funds to Spain | € 1,901 |
Derivative Financial Instrume_9
Derivative Financial Instruments and Risk Management Policies - Credit Risk (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Instruments [Abstract] | ||
Exposure to credit risk on guarantees | € 5,774 | € 5,328 |
Derivative Financial Instrum_10
Derivative Financial Instruments and Risk Management Policies - Derivatives Policy (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments [Abstract] | ||
Notional amount | € 128,654 | € 138,102 |
Decrease in outstanding derivatives (as a percent) | 7.00% | |
Interest rate risk | Cash flow hedges | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average interest rate (as a percent) | 4.00% | |
Interest rate risk | Cash flow hedges | Minimum | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average interest rate (as a percent) | 2.00% | |
Interest rate risk | Cash flow hedges | Maximum | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average interest rate (as a percent) | 4.00% |
Derivative Financial Instrum_11
Derivative Financial Instruments and Risk Management Policies - Breakdown of Financial Results (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | |||
Other financial income | € 6,158 | € 5,608 | € 4,833 |
Total | 48,422 | 48,693 | 52,008 |
Subtotal | 0 | ||
Subtotal | (2,795) | (2,690) | (3,363) |
Transfer from equity of results of cash flow hedges | 166 | 68 | (162) |
Telefonica de Argentina, SA | |||
Disclosure of financial assets [line items] | |||
Impact of hyperinflation on net monetary position on financial income | 42 | 67 | |
Derivative instruments | |||
Disclosure of financial assets [line items] | |||
Interest income | 291 | 234 | 638 |
Dividends received | 15 | 15 | 16 |
Other financial income | 120 | 826 | 17 |
Total | 426 | 1,075 | 671 |
Changes in fair value of asset derivatives at fair value through profit or loss | 353 | 202 | 35 |
Changes in fair value of liability derivatives at fair value through profit or loss | (376) | (190) | (97) |
Changes in the fair value of debt instruments and other assets at fair value to profit or loss | (3) | (3) | 0 |
Transfer from equity of results of cash flow hedges - future cash flows that are not longer expected to happen | 0 | (7) | 0 |
Transfer from equity to profit and loss from available-for-sale assets and others | (33) | ||
(Loss)/Gain on fair value hedges | 604 | (223) | (150) |
Gain/(loss) on adjustment to items hedged by fair value hedges | (540) | 271 | 194 |
Subtotal | 38 | 50 | (51) |
Interest expenses | (1,903) | (1,715) | (2,137) |
Ineffective portion of cash flow hedges | (20) | (29) | (10) |
Accretion of provisions and other liabilities | (334) | (410) | (453) |
Other financial expenses | (160) | (203) | (310) |
Subtotal | (2,417) | (2,357) | (2,910) |
Net finance costs excluding foreign exchange differences and hyperinflation adjustments | (1,953) | € (1,232) | € (2,290) |
Derivative instruments | Telefónica Brazil | |||
Disclosure of financial assets [line items] | |||
Other financial income | € 665 |
Derivative Financial Instrum_12
Derivative Financial Instruments and Risk Management Policies - Evolution of Derivative Instruments (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Assets/ Liabilities, Net [Roll Forward] | ||
Gain (loss) on derivative | € 0 | |
Currency swaps | ||
Derivative Assets/ Liabilities, Net [Roll Forward] | ||
Gain (loss) on derivative | 0 | € 0 |
Derivative instruments | ||
Derivative Assets/ Liabilities, Net [Roll Forward] | ||
Opening balance of assets/(liabilities) | 1,181 | 505 |
Financing payments | 148 | 52 |
Financing proceeds | (153) | (209) |
Interest (proceeds)/payments | (238) | (126) |
Other (proceeds)/payments | 5 | (28) |
Fair value adjustments through other comprehensive income | 357 | 999 |
Movements with counterparty in the income statement | 646 | 2 |
Translation differences | (49) | (70) |
Other movements | 51 | 56 |
Closing balance of assets/(liabilities) | 1,948 | 1,181 |
Increase (decrease) in financial assets | € 767 | € (676) |
Derivative Financial Instrum_13
Derivative Financial Instruments and Risk Management Policies - Breakdown of Derivatives and Expected Maturity Schedule (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about hedges [line items] | |||
Notional amount | € 128,654 | € 138,102 | |
Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 3,932 | 2,849 | |
Non-current derivative financial assets | (3,389) | (2,776) | |
Current derivative financial assets | (1,441) | (922) | |
Non-current derivative financial liabilities | 2,358 | 2,287 | |
Current derivative financial liabilities | 524 | 230 | |
Derivative asset (liability), net | (1,948) | (1,181) | € (505) |
Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (4,460) | (8,761) | |
Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 2,478 | 4,422 | |
Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 672 | 2,268 | |
Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 5,242 | 4,920 | |
Financial Instruments excluding Derivatives | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,013 | 970 | |
Non-current derivative financial assets | 0 | 0 | |
Current derivative financial assets | 0 | 0 | |
Non-current derivative financial liabilities | 1,043 | 996 | |
Current derivative financial liabilities | 0 | 0 | |
Derivative asset (liability), net | 1,043 | 996 | |
Financial Instruments excluding Derivatives | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Financial Instruments excluding Derivatives | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 59 | 56 | |
Financial Instruments excluding Derivatives | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 234 | 56 | |
Financial Instruments excluding Derivatives | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 720 | 858 | |
Exchange rate hedges | Financial Instruments excluding Derivatives | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,013 | 970 | |
Non-current derivative financial assets | 0 | 0 | |
Current derivative financial assets | 0 | 0 | |
Non-current derivative financial liabilities | 1,043 | 996 | |
Current derivative financial liabilities | 0 | 0 | |
Derivative asset (liability), net | 1,043 | 996 | |
Exchange rate hedges | Financial Instruments excluding Derivatives | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Exchange rate hedges | Financial Instruments excluding Derivatives | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 59 | 56 | |
Exchange rate hedges | Financial Instruments excluding Derivatives | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 234 | 56 | |
Exchange rate hedges | Financial Instruments excluding Derivatives | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 720 | 858 | |
Exchange rate hedges | Fair value hedges | Financial Instruments excluding Derivatives | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Non-current derivative financial assets | 0 | 0 | |
Current derivative financial assets | 0 | 0 | |
Non-current derivative financial liabilities | 0 | 0 | |
Current derivative financial liabilities | 0 | 0 | |
Derivative asset (liability), net | 0 | 0 | |
Exchange rate hedges | Fair value hedges | Financial Instruments excluding Derivatives | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Exchange rate hedges | Fair value hedges | Financial Instruments excluding Derivatives | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Exchange rate hedges | Fair value hedges | Financial Instruments excluding Derivatives | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Exchange rate hedges | Fair value hedges | Financial Instruments excluding Derivatives | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Exchange rate hedges | Net investment Hedges | Financial Instruments excluding Derivatives | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,013 | 970 | |
Non-current derivative financial assets | 0 | 0 | |
Current derivative financial assets | 0 | 0 | |
Non-current derivative financial liabilities | 1,043 | 996 | |
Current derivative financial liabilities | 0 | 0 | |
Derivative asset (liability), net | 1,043 | 996 | |
Exchange rate hedges | Net investment Hedges | Financial Instruments excluding Derivatives | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Exchange rate hedges | Net investment Hedges | Financial Instruments excluding Derivatives | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 59 | 56 | |
Exchange rate hedges | Net investment Hedges | Financial Instruments excluding Derivatives | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 234 | 56 | |
Exchange rate hedges | Net investment Hedges | Financial Instruments excluding Derivatives | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 720 | 858 | |
Designated as Hedging Instrument | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 10,652 | 10,570 | |
Non-current derivative financial assets | (2,676) | (1,950) | |
Current derivative financial assets | (1,104) | (660) | |
Non-current derivative financial liabilities | 1,667 | 1,447 | |
Current derivative financial liabilities | 254 | 200 | |
Derivative asset (liability), net | (1,859) | (963) | |
Designated as Hedging Instrument | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (662) | (4,443) | |
Designated as Hedging Instrument | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 2,827 | 4,743 | |
Designated as Hedging Instrument | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,446 | 2,799 | |
Designated as Hedging Instrument | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 7,041 | 7,471 | |
Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (309) | 675 | |
Non-current derivative financial assets | (584) | (398) | |
Current derivative financial assets | (289) | (186) | |
Non-current derivative financial liabilities | 41 | 270 | |
Current derivative financial liabilities | 38 | 9 | |
Derivative asset (liability), net | (794) | (305) | |
Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 677 | (686) | |
Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (199) | 1,746 | |
Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 818 | (299) | |
Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (1,605) | (86) | |
Designated as Hedging Instrument | Interest rate hedges | Cash flow hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 2,769 | 2,275 | |
Non-current derivative financial assets | (8) | (154) | |
Current derivative financial assets | (4) | (2) | |
Non-current derivative financial liabilities | 29 | 228 | |
Current derivative financial liabilities | 38 | 4 | |
Derivative asset (liability), net | 55 | 76 | |
Designated as Hedging Instrument | Interest rate hedges | Cash flow hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 482 | (607) | |
Designated as Hedging Instrument | Interest rate hedges | Cash flow hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 1,567 | |
Designated as Hedging Instrument | Interest rate hedges | Cash flow hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,403 | 46 | |
Designated as Hedging Instrument | Interest rate hedges | Cash flow hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 884 | 1,269 | |
Designated as Hedging Instrument | Interest rate hedges | Fair value hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (3,078) | (1,600) | |
Non-current derivative financial assets | (576) | (244) | |
Current derivative financial assets | (285) | (184) | |
Non-current derivative financial liabilities | 12 | 42 | |
Current derivative financial liabilities | 0 | 5 | |
Derivative asset (liability), net | (849) | (381) | |
Designated as Hedging Instrument | Interest rate hedges | Fair value hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 195 | (79) | |
Designated as Hedging Instrument | Interest rate hedges | Fair value hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (199) | 179 | |
Designated as Hedging Instrument | Interest rate hedges | Fair value hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (585) | (345) | |
Designated as Hedging Instrument | Interest rate hedges | Fair value hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (2,489) | (1,355) | |
Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 5,140 | 4,583 | |
Non-current derivative financial assets | (1,489) | (835) | |
Current derivative financial assets | (389) | (183) | |
Non-current derivative financial liabilities | 1,339 | 939 | |
Current derivative financial liabilities | 148 | 70 | |
Derivative asset (liability), net | (391) | (9) | |
Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (2,331) | (4,718) | |
Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,038 | 2,219 | |
Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 400 | 1,102 | |
Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 6,033 | 5,980 | |
Designated as Hedging Instrument | Exchange rate hedges | Cash flow hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 9,408 | 9,642 | |
Non-current derivative financial assets | (1,325) | (834) | |
Current derivative financial assets | (348) | (76) | |
Non-current derivative financial liabilities | 1,337 | 939 | |
Current derivative financial liabilities | 37 | 10 | |
Derivative asset (liability), net | (299) | 39 | |
Designated as Hedging Instrument | Exchange rate hedges | Cash flow hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,587 | 341 | |
Designated as Hedging Instrument | Exchange rate hedges | Cash flow hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,102 | 2,219 | |
Designated as Hedging Instrument | Exchange rate hedges | Cash flow hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 686 | 1,102 | |
Designated as Hedging Instrument | Exchange rate hedges | Cash flow hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 6,033 | 5,980 | |
Designated as Hedging Instrument | Exchange rate hedges | Fair value hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 407 | 50 | |
Non-current derivative financial assets | (164) | (1) | |
Current derivative financial assets | (21) | (45) | |
Non-current derivative financial liabilities | 0 | 0 | |
Current derivative financial liabilities | 15 | 14 | |
Derivative asset (liability), net | (170) | (32) | |
Designated as Hedging Instrument | Exchange rate hedges | Fair value hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 693 | 50 | |
Designated as Hedging Instrument | Exchange rate hedges | Fair value hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Designated as Hedging Instrument | Exchange rate hedges | Fair value hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (286) | 0 | |
Designated as Hedging Instrument | Exchange rate hedges | Fair value hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Designated as Hedging Instrument | Exchange rate hedges | Net investment Hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (4,675) | (5,109) | |
Non-current derivative financial assets | 0 | 0 | |
Current derivative financial assets | (20) | (62) | |
Non-current derivative financial liabilities | 2 | 0 | |
Current derivative financial liabilities | 96 | 46 | |
Derivative asset (liability), net | 78 | (16) | |
Designated as Hedging Instrument | Exchange rate hedges | Net investment Hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (4,611) | (5,109) | |
Designated as Hedging Instrument | Exchange rate hedges | Net investment Hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (64) | 0 | |
Designated as Hedging Instrument | Exchange rate hedges | Net investment Hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Designated as Hedging Instrument | Exchange rate hedges | Net investment Hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 5,821 | 5,312 | |
Non-current derivative financial assets | (603) | (717) | |
Current derivative financial assets | (426) | (291) | |
Non-current derivative financial liabilities | 287 | 238 | |
Current derivative financial liabilities | 68 | 121 | |
Derivative asset (liability), net | (674) | (649) | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 992 | 961 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,988 | 778 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 228 | 1,996 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 2,613 | 1,577 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Cash flow hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 5,888 | 5,500 | |
Non-current derivative financial assets | (549) | (541) | |
Current derivative financial assets | (409) | (291) | |
Non-current derivative financial liabilities | 287 | 238 | |
Current derivative financial liabilities | 65 | 121 | |
Derivative asset (liability), net | (606) | (473) | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Cash flow hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 1,006 | 962 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Cash flow hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 2,004 | 801 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Cash flow hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 230 | 2,001 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Cash flow hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 2,648 | 1,736 | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Fair value hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (67) | (188) | |
Non-current derivative financial assets | (54) | (176) | |
Current derivative financial assets | (17) | 0 | |
Non-current derivative financial liabilities | 0 | 0 | |
Current derivative financial liabilities | 3 | 0 | |
Derivative asset (liability), net | (68) | (176) | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Fair value hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (14) | (1) | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Fair value hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (16) | (23) | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Fair value hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (2) | (5) | |
Designated as Hedging Instrument | Interest and exchange rate hedges | Fair value hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (35) | (159) | |
Not Designated as Hedging Instrument | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (6,720) | (7,721) | |
Non-current derivative financial assets | (713) | (826) | |
Current derivative financial assets | (337) | (262) | |
Non-current derivative financial liabilities | 691 | 840 | |
Current derivative financial liabilities | 270 | 30 | |
Derivative asset (liability), net | (89) | (218) | |
Not Designated as Hedging Instrument | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (3,798) | (4,318) | |
Not Designated as Hedging Instrument | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (349) | (321) | |
Not Designated as Hedging Instrument | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (774) | (531) | |
Not Designated as Hedging Instrument | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (1,799) | (2,551) | |
Not Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (4,547) | (6,974) | |
Non-current derivative financial assets | (713) | (826) | |
Current derivative financial assets | (316) | (128) | |
Non-current derivative financial liabilities | 688 | 830 | |
Current derivative financial liabilities | 146 | 3 | |
Derivative asset (liability), net | (195) | (121) | |
Not Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (1,501) | (3,571) | |
Not Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (473) | (321) | |
Not Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (774) | (531) | |
Not Designated as Hedging Instrument | Interest rate hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (1,799) | (2,551) | |
Not Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (2,484) | (747) | |
Non-current derivative financial assets | 0 | 0 | |
Current derivative financial assets | (21) | (134) | |
Non-current derivative financial liabilities | 0 | 0 | |
Current derivative financial liabilities | 113 | 25 | |
Derivative asset (liability), net | 92 | (109) | |
Not Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | (2,484) | (747) | |
Not Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Not Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Not Designated as Hedging Instrument | Exchange rate hedges | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Not Designated as Hedging Instrument | Others | Derivative instruments | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 311 | 0 | |
Non-current derivative financial assets | 0 | 0 | |
Current derivative financial assets | 0 | 0 | |
Non-current derivative financial liabilities | 3 | 10 | |
Current derivative financial liabilities | 11 | 2 | |
Derivative asset (liability), net | 14 | 12 | |
Not Designated as Hedging Instrument | Others | Derivative instruments | Within one year | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 187 | 0 | |
Not Designated as Hedging Instrument | Others | Derivative instruments | Two years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 124 | 0 | |
Not Designated as Hedging Instrument | Others | Derivative instruments | Three years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Not Designated as Hedging Instrument | Others | Derivative instruments | Subsequent years | |||
Disclosure of detailed information about hedges [line items] | |||
Notional amount | 0 | 0 | |
Loans and Other Debts | Financial Instruments excluding Derivatives | |||
Disclosure of detailed information about hedges [line items] | |||
Non-current derivative financial liabilities | 251 | 243 | |
Obligations and Bonds | Financial Instruments excluding Derivatives | |||
Disclosure of detailed information about hedges [line items] | |||
Non-current derivative financial liabilities | € 792 | € 753 |
Derivative Financial Instrum_14
Derivative Financial Instruments and Risk Management Policies - Details about Hedged Items by Fair Value Hedges (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | € 118,877 | € 114,047 |
Financial assets and other non-current assets | 7,123 | 7,109 |
Receivables and other current assets | 10,785 | 10,579 |
Current financial assets | 3,123 | 2,209 |
Non-current financial liabilities | 43,288 | 45,334 |
Payables and other non-current liabilities | 2,928 | 1,890 |
Current financial liabilities | 9,076 | 9,368 |
Payables and other current liabilities | 14,903 | 15,485 |
Designated as Hedging Instrument | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 477 | 371 |
Financial assets and other non-current assets | 151 | 143 |
Receivables and other current assets | 323 | 213 |
Current financial assets | 3 | 15 |
Total allocated liabilities | 11,588 | 9,985 |
Non-current financial liabilities | 10,546 | 8,461 |
Payables and other non-current liabilities | 99 | 530 |
Current financial liabilities | 271 | 562 |
Payables and other current liabilities | 672 | 432 |
Designated as Hedging Instrument | Fair value hedges | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 1 | (29) |
Financial assets and other non-current assets | 0 | 0 |
Receivables and other current assets | 1 | (34) |
Current financial assets | 0 | 5 |
Total allocated liabilities | 1,587 | 84 |
Non-current financial liabilities | 1,567 | 226 |
Payables and other non-current liabilities | 0 | (121) |
Current financial liabilities | 26 | 5 |
Payables and other current liabilities | (6) | (26) |
Designated as Hedging Instrument | Interest rate risk | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 0 | 0 |
Financial assets and other non-current assets | 0 | 0 |
Receivables and other current assets | 0 | 0 |
Current financial assets | 0 | 0 |
Total allocated liabilities | 3,929 | 2,445 |
Non-current financial liabilities | 3,858 | 1,729 |
Payables and other non-current liabilities | 0 | 530 |
Current financial liabilities | 71 | 186 |
Payables and other current liabilities | 0 | 0 |
Designated as Hedging Instrument | Interest rate risk | Fair value hedges | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 0 | 0 |
Financial assets and other non-current assets | 0 | 0 |
Receivables and other current assets | 0 | 0 |
Current financial assets | 0 | 0 |
Total allocated liabilities | 819 | 236 |
Non-current financial liabilities | 817 | 357 |
Payables and other non-current liabilities | 0 | (121) |
Current financial liabilities | 2 | 0 |
Payables and other current liabilities | 0 | 0 |
Designated as Hedging Instrument | Exchange rate risk | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 474 | 371 |
Financial assets and other non-current assets | 151 | 143 |
Receivables and other current assets | 323 | 213 |
Current financial assets | 0 | 15 |
Total allocated liabilities | 1,956 | 1,111 |
Non-current financial liabilities | 1,176 | 670 |
Payables and other non-current liabilities | 99 | 0 |
Current financial liabilities | 9 | 9 |
Payables and other current liabilities | 672 | 432 |
Designated as Hedging Instrument | Exchange rate risk | Fair value hedges | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 1 | (29) |
Financial assets and other non-current assets | 0 | 0 |
Receivables and other current assets | 1 | (34) |
Current financial assets | 0 | 5 |
Total allocated liabilities | (6) | (11) |
Non-current financial liabilities | 0 | 15 |
Payables and other non-current liabilities | 0 | 0 |
Current financial liabilities | 0 | 0 |
Payables and other current liabilities | (6) | (26) |
Designated as Hedging Instrument | Interest rate and exchange rate risk | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 3 | 0 |
Financial assets and other non-current assets | 0 | 0 |
Receivables and other current assets | 0 | 0 |
Current financial assets | 3 | 0 |
Total allocated liabilities | 5,703 | 6,429 |
Non-current financial liabilities | 5,512 | 6,062 |
Payables and other non-current liabilities | 0 | 0 |
Current financial liabilities | 191 | 367 |
Payables and other current liabilities | 0 | 0 |
Designated as Hedging Instrument | Interest rate and exchange rate risk | Fair value hedges | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 0 | 0 |
Financial assets and other non-current assets | 0 | 0 |
Receivables and other current assets | 0 | 0 |
Current financial assets | 0 | 0 |
Total allocated liabilities | 774 | (141) |
Non-current financial liabilities | 750 | (146) |
Payables and other non-current liabilities | 0 | 0 |
Current financial liabilities | 24 | 5 |
Payables and other current liabilities | 0 | 0 |
Hedged Items that have Ceased to be Adjusted for Gains and Losses | Designated as Hedging Instrument | Fair value hedges | ||
Disclosure of detailed information about hedged items [line items] | ||
Total allocated assets | 0 | 0 |
Financial assets and other non-current assets | 0 | 0 |
Receivables and other current assets | 0 | 0 |
Current financial assets | 0 | 0 |
Total allocated liabilities | 152 | 197 |
Non-current financial liabilities | 125 | 199 |
Payables and other non-current liabilities | 0 | 0 |
Current financial liabilities | 6 | 1 |
Payables and other current liabilities | € 21 | € (3) |
Derivative Financial Instrum_15
Derivative Financial Instruments and Risk Management Policies - Evolution of Hedges in Equity (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in Hedges in Equity [Roll Forward] | ||
Balance of hedges in equity at beginning of period | € 560 | € 384 |
Changes in the fair value registered in equity | 273 | 709 |
Transfer to the initial value of hedged item | (6) | (1) |
Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen | 26 | 5 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | (351) | (536) |
Total translation differences | 0 | (1) |
Other movements | 0 | |
Balance of hedges in equity at end of period | 502 | 560 |
Derivative instruments | Net investment Hedges | ||
Changes in Hedges in Equity [Roll Forward] | ||
Balance of hedges in equity at beginning of period | 1,535 | 1,502 |
Changes in the fair value registered in equity | (260) | 33 |
Transfer to the initial value of hedged item | 0 | 0 |
Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen | 0 | 0 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | 73 | 0 |
Total translation differences | 1 | 0 |
Other movements | 0 | |
Balance of hedges in equity at end of period | 1,349 | 1,535 |
Amounts remaining in equity for continuing hedges | 1,349 | 1,534 |
Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied | 0 | 1 |
Derivative instruments | Interest rate risk | Cash flow hedges | ||
Changes in Hedges in Equity [Roll Forward] | ||
Balance of hedges in equity at beginning of period | (295) | (394) |
Changes in the fair value registered in equity | (5) | (52) |
Transfer to the initial value of hedged item | 2 | 0 |
Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen | 26 | 7 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | 124 | 144 |
Total translation differences | 0 | 0 |
Other movements | 0 | |
Balance of hedges in equity at end of period | (148) | (295) |
Amounts remaining in equity for continuing hedges | (12) | (176) |
Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied | (136) | (119) |
Derivative instruments | Exchange rate risk | Cash flow hedges | ||
Changes in Hedges in Equity [Roll Forward] | ||
Balance of hedges in equity at beginning of period | (348) | (357) |
Changes in the fair value registered in equity | 572 | 584 |
Transfer to the initial value of hedged item | (4) | 0 |
Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen | 0 | 0 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | (371) | (574) |
Total translation differences | (1) | (1) |
Other movements | (4) | |
Balance of hedges in equity at end of period | (156) | (348) |
Amounts remaining in equity for continuing hedges | (188) | (377) |
Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied | 32 | 29 |
Derivative instruments | Interest rate and exchange rate risk | Cash flow hedges | ||
Changes in Hedges in Equity [Roll Forward] | ||
Balance of hedges in equity at beginning of period | (78) | (179) |
Changes in the fair value registered in equity | 67 | 392 |
Transfer to the initial value of hedged item | (7) | (1) |
Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen | 0 | 0 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | (295) | (290) |
Total translation differences | 0 | 0 |
Other movements | 3 | |
Balance of hedges in equity at end of period | (310) | (78) |
Amounts remaining in equity for continuing hedges | (216) | 14 |
Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied | (94) | (92) |
Financial Instruments excluding Derivatives | Net investment Hedges | ||
Changes in Hedges in Equity [Roll Forward] | ||
Balance of hedges in equity at beginning of period | (5) | 0 |
Changes in the fair value registered in equity | (1) | (5) |
Transfer to the initial value of hedged item | 0 | 0 |
Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen | 0 | 0 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | 0 | 0 |
Total translation differences | 0 | 0 |
Other movements | 0 | |
Balance of hedges in equity at end of period | (6) | (5) |
Amounts remaining in equity for continuing hedges | (6) | (5) |
Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied | 0 | 0 |
Total gross amount | ||
Changes in Hedges in Equity [Roll Forward] | ||
Balance of hedges in equity at beginning of period | 809 | 572 |
Changes in the fair value registered in equity | 373 | 952 |
Transfer to the initial value of hedged item | (9) | (1) |
Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen | 26 | 7 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | (469) | (720) |
Total translation differences | 0 | (1) |
Other movements | (1) | |
Balance of hedges in equity at end of period | 729 | 809 |
Amounts remaining in equity for continuing hedges | 927 | 990 |
Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied | (198) | (181) |
Tax effect | ||
Changes in Hedges in Equity [Roll Forward] | ||
Balance of hedges in equity at beginning of period | (249) | (188) |
Changes in the fair value registered in equity | (100) | (243) |
Transfer to the initial value of hedged item | 3 | 0 |
Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen | 0 | (2) |
Transfer to the income statement of the period - the hedged item has affected profit or loss | 118 | 184 |
Total translation differences | 0 | 0 |
Other movements | 1 | |
Balance of hedges in equity at end of period | (227) | (249) |
Interest Expense | Derivative instruments | Interest rate risk | Cash flow hedges | ||
Changes in Hedges in Equity [Roll Forward] | ||
Transfer to the income statement of the period - the hedged item has affected profit or loss | 166 | 68 |
Interest Expense | Derivative instruments | Exchange rate risk | Cash flow hedges | ||
Changes in Hedges in Equity [Roll Forward] | ||
Transfer to the income statement of the period - the hedged item has affected profit or loss | € 369 | € 645 |
Derivative Financial Instrum_16
Derivative Financial Instruments and Risk Management Policies - Evolution of Cost of Hedges in Equity (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in Cost of Hedging in Equity [Roll Forward] | ||
Balance of cost of hedging in equity at beginning of period | € 37 | € 0 |
Changes in the fair value registered in equity | (10) | 38 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | (3) | (1) |
Balance of cost of hedging in equity at end of period | 24 | 37 |
Exchange rate risk | ||
Changes in Cost of Hedging in Equity [Roll Forward] | ||
Balance of cost of hedging in equity at beginning of period | 49 | 0 |
Changes in the fair value registered in equity | (14) | 51 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | (4) | (2) |
Balance of cost of hedging in equity at end of period | 31 | 49 |
Total gross amount | ||
Changes in Cost of Hedging in Equity [Roll Forward] | ||
Balance of cost of hedging in equity at beginning of period | 49 | 0 |
Changes in the fair value registered in equity | (14) | 51 |
Transfer to the income statement of the period - the hedged item has affected profit or loss | (4) | (2) |
Balance of cost of hedging in equity at end of period | 31 | 49 |
Tax effect | ||
Changes in Cost of Hedging in Equity [Roll Forward] | ||
Balance of cost of hedging in equity at beginning of period | (12) | 0 |
Changes in the fair value registered in equity | 4 | (13) |
Transfer to the income statement of the period - the hedged item has affected profit or loss | 1 | 1 |
Balance of cost of hedging in equity at end of period | € (7) | € (12) |
Derivative Financial Instrum_17
Derivative Financial Instruments and Risk Management Policies - Ineffective Portion of Accounting Hedges (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | € 748 | € 946 |
Changes in the fair value of hedges item for the hedged risk | 768 | 975 |
Ineffective portion hedged registered in the income statement | (20) | (29) |
Interest rate risk | ||
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | 315 | (53) |
Changes in the fair value of hedges item for the hedged risk | 336 | (53) |
Ineffective portion hedged registered in the income statement | (21) | 0 |
Interest rate risk | Cash flow hedges | ||
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | (129) | (27) |
Changes in the fair value of hedges item for the hedged risk | (108) | (27) |
Ineffective portion hedged registered in the income statement | (21) | 0 |
Interest rate risk | Fair value hedges | ||
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | 444 | (26) |
Changes in the fair value of hedges item for the hedged risk | 444 | (26) |
Ineffective portion hedged registered in the income statement | 0 | 0 |
Exchange rate risk | ||
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | 242 | 622 |
Changes in the fair value of hedges item for the hedged risk | 238 | 651 |
Ineffective portion hedged registered in the income statement | 4 | (29) |
Exchange rate risk | Cash flow hedges | ||
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | 551 | 605 |
Changes in the fair value of hedges item for the hedged risk | 547 | 634 |
Ineffective portion hedged registered in the income statement | 4 | (29) |
Exchange rate risk | Net investment hedges | ||
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | (309) | 17 |
Changes in the fair value of hedges item for the hedged risk | (309) | 17 |
Ineffective portion hedged registered in the income statement | 0 | 0 |
Interest rate and exchange rate risk | ||
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | 191 | 377 |
Changes in the fair value of hedges item for the hedged risk | 194 | 377 |
Ineffective portion hedged registered in the income statement | (3) | 0 |
Interest rate and exchange rate risk | Cash flow hedges | ||
Disclosure of detailed information about hedges [line items] | ||
Changes in fair value of the hedging instrument | 191 | 377 |
Changes in the fair value of hedges item for the hedged risk | 194 | 377 |
Ineffective portion hedged registered in the income statement | € (3) | € 0 |
Lease Liabilities - Movement of
Lease Liabilities - Movement of Lease Liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Movement of Lease Liabilities [Roll Forward] | ||
Balance before initial application impacts due to accounting changes | € 7,226 | € 7,705 |
First application impacts due to accounting changes (Note 2) | € 7,705 | |
Balance at beginning of period | 0 | |
Additions | 1,474 | |
Principal and interests payments | 1,654 | |
Principal payments | (1,518) | |
Interests payments | (185) | |
Minus: Payments of companies held for sale and sold companies during 2019 | 49 | |
Disposals | (261) | |
Exclusion of companies | (121) | |
Accrued interests | 199 | |
Translation differences | 23 | |
Transfers and others | (139) | |
Balance at end of period | € 7,226 |
Lease Liabilities - Narrative (
Lease Liabilities - Narrative (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Additions related to fixed asset sale and leaseback transactions | € 190 |
Capital gains arising from sale and leaseback transactions | 313 |
Transfers and others | 139 |
Exclusion of companies, right-of-use assets | 121 |
Lease liabilities not yet commenced | 63 |
Telefónica de Costa Rica TC, S.A. | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Transfers and others | 127 |
Telefónica Móviles Panamá, S.A. | Telefónica Móviles Panamá, S.A. | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Exclusion of companies, right-of-use assets | 47 |
Telefonía Celular de Nicaragua, S.A. | Telefonía Celular de Nicaragua, S.A. | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Exclusion of companies, right-of-use assets | € 74 |
Lease Liabilities - Maturity Sc
Lease Liabilities - Maturity Schedule of Lease Liabilities (Details) € in Millions | Dec. 31, 2019EUR (€) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | € 7,226 |
2020 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 1,600 |
2021 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 1,312 |
2022 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 943 |
2023 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 892 |
2024 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 577 |
Subsequent years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | 1,902 |
Non-current total | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities | € 5,626 |
Payables and Other Non-curren_3
Payables and Other Non-current Liabilities - Composition of Trade and Other Payables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Payables | € 1,553 | € 856 |
Trade payables | 86 | 87 |
Payables to suppliers of property, plant and equipment | 0 | 9 |
Payables for spectrum acquisition | 1,362 | 662 |
Other payables | 105 | 98 |
Other non-current liabilities | 1,375 | 1,034 |
Contractual liabilities (Note 23) | 851 | 613 |
Deferred revenue | 336 | 283 |
Current tax payables | 188 | 138 |
Total | € 2,928 | € 1,890 |
Payables and Other Non-curren_4
Payables and Other Non-current Liabilities - Narrative (Details) - EUR (€) € in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Trade And Other Payables [Line Items] | ||||
Additions | € 2,727 | € 1,978 | ||
Outstanding balance | € 41,995 | 41,995 | ||
Non-current portion of non-current borrowings | 1,362 | 1,362 | 662 | |
Non-current government grants | 150 | 150 | 97 | |
Licenses | ||||
Trade And Other Payables [Line Items] | ||||
Additions | 25 | 509 | ||
Payment on borrowings | 146 | 44 | ||
Telefónica México | Spectrum | Licenses | ||||
Trade And Other Payables [Line Items] | ||||
Non-current portion of non-current borrowings | 90 | 90 | 102 | |
Payment on borrowings | 37 | € 530 | ||
Telefónica Germany | ||||
Trade And Other Payables [Line Items] | ||||
Non-current government grants | 69 | 69 | ||
Telefónica Germany | Licenses | ||||
Trade And Other Payables [Line Items] | ||||
Additions | € 1,425 | |||
Outstanding balance | 1,272 | 1,272 | ||
Non-current portion of non-current borrowings | 1,186 | € 1,186 | ||
Payment on borrowings | € 87 |
Payables and Other Current Li_3
Payables and Other Current Liabilities - Composition of Payables And Other Current Liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Payables | € 13,307 | € 13,868 |
Trade payables | 8,095 | 8,457 |
Payables to suppliers of property, plant and equipment | 3,019 | 3,237 |
Payables for spectrum acquisition | 196 | 251 |
Other payables | 1,081 | 1,092 |
Dividends pending payment | 282 | 311 |
Associates and joint ventures payables (Note 10) | 634 | 520 |
Other current liabilities | 1,596 | 1,617 |
Contract liabilities (Note 23) | 1,283 | 1,335 |
Deferred revenue | 120 | 106 |
Advances received | 193 | 176 |
Total | € 14,903 | € 15,485 |
Payables and Other Current Li_4
Payables and Other Current Liabilities - Narrative (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trade And Other Payables [Line Items] | ||
Payables for spectrum acquisition | € 196 | € 251 |
Current government grants | 15 | 16 |
Pending payments of other current non-financial non-trade payables | 49 | |
Telefónica Germany | Spectrum swap | Service concession arrangements and licenses | ||
Trade And Other Payables [Line Items] | ||
Payables for spectrum acquisition | 86 | |
Telefónica México | Spectrum swap | Service concession arrangements and licenses | ||
Trade And Other Payables [Line Items] | ||
Payables for spectrum acquisition | € 64 | € 79 |
Telefonica, S.A. | ||
Trade And Other Payables [Line Items] | ||
Weighted average maturity period | 53 days | 49 days |
Fundacion Telefonica | ||
Trade And Other Payables [Line Items] | ||
Outstanding commitments made by entity, related party transactions | € 325 | € 1 |
Payables and Other Current Li_5
Payables and Other Current Liabilities - Composition of Other Payables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accrued employee benefits | € 603 | € 611 |
Other non-financial non-trade payables | 478 | 481 |
Total | € 1,081 | € 1,092 |
Payables and Other Current Li_6
Payables and Other Current Liabilities - Information on Average Payment Period to Suppliers (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Payments to Suppliers [Line Items] | |||
Total payments | € 35,450 | € 37,044 | € 40,508 |
Telefonica, S.A. | |||
Payments to Suppliers [Line Items] | |||
Weighted average maturity period | 53 days | 49 days | |
Ratio of payments | 55 days | 50 days | |
Ratio of outstanding invoices | 38 days | 44 days | |
Total payments | € 7,337 | € 6,770 | |
Outstanding invoices | € 1,152 | € 1,190 |
Breakdown of Contractual Asse_3
Breakdown of Contractual Assets and Liabilities, and Capitalized Costs - Movement in Contract Assets and Liabilities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contract assets [abstract] | |||
Contract assets, beginning balance | € 489 | € 449 | € 0 |
First application of new IFRS impacts | 400 | ||
Additions | 866 | 914 | |
Disposals | (823) | (858) | |
Transfers | (16) | 3 | |
Translation differences and hyperinflation adjustments | 14 | (10) | |
Other movements | (1) | ||
Contract assets, ending balance | 489 | 449 | |
Contract liabilities [abstract] | |||
Contract liabilities, beginning balance | 1,948 | 0 | |
First application of new IFRS impacts | 204 | ||
Additions | 7,925 | 8,119 | |
Disposals | (7,754) | (7,926) | |
Transfers | (15) | 1,557 | |
Translation differences and hyperinflation adjustments | 34 | (6) | |
Other movements | (4) | ||
Contract liabilities, ending balance | 2,134 | 1,948 | |
Disposals of contract liabilities from prior years | 601 | ||
Long-term contracts | |||
Contract assets [abstract] | |||
Contract assets, beginning balance | 138 | 108 | 0 |
First application of new IFRS impacts | 68 | ||
Additions | 204 | 153 | |
Disposals | (7) | (2) | |
Transfers | (172) | (110) | |
Translation differences and hyperinflation adjustments | 5 | (1) | |
Other movements | 0 | ||
Contract assets, ending balance | 138 | 108 | |
Contract liabilities [abstract] | |||
Contract liabilities, beginning balance | 613 | 0 | |
First application of new IFRS impacts | 106 | ||
Additions | 409 | 558 | |
Disposals | (7) | (295) | |
Transfers | (180) | 240 | |
Translation differences and hyperinflation adjustments | 16 | 4 | |
Other movements | 0 | ||
Contract liabilities, ending balance | 851 | 613 | |
Long-term contracts | Gross cost | |||
Contract assets [abstract] | |||
Contract assets, beginning balance | 144 | 114 | 0 |
First application of new IFRS impacts | 71 | ||
Additions | 204 | 156 | |
Disposals | (7) | (2) | |
Transfers | (173) | (110) | |
Translation differences and hyperinflation adjustments | 5 | (1) | |
Other movements | 1 | ||
Contract assets, ending balance | 144 | 114 | |
Long-term contracts | Impairment losses | |||
Contract assets [abstract] | |||
Contract assets, beginning balance | (6) | (6) | 0 |
First application of new IFRS impacts | (3) | ||
Additions | 0 | (3) | |
Disposals | 0 | 0 | |
Transfers | 1 | 0 | |
Translation differences and hyperinflation adjustments | 0 | 0 | |
Other movements | (1) | ||
Contract assets, ending balance | (6) | (6) | |
Short-term contracts | |||
Contract assets [abstract] | |||
Contract assets, beginning balance | 351 | 341 | 0 |
First application of new IFRS impacts | 332 | ||
Additions | 662 | 761 | |
Disposals | (816) | (856) | |
Transfers | 156 | 113 | |
Translation differences and hyperinflation adjustments | 9 | (9) | |
Other movements | (1) | ||
Contract assets, ending balance | 351 | 341 | |
Contract liabilities [abstract] | |||
Contract liabilities, beginning balance | 1,335 | 0 | |
First application of new IFRS impacts | 98 | ||
Additions | 7,516 | 7,561 | |
Disposals | (7,747) | (7,631) | |
Transfers | 165 | 1,317 | |
Translation differences and hyperinflation adjustments | 18 | (10) | |
Other movements | (4) | ||
Contract liabilities, ending balance | 1,283 | 1,335 | |
Short-term contracts | Gross cost | |||
Contract assets [abstract] | |||
Contract assets, beginning balance | 381 | 364 | 0 |
First application of new IFRS impacts | 354 | ||
Additions | 677 | 764 | |
Disposals | (824) | (857) | |
Transfers | 157 | 113 | |
Translation differences and hyperinflation adjustments | 9 | (10) | |
Other movements | (2) | ||
Contract assets, ending balance | 381 | 364 | |
Short-term contracts | Impairment losses | |||
Contract assets [abstract] | |||
Contract assets, beginning balance | (30) | (23) | € 0 |
First application of new IFRS impacts | (22) | ||
Additions | (15) | (3) | |
Disposals | 8 | 1 | |
Transfers | (1) | 0 | |
Translation differences and hyperinflation adjustments | 0 | 1 | |
Other movements | 1 | ||
Contract assets, ending balance | € (30) | € (23) | |
Minimum | |||
Contract liabilities [abstract] | |||
Contract liabilities performance period | 24 months | ||
Maximum | |||
Contract liabilities [abstract] | |||
Contract liabilities performance period | 10 years |
Breakdown of Contractual Asse_4
Breakdown of Contractual Assets and Liabilities, and Capitalized Costs - Movement in Deferred Expenses (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | € 757 | € 0 |
First application of new IFRS impacts | 712 | |
Additions | 886 | 803 |
Disposals | (799) | (747) |
Transfers | (2) | (1) |
Translation differences and hyperinflation adjustments | 5 | (10) |
Other movements | (1) | |
Capitalized costs, ending balance | 846 | 757 |
Long-term contracts | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | 191 | 0 |
First application of new IFRS impacts | 172 | |
Additions | 413 | 366 |
Disposals | (3) | (1) |
Transfers | (381) | (343) |
Translation differences and hyperinflation adjustments | 0 | (3) |
Other movements | 1 | |
Capitalized costs, ending balance | 221 | 191 |
Short-term contracts | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | 566 | 0 |
First application of new IFRS impacts | 540 | |
Additions | 473 | 437 |
Disposals | (796) | (746) |
Transfers | 379 | 342 |
Translation differences and hyperinflation adjustments | 5 | (7) |
Other movements | (2) | |
Capitalized costs, ending balance | 625 | 566 |
Impairment losses | Long-term contracts | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | 0 | 0 |
First application of new IFRS impacts | 0 | |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Transfers | 0 | 0 |
Translation differences and hyperinflation adjustments | 0 | 0 |
Other movements | 0 | |
Capitalized costs, ending balance | 0 | 0 |
Impairment losses | Short-term contracts | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | 0 | 0 |
First application of new IFRS impacts | 0 | |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Transfers | 0 | 0 |
Translation differences and hyperinflation adjustments | 0 | 0 |
Other movements | 0 | |
Capitalized costs, ending balance | 0 | 0 |
Of obtaining a contract | Gross cost | Long-term contracts | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | 178 | 0 |
First application of new IFRS impacts | 170 | |
Additions | 368 | 349 |
Disposals | (3) | (1) |
Transfers | (353) | (338) |
Translation differences and hyperinflation adjustments | 1 | (2) |
Other movements | 0 | |
Capitalized costs, ending balance | 191 | 178 |
Of obtaining a contract | Gross cost | Short-term contracts | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | 541 | 0 |
First application of new IFRS impacts | 522 | |
Additions | 428 | 400 |
Disposals | (752) | (713) |
Transfers | 351 | 337 |
Translation differences and hyperinflation adjustments | 6 | (5) |
Other movements | (1) | |
Capitalized costs, ending balance | 573 | 541 |
Of fulfilling a contract | Gross cost | Long-term contracts | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | 13 | 0 |
First application of new IFRS impacts | 2 | |
Additions | 45 | 17 |
Disposals | 0 | 0 |
Transfers | (28) | (5) |
Translation differences and hyperinflation adjustments | (1) | (1) |
Other movements | 1 | |
Capitalized costs, ending balance | 30 | 13 |
Of fulfilling a contract | Gross cost | Short-term contracts | ||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||
Capitalized costs, beginning balance | 25 | 0 |
First application of new IFRS impacts | 18 | |
Additions | 45 | 37 |
Disposals | (44) | (33) |
Transfers | 28 | 5 |
Translation differences and hyperinflation adjustments | (1) | (2) |
Other movements | (1) | |
Capitalized costs, ending balance | € 52 | € 25 |
Breakdown of Contractual Asse_5
Breakdown of Contractual Assets and Liabilities, and Capitalized Costs - Maturity Schedule of Contractual Liabilities (Details) € in Millions | Dec. 31, 2019EUR (€) |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | € 2,134 |
Activation Fees | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 213 |
Sales of Prepay Cards | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 541 |
Services | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 380 |
Sales of Handsets | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 28 |
Sales of Other Equipments | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 10 |
Irrevocable Rights to Use | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 519 |
Other | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 443 |
2020 | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 1,283 |
2020 | Activation Fees | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 190 |
2020 | Sales of Prepay Cards | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 541 |
2020 | Services | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 322 |
2020 | Sales of Handsets | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 26 |
2020 | Sales of Other Equipments | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 2 |
2020 | Irrevocable Rights to Use | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 54 |
2020 | Other | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 148 |
2021 | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 207 |
2021 | Activation Fees | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 6 |
2021 | Sales of Prepay Cards | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 0 |
2021 | Services | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 31 |
2021 | Sales of Handsets | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 2 |
2021 | Sales of Other Equipments | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 0 |
2021 | Irrevocable Rights to Use | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 48 |
2021 | Other | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 120 |
2022 | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 169 |
2022 | Activation Fees | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 3 |
2022 | Sales of Prepay Cards | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 0 |
2022 | Services | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 6 |
2022 | Sales of Handsets | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 0 |
2022 | Sales of Other Equipments | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 0 |
2022 | Irrevocable Rights to Use | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 45 |
2022 | Other | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 115 |
Subsequent years | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 475 |
Subsequent years | Activation Fees | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 14 |
Subsequent years | Sales of Prepay Cards | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 0 |
Subsequent years | Services | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 21 |
Subsequent years | Sales of Handsets | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 0 |
Subsequent years | Sales of Other Equipments | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 8 |
Subsequent years | Irrevocable Rights to Use | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | 372 |
Subsequent years | Other | |
Disclosure of transaction price allocated to remaining performance obligations [line items] | |
Maturity of performance obligations | € 60 |
Provisions - Amounts of Provisi
Provisions - Amounts of Provisions (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current | |||
Employee benefits | € 1,110 | € 886 | |
Termination plans | 486 | 441 | |
Post-employment defined benefit plans | 11 | 9 | |
Other benefits | 613 | 436 | |
Dismantling of assets | 96 | 125 | |
Other provisions | 466 | 901 | |
Total | 1,672 | 1,912 | |
Non-current | |||
Employee benefits | 5,789 | 4,499 | |
Termination plans | 729 | 805 | |
Post-employment defined benefit plans | 565 | 389 | |
Other benefits | 4,495 | 3,305 | |
Dismantling of assets | 847 | 784 | |
Other provisions | 1,850 | 2,237 | |
Total | 8,486 | 7,520 | |
Total | |||
Employee benefits | 6,899 | 5,385 | |
Termination plans | 1,215 | 1,246 | € 1,797 |
Post-employment defined benefit plans | 576 | 398 | |
Other benefits | 5,108 | 3,741 | |
Dismantling of assets | 943 | 909 | |
Other provisions | 2,316 | 3,138 | |
Total | € 10,158 | € 9,432 |
Provisions - Distribution by Se
Provisions - Distribution by Segment of Restructuring Costs (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | ||
Restructuring costs | € 2,170 | € 461 |
Other companies | ||
Disclosure of operating segments [line items] | ||
Restructuring costs | 145 | (34) |
Telefónica Spain | Operating segments | ||
Disclosure of operating segments [line items] | ||
Restructuring costs | 1,732 | 297 |
Telefónica United Kingdom | Operating segments | ||
Disclosure of operating segments [line items] | ||
Restructuring costs | 31 | 0 |
Telefónica Brazil | Operating segments | ||
Disclosure of operating segments [line items] | ||
Restructuring costs | 0 | 46 |
Telefónica Germany | Operating segments | ||
Disclosure of operating segments [line items] | ||
Restructuring costs | 22 | 84 |
Telefónica Hispam Norte | Operating segments | ||
Disclosure of operating segments [line items] | ||
Restructuring costs | 39 | 18 |
Telefónica Hispam Sur | Operating segments | ||
Disclosure of operating segments [line items] | ||
Restructuring costs | € 201 | € 50 |
Provisions - Termination Plans
Provisions - Termination Plans (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provisions [Roll Forward] | ||
Provision for post-employment plans | € 1,246 | € 1,797 |
Additions | 452 | 140 |
Retirements/amount applied | (496) | (579) |
Transfers | (109) | |
Translation differences, hyperinflation adjustments and accretion | 11 | (3) |
Other | 2 | |
Provision for post-employment plans | € 1,215 | € 1,246 |
Provisions - Telefonica Spain,
Provisions - Telefonica Spain, Germany, and S.A. Restructuring (Details) € in Millions | 12 Months Ended | ||
Dec. 31, 2019EUR (€)employee | Dec. 31, 2018EUR (€) | Dec. 31, 2014EUR (€) | |
Disclosure of other provisions [line items] | |||
Restructuring provision | € 2,170 | € 461 | |
Addition to termination plans provision | € 452 | 140 | |
Restructuring provision | Telefónica Spain | |||
Disclosure of other provisions [line items] | |||
Discount rate (as a percent) | 0.22% | ||
Average duration of plans | 1 year 6 months | ||
Restructuring provision | Telefónica Germany | |||
Disclosure of other provisions [line items] | |||
Restructuring provision | € 24 | 48 | € 321 |
Addition to termination plans provision | € 8 | 19 | |
2003-2007 Labor Force Reduction Plan | Restructuring provision | Telefónica Spain | |||
Disclosure of other provisions [line items] | |||
Number of employees participating in labor force reduction plan | employee | 13,870 | ||
Restructuring provision | € 28 | 46 | |
Current restructuring provision | € 12 | ||
2011-2013 Labor Force Reduction Plan | Restructuring provision | Telefónica Spain | |||
Disclosure of other provisions [line items] | |||
Number of employees participating in labor force reduction plan | employee | 6,830 | ||
Restructuring provision | € 528 | € 797 | |
Current restructuring provision | € 217 |
Provisions - Post-Employment De
Provisions - Post-Employment Defined Benefit Plans by Country of Operation (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | € 519 | € 357 | |
Net provision | 576 | 398 | |
Net assets | 57 | 41 | |
Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 3,239 | 2,628 | € 3,383 |
Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | (2,982) | (2,520) | (2,579) |
Net provision before asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 257 | 108 | |
Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 262 | 249 | |
Others | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 5 | 6 | |
Net provision | 6 | 6 | |
Net assets | 1 | 0 | |
Others | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 17 | 18 | 16 |
Others | Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | (12) | (12) | (9) |
Others | Net provision before asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 5 | 6 | |
Others | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 0 | 0 | |
United Kingdom | Operating segments | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 19 | (22) | |
Net provision | 19 | 4 | |
Net assets | 0 | 26 | |
United Kingdom | Operating segments | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 1,858 | 1,548 | 1,828 |
United Kingdom | Operating segments | Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | (1,839) | (1,570) | (1,651) |
United Kingdom | Operating segments | Net provision before asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 19 | (22) | |
United Kingdom | Operating segments | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 0 | 0 | |
Germany | Operating segments | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 211 | 149 | |
Net provision | 218 | 157 | |
Net assets | 7 | 8 | |
Germany | Operating segments | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 304 | 239 | 235 |
Germany | Operating segments | Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | (93) | (90) | (84) |
Germany | Operating segments | Net provision before asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 211 | 149 | |
Germany | Operating segments | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 0 | 0 | |
Brazil | Operating segments | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 206 | 150 | |
Net provision | 255 | 153 | |
Net assets | 49 | 3 | |
Brazil | Operating segments | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 982 | 749 | 734 |
Brazil | Operating segments | Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | (1,038) | (848) | (835) |
Brazil | Operating segments | Net provision before asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | (56) | (99) | |
Brazil | Operating segments | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 262 | 249 | |
Telefónica Hispam Norte | Operating segments | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 72 | 68 | |
Net provision | 72 | 72 | |
Net assets | 0 | 4 | |
Telefónica Hispam Norte | Operating segments | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 72 | 68 | 72 |
Telefónica Hispam Norte | Operating segments | Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 0 | 0 | |
Telefónica Hispam Norte | Operating segments | Net provision before asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 72 | 68 | |
Telefónica Hispam Norte | Operating segments | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 0 | 0 | |
Telefónica Hispam Sur | Operating segments | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 6 | 6 | |
Net provision | 6 | 6 | |
Net assets | 0 | 0 | |
Telefónica Hispam Sur | Operating segments | Obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 6 | 6 | € 8 |
Telefónica Hispam Sur | Operating segments | Assets | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 0 | 0 | |
Telefónica Hispam Sur | Operating segments | Net provision before asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | 6 | 6 | |
Telefónica Hispam Sur | Operating segments | Asset ceiling | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Total | € 0 | € 0 |
Provisions - Movement in the Pr
Provisions - Movement in the Present Value of Obligations (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | € 357 | |
Net defined benefit liability (asset) at end of period | 519 | € 357 |
Present value of obligation | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 2,628 | 3,383 |
Translation differences | 64 | (98) |
Current service cost | 14 | 21 |
Interest cost | 127 | 128 |
Actuarial losses and gains | 515 | (195) |
Benefits paid | (105) | (143) |
Plan curtailments | 1 | |
Transfers | (466) | |
Other movements | (5) | (2) |
Net defined benefit liability (asset) at end of period | 3,239 | 2,628 |
Others | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 6 | |
Net defined benefit liability (asset) at end of period | 5 | 6 |
Others | Present value of obligation | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 18 | 16 |
Translation differences | 0 | 1 |
Current service cost | 1 | 1 |
Interest cost | 0 | 1 |
Actuarial losses and gains | (1) | 0 |
Benefits paid | (1) | (1) |
Plan curtailments | 0 | |
Transfers | 0 | |
Other movements | 0 | 0 |
Net defined benefit liability (asset) at end of period | 17 | 18 |
Spain (Antares) | Operating segments | Present value of obligation | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 0 | 490 |
Translation differences | 0 | 0 |
Current service cost | 0 | 6 |
Interest cost | 0 | 7 |
Actuarial losses and gains | 0 | 4 |
Benefits paid | 0 | (41) |
Plan curtailments | 0 | |
Transfers | (466) | |
Other movements | 0 | 0 |
Net defined benefit liability (asset) at end of period | 0 | 0 |
United Kingdom | Operating segments | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | (22) | |
Net defined benefit liability (asset) at end of period | 19 | (22) |
United Kingdom | Operating segments | Present value of obligation | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 1,548 | 1,828 |
Translation differences | 86 | (12) |
Current service cost | 0 | 0 |
Interest cost | 44 | 44 |
Actuarial losses and gains | 226 | (260) |
Benefits paid | (46) | (50) |
Plan curtailments | 0 | |
Transfers | 0 | |
Other movements | 0 | (2) |
Net defined benefit liability (asset) at end of period | 1,858 | 1,548 |
Germany | Operating segments | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 149 | |
Net defined benefit liability (asset) at end of period | 211 | 149 |
Germany | Operating segments | Present value of obligation | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 239 | 235 |
Translation differences | 0 | 0 |
Current service cost | 11 | 9 |
Interest cost | 5 | 4 |
Actuarial losses and gains | 53 | (6) |
Benefits paid | (4) | (3) |
Plan curtailments | 0 | |
Transfers | 0 | |
Other movements | 0 | 0 |
Net defined benefit liability (asset) at end of period | 304 | 239 |
Brazil | Operating segments | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 150 | |
Net defined benefit liability (asset) at end of period | 206 | 150 |
Brazil | Operating segments | Present value of obligation | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 749 | 734 |
Translation differences | (21) | (81) |
Current service cost | 4 | 4 |
Interest cost | 67 | 65 |
Actuarial losses and gains | 233 | 68 |
Benefits paid | (50) | (41) |
Plan curtailments | 0 | |
Transfers | 0 | |
Other movements | 0 | 0 |
Net defined benefit liability (asset) at end of period | 982 | 749 |
Telefónica Hispam Norte | Operating segments | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 68 | |
Net defined benefit liability (asset) at end of period | 72 | 68 |
Telefónica Hispam Norte | Operating segments | Present value of obligation | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 68 | 72 |
Translation differences | 1 | (3) |
Current service cost | (2) | 1 |
Interest cost | 9 | 5 |
Actuarial losses and gains | 4 | (2) |
Benefits paid | (4) | (5) |
Plan curtailments | 1 | |
Transfers | 0 | |
Other movements | (5) | 0 |
Net defined benefit liability (asset) at end of period | 72 | 68 |
Telefónica Hispam Sur | Operating segments | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 6 | |
Net defined benefit liability (asset) at end of period | 6 | 6 |
Telefónica Hispam Sur | Operating segments | Present value of obligation | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit liability (asset) at beginning of period | 6 | 8 |
Translation differences | (2) | (3) |
Current service cost | 0 | 0 |
Interest cost | 2 | 2 |
Actuarial losses and gains | 0 | 1 |
Benefits paid | 0 | (2) |
Plan curtailments | 0 | |
Transfers | 0 | |
Other movements | 0 | 0 |
Net defined benefit liability (asset) at end of period | € 6 | € 6 |
Provisions - Movements in the F
Provisions - Movements in the Fair Value of Plan Assets (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | € (357) | |
Net defined benefit asset (liability) at end of period | (519) | € (357) |
Fair value of plan assets | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | 2,520 | 2,579 |
Translation differences | 64 | (105) |
Interest income | 124 | 115 |
Actuarial losses and gains | 340 | 14 |
Company contributions | 27 | (1) |
Participants contributions | 3 | 3 |
Benefits paid | (92) | (89) |
Other movements | (4) | 4 |
Net defined benefit asset (liability) at end of period | 2,982 | 2,520 |
Others | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | (6) | |
Net defined benefit asset (liability) at end of period | (5) | (6) |
Others | Fair value of plan assets | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | 12 | 9 |
Translation differences | 0 | 0 |
Interest income | 0 | 0 |
Actuarial losses and gains | 0 | 1 |
Company contributions | 0 | 1 |
Participants contributions | 0 | 0 |
Benefits paid | 0 | 0 |
Other movements | 0 | 1 |
Net defined benefit asset (liability) at end of period | 12 | 12 |
United Kingdom | Operating segments | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | 22 | |
Net defined benefit asset (liability) at end of period | (19) | 22 |
United Kingdom | Operating segments | Fair value of plan assets | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | 1,570 | 1,651 |
Translation differences | 86 | (13) |
Interest income | 46 | 40 |
Actuarial losses and gains | 157 | (57) |
Company contributions | 27 | (2) |
Participants contributions | 0 | 0 |
Benefits paid | (46) | (49) |
Other movements | (1) | 0 |
Net defined benefit asset (liability) at end of period | 1,839 | 1,570 |
Germany | Operating segments | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | (149) | |
Net defined benefit asset (liability) at end of period | (211) | (149) |
Germany | Operating segments | Fair value of plan assets | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | 90 | 84 |
Translation differences | 0 | 0 |
Interest income | 2 | 1 |
Actuarial losses and gains | 2 | 1 |
Company contributions | 0 | 0 |
Participants contributions | 3 | 3 |
Benefits paid | (2) | (2) |
Other movements | (2) | 3 |
Net defined benefit asset (liability) at end of period | 93 | 90 |
Brazil | Operating segments | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | (150) | |
Net defined benefit asset (liability) at end of period | (206) | (150) |
Brazil | Operating segments | Fair value of plan assets | ||
Net Defined Benefit Liability Asset [Roll Forward] | ||
Net defined benefit asset (liability) at beginning of period | 848 | 835 |
Translation differences | (22) | (92) |
Interest income | 76 | 74 |
Actuarial losses and gains | 181 | 69 |
Company contributions | 0 | 0 |
Participants contributions | 0 | 0 |
Benefits paid | (44) | (38) |
Other movements | (1) | 0 |
Net defined benefit asset (liability) at end of period | € 1,038 | € 848 |
Provisions - Principal Defined
Provisions - Principal Defined Benefit Plans (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [line items] | |||
Provision for defined benefit plans | € 576 | € 398 | |
Telefónica Spain | ITP | Foreign defined benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Provision for defined benefit plans | 206 | ||
Telefónica Spain | Survival | Foreign defined benefit plans | |||
Disclosure of defined benefit plans [line items] | |||
Provision for defined benefit plans | 260 | ||
Seguos de Vida y Pensiones Antares | |||
Disclosure of defined benefit plans [line items] | |||
Other long-term credits | € 634 | € 692 |
Provisions - Main Actuarial Ass
Provisions - Main Actuarial Assumptions Used in Valuing Defined Benefit Plans (Details) - Telefónica Spain - Foreign defined benefit plans | 12 Months Ended |
Dec. 31, 2018 | |
Survival | |
Disclosure of defined benefit plans [line items] | |
Average duration of plans | 7 years 5 months 1 day |
Discount rate (as a percent) | 1.32% |
Survival | Minimum | |
Disclosure of defined benefit plans [line items] | |
Expected rate of salary increase (as a percent) | 0.00% |
Survival | Maximum | |
Disclosure of defined benefit plans [line items] | |
Expected rate of salary increase (as a percent) | 0.50% |
ITP | |
Disclosure of defined benefit plans [line items] | |
Average duration of plans | 7 years 5 months 1 day |
Discount rate (as a percent) | 1.29% |
Provisions - Main Actuarial A_2
Provisions - Main Actuarial Assumptions Used in Telefónica United Kingdom Pension Plan (Details) - Telefónica United Kingdom - Foreign defined benefit plans - beneficiary | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | ||
Number of beneficiaries under plan | 4,422 | 4,456 |
Average duration of plans | 22 years | |
Nominal rate of pension payment increase | 2.90% | 3.05% |
Discount rate (as a percent) | 2.05% | 2.85% |
Expected inflation | 2.95% | 3.20% |
Provisions - Fair Value of Plan
Provisions - Fair Value of Plan Assets for Telefónica United Kingdom Pension Plan (Details) - Telefónica United Kingdom - Foreign defined benefit plans - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value of plan assets [line items] | ||
Credit instruments | € 1,710 | € 1,570 |
Cash equivalents | 129 | 0 |
Total | € 1,839 | € 1,570 |
Provisions - Effect of Changes
Provisions - Effect of Changes in Actuarial Assumptions on Defined Benefit Obligation of Telefonica United Kingdom Pension Plan (Details) € in Millions | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percent of possible decrease in actuarial assumption | 1.00% |
Percentage of possible increase in actuarial assumption | 1.00% |
Telefónica United Kingdom | Foreign defined benefit plans | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percent of possible decrease in actuarial assumption | (0.25%) |
Discount rate (0.25% decrease) | € 115 |
Telefónica United Kingdom | Foreign defined benefit plans | Expected inflation | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of possible increase in actuarial assumption | 0.25% |
Increase in defined benefit obligation | € 110 |
Telefónica United Kingdom | Foreign defined benefit plans | Life expectancy | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Possible increase in life expectancy | 1 year |
Increase in defined benefit obligation | € 48 |
Provisions - Main Actuarial A_3
Provisions - Main Actuarial Assumptions Used in Telefónica Brazil Plan (Details) - Telefónica Brazil - Foreign defined benefit plans | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of defined benefit plans [line items] | ||
Nominal rate of salary increase | 5.47% | 5.67% |
Long-term inflation rate | 3.80% | 4.00% |
Growth rate for medical costs | 6.91% | 7.12% |
Minimum | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate (as a percent) | 6.65% | 8.96% |
Maximum | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate (as a percent) | 7.54% | 9.27% |
Provisions - Sensitivity to Cha
Provisions - Sensitivity to Changes in Actuarial Assumptions on Discounted Obligation of Telefónica Brazil Plan (Details) € in Millions | Dec. 31, 2019EUR (€) |
Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Telefónica Brazil | Foreign defined benefit plans | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | € 983 |
Telefónica Brazil | Foreign defined benefit plans | Discount rate | Present value of the obligation by increasing the discount rate by 0.5% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | € 926 |
Percentage of possible increase in actuarial assumption | 0.50% |
Telefónica Brazil | Foreign defined benefit plans | Discount rate | Present value of the obligation by reducing the discount rate by 0.5% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | € 1,045 |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Telefónica Brazil | Foreign defined benefit plans | Growth rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | € 983 |
Telefónica Brazil | Foreign defined benefit plans | Growth rate | Present value of the obligation by increasing the rate by 1% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | € 1,064 |
Percentage of possible increase in actuarial assumption | 1.00% |
Telefónica Brazil | Foreign defined benefit plans | Growth rate | Present value of the obligation by reducing the rate by 1% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | € 918 |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Telefónica Brazil | Pension plans | Foreign defined benefit plans | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | € 537 |
Telefónica Brazil | Pension plans | Foreign defined benefit plans | Discount rate | Present value of the obligation by increasing the discount rate by 0.5% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 515 |
Telefónica Brazil | Pension plans | Foreign defined benefit plans | Discount rate | Present value of the obligation by reducing the discount rate by 0.5% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 560 |
Telefónica Brazil | Pension plans | Foreign defined benefit plans | Growth rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 537 |
Telefónica Brazil | Pension plans | Foreign defined benefit plans | Growth rate | Present value of the obligation by increasing the rate by 1% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 537 |
Telefónica Brazil | Pension plans | Foreign defined benefit plans | Growth rate | Present value of the obligation by reducing the rate by 1% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 537 |
Telefónica Brazil | Health plans | Foreign defined benefit plans | Discount rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 446 |
Telefónica Brazil | Health plans | Foreign defined benefit plans | Discount rate | Present value of the obligation by increasing the discount rate by 0.5% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 411 |
Telefónica Brazil | Health plans | Foreign defined benefit plans | Discount rate | Present value of the obligation by reducing the discount rate by 0.5% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 485 |
Telefónica Brazil | Health plans | Foreign defined benefit plans | Growth rate | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 446 |
Telefónica Brazil | Health plans | Foreign defined benefit plans | Growth rate | Present value of the obligation by increasing the rate by 1% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | 527 |
Telefónica Brazil | Health plans | Foreign defined benefit plans | Growth rate | Present value of the obligation by reducing the rate by 1% | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Defined benefit obligation, at present value | € 381 |
Provisions - Individual Suspens
Provisions - Individual Suspension Plan (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | ||
Provisions for employee benefits | € 6,899 | € 5,385 |
Individual Suspension Plan | ||
Disclosure of defined benefit plans [line items] | ||
Provisions for employee benefits | € 4,961 | € 3,588 |
Discount rate (as a percent) | 0.46% | |
Average duration of plans | 4 years 8 months 12 days |
Provisions - Sensitivity Analys
Provisions - Sensitivity Analysis Used in Individual Suspension Plan (Details) - Individual Suspension Plan - Discount rate € in Millions | Dec. 31, 2019EUR (€) |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | € (253) |
Impact on income statement | (253) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | 235 |
Impact on income statement | € 235 |
Provisions - Movement in Provis
Provisions - Movement in Provisions (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | € 3,138 | |
Other provisions at end of period | 2,316 | € 3,138 |
Dismantling of assets | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 909 | 973 |
Additions and accretion | 178 | 96 |
Retirements/amount applied | (97) | (83) |
Translation differences and other | (47) | (77) |
Other provisions at end of period | 943 | 909 |
Other provisions | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 3,138 | 3,883 |
Reclassification entry into force IFRIC 23 | (856) | |
Additions and accretion | 946 | 911 |
Retirements/amount applied | (841) | (1,276) |
Transfers | 19 | (89) |
Translation differences and other | (90) | (291) |
Other provisions at end of period | € 2,316 | € 3,138 |
Provisions - Provisions by Segm
Provisions - Provisions by Segment (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of other provisions [line items] | ||
Other provisions | € 2,316 | € 3,138 |
Other companies | ||
Disclosure of other provisions [line items] | ||
Other provisions | 166 | 142 |
Telefónica Spain | Operating segments | ||
Disclosure of other provisions [line items] | ||
Other provisions | 6 | 7 |
Telefónica Germany | Operating segments | ||
Disclosure of other provisions [line items] | ||
Other provisions | 421 | 421 |
Telefónica Brazil | ||
Disclosure of other provisions [line items] | ||
Other provisions | 898 | 1,072 |
Telefónica Brazil | Operating segments | ||
Disclosure of other provisions [line items] | ||
Other provisions | 141 | 152 |
Telefónica United Kingdom | Operating segments | ||
Disclosure of other provisions [line items] | ||
Other provisions | 89 | 85 |
Telefónica Hispam Norte | Operating segments | ||
Disclosure of other provisions [line items] | ||
Other provisions | 51 | 26 |
Telefónica Hispam Sur | Operating segments | ||
Disclosure of other provisions [line items] | ||
Other provisions | 69 | 76 |
Telefonica, S.A. | ||
Disclosure of other provisions [line items] | ||
Other provisions | € 943 | € 909 |
Provisions - Provisions Narrati
Provisions - Provisions Narrative (Details) € in Millions, S/ in Millions | 12 Months Ended | |||||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2019PEN (S/) | Dec. 31, 2017EUR (€) | Dec. 31, 2015EUR (€) | Dec. 31, 2015PEN (S/) | |
Disclosure of other provisions [line items] | ||||||
Other provisions | € 2,316 | € 3,138 | ||||
Goodwill expected to be deductible for tax purposes | 352 | 283 | ||||
Other provisions | ||||||
Disclosure of other provisions [line items] | ||||||
Transfers | 19 | (89) | ||||
Other provisions | 2,316 | 3,138 | € 3,883 | |||
Regulatory proceedings | ||||||
Disclosure of other provisions [line items] | ||||||
Other provisions | 1,247 | 1,379 | ||||
Telefónica Brazil | ||||||
Disclosure of other provisions [line items] | ||||||
Other provisions | 898 | 1,072 | ||||
Telefónica Brazil | Tax contingent liability | ||||||
Disclosure of other provisions [line items] | ||||||
Estimated financial effect of contingent liabilities | 5,768 | 8,136 | ||||
Telefónica Brazil | Regulatory proceedings | ||||||
Disclosure of other provisions [line items] | ||||||
Other provisions | 253 | 230 | ||||
Telefónica Brazil | Civil Proceedings | ||||||
Disclosure of other provisions [line items] | ||||||
Other provisions | 772 | 787 | ||||
Telefónica Brazil | Tax proceedings | ||||||
Disclosure of other provisions [line items] | ||||||
Other provisions | 348 | 440 | € 902 | |||
Telefónica Brazil | Vivo | Goodwill amortized for tax | ||||||
Disclosure of other provisions [line items] | ||||||
Other provisions | 184 | 186 | ||||
Telefónica Peru | Tax proceedings | ||||||
Disclosure of other provisions [line items] | ||||||
Other provisions | 154 | € 439 | S/ 580 | € 431 | S/ 1,521 | |
Seguos de Vida y Pensiones Antares | Other provisions | ||||||
Disclosure of other provisions [line items] | ||||||
Transfers | € (81) |
Provisions - Balances of Provis
Provisions - Balances of Provisions (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [line items] | |||
Other provisions | € 2,316 | € 3,138 | |
Regulatory proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 1,247 | 1,379 | |
Telefónica Brazil | |||
Disclosure of other provisions [line items] | |||
Other provisions | 898 | 1,072 | |
Telefónica Brazil | Tax proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 348 | 440 | € 902 |
Telefónica Brazil | Tax proceedings | Federal taxes | |||
Disclosure of other provisions [line items] | |||
Other provisions | 127 | 119 | |
Telefónica Brazil | Tax proceedings | State taxes | |||
Disclosure of other provisions [line items] | |||
Other provisions | 103 | 205 | |
Telefónica Brazil | Tax proceedings | Municipal taxes | |||
Disclosure of other provisions [line items] | |||
Other provisions | 8 | 8 | |
Telefónica Brazil | Tax proceedings | FUST | |||
Disclosure of other provisions [line items] | |||
Other provisions | 110 | 108 | |
Telefónica Brazil | Regulatory proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 253 | 230 | |
Telefónica Brazil | Labor claims | |||
Disclosure of other provisions [line items] | |||
Other provisions | 121 | 176 | |
Telefónica Brazil | Civil proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | € 176 | € 226 |
Provisions - Provisions for Tax
Provisions - Provisions for Tax Proceedings (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | € 3,138 | |
Other provisions at end of period | 2,316 | € 3,138 |
Telefónica Brazil | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 1,072 | |
Other provisions at end of period | 898 | 1,072 |
Telefónica Brazil | Tax proceedings | ||
Disclosure of other provisions [line items] | ||
Other provisions at beginning of period | 440 | 902 |
Reclassification entry into force IFRIC 23 | (16) | |
Movements with a counterparty in judicial deposits | (569) | |
Movements with a counterparty in the income statement | 7 | 105 |
Write-offs due to payment | (83) | (12) |
Monetary updating | 6 | 97 |
Translation differences | (6) | (83) |
Other provisions at end of period | € 348 | € 440 |
Provisions - Provisions for Jud
Provisions - Provisions for Judicial Proceedings (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [line items] | |||
Other provisions | € 2,316 | € 3,138 | |
Current (see Note 15) | 466 | 901 | |
Non-current (see Note 12) | 1,850 | 2,237 | |
Regulatory proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 1,247 | 1,379 | |
Telefónica Brazil | |||
Disclosure of other provisions [line items] | |||
Other provisions | 898 | 1,072 | |
Telefónica Brazil | Tax proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 348 | 440 | € 902 |
Telefónica Brazil | Labor claims | |||
Disclosure of other provisions [line items] | |||
Other provisions | 121 | 176 | |
Telefónica Brazil | Civil proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 176 | 226 | |
Telefónica Brazil | Regulatory proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 253 | 230 | |
Telefónica Brazil | Judicial Proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 811 | 881 | |
Current (see Note 15) | 61 | 71 | |
Non-current (see Note 12) | 750 | 810 | |
Telefónica Brazil | Judicial Proceedings | Tax proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 443 | 435 | |
Telefónica Brazil | Judicial Proceedings | Labor claims | |||
Disclosure of other provisions [line items] | |||
Other provisions | 70 | 118 | |
Telefónica Brazil | Judicial Proceedings | Civil proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 232 | 262 | |
Telefónica Brazil | Judicial Proceedings | Regulatory proceedings | |||
Disclosure of other provisions [line items] | |||
Other provisions | 58 | 47 | |
Telefónica Brazil | Judicial Proceedings | Garnishments | |||
Disclosure of other provisions [line items] | |||
Other provisions | € 8 | € 19 |
Income Tax Matters - Narrative
Income Tax Matters - Narrative (Details) € in Millions, S/ in Millions, R$ in Millions | Jun. 13, 2019EUR (€) | Jan. 01, 2019EUR (€) | Jan. 01, 2018EUR (€) | Mar. 31, 2019EUR (€) | Aug. 31, 2015 | Dec. 31, 2019EUR (€)company | Dec. 31, 2019BRL (R$) | Dec. 31, 2018EUR (€)company | Dec. 31, 2017EUR (€) | Dec. 31, 2019BRL (R$)company | Dec. 31, 2019PEN (S/)company | Dec. 31, 2015EUR (€) | Dec. 31, 2015PEN (S/) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Number of consolidated tax group companies | company | 42 | 44 | 42 | 42 | |||||||||
Deferred tax assets | € 6,682 | € 7,631 | € 7,820 | ||||||||||
Deferred tax liabilities | 2,908 | 2,674 | 2,145 | ||||||||||
Disposal of deferred tax assets | 215 | ||||||||||||
Tax receivables for indirect taxes | 941 | 1,073 | |||||||||||
Income tax expense | 1,054 | 1,621 | € 1,219 | ||||||||||
Positive tax effect of impairment of goodwill | 1,552 | ||||||||||||
Amortized goodwill for tax purposes | 352 | 283 | |||||||||||
Losses on litigation settlements | 3,416 | R$ 15460 | |||||||||||
Other provisions | 2,316 | 3,138 | |||||||||||
Unused tax deductions | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 6,682 | 7,631 | |||||||||||
Temporary differences | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 5,110 | 4,590 | |||||||||||
Deferred tax liabilities | 5,679 | 4,883 | |||||||||||
Workforce restructuring plan | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 101 | ||||||||||||
PIS/COFINS | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Tax receivables for indirect taxes | 452 | 568 | |||||||||||
Spain | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 1,420 | 2,272 | |||||||||||
Tax credits recognized | 95 | ||||||||||||
Capitalized tax loss carryforward | 791 | ||||||||||||
Tax credits reversed | 477 | ||||||||||||
Unused tax loss carryforwards | 7,738 | ||||||||||||
Unused tax losses for which no deferred tax asset recognised | 513 | ||||||||||||
Spain | Total unused tax credits | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 1,459 | ||||||||||||
Germany | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 695 | ||||||||||||
Unused tax losses for which no deferred tax asset recognised | 6,396 | ||||||||||||
Latin America | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 769 | ||||||||||||
Unused tax losses for which no deferred tax asset recognised | 382 | ||||||||||||
Telefónica Spain | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 492 | ||||||||||||
Disposal of deferred tax assets | 207 | ||||||||||||
Tax proceedings | Telefónica Peru | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Other provisions | 154 | 439 | S/ 580 | € 431 | S/ 1,521 | ||||||||
Deferred Tax Liabilities | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax relating to items credited (charged) directly to equity | 2 | (89) | |||||||||||
Deferred Tax Assets | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax relating to items credited (charged) directly to equity | (12) | (13) | |||||||||||
IFRIC 23 | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Increase (decrease) in deferred tax liability (asset) | € 313 | 69 | |||||||||||
Tribunal Economico-Administrativo Central - Overpayments in 2008-2011 | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Transfers of deferred tax assets movement | 702 | ||||||||||||
Proceeds from favorable tax appeal | € 201 | 201 | |||||||||||
Tribunal Economico-Administrativo Central - Overpayments in 2008-2011 | Telefónica Spain | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Income tax expense | 201 | ||||||||||||
Peru - Rulings in June and August 2015 | Tax proceedings | Telefónica Peru | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Other provisions | 633 | S/ 2,355 | |||||||||||
Telefonica Moviles Mexico | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Reversal of deferred tax assets | 454 | ||||||||||||
Disposal of deferred tax assets | 454 | 327 | |||||||||||
Telefonica Moviles Mexico | Temporary differences | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Reversal of deferred tax assets | 271 | ||||||||||||
Telefonica Moviles Mexico | Deferred Tax Assets | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Reversal of deferred tax assets | 183 | ||||||||||||
Telefónica Brazil | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 122 | ||||||||||||
Deferred tax liabilities | 304 | ||||||||||||
Tax credits recognized | 160 | ||||||||||||
Disposal of deferred tax assets | 127 | ||||||||||||
Amortized goodwill for tax purposes | 2,186 | R$ 9895 | |||||||||||
Telefónica Brazil | Temporary differences | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Disposal of deferred tax assets | 271 | ||||||||||||
Increase (decrease) in deferred tax liability (asset) | (184) | ||||||||||||
Telefónica Brazil | Goodwill amortized for tax | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax liabilities | 415 | ||||||||||||
Group 3G UMTS Holding | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Tax credits recognized | 81 | ||||||||||||
Applied tax loss carryforwards | 77 | ||||||||||||
Colombia Telecomunicaciones, S.A, ESP | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Tax credits recognized | 106 | ||||||||||||
Applied tax loss carryforwards | 57 | ||||||||||||
Telefonica Venezolana | Hyperinflation adjustment | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Income tax expense | 186 | ||||||||||||
Telefónica Germany Holdings Ltd. Holding company | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Tax credits recognized | 84 | ||||||||||||
Applied tax loss carryforwards | 77 | ||||||||||||
Telefonica, S.A. | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 6,682 | 7,631 | |||||||||||
Deferred tax liabilities | 2,908 | 2,674 | |||||||||||
Disposal of deferred tax assets | € 27 | ||||||||||||
Increase (decrease) in deferred tax liability (asset) | € 164 | ||||||||||||
Deferred tax liabilities reclassified | 209 | 206 | |||||||||||
Telefonica, S.A. | Unused tax deductions | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 1,459 | 1,422 | |||||||||||
Telefonica, S.A. | Temporary differences | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 2,339 | 2,381 | |||||||||||
Telefónica Peru | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Percentage of dispute that accounts for total amount under litigation | 75.00% | ||||||||||||
Telefónica Peru | Tribunal Economico-Administrativo Central - Overpayments in 2008-2011 | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Income tax expense | 154 | ||||||||||||
Spain | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Proceeds from favorable tax appeal | € 1.4 | ||||||||||||
Less than 1 year | Unused tax deductions | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 747 | 1,736 | |||||||||||
Less than 1 year | Spain | Unused tax deductions | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax assets | 525 | 1,461 | |||||||||||
Subsidiaries | |||||||||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||||||||||
Deferred tax liabilities | 157 | 307 | |||||||||||
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | € 285 | € 129 |
Income Tax Matters - Deferred T
Income Tax Matters - Deferred Taxes Movement (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Beginning balance, Deferred tax assets | € 7,631 | € 7,820 |
Reclassification entry into force IFRIC 23 | 0 | |
Additions | 1,070 | 1,866 |
Disposals | (1,123) | (1,844) |
Transfers | (882) | (79) |
Translation differences and hyperinflation adjustments | (33) | (127) |
Company movements and others | 19 | (5) |
Ending balance, Deferred tax assets | 6,682 | 7,631 |
Beginning balance, Deferred tax liabilities | 2,674 | 2,145 |
Reclassification entry into force IFRIC 23 | 313 | |
Additions | 586 | 916 |
Disposals | (323) | (320) |
Transfers | (250) | (204) |
Translation differences and hyperinflation adjustments | (87) | 130 |
Company movements and others | (5) | 7 |
Ending balance, Deferred tax liabilities | € 2,908 | € 2,674 |
Income Tax Matters - Expected R
Income Tax Matters - Expected Realization of Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 6,682 | € 7,631 | € 7,820 |
Deferred tax liabilities | 2,908 | 2,674 | 2,145 |
Unused tax deductions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6,682 | 7,631 | |
Unused tax deductions | Less than 1 year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 747 | 1,736 | |
Unused tax deductions | More than 360 days | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 5,935 | 5,895 | |
Tax credits for loss carryforwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,884 | 3,828 | € 2,776 |
Deferred tax liabilities | 2,908 | 2,674 | |
Tax credits for loss carryforwards | Less than 1 year | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | (17) | (9) | |
Tax credits for loss carryforwards | More than 360 days | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax liabilities | € 2,925 | € 2,683 |
Income Tax Matters - Deferred_2
Income Tax Matters - Deferred Tax Assets (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 6,682 | € 7,631 | € 7,820 |
Tax credits for loss carryforwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,884 | 3,828 | € 2,776 |
Unused tax deductions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6,682 | 7,631 | |
Deferred tax assets for temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 5,110 | 4,590 | |
Telefonica, S.A. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6,682 | 7,631 | |
Telefonica, S.A. | Tax credits for loss carryforwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,884 | 3,828 | |
Telefonica, S.A. | Unused tax deductions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,459 | 1,422 | |
Telefonica, S.A. | Deferred tax assets for temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 2,339 | € 2,381 |
Income Tax Matters - Tax Credit
Income Tax Matters - Tax Credits for Loss Carry-Forwards (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | € 7,631 | € 7,820 |
Ending balance, Deferred tax assets | 6,682 | 7,631 |
Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 3,828 | 2,776 |
Additions | 217 | 1,268 |
Reversals | (295) | (161) |
Perimeter changes | 0 | 0 |
Translation differences and other | (866) | (55) |
Ending balance, Deferred tax assets | 2,884 | 3,828 |
Tax loss carryforwards generated in the tax group | 4,736 | |
Spain | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 2,272 | |
Ending balance, Deferred tax assets | 1,420 | 2,272 |
Tax loss carryforwards generated in the tax group | 513 | |
Spain | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 2,272 | 1,500 |
Additions | 0 | 791 |
Reversals | (16) | (11) |
Perimeter changes | 0 | 0 |
Translation differences and other | (836) | (8) |
Ending balance, Deferred tax assets | 1,420 | 2,272 |
Germany | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Ending balance, Deferred tax assets | 695 | |
Tax loss carryforwards generated in the tax group | 6,396 | |
Germany | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 580 | 472 |
Additions | 192 | 185 |
Reversals | (77) | (77) |
Perimeter changes | 0 | 0 |
Translation differences and other | 0 | 0 |
Ending balance, Deferred tax assets | 695 | 580 |
Latin America | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Ending balance, Deferred tax assets | 769 | |
Tax loss carryforwards generated in the tax group | 382 | |
Latin America | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 976 | 799 |
Additions | 25 | 292 |
Reversals | (202) | (69) |
Perimeter changes | 0 | 0 |
Translation differences and other | (30) | (46) |
Ending balance, Deferred tax assets | 769 | 976 |
Other countries | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Beginning balance, Deferred tax assets | 0 | 5 |
Additions | 0 | 0 |
Reversals | 0 | (4) |
Perimeter changes | 0 | 0 |
Translation differences and other | 0 | (1) |
Ending balance, Deferred tax assets | 0 | € 0 |
Telefónica Spain | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforwards generated in the tax group | 3,002 | |
Less than 1 year | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforwards generated in the tax group | 219 | |
Less than 1 year | Telefónica Spain | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforwards generated in the tax group | 0 | |
More than 360 days | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforwards generated in the tax group | 4,517 | |
More than 360 days | Telefónica Spain | Tax credits for loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Tax loss carryforwards generated in the tax group | € 3,002 |
Income Tax Matters - Temporary
Income Tax Matters - Temporary Differences (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | € 6,682 | € 7,631 | € 7,820 |
Deferred tax liabilities | 2,908 | 2,674 | € 2,145 |
Deferred tax liabilities (assets) offset | (2,771) | (2,209) | |
Goodwill and intangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 323 | 724 | |
Deferred tax liabilities | 2,115 | 1,981 | |
Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 520 | 742 | |
Deferred tax liabilities | 1,203 | 1,307 | |
Personnel commitments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,730 | 1,397 | |
Deferred tax liabilities | 7 | 19 | |
Provisions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 832 | 895 | |
Deferred tax liabilities | 385 | 19 | |
Investments in subsidiaries, associates and other shareholdings | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 6 | 6 | |
Deferred tax liabilities | 414 | 780 | |
Inventories and receivables | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 273 | 254 | |
Deferred tax liabilities | 197 | 185 | |
Rights of use | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 15 | 0 | |
Deferred tax liabilities | 800 | 0 | |
Lease liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 796 | 0 | |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 615 | 572 | |
Deferred tax liabilities | 558 | 592 | |
Total deferred tax assets/ liabilities for temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 5,110 | 4,590 | |
Deferred tax liabilities | 5,679 | 4,883 | |
Total temporary difference | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 2,339 | 2,381 | |
Deferred tax liabilities | € 2,908 | € 2,674 |
Income Tax Matters - Tax Payabl
Income Tax Matters - Tax Payables and Receivables (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes [Abstract] | ||
Tax withholdings | € 161 | € 98 |
Indirect taxes | 817 | 781 |
Social security | 137 | 123 |
Current income taxes payable | 1,073 | 580 |
Other | 372 | 465 |
Total | 2,560 | 2,047 |
Indirect taxes | 941 | 1,073 |
Current income taxes receivable | 507 | 456 |
Other | 113 | 147 |
Total | € 1,561 | € 1,676 |
Income Tax Matters - Reconcilia
Income Tax Matters - Reconciliation of Profit (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Accounting profit before tax | € 2,718 | € 5,571 | € 4,597 |
Tax expense at prevailing statutory rate | 722 | 1,544 | 1,310 |
Permanent differences | (223) | 133 | (186) |
Changes in deferred tax charge due to changes in tax rates | 8 | 6 | 19 |
(Capitalization)/reversal of tax deduction and tax relief | (44) | 371 | (79) |
(Capitalization)/reversal of loss carryforwards | 118 | (1,067) | (123) |
(Increase)/decrease in tax expense arising from temporary differences | 484 | 569 | 157 |
Other | (11) | 65 | 121 |
Current tax expense | 1,108 | 1,122 | 968 |
Deferred tax expense/(benefit) | (54) | 499 | 251 |
Corporate income tax | € 1,054 | € 1,621 | € 1,219 |
Revenue and Expenses - Revenues
Revenue and Expenses - Revenues (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |||
Rendering of services | € 42,264 | € 43,085 | € 47,175 |
Sales | 6,158 | 5,608 | 4,833 |
Total | € 48,422 | € 48,693 | € 52,008 |
Revenue and Expenses - Other In
Revenue and Expenses - Other Income (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing And Discontinued Operations [Line Items] | |||
Own work capitalized | € 890 | € 815 | € 863 |
Gain on disposal of companies | 677 | 21 | 3 |
Gain on disposal of other assets | 612 | 241 | 176 |
Government grants | 22 | 22 | 23 |
Other operating income | 641 | 523 | 424 |
Total | 2,842 | 1,622 | 1,489 |
Proceeds from sale of future credit rights from claims filed within four years, not included in income statement | 31 | ||
Telephone towers | |||
Continuing And Discontinued Operations [Line Items] | |||
Gain on disposal of other assets | 176 | € 53 | € 7 |
Gains (Losses) in fair value of equity instruments | |||
Continuing And Discontinued Operations [Line Items] | |||
Other operating income | 24 | ||
Other Income | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds from sale of future credit rights | 103 | ||
Proceeds from sale of future credit rights from claims filed within four years | 51 | ||
Capital gain (loss) | 213 | ||
Telefónica México | |||
Continuing And Discontinued Operations [Line Items] | |||
Gain on disposal of other assets | € 95 |
Revenue and Expenses - Other Ex
Revenue and Expenses - Other Expenses (Details) € in Millions, R$ in Millions | 12 Months Ended | |||
Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2018BRL (R$) | Dec. 31, 2017EUR (€) | |
Disclosure of transactions between related parties [line items] | ||||
Leases included in Other expenses | € 123 | € 1,071 | € 1,069 | |
Advertising | 892 | 1,029 | 1,211 | |
Other external services | 10,478 | 10,398 | 10,445 | |
Taxes other than income tax | 995 | 365 | 1,285 | |
Change in trade provisions | 939 | 748 | 863 | |
Losses on disposal of fixed assets and changes in provisions for fixed assets | 187 | 35 | 44 | |
Goodwill impairment (Note 7) | 206 | 350 | 0 | |
Other operating expenses | 624 | 403 | 509 | |
Total | 14,444 | 14,399 | € 15,426 | |
Increase (reduction) to tax expense due to decisions with tax authorities | € 789 | R$ 3386 | ||
Telefónica México | ||||
Disclosure of transactions between related parties [line items] | ||||
Losses on disposal of fixed assets and changes in provisions for fixed assets | 123 | |||
Other operating expenses | € 167 |
Revenue and Expenses - Estimate
Revenue and Expenses - Estimated Payment Schedule (Details) € in Millions | Dec. 31, 2019EUR (€) |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Present value of future payments for operating leases at December 31, 2018 | € 11,475 |
Purchase and other contractual obligations | 50 |
Operating lease obligations, at present value | 18 |
Less than 1 year | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Present value of future payments for operating leases at December 31, 2018 | 4,590 |
1 to 3 years | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Present value of future payments for operating leases at December 31, 2018 | 4,590 |
3 to 5 years | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Present value of future payments for operating leases at December 31, 2018 | 1,265 |
More than 5 years | |
Disclosure of finance lease and operating lease by lessee [Line Items] | |
Present value of future payments for operating leases at December 31, 2018 | € 1,030 |
Revenue and Expenses - Headcoun
Revenue and Expenses - Headcount (Details) - employee | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Average employees over year | 117,347 | 121,853 | 125,371 |
Employees at year-end | 113,819 | 120,138 | 122,718 |
Percentage of female employees | 37.97% | 37.72% | |
Operating segments | |||
Disclosure of operating segments [line items] | |||
Number of employees with disabilities | 1,081 | 955 | |
Others | |||
Disclosure of operating segments [line items] | |||
Average employees over year | 8,844 | 8,838 | 9,869 |
Employees at year-end | 8,540 | 9,114 | 8,631 |
Telefónica Spain | Operating segments | |||
Disclosure of operating segments [line items] | |||
Average employees over year | 25,132 | 26,712 | 28,084 |
Employees at year-end | 22,869 | 25,305 | 27,291 |
Number of employees with disabilities | 222 | 217 | |
Telefónica United Kingdom | Operating segments | |||
Disclosure of operating segments [line items] | |||
Average employees over year | 6,940 | 6,732 | 6,776 |
Employees at year-end | 6,861 | 7,188 | 6,687 |
Telefónica Germany | Operating segments | |||
Disclosure of operating segments [line items] | |||
Average employees over year | 8,034 | 8,366 | 8,653 |
Employees at year-end | 7,955 | 8,203 | 8,535 |
Telefónica Brazil | Operating segments | |||
Disclosure of operating segments [line items] | |||
Average employees over year | 33,147 | 34,068 | 33,991 |
Employees at year-end | 33,905 | 33,499 | 34,125 |
Telefónica Hispam Norte | Operating segments | |||
Disclosure of operating segments [line items] | |||
Average employees over year | 11,108 | 12,254 | 12,620 |
Employees at year-end | 10,604 | 12,156 | 12,354 |
Telefónica Hispam Sur | Operating segments | |||
Disclosure of operating segments [line items] | |||
Average employees over year | 24,142 | 24,883 | 25,378 |
Employees at year-end | 23,085 | 24,673 | 25,095 |
Revenue and Expenses - Deprecia
Revenue and Expenses - Depreciation and Amortization (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |||
Property, plant and equipment (Note 8) | € 5,613 | € 5,751 | € 5,953 |
Intangible assets (Note 6) | 3,248 | 3,298 | 3,443 |
Rights of use (Note 9) | 1,721 | ||
Total | € 10,582 | € 9,049 | € 9,396 |
Revenue and Expenses - Data Use
Revenue and Expenses - Data Used for Calculation of Basic and Diluted Earnings Per Share (Details) - EUR (€) shares in Thousands, € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit attributable to ordinary equity holders of parent | |||
Profit attributable to ordinary equity holders of the parent from continuing operations | € 1,142 | € 3,331 | € 3,132 |
Adjustment for the coupon corresponding to undated deeply subordinated securities | (379) | (540) | (374) |
Tax effect | 97 | 138 | 97 |
Adjustment for the financial expense of the debt component of the mandatorily convertible notes | 0 | 0 | 1 |
Total profit attributable to ordinary equity holders of the parent for basic and diluted earnings per share from continuing operations | € 860 | € 2,929 | € 2,856 |
Number of shares (thousands) | |||
Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share | 5,119,138 | 5,126,575 | 5,110,188 |
Adjustment for mandatorily convertible notes (in shares) | 0 | 0 | 0 |
Adjusted number of shares for basic earnings per share (excluding treasury shares) | 5,119,138 | 5,126,575 | 5,110,188 |
Telefónica, S.A. share option plans (in shares) | 4,766 | 663 | 0 |
Weighted average number of ordinary shares outstanding for diluted earnings per share | 5,123,904 | 5,127,238 | 5,110,188 |
Revenue and Expenses - Earnings
Revenue and Expenses - Earnings Per Share (Details) - € / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |||
Basic earnings per share (in euros per share) | € 0.17 | € 0.57 | € 0.56 |
Diluted earnings per share (in euros per share) | € 0.17 | € 0.57 | € 0.56 |
Share-Based Payment Plans - Nar
Share-Based Payment Plans - Narrative (Details) | Oct. 01, 2015shares€ / shares | Oct. 01, 2014shares€ / shares | May 30, 2014EUR (€)phaseshares | Dec. 31, 2020shares | Dec. 31, 2019EUR (€)sharesemployee |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Maximum percentage to be issued free | 0.10% | ||||
Performance and Investment Plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Delivery percent (fulfillment of TSR objective) | 50.00% | ||||
Delivery percent (free cash flow generation, maximum compliance) | 50.00% | ||||
Award vesting period | 5 years | ||||
Number of independent phases | phase | 3 | ||||
Number of shares assigned (shares) | 6,775,445 | 6,927,953 | |||
Fair value of shares assigned (EUR per share) | € / shares | € 6.46 | € 6.82 | |||
Talent for the Future Share Plan 2014-2019 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares assigned (shares) | 618,000 | 556,795 | |||
Fair value of shares assigned (EUR per share) | € / shares | € 6.46 | € 6.82 | |||
Global Employee Share Plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Maximum amount of shares an employee is allowed to purchase | € | € 1,800 | ||||
Number of shares to be received (shares) | 2 | ||||
Maximum amount assigned | € | € 30,000,000 | ||||
Number of employees registered | employee | 17,265 | ||||
Talent for the Future Share Plan 2018-2022 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Delivery percent (fulfillment of TSR objective) | 50.00% | ||||
Delivery percent (free cash flow generation, maximum compliance) | 50.00% | ||||
First Cycle | Performance and Investment Plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares assigned (shares) | 8,466,996 | ||||
Number of shares outstanding (shares) | 7,756,796 | ||||
First Cycle | Talent for the Future Share Plan 2018-2022 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares assigned (shares) | 787,500 | ||||
Number of shares outstanding (shares) | 759,500 | ||||
Second Cycle | Performance and Investment Plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares assigned (shares) | 9,471,489 | ||||
Number of shares outstanding (shares) | 9,034,668 | ||||
Second Cycle | Talent for the Future Share Plan 2018-2022 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares assigned (shares) | 812,000 | ||||
Number of shares outstanding (shares) | 803,250 |
Share-Based Payment Plans - Sch
Share-Based Payment Plans - Schedule of Number of Shares Assigned and Outstanding (Details) | Oct. 01, 2015shares | Oct. 01, 2014shares | Dec. 31, 2020shares | Dec. 31, 2019shares€ / shares |
Performance and Investment Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 6,775,445 | 6,927,953 | ||
First Cycle | Performance and Investment Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 8,466,996 | |||
Outstanding shares (shares) | 7,756,796 | |||
First Cycle | Performance and Investment Plan | TSR Objective | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 4,233,498 | |||
Outstanding shares (shares) | 3,878,398 | |||
Unit fair value | € / shares | € 4.52 | |||
First Cycle | Performance and Investment Plan | FCF Objective | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 4,233,498 | |||
Outstanding shares (shares) | 3,878,398 | |||
Unit fair value | € / shares | € 6.46 | |||
First Cycle | Talent for the Future Share Plan 2018-2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 787,500 | |||
Outstanding shares (shares) | 759,500 | |||
First Cycle | Talent for the Future Share Plan 2018-2022 | TSR Objective | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 393,750 | |||
Outstanding shares (shares) | 379,750 | |||
Unit fair value | € / shares | € 4.52 | |||
First Cycle | Talent for the Future Share Plan 2018-2022 | FCF Objective | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 393,750 | |||
Outstanding shares (shares) | 379,750 | |||
Unit fair value | € / shares | € 6.46 | |||
Second Cycle | Performance and Investment Plan | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 9,471,489 | |||
Outstanding shares (shares) | 9,034,668 | |||
Second Cycle | Performance and Investment Plan | TSR Objective | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 4,735,744.5 | |||
Outstanding shares (shares) | 4,517,334 | |||
Unit fair value | € / shares | € 4.44 | |||
Second Cycle | Performance and Investment Plan | FCF Objective | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 4,735,744.5 | |||
Outstanding shares (shares) | 4,517,334 | |||
Unit fair value | € / shares | € 6.14 | |||
Second Cycle | Talent for the Future Share Plan 2018-2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 812,000 | |||
Outstanding shares (shares) | 803,250 | |||
Second Cycle | Talent for the Future Share Plan 2018-2022 | TSR Objective | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 406,000 | |||
Outstanding shares (shares) | 401,625 | |||
Unit fair value | € / shares | € 4.44 | |||
Second Cycle | Talent for the Future Share Plan 2018-2022 | FCF Objective | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
No. of shares assigned (shares) | 406,000 | |||
Outstanding shares (shares) | 401,625 | |||
Unit fair value | € / shares | € 6.14 |
Cash Flow Detail - Operating Ac
Cash Flow Detail - Operating Activities (Details) - EUR (€) € in Millions | Jun. 13, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Cash received from operations | € 57,699 | € 58,815 | € 63,456 | |
Cash paid from operations | (41,224) | (42,891) | (46,929) | |
Cash paid to suppliers | (35,450) | (37,044) | (40,508) | |
Cash paid to employees | (4,934) | (5,072) | (5,725) | |
Payments related to cancellation of commitments | (840) | (775) | (696) | |
Net payments of interest and other financial expenses net of dividends received | (1,725) | (1,636) | (1,726) | |
Net interest and other financial expenses paid | (1,754) | (1,664) | (1,755) | |
Dividends received | 29 | 28 | 29 | |
Taxes proceeds/(paid) | 272 | (865) | (1,005) | |
Net cash flow provided by operating activities | 15,022 | 13,423 | 13,796 | |
Principal payments of lease liabilities | 1,518 | € 0 | € 0 | |
Interest expense on lease liabilities | 185 | |||
Tribunal Economico-Administrativo Central - Overpayments in 2008-2011 | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Transfers of deferred tax assets movement | 702 | |||
Proceeds from favorable tax appeal | € 201 | € 201 |
Cash Flow Detail - Investing Ac
Cash Flow Detail - Investing Activities (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Proceeds from the sale in property, plant and equipment and intangible assets | € 751 | € 192 | € 148 |
Payments on investments in property, plant and equipment and intangible assets | (8,410) | (8,777) | (9,140) |
(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets, net | (7,659) | (8,585) | € (8,992) |
Spectrum license payments | 158 | 674 | |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Spectrum license payments | € 588 | ||
Telefónica México | |||
Disclosure of geographical areas [line items] | |||
Spectrum license payments | € 130 |
Cash Flow Detail - Investing _2
Cash Flow Detail - Investing Activities, Proceeds and Payments on Companies (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | € 1,723 | € 29 | € 40 |
Payments on investments in companies, net of cash and cash equivalents acquired | (12) | (3) | (128) |
Coltel affiliates | |||
Continuing And Discontinued Operations [Line Items] | |||
Payments on investments in companies, net of cash and cash equivalents acquired | 0 | 0 | (85) |
Minodes GmbH | |||
Continuing And Discontinued Operations [Line Items] | |||
Payments on investments in companies, net of cash and cash equivalents acquired | 0 | 0 | (9) |
Co-trade GmbH | |||
Continuing And Discontinued Operations [Line Items] | |||
Payments on investments in companies, net of cash and cash equivalents acquired | 0 | 0 | (20) |
Other companies | |||
Continuing And Discontinued Operations [Line Items] | |||
Payments on investments in companies, net of cash and cash equivalents acquired | (12) | (3) | (14) |
Telefonica Telecomunicaciones Publicas, S.A.U. | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 0 | 0 | 28 |
Axonix Ltd and Telefonica Digital Inc. | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 0 | 29 | 0 |
Seguos de Vida y Pensiones Antares | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 151 | 0 | 0 |
Telefónica Moviles Guatemala | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 270 | 0 | 0 |
Telefonía Celular de Nicaragua, S.A. | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 342 | 0 | 0 |
Telefónica Móviles Panamá, S.A. | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 519 | 0 | 0 |
Data Centers | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | 515 | 0 | 0 |
Telefónica Centroamericana Inversiones, S.L. | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | (83) | 0 | 0 |
Other companies | |||
Continuing And Discontinued Operations [Line Items] | |||
Proceeds on disposals of companies, net of cash and cash equivalents disposed | € 9 | € 0 | € 12 |
Cash Flow Detail - Investing _3
Cash Flow Detail - Investing Activities, Proceeds and Payments on Financial Investments (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of associates [line items] | |||
Proceeds on financial investments not included under cash equivalents | € 1,835 | € 1,004 | € 296 |
Payments on financial investments not included under cash equivalents | (1,132) | (965) | (1,106) |
Legal deposits | |||
Disclosure of associates [line items] | |||
Proceeds on financial investments not included under cash equivalents | 11 | 0 | 0 |
Payments on financial investments not included under cash equivalents | (33) | (54) | (75) |
Long-term deposits | |||
Disclosure of associates [line items] | |||
Payments on financial investments not included under cash equivalents | 0 | 0 | (150) |
Collateral guarantees on derivatives | |||
Disclosure of associates [line items] | |||
Proceeds on financial investments not included under cash equivalents | 1,793 | 806 | 72 |
Payments on financial investments not included under cash equivalents | (947) | (754) | (781) |
Derivatives of Telefónica, S.A. | |||
Disclosure of associates [line items] | |||
Payments on financial investments not included under cash equivalents | (12) | 0 | 0 |
Purchase of Prisa´s stake by Telefónica, S.A. | |||
Disclosure of associates [line items] | |||
Payments on financial investments not included under cash equivalents | (15) | 0 | 0 |
Other Investments | |||
Disclosure of associates [line items] | |||
Payments on financial investments not included under cash equivalents | (125) | (157) | (100) |
China Unicom | |||
Disclosure of associates [line items] | |||
Proceeds on financial investments not included under cash equivalents | 0 | 0 | 72 |
Seguos de Vida y Pensiones Antares | |||
Disclosure of associates [line items] | |||
Proceeds on financial investments not included under cash equivalents | 3 | 78 | 49 |
Shortcut I GmbH & Co. KG Technological innovation based business project development | |||
Disclosure of associates [line items] | |||
Proceeds on financial investments not included under cash equivalents | 0 | 21 | 0 |
Other Associates | |||
Disclosure of associates [line items] | |||
Proceeds on financial investments not included under cash equivalents | € 28 | € 99 | € 103 |
Cash Flow Detail - Financing Ac
Cash Flow Detail - Financing Activities, Dividends and Shares (Details) - EUR (€) € in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends [Line Items] | |||
Dividends paid | € (2,742) | € (2,794) | € (2,459) |
Proceeds from share capital increase | 0 | 0 | 2 |
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | (504) | 379 | 1,269 |
Operations with other equity holders | 390 | (561) | 646 |
Undated deeply subordinated securities | |||
Dividends [Line Items] | |||
Operations with other equity holders | 1,800 | 2,250 | 1,000 |
Acquisition of undated deeply subordinated securities (Note 17) | (935) | (1,779) | 0 |
Payments for equity | (118) | (473) | 0 |
Coupon related to undated deeply subordinated securities | |||
Dividends [Line Items] | |||
Payments for equity | (357) | (559) | (354) |
Telxius Telecom, S.A. | |||
Dividends [Line Items] | |||
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | 0 | 0 | 1,275 |
Pontel Participaciones, SL | |||
Dividends [Line Items] | |||
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | 0 | 379 | 0 |
Telefonica Moviles Guatemala & Telefonica Celular de Nicaragua & Telefonica Moviles Panama | |||
Dividends [Line Items] | |||
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | (414) | 0 | 0 |
Other companies | |||
Dividends [Line Items] | |||
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | 0 | 0 | (6) |
Dividends paid by Telefonica, S.A. | |||
Dividends [Line Items] | |||
Dividends paid | (2,056) | (2,048) | (1,904) |
Non-controlling interests in Telefonica Brasil, S.A. | |||
Dividends [Line Items] | |||
Dividends paid | (352) | (245) | (290) |
Non-controlling interests of Telefonica Deutschland | |||
Dividends [Line Items] | |||
Dividends paid | (247) | (238) | (229) |
Noncontrolling interest of Telefonica Centroamerica | |||
Dividends [Line Items] | |||
Dividends paid | 0 | (28) | (23) |
Non-controlling Interests Of Telxius Telecom, S.A. y Pontel Participaciones, S.L. [Member] | |||
Dividends [Line Items] | |||
Dividends paid | (86) | (231) | 0 |
Other Dividends | |||
Dividends [Line Items] | |||
Dividends paid | (1) | (4) | (13) |
Telefonica, S.A. | |||
Dividends [Line Items] | |||
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | (86) | 0 | 0 |
Coltel affiliates | |||
Dividends [Line Items] | |||
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | € (4) | € 0 | € 0 |
Cash Flow Detail - Financing _2
Cash Flow Detail - Financing Activities, Debt (Details) - EUR (€) € in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 27, 2018 | Nov. 13, 2017 | Oct. 24, 2017 | Feb. 20, 2017 | |
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on issue of debentures and bonds and other debts | € 4,186 | € 4,289 | € 8,390 | ||||
Proceeds on loans, borrowings and promissory notes | 1,702 | 3,973 | 4,844 | ||||
Cancellation of debentures and bonds, and other debts | (3,653) | (4,654) | (6,687) | ||||
Repayments of loans, borrowings and promissory notes | (6,356) | (4,040) | (6,711) | ||||
Lease principal payments (Note 20) | (1,518) | 0 | 0 | ||||
Financed spectrum licenses payments | (59) | (44) | (329) | ||||
Payments for investments in spectrum use licenses financed without explicit interest (Notes 2 and 21) | (87) | 0 | 0 | ||||
Payments to suppliers with extended payment terms | (380) | (428) | (717) | ||||
Financed operating payments and investments in property, plant and equipment and intangible assets payments | (526) | (472) | (1,046) | ||||
Notional amount | 128,654 | 138,102 | |||||
Structured financing | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on loans, borrowings and promissory notes | 0 | 750 | 750 | ||||
Bilateral loans of TSA | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on loans, borrowings and promissory notes | 200 | 585 | 0 | ||||
Repayments of loans, borrowings and promissory notes | (1,835) | (800) | 0 | ||||
Syndicated loan of Telefonica Germany | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on loans, borrowings and promissory notes | 0 | 0 | 650 | ||||
Repayments of loans, borrowings and promissory notes | 0 | 0 | (700) | ||||
Syndicated loan of Telxius Telecom, S.A. | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on loans, borrowings and promissory notes | 0 | 289 | 0 | ||||
Syndicated bilateral loan of Telxius Telecom, S.A. | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on loans, borrowings and promissory notes | 150 | 0 | 0 | ||||
Syndicated facility due February 19, 2022 | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Repayments of loans, borrowings and promissory notes | 0 | 0 | (550) | ||||
Structured financing of Telefónica Europe B.V. | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Repayments of loans, borrowings and promissory notes | (1,500) | 0 | 0 | ||||
Debt hedging derivatives | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on loans, borrowings and promissory notes | 153 | 209 | 575 | ||||
Repayments of loans, borrowings and promissory notes | (148) | (52) | (179) | ||||
Others | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on loans, borrowings and promissory notes | 1,199 | 2,140 | 2,869 | ||||
Repayments of loans, borrowings and promissory notes | (2,873) | (3,188) | (5,282) | ||||
Telefonica Emisiones EMTN Bond | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on issue of debentures and bonds and other debts | 2,500 | 2,000 | 3,517 | ||||
SHELF program of Telefonica Emisiones, S.A.U. | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on issue of debentures and bonds and other debts | 1,113 | 1,746 | 3,335 | ||||
Telefónica Brazil | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on issue of debentures and bonds and other debts | 0 | 0 | 756 | ||||
O2 Telefónica Deutschland Finanzierungs, GmbH | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on issue of debentures and bonds and other debts | 0 | 600 | 0 | ||||
Telefonica del Peru | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on issue of debentures and bonds and other debts | 457 | 0 | 0 | ||||
Other equity instruments | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proceeds on issue of debentures and bonds and other debts | € 116 | € (57) | € 782 | ||||
Telxius Telecom, S.A. | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proportion of share capital acquired (as a percent) | 40.00% | 40.00% | |||||
KKR | Telxius Telecom, S.A. | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proportion of share capital acquired (as a percent) | 40.00% | 15.20% | 15.20% | 15.20% | |||
Pontegadea Group | Telefonica, S.A. | Telxius Telecom, S.A. | |||||||
Disclosure of fair value measurement of equity [line items] | |||||||
Proportion of voting equity transferred (as a percent) | 16.65% |
Other Information - Narrative (
Other Information - Narrative (Details) R$ in Millions, Kč in Millions, $ in Millions, $ in Millions | Aug. 29, 2019USD ($) | Aug. 29, 2019EUR (€) | Feb. 20, 2019USD ($) | Feb. 20, 2019EUR (€) | Jan. 24, 2019USD ($) | Jan. 24, 2019EUR (€) | Apr. 11, 2003EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jan. 31, 2020EUR (€) | Dec. 31, 2019BRL (R$) | Jan. 31, 2019EUR (€) | Dec. 21, 2018EUR (€) | Jun. 28, 2018EUR (€) | Jun. 25, 2018EUR (€) | May 31, 2018EUR (€) | May 31, 2018BRL (R$) | Feb. 22, 2018EUR (€) | Feb. 22, 2018ARS ($) | Sep. 21, 2017 | Dec. 31, 2016EUR (€) | Aug. 05, 2016EUR (€) | Aug. 05, 2016CZK (Kč) | Mar. 01, 2016EUR (€) | Jan. 23, 2013EUR (€) |
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Framework Investment Agreement, payment obligation terms, percent of increase in EBITDA | 5.75% | ||||||||||||||||||||||||
Framework Investment Agreement, payment obligation terms, percent of capital investments exceeding revenues | 32.50% | ||||||||||||||||||||||||
Share purchase agreement, price of settlement | € 22,000,000 | ||||||||||||||||||||||||
Services agreement amount | € 450,000,000 | ||||||||||||||||||||||||
Cost of award for broadcasting rights | € 105,000,000 | € 1,080,000,000 | € 2,940,000,000 | ||||||||||||||||||||||
Cost of award for broadcasting rights per season | € 35,000,000 | € 360,000,000 | € 980,000,000 | ||||||||||||||||||||||
Notes and debentures issued | € 75,000,000 | € 181,000,000 | |||||||||||||||||||||||
Auditor's remuneration | 18,720,000 | € 19,110,000 | |||||||||||||||||||||||
Directors' remuneration expense | 2,874,401 | ||||||||||||||||||||||||
Mr. Jose Maria Alvarez-Pallete Lopez, Executive Chairman | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Total executive compensation | € 1,923,100 | ||||||||||||||||||||||||
Proportionate increase (decrease) in compensation from prior year | 13.80% | ||||||||||||||||||||||||
Mr. Angel Vila Boix, Chief Operating Officer | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Total executive compensation | € 1,600,000 | ||||||||||||||||||||||||
Board of Directors | Mr. Jose Maria Alvarez-Pallete Lopez, Executive Chairman | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Total executive compensation | 240,000 | ||||||||||||||||||||||||
Executive Commission | Mr. Jose Maria Alvarez-Pallete Lopez, Executive Chairman | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Total executive compensation | € 80,000 | ||||||||||||||||||||||||
Maximum | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Directors' remuneration expense | € 6,000,000 | ||||||||||||||||||||||||
Legal proceedings contingent liability | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proportion of interconnection revenues from contingent legal claim | 1.00% | 1.00% | |||||||||||||||||||||||
Estimated financial effect of contingent liabilities | € 67,000,000 | ||||||||||||||||||||||||
Legal proceedings contingent liability | Venten Management Limited | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Estimated financial effect of contingent liabilities | € 23,000,000 | Kč 644 | |||||||||||||||||||||||
Legal proceedings contingent liability | Lexburg Enterprises Limited | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Estimated financial effect of contingent liabilities | € 8,000,000 | Kč 227 | |||||||||||||||||||||||
Legal proceedings contingent liability | Entel | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Estimated financial effect of contingent liabilities | € 39,000,000 | $ 1,689 | |||||||||||||||||||||||
Legal proceedings contingent liability | ANATEL | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Estimated financial effect of contingent liabilities | € 112,000,000 | R$ 505 | € 48,000,000 | R$ 211 | |||||||||||||||||||||
Telefónica Moviles El Salvador | America Movil, SAB de CV | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proceeds from exchange of share capital | € 277,000,000 | ||||||||||||||||||||||||
Telefónica Móviles Panamá, S.A. | Millicom International Cellular, S.A. | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proceeds from exchange of share capital | $ 594 | € 536,000,000 | |||||||||||||||||||||||
Telefonica, S.A. | Telefónica Centroamericana Inversiones, S.L. | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proportion of ownership interest (as a percent) | 60.00% | 60.00% | |||||||||||||||||||||||
Corporacion Multi Inversiones, SA | Telefónica Centroamericana Inversiones, S.L. | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proportion of ownership interest (as a percent) | 40.00% | 40.00% | |||||||||||||||||||||||
Disposal of major subsidiary | Telefónica Moviles El Salvador | America Movil, SAB de CV | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proportion of ownership interest in associate sold (as a percent) | 99.30% | 99.30% | |||||||||||||||||||||||
Proceeds from exchange of share capital | $ 315 | € 277,000,000 | |||||||||||||||||||||||
Disposal of major subsidiary | Telefónica de Costa Rica TC, S.A. | America Movil, SAB de CV | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proceeds from exchange of share capital | $ 570 | € 503,000,000 | |||||||||||||||||||||||
Disposal of major subsidiary | Telefónica de Costa Rica TC, S.A. | Millicom International Cellular, S.A. | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proportion of ownership interest in associate sold (as a percent) | 100.00% | 100.00% | |||||||||||||||||||||||
Disposal of major subsidiary | Telefonica, S.A. | Telefónica Centroamericana Inversiones, S.L. | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proportion of ownership interest (as a percent) | 60.00% | 60.00% | |||||||||||||||||||||||
Disposal of major subsidiary | Corporacion Multi Inversiones, SA | Telefónica Centroamericana Inversiones, S.L. | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Proportion of ownership interest (as a percent) | 40.00% | 40.00% | |||||||||||||||||||||||
2019 Green Bond | Entering into significant commitments | Telefónica Emisiones, S.A.U. | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Notes and debentures issued | € 1,000,000,000 | ||||||||||||||||||||||||
2020 Green Bond | Entering into significant commitments | Telefónica Emisiones, S.A.U. | |||||||||||||||||||||||||
Disclosure of contingent liabilities [line items] | |||||||||||||||||||||||||
Notes and debentures issued | € 500,000,000 |
Other Information - Auditors' F
Other Information - Auditors' Fees (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Auditors Remuneration [Line Items] | ||
Audit services | € 17,540 | € 18,040 |
Audit-related services | 1,180 | 1,070 |
Tax services | 0 | 0 |
All other services (consulting, advisory, etc.) | 0 | 0 |
Total | 18,720 | 19,110 |
PwC Auditores, S.L. [Member] | ||
Auditors Remuneration [Line Items] | ||
Audit services | 6,920 | 6,980 |
Audit-related services | 730 | 780 |
Tax services | 0 | 0 |
All other services (consulting, advisory, etc.) | 0 | 0 |
Total | 7,650 | 7,760 |
PwC International Organization [Member] | ||
Auditors Remuneration [Line Items] | ||
Audit services | 10,620 | 11,060 |
Audit-related services | 450 | 290 |
Tax services | 0 | 0 |
All other services (consulting, advisory, etc.) | 0 | 0 |
Total | € 11,070 | € 11,350 |
Other Information - Executive C
Other Information - Executive Compensation (Details) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Chairman | |
Disclosure of transactions between related parties [line items] | |
Total | € 1,923,100 |
Board of Directors | Chairman | |
Disclosure of transactions between related parties [line items] | |
Total | 240,000 |
Board of Directors | Vice chairman | |
Disclosure of transactions between related parties [line items] | |
Total | 200,000 |
Board of Directors | Executive Member | |
Disclosure of transactions between related parties [line items] | |
Total | 0 |
Board of Directors | Proprietary Member | |
Disclosure of transactions between related parties [line items] | |
Total | 120,000 |
Board of Directors | Independent Member | |
Disclosure of transactions between related parties [line items] | |
Total | 120,000 |
Board of Directors | Other external | |
Disclosure of transactions between related parties [line items] | |
Total | 120,000 |
Executive Commission | Chairman | |
Disclosure of transactions between related parties [line items] | |
Total | 80,000 |
Executive Commission | Vice chairman | |
Disclosure of transactions between related parties [line items] | |
Total | 80,000 |
Executive Commission | Executive Member | |
Disclosure of transactions between related parties [line items] | |
Total | 0 |
Executive Commission | Proprietary Member | |
Disclosure of transactions between related parties [line items] | |
Total | 80,000 |
Executive Commission | Independent Member | |
Disclosure of transactions between related parties [line items] | |
Total | 80,000 |
Executive Commission | Other external | |
Disclosure of transactions between related parties [line items] | |
Total | 80,000 |
Advisory or Control Committees | Chairman | |
Disclosure of transactions between related parties [line items] | |
Total | 22,400 |
Advisory or Control Committees | Vice chairman | |
Disclosure of transactions between related parties [line items] | |
Total | 0 |
Advisory or Control Committees | Executive Member | |
Disclosure of transactions between related parties [line items] | |
Total | 0 |
Advisory or Control Committees | Proprietary Member | |
Disclosure of transactions between related parties [line items] | |
Total | 11,200 |
Advisory or Control Committees | Independent Member | |
Disclosure of transactions between related parties [line items] | |
Total | 11,200 |
Advisory or Control Committees | Other external | |
Disclosure of transactions between related parties [line items] | |
Total | € 11,200 |
Operations Classified as Held_3
Operations Classified as Held for Sale - Balance Sheet Breakdown Of Asset Held For Sale And Liabilities Assumed (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of subsidiaries [line items] | ||
Non-current assets classified as held for sale | € 818 | € 1,492 |
Liabilities associated with non-current assets classified as held for sale | 380 | 837 |
Telefónica Moviles El Salvador | ||
Disclosure of subsidiaries [line items] | ||
Non-current assets classified as held for sale | 327 | |
Liabilities associated with non-current assets classified as held for sale | 136 | |
Telefónica de Costa Rica TC, S.A. | ||
Disclosure of subsidiaries [line items] | ||
Non-current assets classified as held for sale | 439 | |
Liabilities associated with non-current assets classified as held for sale | 244 | |
Antares | ||
Disclosure of subsidiaries [line items] | ||
Non-current assets classified as held for sale | 793 | |
Liabilities associated with non-current assets classified as held for sale | 661 | |
Telefónica Móviles Guatemala | ||
Disclosure of subsidiaries [line items] | ||
Non-current assets classified as held for sale | 376 | |
Liabilities associated with non-current assets classified as held for sale | 105 | |
Telefónica Móviles El Salvador | ||
Disclosure of subsidiaries [line items] | ||
Non-current assets classified as held for sale | 234 | |
Liabilities associated with non-current assets classified as held for sale | 71 | |
Other assets | ||
Disclosure of subsidiaries [line items] | ||
Non-current assets classified as held for sale | 52 | 89 |
Liabilities associated with non-current assets classified as held for sale | € 0 | € 0 |
Operations Classified as Held_4
Operations Classified as Held for Sale - Narrative (Details) - EUR (€) € in Millions | Jan. 24, 2019 | Nov. 08, 2018 |
Telefonica, S.A. | Telefónica Centroamericana Inversiones, S.L. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest (as a percent) | 60.00% | |
Corporacion Multi Inversiones, SA | Telefónica Centroamericana Inversiones, S.L. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest (as a percent) | 40.00% | |
Disposal of major subsidiary | Telefonica, S.A. | Telefónica Centroamericana Inversiones, S.L. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest (as a percent) | 60.00% | |
Disposal of major subsidiary | Corporacion Multi Inversiones, SA | Telefónica Centroamericana Inversiones, S.L. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest (as a percent) | 40.00% | |
America Movil, SAB de CV | Disposal of major subsidiary | Telefónica Moviles El Salvador | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in associate sold (as a percent) | 99.30% | |
Grupo Catalana Occidente | Disposal of major subsidiary | Antares | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest (as a percent) | 100.00% | |
Disposal group consideration received | € 0 |
Operations Classified as Held_5
Operations Classified as Held for Sale - Breakdown of Assets Held-for-Sale and Liabilities Assumed (Details) - EUR (€) € in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of subsidiaries [line items] | |||||
NON-CURRENT ASSETS | € 94,549 | € 90,707 | |||
Intangible assets | 16,034 | 16,856 | € 18,005 | ||
Goodwill | 25,403 | 25,748 | |||
Property, plant and equipment | 32,228 | 33,295 | 34,225 | ||
Rights of use | 6,939 | € 7,870 | 0 | ||
Financial assets and other non-current assets | 7,123 | 7,109 | |||
Deferred tax assets | 6,682 | 7,631 | 7,820 | ||
CURRENT ASSETS | 24,328 | 23,340 | |||
Inventories | 1,999 | 1,692 | |||
Receivables and other current assets | 8,752 | 8,419 | |||
Tax receivables | 1,561 | 1,676 | |||
Current financial assets | 3,123 | 2,209 | |||
Cash and cash equivalents | 6,042 | 5,692 | 5,192 | € 3,736 | |
NON-CURRENT LIABILITIES | 63,236 | 57,418 | |||
Non-current financial liabilities | 43,288 | 45,334 | |||
Non-current lease liabilities | 5,626 | 0 | |||
Payables and other non-current liabilities | 1,553 | 856 | |||
Deferred tax liabilities | 2,908 | 2,674 | € 2,145 | ||
Non-current provisions | 8,486 | 7,520 | |||
CURRENT LIABILITIES | 30,191 | 29,649 | |||
Current financial liabilities | 9,076 | 9,368 | |||
Current lease liabilities | 1,600 | 0 | |||
Payables and other-current liabilities | 13,307 | 13,868 | |||
Current tax payables | 2,560 | 2,047 | |||
Current provisions | 1,672 | 1,912 | |||
Disposal groups classified as held for sale | Telefónica de Costa Rica TC, S.A. | |||||
Disclosure of subsidiaries [line items] | |||||
NON-CURRENT ASSETS | 352 | ||||
Intangible assets | 72 | ||||
Goodwill | 0 | ||||
Property, plant and equipment | 100 | ||||
Rights of use | 139 | ||||
Financial assets and other non-current assets | 13 | ||||
Deferred tax assets | 28 | ||||
CURRENT ASSETS | 87 | ||||
Inventories | 9 | ||||
Receivables and other current assets | 61 | ||||
Tax receivables | 4 | ||||
Current financial assets | 0 | ||||
Cash and cash equivalents | 13 | ||||
NON-CURRENT LIABILITIES | 166 | ||||
Non-current financial liabilities | 0 | ||||
Non-current lease liabilities | 104 | ||||
Payables and other non-current liabilities | 0 | ||||
Deferred tax liabilities | 58 | ||||
Non-current provisions | 4 | ||||
CURRENT LIABILITIES | 78 | ||||
Current financial liabilities | 0 | ||||
Current lease liabilities | 19 | ||||
Payables and other-current liabilities | 47 | ||||
Current tax payables | 12 | ||||
Disposal groups classified as held for sale | Telefónica Móviles Panamá, S.A. | |||||
Disclosure of subsidiaries [line items] | |||||
NON-CURRENT ASSETS | 279 | ||||
Intangible assets | 34 | ||||
Goodwill | 63 | ||||
Property, plant and equipment | 124 | ||||
Rights of use | 53 | ||||
Financial assets and other non-current assets | 3 | ||||
Deferred tax assets | 2 | ||||
CURRENT ASSETS | 48 | ||||
Inventories | 4 | ||||
Receivables and other current assets | 31 | ||||
Tax receivables | 2 | ||||
Current financial assets | 2 | ||||
Cash and cash equivalents | 9 | ||||
NON-CURRENT LIABILITIES | 69 | ||||
Non-current financial liabilities | 13 | ||||
Non-current lease liabilities | 35 | ||||
Payables and other non-current liabilities | 1 | ||||
Deferred tax liabilities | 15 | ||||
Non-current provisions | 5 | ||||
CURRENT LIABILITIES | 67 | ||||
Current financial liabilities | 23 | ||||
Current lease liabilities | 11 | ||||
Payables and other-current liabilities | 32 | ||||
Current tax payables | € 1 | ||||
Disposal groups classified as held for sale | Antares | |||||
Disclosure of subsidiaries [line items] | |||||
NON-CURRENT ASSETS | 635 | ||||
Intangible assets | 1 | ||||
Goodwill | 0 | ||||
Property, plant and equipment | 0 | ||||
Financial assets and other non-current assets | 634 | ||||
Deferred tax assets | 0 | ||||
CURRENT ASSETS | 158 | ||||
Inventories | 0 | ||||
Receivables and other current assets | 10 | ||||
Tax receivables | 0 | ||||
Current financial assets | 52 | ||||
Cash and cash equivalents | 96 | ||||
NON-CURRENT LIABILITIES | 656 | ||||
Non-current financial liabilities | 0 | ||||
Payables and other non-current liabilities | 0 | ||||
Deferred tax liabilities | 1 | ||||
Non-current provisions | 655 | ||||
CURRENT LIABILITIES | 5 | ||||
Current financial liabilities | 0 | ||||
Payables and other-current liabilities | 4 | ||||
Current tax payables | 0 | ||||
Current provisions | 1 | ||||
Disposal groups classified as held for sale | Telefónica Móviles Guatemala | |||||
Disclosure of subsidiaries [line items] | |||||
NON-CURRENT ASSETS | 326 | ||||
Intangible assets | 44 | ||||
Goodwill | 123 | ||||
Property, plant and equipment | 157 | ||||
Financial assets and other non-current assets | 2 | ||||
Deferred tax assets | 0 | ||||
CURRENT ASSETS | 50 | ||||
Inventories | 9 | ||||
Receivables and other current assets | 25 | ||||
Tax receivables | 9 | ||||
Current financial assets | 0 | ||||
Cash and cash equivalents | 7 | ||||
NON-CURRENT LIABILITIES | 45 | ||||
Non-current financial liabilities | 19 | ||||
Payables and other non-current liabilities | 0 | ||||
Deferred tax liabilities | 13 | ||||
Non-current provisions | 13 | ||||
CURRENT LIABILITIES | 60 | ||||
Current financial liabilities | 5 | ||||
Payables and other-current liabilities | 52 | ||||
Current tax payables | 3 | ||||
Current provisions | 0 | ||||
Disposal groups classified as held for sale | Telefónica Móviles El Salvador | |||||
Disclosure of subsidiaries [line items] | |||||
NON-CURRENT ASSETS | 184 | ||||
Intangible assets | 30 | ||||
Goodwill | 60 | ||||
Property, plant and equipment | 91 | ||||
Financial assets and other non-current assets | 2 | ||||
Deferred tax assets | 1 | ||||
CURRENT ASSETS | 50 | ||||
Inventories | 7 | ||||
Receivables and other current assets | 30 | ||||
Tax receivables | 3 | ||||
Current financial assets | 2 | ||||
Cash and cash equivalents | 8 | ||||
NON-CURRENT LIABILITIES | 11 | ||||
Non-current financial liabilities | 0 | ||||
Payables and other non-current liabilities | 1 | ||||
Deferred tax liabilities | 5 | ||||
Non-current provisions | 5 | ||||
CURRENT LIABILITIES | 60 | ||||
Current financial liabilities | 18 | ||||
Payables and other-current liabilities | 39 | ||||
Current tax payables | 3 | ||||
Current provisions | € 0 |
Events After the Reporting Pe_2
Events After the Reporting Period - Narrative (Details) € in Millions, £ in Millions, $ in Millions | Feb. 11, 2020EUR (€) | Feb. 06, 2020EUR (€) | Feb. 06, 2020GBP (£) | Feb. 05, 2020EUR (€) | Jan. 20, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | Feb. 03, 2020EUR (€) | Jan. 14, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Entity Information [Line Items] | ||||||||||||
Notes and debentures issued | € 181 | € 75 | ||||||||||
Proceeds from share capital increase | € 0 | 0 | € 2 | |||||||||
Borrowings | 41,995 | |||||||||||
Telefónica Germany GmbH & Co. OHG | Entering into significant commitments | ||||||||||||
Entity Information [Line Items] | ||||||||||||
Notes and debentures issued | € 150 | |||||||||||
Telefónica Emisiones, S.A.U. | Redemption of notes | TELEF. EMISIONES OCTOBER 2012 | ||||||||||||
Entity Information [Line Items] | ||||||||||||
Payments to redeem notes | € 1,200 | |||||||||||
Telefónica Emisiones, S.A.U. | Entering into significant commitments | EMTN Notes due February 3, 2020 | ||||||||||||
Entity Information [Line Items] | ||||||||||||
Notes and debentures issued | € 1,000 | |||||||||||
Interest rate (as a percent) | 0.664% | |||||||||||
Proportion of par value at issuance of debt instrument (as a percent) | 100.00% | |||||||||||
Telefónica Europe | ||||||||||||
Entity Information [Line Items] | ||||||||||||
Proceeds from share capital increase | € 112 | € 232 | £ 128 | € 500 | ||||||||
Gross cost | Exercisable From Issuer In 2020, Issued 03/25/14 | ||||||||||||
Entity Information [Line Items] | ||||||||||||
Borrowings | 592 | 244 | ||||||||||
Gross cost | Exercisable from issuer in 2027 | ||||||||||||
Entity Information [Line Items] | ||||||||||||
Borrowings | € 0 | $ 500 | € 500 |
Appendix I_ Scope of Consolid_3
Appendix I: Scope of Consolidation - Main Consolidated Companies of the Telefonica Group (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions, in Millions | Feb. 28, 2017 | Mar. 31, 2017 | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019COP ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019MXN ($) | Dec. 31, 2019VEF ( ) | Jan. 01, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jan. 01, 2018EUR (€) | Dec. 31, 2017EUR (€) | Dec. 31, 2016EUR (€) |
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | € 25,450 | € 26,996 | € 26,980 | € 29,229 | € 26,618 | € 28,385 | |||||||
Telefónica de España, S.A.U. Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1,024 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Móviles España, S.A.U. Wireless communications services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 209 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Acens Technologies, S.L. Holding, housing and telecommunications solutions Service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 23 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Teleinformática y Comunicaciones, S.A.U. (Telyco) Promotion, marketing and distribution of telephone and telematic equipment and services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 8 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Soluciones de Informática y Com. de España S.A.U. Telecommunications systems, networks and infrastructure engineering | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 2 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Soluciones de Outsourcing, S.A. Promotion and networks management | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Servicios Integrales de Distribución S.A.U. Logistic service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 2 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
DTS Distribuidora de Televisión Digital, S.A. Broacasting satellite TV signal transmission and linkage services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 80 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica de Contenidos, S.A.U. Organization and operation of multimedia service-related business | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 226 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Servicios Audiovisuales, S.A.U. Provision of all type of audiovisual telecommunications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 6 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Broadcast Services, S.L.U. DSNG-based transmission and operation services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Audiovisual Digital, S.L.U. Provision of all type of audiovisual telecommunications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 46 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Compañía Independiente de Televisión, S.L. Provision of all type of audiovisual telecommunications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica O2 Holding Ltd. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | £ | £ 9 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica O2 Holding Ltd. Holding company | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 99.99% | ||||||||||||
Telefónica O2 Holding Ltd. Holding company | Telefonica Capital S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.01% | ||||||||||||
MmO2 plc Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | £ | 20 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
MmO2 plc Holding company | O2 Secretaries Ltd | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.01% | ||||||||||||
MmO2 plc Holding company | Telefonica Europe plc | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 99.99% | ||||||||||||
O2 Holdings Ltd Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | £ | 12 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica United Kingdom Ltd. Wireless communications | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | £ | £ 10 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Giffgaff Ltd Wireless communications services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
O2 Networks Ltd. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Cornerstone Telecomunications Network sharing | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Cornerstone Telecomunications Network sharing | O2 Networks | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 40.00% | ||||||||||||
Cornerstone Telecomunications Network sharing | O2 Cedar Ltd | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 10.00% | ||||||||||||
Telefónica Deutschland Holding A.G Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 2,975 | ||||||||||||
%Telefónica Group | 63.20% | 69.20% | 69.22% | ||||||||||
Telefónica Germany GmbH & Co. OHG Wireless communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 51 | ||||||||||||
%Telefónica Group | 69.22% | ||||||||||||
Telefónica Germany GmbH & Co. OHG Wireless communications services operator | Telefonica Deutschland Holding A.G. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 69.21% | ||||||||||||
Telefónica Germany GmbH & Co. OHG Wireless communications services operator | T Germany Management GmbH | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.01% | ||||||||||||
E-Plus Services GmbH Wireless communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 69.22% | ||||||||||||
Telefónica Germany Next GmbH Technological and consulting services in Big Data provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 69.22% | ||||||||||||
O2 Telefónica Deutschland Finanzierungs GmbH Integrated cash management, consulting and financial support for Group companies | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 69.22% | ||||||||||||
Minodes GmbH Technological and consulting services in Big Data provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 69.22% | ||||||||||||
Telefônica Brasil, S.A. Wireline telephony operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 63,571 | ||||||||||||
%Telefónica Group | 73.68% | ||||||||||||
Telefônica Brasil, S.A. Wireline telephony operator | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 29.77% | ||||||||||||
Telefônica Brasil, S.A. Wireline telephony operator | Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 24.18% | ||||||||||||
Telefônica Brasil, S.A. Wireline telephony operator | Sao Paulo Telecomunicacoes Participacoes Ltda | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 19.67% | ||||||||||||
Telefônica Brasil, S.A. Wireline telephony operator | Telefonica Chile | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.06% | ||||||||||||
Terra Networks Brasil, S.A. ISP and portal | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 73.68% | ||||||||||||
Telefónica Venezolana, C.A. Wireless communications operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | | 603,582 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Venezolana, C.A. Wireless communications operator | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.08% | ||||||||||||
Telefónica Venezolana, C.A. Wireless communications operator | Latin American Cellular Holdings | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 97.36% | ||||||||||||
Telefónica Venezolana, C.A. Wireless communications operator | Comtel Comunicaciones Telefonica | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 2.56% | ||||||||||||
Colombia Telecomunicaciones, S.A. ESP Communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | $ | $ 3,410 | ||||||||||||
%Telefónica Group | 67.50% | ||||||||||||
Colombia Telecomunicaciones, S.A. ESP Communications services operator | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 7.90% | ||||||||||||
Colombia Telecomunicaciones, S.A. ESP Communications services operator | Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 51.52% | ||||||||||||
Colombia Telecomunicaciones, S.A. ESP Communications services operator | Latin American Cellular Holdings | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 8.08% | ||||||||||||
Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P Communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | $ | 83,191 | ||||||||||||
%Telefónica Group | 67.49% | ||||||||||||
Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P Communications services operator | Colombia Telecomunicaciones, S.A, ESP | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 37.79% | ||||||||||||
Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P Communications services operator | Metropolitana de Telecomunicaciones S.A E.S.P Communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 29.70% | ||||||||||||
Metropolitana de Telecomunicaciones S.A E.S.P Communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | $ | 50,212 | ||||||||||||
%Telefónica Group | 67.48% | ||||||||||||
Metropolitana de Telecomunicaciones S.A E.S.P Communications services operator | Colombia Telecomunicaciones, S.A, ESP | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 38.75% | ||||||||||||
Metropolitana de Telecomunicaciones S.A E.S.P Communications services operator | Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P Communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 28.73% | ||||||||||||
Operaciones Tecnológicas y Comerciales S.A.S Communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | $ | $ 2,330 | ||||||||||||
%Telefónica Group | 67.49% | ||||||||||||
Operaciones Tecnológicas y Comerciales S.A.S Communications services operator | Metropolitana de Telecomunicaciones S.A E.S.P Communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 40.49% | ||||||||||||
Operaciones Tecnológicas y Comerciales S.A.S Communications services operator | Empresa de Telecomunicaciones de Bucaramanga S.A. E.S.P Communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 27.00% | ||||||||||||
Telefónica Móviles México, S.A. de C.V. Holding Company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | $ | $ 119,701 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefonica Centroamerica Inversiones, S.L. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1 | ||||||||||||
%Telefónica Group | 60.00% | ||||||||||||
Otecel, S.A. Wireless communications services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 183 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica de Argentina, S.A. Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 36,263 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica de Argentina, S.A. Telecommunications service provider | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 1.27% | ||||||||||||
Telefónica de Argentina, S.A. Telecommunications service provider | Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 14.61% | ||||||||||||
Telefónica de Argentina, S.A. Telecommunications service provider | Telefónica Móviles Argentina, S.A. Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 83.45% | ||||||||||||
Telefónica de Argentina, S.A. Telecommunications service provider | Telefonica International Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.67% | ||||||||||||
Telefónica Móviles Argentina, S.A. Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 6,795 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Móviles Argentina, S.A. Telecommunications service provider | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 73.20% | ||||||||||||
Telefónica Móviles Argentina, S.A. Telecommunications service provider | Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 25.28% | ||||||||||||
Telefónica Móviles Argentina, S.A. Telecommunications service provider | Telefonica International Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 1.52% | ||||||||||||
Telefónica Móviles Chile, S.A. Wireless communications services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1,329,872 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Móviles Chile, S.A. Wireless communications services operator | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 1.07% | ||||||||||||
Telefónica Móviles Chile, S.A. Wireless communications services operator | Inversiones Telefonica Internacional Holding, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 98.93% | ||||||||||||
Telefónica Chile, S.A. Local and international long distance telephony services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 569,773 | ||||||||||||
%Telefónica Group | 99.14% | ||||||||||||
Telefónica del Perú, S.A.A. Local, domestic and international long distance telephone service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 2,954 | ||||||||||||
%Telefónica Group | 98.57% | ||||||||||||
Telefónica del Perú, S.A.A. Local, domestic and international long distance telephone service provider | Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.22% | ||||||||||||
Telefónica del Perú, S.A.A. Local, domestic and international long distance telephone service provider | Latin American Cellular Holdings | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 48.35% | ||||||||||||
Telefónica Móviles del Uruguay, S.A. Wireless communications and services operator | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1,107 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
O2 International Holdings Ltd. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
O2 (Netherlands ) Holdings BV. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Germany Holdings Ltd. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
O2 (Europe) Ltd. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1,239 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefonica International Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 237 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Sao Paulo Telecomunicacoes Participacoes Ltda | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 14,804 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Sao Paulo Telecomunicacoes Participacoes Ltda | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 39.40% | ||||||||||||
Sao Paulo Telecomunicacoes Participacoes Ltda | Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 60.60% | ||||||||||||
Pontel Participaciones, S.L. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 83.35% | ||||||||||||
Telxius Telecom, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 250 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Inmosites, S.A.U. Purchase and rental of real estate related to the telecommunications infrastructure business | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 7 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable América, S.A. Provision of high bandwidth communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 507 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable España, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 5 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable República Dominicana, S.A.S. Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 3 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable República Dominicana, S.A.S. Telecommunications service provider | Telxius Cable América, S.A. Provision of high bandwidth communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 49.51% | ||||||||||||
Telxius Cable República Dominicana, S.A.S. Telecommunications service provider | Telxius Cable España, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.50% | ||||||||||||
Telxius Cable Argentina, S.A. Operation and deployment of telecommunications infraestructure | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 78 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Argentina, S.A. Operation and deployment of telecommunications infraestructure | Telxius Cable América, S.A. Provision of high bandwidth communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 49.98% | ||||||||||||
Telxius Cable Argentina, S.A. Operation and deployment of telecommunications infraestructure | Telxius Cable España, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.03% | ||||||||||||
Telxius Cable Panamá, S.A. Installation and operation of telecommunications networks for wholesalers | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 17 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Puerto Rico, Inc. High capacity optical fibre network communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 24 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable USA, Inc. High bandwidth communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 58 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Ecuador, S.A. Sale of usage of data transmission capacity via an underwater optical fibre network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 5 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Ecuador, S.A. Sale of usage of data transmission capacity via an underwater optical fibre network | Telxius Cable América, S.A. Provision of high bandwidth communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Telxius Cable Ecuador, S.A. Sale of usage of data transmission capacity via an underwater optical fibre network | Telxius Cable Perú, S.A.C. Involvement in the operation and deployment of international telecommunications services via underwater cables and others means | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.01% | ||||||||||||
Telxius Cable Chile, S.A. Involvement in businesses related to public or private telecommunications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 37 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Guatemala, S.A. Installation and operation of telecommunications networks for wholesalers | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 24 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Perú, S.A.C. Involvement in the operation and deployment of international telecommunications services via underwater cables and others means | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 20 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Colombia, S.A. Supply of data transmission capacity via underwater cable system | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 4 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Colombia, S.A. Supply of data transmission capacity via underwater cable system | Telxius Cable América, S.A. Provision of high bandwidth communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 47.50% | ||||||||||||
Telxius Cable Colombia, S.A. Supply of data transmission capacity via underwater cable system | Telxius Cable Perú, S.A.C. Involvement in the operation and deployment of international telecommunications services via underwater cables and others means | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.84% | ||||||||||||
Telxius Cable Colombia, S.A. Supply of data transmission capacity via underwater cable system | Telxius Cable Chile, S.A. Involvement in businesses related to public or private telecommunications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.83% | ||||||||||||
Telxius Cable Colombia, S.A. Supply of data transmission capacity via underwater cable system | Telxius Cable Guatemala, S.A. Installation and operation of telecommunications networks for wholesalers | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.83% | ||||||||||||
Telxius Cable Colombia, S.A. Supply of data transmission capacity via underwater cable system | Telxius Cable Argentina, S.A. Operation and deployment of telecommunications infraestructure | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.01% | ||||||||||||
Telxius Cable Brasil Participaçoes, Ltda. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 62 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Brasil, Ltda. Operation and deployment of telecommunications infrastructure | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 74 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Bolivia, S.A. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 5 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Cable Bolivia, S.A. Establishment and operation of any kind of communications infrastructure and/or network | Telxius Cable América, S.A. Provision of high bandwidth communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 49.01% | ||||||||||||
Telxius Cable Bolivia, S.A. Establishment and operation of any kind of communications infrastructure and/or network | Telxius Cable España, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.50% | ||||||||||||
Telxius Cable Bolivia, S.A. Establishment and operation of any kind of communications infrastructure and/or network | Telxius Cable Argentina, S.A. Operation and deployment of telecommunications infraestructure | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.50% | ||||||||||||
Telxius Torres Latam, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 8 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Torres España, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 10 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Towers Germany, Gmbh. Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Torres Perú S.A.C. Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 104 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Torres Chile Holding, S.A. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 8 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Torres Chile Holding, S.A. Holding company | Telxius Torres Latam, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Telxius Torres Chile Holding, S.A. Holding company | Telxius Torres España, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.01% | ||||||||||||
Telxius Torres Chile, S.A. Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 23,594 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Torres Brasil, Ltda. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 764 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Torres Argentina, S.A. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1,549 | ||||||||||||
%Telefónica Group | 50.01% | ||||||||||||
Telxius Torres Argentina, S.A. Establishment and operation of any kind of communications infrastructure and/or network | Telxius Torres Latam, S.L.U. Establishment and operation of any kind of communications infrastructure and/or network | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 47.51% | ||||||||||||
Telxius Torres Argentina, S.A. Establishment and operation of any kind of communications infrastructure and/or network | Telxius Telecom, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 2.50% | ||||||||||||
Latin American Cellular Holdings | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica International Wholesale Services II, S.L. International services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica USA, Inc. Telecommunications services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 202 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica International Wholesale Services México, S.A. Telecommunications research activities and proyects | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 31 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Digital España, S.L. Developer Telco Services Holding Company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 26 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Open Future , S.L Developer Telco Services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 4 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Digital Ltd. Developer Telco Services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 58 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Wayra Investigación y Desarrollo S.L. Talent identification and development in ICT. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 2 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Wayra Chile Tecnología e Innovación Limitada Technological innovation based business project development | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 29,899 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Wayra Brasil Aceleradora de Projetos Ltda. Technological innovation based business project development | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 49 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
WY Telecom, S.A. de C.V. Talent identification and development in ICT | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 173 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Wayra Argentina, S.A. Talent identification and development in ICT | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 282 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Wayra Argentina, S.A. Talent identification and development in ICT | Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 5.00% | ||||||||||||
Wayra Argentina, S.A. Talent identification and development in ICT | Wayra Investigación y Desarrollo S.L. Talent identification and development in ICT. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 95.00% | ||||||||||||
Wayra Colombia, S.A.S. Technological innovation based business project development | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 2,088 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Proyecto Wayra, C.A. Commercial, industrial and mercantile activities | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 5,138 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Wayra Perú Aceleradora de Proyectos, S.A.C. Technological innovation based business project development | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 27 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Wayra UK Ltd. Technological innovation based business project development | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Terra Networks Perú, S.A. ISP and portal | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 10 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Terra Networks Argentina, S.A. ISP and portal | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 11 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Terra Networks Argentina, S.A. ISP and portal | Telefonica Latinoamerica Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 99.99% | ||||||||||||
Terra Networks Argentina, S.A. ISP and portal | Telefonica International Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.01% | ||||||||||||
Terra Networks México, S.A. de C.V. ISP, portal and real-time financial information services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 305 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telfisa Global, B.V. Integrated cash management, consulting and financial support for Group companies | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Global Activities Holding, B.V. Holding Company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Global Services, GmbH Purchasing services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Global Roaming, GmbH Optimization of network traffic | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Group 3G UMTS Holding GmbH Holding Company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 250 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Compras Electrónicas, S.L. Development and provision of information Society services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica On The Spot Services, S.A.U. Provision of telemarketing services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Educación Digital, S.L. Vertical e-learning portal | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telfin Ireland Ltd. Intragroup financing | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Ingeniería de Seguridad, S.A.U. Security services and systems | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 13 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefônica Infraestructura e Segurança Brasil Ltda. Security services and systems | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Capital, S.A.U. Finance company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 7 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Lotca Servicios Integrales, S.L. Aircraft ownership and operation | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 17 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones, S.A Administration of pension funds | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 16 | ||||||||||||
%Telefónica Group | 70.00% | ||||||||||||
Fonditel Gestión, Soc. Gestora de Instituciones de Inversión Colectiva, S.A. Administration and representation of collective investment schemes | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 2 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Investigación y Desarrollo, S.A.U. Telecommunications research activities and projects | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 7 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Media Networks Latin America, S.A.C Telecommunications research activities and proyects | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 91 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Luxembourg Holding, S.à.r.L. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 3 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Casiopea Reaseguradora, S.A. Reinsurance | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 4 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Nova Casiopea RE S.A. Reinsurance | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 15 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Insurance, S.A. Direct insurance transactions | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 23 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefonica Finanzas | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 3 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Pléyade Peninsular, Correduría de Seguros y Reaseguros del Grupo Telefónica, S.A. Distribution, promotion or preparation of insurance contracts | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Pléyade Peninsular, Correduría de Seguros y Reaseguros del Grupo Telefónica, S.A. Distribution, promotion or preparation of insurance contracts | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 16.67% | ||||||||||||
Pléyade Peninsular, Correduría de Seguros y Reaseguros del Grupo Telefónica, S.A. Distribution, promotion or preparation of insurance contracts | Telefonica Finanzas | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 83.33% | ||||||||||||
Fisatel Mexico, S.A. de C.V. Integrated cash mangement, consulting and financial support for Group companies | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 3,505 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Europe, B.V. Fund raising in capital markets | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Participaciones, S.A.U. Financial debt instrument issuer | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Emisiones, S.A.U. Financial debt instrument issuer | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Global Technology, S.A.U. Global management and operation of IT systems | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 16 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Aliança Atlântica Holding B.V. Holding company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 150 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Aliança Atlântica Holding B.V. Holding company | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Aliança Atlântica Holding B.V. Holding company | Telefonica Brasil S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Telefónica Serviços Empresariais do BRASIL, Ltda. Management and administrative services rendered | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 48 | ||||||||||||
%Telefónica Group | 99.99% | ||||||||||||
Telefónica Gestión Integral de Edificios y Servicios S.L. Management and administrative services rendered | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Tempotel, Empresa de Trabajo Temporal, S.A. Temporary employment agency | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
O2 Worldwide Limited Wireless telecommunications activities | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Innovación Alpha, S.L. Electronic communications and audiovisual services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Servicios Globales, S.L.U. Holding Company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 1 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefonica Holding Atticus, B.V. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Soluciones de Criptografía, S.A. Engineering, research and development | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Chile Holdings, S.L. Holding Company | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 0 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefónica Móviles El Salvador, S.A. de C.V. Provision of wireless and international long distance communications services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | 42 | ||||||||||||
%Telefónica Group | 59.58% | ||||||||||||
Telefónica Móviles El Salvador, S.A. de C.V. Provision of wireless and international long distance communications services | Telefonica Centroamerica Inversiones, S.L. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 59.46% | ||||||||||||
Telefónica Móviles El Salvador, S.A. de C.V. Provision of wireless and international long distance communications services | Telefonica Multiservicios S.A. de C.V. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 0.12% | ||||||||||||
Telefónica de Costa Rica TC, S.A. Wireless communications | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
Capital | $ | $ 199,892 | ||||||||||||
%Telefónica Group | 100.00% | ||||||||||||
Telefonica Factoring Espana, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Investments accounted for by the equity method | 5 | ||||||||||||
Telefónica Factoring Do Brasil, Ltd. Factoring services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Investments accounted for by the equity method | 5 | ||||||||||||
Telefónica Factoring Do Brasil, Ltd. Factoring services provider | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 40.00% | ||||||||||||
Telefónica Factoring Do Brasil, Ltd. Factoring services provider | Telefonica Factoring Espana | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 10.00% | ||||||||||||
Telefónica Factoring Mexico, S.A. de C.V. SOFOM ENR Factoring services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Investments accounted for by the equity method | 34 | ||||||||||||
Telefónica Factoring Mexico, S.A. de C.V. SOFOM ENR Factoring services provider | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 40.50% | ||||||||||||
Telefónica Factoring Mexico, S.A. de C.V. SOFOM ENR Factoring services provider | Telefonica Factoring Espana | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 9.50% | ||||||||||||
Telefónica Factoring Perú, S.A.C. Factoring services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Investments accounted for by the equity method | 6 | ||||||||||||
Telefónica Factoring Perú, S.A.C. Factoring services provider | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 40.50% | ||||||||||||
Telefónica Factoring Perú, S.A.C. Factoring services provider | Telefonica Factoring Espana | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 9.50% | ||||||||||||
Telefónica Factoring Colombia, S.A. Factoring services provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Investments accounted for by the equity method | 4,000 | ||||||||||||
Telefónica Factoring Colombia, S.A. Factoring services provider | Telefonica, S.A. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 40.50% | ||||||||||||
Telefónica Factoring Colombia, S.A. Factoring services provider | Telefonica Factoring Espana | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 9.50% | ||||||||||||
Mobile Financial Services Holding SPRL Financial services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Investments accounted for by the equity method | 197 | ||||||||||||
Mobile Financial Services Holding SPRL Financial services | Telefonica International Holding | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 26.28% | ||||||||||||
Mobile Financial Services Holding SPRL Financial services | Telefonica Holding Atticus, B.V. | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 23.72% | ||||||||||||
Telefónica Consumer Finance, Establecimiento Financiero de Crédito, S.A. Specialised credit institution | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Investments accounted for by the equity method | 5 | ||||||||||||
Tesco Mobile Ltd. Wireless telephony services | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 50.00% | ||||||||||||
Investments accounted for by the equity method | 0 | ||||||||||||
The Smart Steps Data Technology Company Big data services in China | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 37.50% | ||||||||||||
Investments accounted for by the equity method | 0 | ||||||||||||
Internet para todos S.A.C Telecommunications service provider | |||||||||||||
Disclosure of subsidiaries [line items] | |||||||||||||
%Telefónica Group | 37.00% | ||||||||||||
Investments accounted for by the equity method | € 0 |
Appendix I_ Scope of Consolid_4
Appendix I: Scope of Consolidation - Main Changes in the Scope of Consolidation for the Year (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Telefónica Soluciones de Criptografía, S.A. Engineering, research and development | |
Disclosure of subsidiaries [line items] | |
% Acquisition | 100.00% |
Inmosites, S.A.U. Purchase and rental of real estate related to the telecommunications infrastructure business | |
Disclosure of subsidiaries [line items] | |
% Participation | 50.01% |
Telefónica Móviles Guatemala, S.A. Wireless, wireline and radio paging communications services provider | |
Disclosure of subsidiaries [line items] | |
% sold | 60.00% |
Telefonía Celular de Nicaragua, S.A. Wireless telephony services | |
Disclosure of subsidiaries [line items] | |
% sold | 60.00% |
Telefónica Móviles Panamá, S.A. Wireless telephony services | |
Disclosure of subsidiaries [line items] | |
% sold | 60.00% |
Seguros de Vida y Pensiones Antares, S.A. Life insurance, pensions and health insurance | |
Disclosure of subsidiaries [line items] | |
% sold | 100.00% |
Telefónica Gestión Logística, S.A.C Logistic service provider | |
Disclosure of subsidiaries [line items] | |
% sold | 100.00% |
Telxius Cable Bolivia, S.A. Establishment and operation of any kind of communications infrastructure and/or network | |
Disclosure of subsidiaries [line items] | |
% Acquisition | 50.01% |
Pontel Participaciones, S.L. Holding company | |
Disclosure of subsidiaries [line items] | |
% Acquisition | 83.35% |
% Participation after operation | 83.35% |
Centro de Asistencia Telefónica, S.A. Provision of services related to databases | |
Disclosure of subsidiaries [line items] | |
% sold | 100.00% |
Shortcut I GmbH & Co. KG Technological innovation based business project development | |
Disclosure of subsidiaries [line items] | |
% sold | 69.22% |
Telefónica Digital Inc. IP telephony platform | |
Disclosure of subsidiaries [line items] | |
% sold | 100.00% |
Tokbox Inc. IP telephony platform | |
Disclosure of subsidiaries [line items] | |
% sold | 100.00% |
Axonix Ltd Digital and mobile advertising | |
Disclosure of subsidiaries [line items] | |
% sold | 78.00% |
Telefónica Gestión de Servicios Compartidos México, S.A. de C.V. Management and administrative services rendered | |
Disclosure of subsidiaries [line items] | |
% Participation | 100.00% |
Appendix II_ Board and Senior_3
Appendix II: Board and Senior Management Compensation - Compensation Allocation of Board and Senior Management (Details) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Mr. José María Álvarez-Pallete López | |
Disclosure of transactions between related parties [line items] | |
Short-term variable compensation | € 3,478,888 |
Mr. Ángel Vilá Boix | |
Disclosure of transactions between related parties [line items] | |
Short-term variable compensation | 2,412,000 |
Directors | Mr. José María Álvarez-Pallete López | |
Disclosure of transactions between related parties [line items] | |
Salary | 1,923,100 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 3,447,734 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 5,836 |
Total | 5,376,670 |
Directors | Mr. Isidro Fainé Casas | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 200,000 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 80,000 |
Other items | 0 |
Total | 280,000 |
Directors | Mr. José María Abril Pérez | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 200,000 |
Attendance fees | 9,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 91,200 |
Other items | 0 |
Total | 300,200 |
Directors | Mr. José Javier Echenique Landiríbar | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 25,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 113,600 |
Other items | 0 |
Total | 258,600 |
Directors | Mr. Ángel Vilá Boix | |
Disclosure of transactions between related parties [line items] | |
Salary | 1,600,000 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 2,390,400 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 18,367 |
Total | 4,008,767 |
Directors | Mr. Juan Ignacio Cirac Sasturain | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 9,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 11,200 |
Other items | 0 |
Total | 140,200 |
Directors | Mr. Peter Erskine | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 17,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 113,600 |
Other items | 0 |
Total | 250,600 |
Directors | Ms. Sabina Fluxà Thienemann | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 8,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 11,200 |
Other items | 0 |
Total | 139,200 |
Directors | Ms. Carmen García de Andrés | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 19,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 22,400 |
Other items | 0 |
Total | 161,400 |
Directors | Ms. María Luisa García Blanco | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 16,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 22,400 |
Other items | 0 |
Total | 158,400 |
Directors | Mr. Jordi Gual Solé | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 19,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 22,400 |
Other items | 0 |
Total | 161,400 |
Directors | Mr. Peter Löscher | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 14,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 33,600 |
Other items | 0 |
Total | 167,600 |
Directors | Mr. Ignacio Moreno Martínez | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 30,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 44,800 |
Other items | 0 |
Total | 194,800 |
Directors | Ms. Verónica Pascual Boé | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Directors | Mr. Francisco Javier de Paz Mancho | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 35,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 124,800 |
Other items | 0 |
Total | 279,800 |
Directors | Mr. Francisco José Riberas Mera | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 120,000 |
Directors | Ms. Claudia Sender Ramírez | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Directors | Mr. Luiz Fernando Furlán | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 11,000 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 11,200 |
Other items | 0 |
Total | 142,200 |
Directors | Mr. Wang Xiaochu | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 120,000 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 120,000 |
Other Companies | Mr. José María Álvarez-Pallete López | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. Isidro Fainé Casas | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. José María Abril Pérez | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. José Javier Echenique Landiríbar | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 155,602 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 155,602 |
Other Companies | Mr. Ángel Vilá Boix | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. Juan Ignacio Cirac Sasturain | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. Peter Erskine | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 20,000 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 20,000 |
Other Companies | Ms. Sabina Fluxà Thienemann | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Ms. Carmen García de Andrés | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Ms. María Luisa García Blanco | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. Jordi Gual Solé | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. Peter Löscher | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. Ignacio Moreno Martínez | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Ms. Verónica Pascual Boé | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. Francisco Javier de Paz Mancho | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 305,344 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 305,344 |
Other Companies | Mr. Francisco José Riberas Mera | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Ms. Claudia Sender Ramírez | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 0 |
Other Companies | Mr. Luiz Fernando Furlán | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 85,767 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | 85,767 |
Other Companies | Mr. Wang Xiaochu | |
Disclosure of transactions between related parties [line items] | |
Salary | 0 |
Fixed Compensation | 0 |
Attendance fees | 0 |
Short-term variable compensation | 0 |
Compensation for belonging to Committees of the Board | 0 |
Other items | 0 |
Total | € 0 |
Appendix II_ Board and Senior_4
Appendix II: Board and Senior Management Compensation - Long-Term Savings Systems (Details) | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Mr. José María Álvarez-Pallete López | |
Disclosure of transactions between related parties [line items] | |
Contributions | € 673,085 |
Mr. José María Álvarez-Pallete López | Pension plans | |
Disclosure of transactions between related parties [line items] | |
Contributions | 6,060 |
Mr. José María Álvarez-Pallete López | Benefits plan | |
Disclosure of transactions between related parties [line items] | |
Contributions | 540,968 |
Mr. José María Álvarez-Pallete López | Unit link-type Insurance/Pension Plan Surplus | |
Disclosure of transactions between related parties [line items] | |
Contributions | 126,057 |
Mr. Ángel Vilá Boix | |
Disclosure of transactions between related parties [line items] | |
Contributions | 560,000 |
Mr. Ángel Vilá Boix | Pension plans | |
Disclosure of transactions between related parties [line items] | |
Contributions | 5,377 |
Mr. Ángel Vilá Boix | Benefits plan | |
Disclosure of transactions between related parties [line items] | |
Contributions | 487,840 |
Mr. Ángel Vilá Boix | Unit link-type Insurance/Pension Plan Surplus | |
Disclosure of transactions between related parties [line items] | |
Contributions | € 66,783 |
Appendix II_ Board and Senior_5
Appendix II: Board and Senior Management Compensation - Life Insurance Premiums (Details) - Life insurance premiums | 12 Months Ended |
Dec. 31, 2019EUR (€) | |
Mr. José María Álvarez-Pallete López | |
Disclosure of transactions between related parties [line items] | |
Life insurance premiums | € 27,509 |
Mr. Ángel Vilá Boix | |
Disclosure of transactions between related parties [line items] | |
Life insurance premiums | € 13,799 |
Appendix II_ Board and Senior_6
Appendix II: Board and Senior Management Compensation - PSP (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Mr. José María Álvarez-Pallete López | PSP - First Cycle / 2018-2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Theoretical shares allocated (without co-investment) | 421,000 |
Mr. José María Álvarez-Pallete López | PSP - Second Cycle / 2019-2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Theoretical shares allocated (without co-investment) | 468,000 |
Mr. Ángel Vilá Boix | PSP - First Cycle / 2018-2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Theoretical shares allocated (without co-investment) | 312,000 |
Mr. Ángel Vilá Boix | PSP - Second Cycle / 2019-2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Theoretical shares allocated (without co-investment) | 347,000 |
Appendix II_ Board and Senior_7
Appendix II: Board and Senior Management Compensation - Narrative (Details) - EUR (€) | 1 Months Ended | 12 Months Ended |
May 31, 2016 | Dec. 31, 2019 | |
PSP - First Cycle / 2018-2021 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares authorized | 612,570 | |
PSP - Second Cycle / 2019-2022 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of shares authorized | 679,691 | |
Directors | PSP - First Cycle / 2018-2021 | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Delivery percent (fulfillment of TSR objective) | 50.00% | |
Delivery percent (free cash flow generation, maximum compliance) | 50.00% | |
Delivery percent (if within median of performance) | 15.00% | |
Delivery percent (if within third quartile of performance) | 50.00% | |
Proportion of free cash flow generation minimum compliance (as a percent) | 25.00% | |
Shares delivered subject to retention period of one year (as a percent) | 25.00% | |
Senior Management (Excluding Board Directors) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Accrued fixed compensation | € 10,397,648 | |
In-kind compensation | 125,987 | |
Mr. Santiago Fernandez Valbuena | Senior Management (Excluding Board Directors) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Key management personnel compensation | € 1,148,944 | |
Benefits plan | Senior Management (Excluding Board Directors) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Contributions | 26,885 | |
Pension plans | Senior Management (Excluding Board Directors) | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Contributions | € 143,063 |
Appendix III_ Debentures and _3
Appendix III: Debentures and Bonds - Maturity (Details) € in Millions, $ in Millions | Dec. 31, 2019EUR (€) | Dec. 31, 2019COP ($) | Dec. 31, 2018EUR (€) |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 75 | € 181 | |
2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 5,220 | ||
2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 4,879 | ||
2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 5,001 | ||
2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 2,362 | ||
2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,162 | ||
Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 22,044 | ||
Colombia Telecomunicaciones, S.A, ESP | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 94 | $ 347,590 | |
Colombia Telecomunicaciones, S.A, ESP | Fixed interest rate | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 6.65% | 6.65% | |
Spain | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 36,318 | ||
Spain | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 4,726 | ||
Spain | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 3,991 | ||
Spain | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 3,619 | ||
Spain | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 2,168 | ||
Spain | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 20,814 | ||
Spain | Telefónica Europe, B.V. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,592 | ||
Spain | Telefónica Europe, B.V. | T. EUROPE BV SEP_00 BOND GLOBAL D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,092 | ||
Spain | Telefónica Europe, B.V. | TEBV FEB_03 EMTN FIXED TRANCHE B | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 500 | ||
Spain | Telefónica Europe, B.V. | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2020 | T. EUROPE BV SEP_00 BOND GLOBAL D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2020 | TEBV FEB_03 EMTN FIXED TRANCHE B | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2021 | T. EUROPE BV SEP_00 BOND GLOBAL D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2021 | TEBV FEB_03 EMTN FIXED TRANCHE B | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2022 | T. EUROPE BV SEP_00 BOND GLOBAL D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2022 | TEBV FEB_03 EMTN FIXED TRANCHE B | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2023 | T. EUROPE BV SEP_00 BOND GLOBAL D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2023 | TEBV FEB_03 EMTN FIXED TRANCHE B | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2024 | T. EUROPE BV SEP_00 BOND GLOBAL D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | 2024 | TEBV FEB_03 EMTN FIXED TRANCHE B | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Europe, B.V. | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,592 | ||
Spain | Telefónica Europe, B.V. | Subsequent years | T. EUROPE BV SEP_00 BOND GLOBAL D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,092 | ||
Spain | Telefónica Europe, B.V. | Subsequent years | TEBV FEB_03 EMTN FIXED TRANCHE B | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 500 | ||
Spain | Telefónica Europe, B.V. | Fixed interest rate | T. EUROPE BV SEP_00 BOND GLOBAL D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 8.25% | 8.25% | |
Spain | Telefónica Europe, B.V. | Fixed interest rate | TEBV FEB_03 EMTN FIXED TRANCHE B | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.875% | 5.875% | |
Spain | Telefónica Emisiones, S.A.U. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 34,126 | ||
Spain | Telefónica Emisiones, S.A.U. | EMTN O2 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 587 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES JUNE 06 TRANCHE D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,781 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES JANUARY 07 A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 55 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES MAY 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,250 | ||
Spain | Telefónica Emisiones, S.A.U. | EMTN GBP 12/09/2022 650 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 764 | ||
Spain | Telefónica Emisiones, S.A.U. | TELE EMISIONES APRIL 2010 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,247 | ||
Spain | Telefónica Emisiones, S.A.U. | EMTN GBP 10/08/2029 400 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 470 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES FEBRUARY 2011 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,336 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES FEBRUARY 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 822 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES OCTOBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,200 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES DECEMBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 138 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES JANUARY 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,500 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES MARCH 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES APRIL 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 668 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES OCTOBER 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 800 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES OCTOBER 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 207 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES JULY 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 67 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES SEPTEMBER 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,400 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,350 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,250 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 750 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES DECEMBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 150 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,250 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 500 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,336 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,781 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 200 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 178 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 445 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES SEPTEMBER 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,250 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES JANUARY 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,113 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 668 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES SEPTEMBER 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES FEBRUARY 2019 GREEN B. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,113 | ||
Spain | Telefónica Emisiones, S.A.U. | TELEF. EMISIONES JULY 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 500 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 4,726 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | EMTN O2 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES JUNE 06 TRANCHE D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES JANUARY 07 A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES MAY 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | EMTN GBP 12/09/2022 650 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELE EMISIONES APRIL 2010 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,247 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | EMTN GBP 10/08/2029 400 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES FEBRUARY 2011 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES FEBRUARY 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 822 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES OCTOBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,200 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES DECEMBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES JANUARY 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES MARCH 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES APRIL 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES OCTOBER 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES OCTOBER 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 207 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES JULY 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES SEPTEMBER 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,250 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES DECEMBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES SEPTEMBER 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES JANUARY 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES SEPTEMBER 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES FEBRUARY 2019 GREEN B. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2020 | TELEF. EMISIONES JULY 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 3,391 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | EMTN O2 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES JUNE 06 TRANCHE D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES JANUARY 07 A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 55 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES MAY 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | EMTN GBP 12/09/2022 650 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELE EMISIONES APRIL 2010 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | EMTN GBP 10/08/2029 400 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES FEBRUARY 2011 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,336 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES FEBRUARY 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES OCTOBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES DECEMBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES JANUARY 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES MARCH 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES APRIL 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES OCTOBER 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES OCTOBER 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES JULY 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES SEPTEMBER 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES DECEMBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES SEPTEMBER 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES JANUARY 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES SEPTEMBER 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES FEBRUARY 2019 GREEN B. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2021 | TELEF. EMISIONES JULY 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 3,619 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | EMTN O2 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES JUNE 06 TRANCHE D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES JANUARY 07 A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES MAY 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,250 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | EMTN GBP 12/09/2022 650 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 764 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELE EMISIONES APRIL 2010 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | EMTN GBP 10/08/2029 400 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES FEBRUARY 2011 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES FEBRUARY 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES OCTOBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES DECEMBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 138 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES JANUARY 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES MARCH 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES APRIL 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES OCTOBER 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES OCTOBER 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES JULY 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 67 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES SEPTEMBER 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,400 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES DECEMBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES SEPTEMBER 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES JANUARY 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES SEPTEMBER 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES FEBRUARY 2019 GREEN B. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2022 | TELEF. EMISIONES JULY 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 2,168 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | EMTN O2 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES JUNE 06 TRANCHE D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES JANUARY 07 A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES MAY 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | EMTN GBP 12/09/2022 650 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELE EMISIONES APRIL 2010 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | EMTN GBP 10/08/2029 400 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES FEBRUARY 2011 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES FEBRUARY 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES OCTOBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES DECEMBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES JANUARY 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,500 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES MARCH 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES APRIL 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 668 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES OCTOBER 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES OCTOBER 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES JULY 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES SEPTEMBER 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES DECEMBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES SEPTEMBER 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES JANUARY 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES SEPTEMBER 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES FEBRUARY 2019 GREEN B. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2023 | TELEF. EMISIONES JULY 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | EMTN O2 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES JUNE 06 TRANCHE D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES JANUARY 07 A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES MAY 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | EMTN GBP 12/09/2022 650 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELE EMISIONES APRIL 2010 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | EMTN GBP 10/08/2029 400 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES FEBRUARY 2011 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES FEBRUARY 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES OCTOBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES DECEMBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES JANUARY 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES MARCH 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES APRIL 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES OCTOBER 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES OCTOBER 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES JULY 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES SEPTEMBER 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES DECEMBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES SEPTEMBER 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES JANUARY 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES SEPTEMBER 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES FEBRUARY 2019 GREEN B. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | 2024 | TELEF. EMISIONES JULY 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 19,222 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | EMTN O2 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 587 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES JUNE 06 TRANCHE D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,781 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES JANUARY 07 A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES MAY 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | EMTN GBP 12/09/2022 650 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELE EMISIONES APRIL 2010 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | EMTN GBP 10/08/2029 400 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 470 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES FEBRUARY 2011 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES FEBRUARY 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES OCTOBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES DECEMBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES JANUARY 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES MARCH 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES APRIL 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES OCTOBER 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 800 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES OCTOBER 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES JULY 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES SEPTEMBER 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,350 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 750 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES DECEMBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 150 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,250 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 500 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,336 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,781 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 200 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 178 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 445 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES SEPTEMBER 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,250 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES JANUARY 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,113 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 668 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES SEPTEMBER 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES FEBRUARY 2019 GREEN B. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,000 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,113 | ||
Spain | Telefónica Emisiones, S.A.U. | Subsequent years | TELEF. EMISIONES JULY 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 500 | ||
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | EMTN O2 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.375% | 5.375% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF EMISIONES JUNE 06 TRANCHE D | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 7.045% | 7.045% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF EMISIONES MAY 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 2.242% | 2.242% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | EMTN GBP 12/09/2022 650 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.289% | 5.289% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELE EMISIONES APRIL 2010 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.134% | 5.134% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | EMTN GBP 10/08/2029 400 GBP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.445% | 5.445% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF EMISIONES FEBRUARY 2011 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.462% | 5.462% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES FEBRUARY 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.597% | 5.597% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES OCTOBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.71% | 4.71% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES DECEMBER 2012 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.45% | 3.45% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF EMISIONES JANUARY 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.987% | 3.987% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES MARCH 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.961% | 3.961% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF EMISIONES APRIL 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.57% | 4.57% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES OCTOBER 2014 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 2.932% | 2.932% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES OCTOBER 2013 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 2.595% | 2.595% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES SEPTEMBER 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.477% | 1.477% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 0.75% | 0.75% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF EMISIONES APRIL 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.46% | 1.46% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 0.318% | 0.318% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES OCTOBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.93% | 1.93% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES DECEMBER 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.00% | 4.00% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.528% | 1.528% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES JANUARY 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 2.318% | 2.318% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.103% | 4.103% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.213% | 5.213% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES MARCH 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 2.318% | 2.318% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.90% | 4.90% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES APRIL 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.213% | 5.213% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES SEPTEMBER 2017 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.715% | 1.715% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES JANUARY 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.447% | 1.447% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.895% | 4.895% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES MARCH 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.665% | 4.665% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES SEPTEMBER 2018 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.495% | 1.495% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES FEBRUARY 2019 GREEN B. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.069% | 1.069% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.788% | 1.788% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES MARCH 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.52% | 5.52% | |
Spain | Telefónica Emisiones, S.A.U. | Fixed interest rate | TELEF. EMISIONES JULY 2019 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.957% | 1.957% | |
Spain | Telefónica Emisiones, S.A.U. | Floating interest rate | TELEF EMISIONES JANUARY 07 A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 0.83% | 0.83% | |
Spain | Telefónica Emisiones, S.A.U. | Floating interest rate | TELEF EMISIONES JULY 2015 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 0.83% | 0.83% | |
Spain | Telefónica Participaciones | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 600 | ||
Spain | Telefónica Participaciones | Exchangeable Bond MARCH 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 600 | ||
Spain | Telefónica Participaciones | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | 2020 | Exchangeable Bond MARCH 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 600 | ||
Spain | Telefónica Participaciones | 2021 | Exchangeable Bond MARCH 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 600 | ||
Spain | Telefónica Participaciones | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | 2022 | Exchangeable Bond MARCH 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | 2023 | Exchangeable Bond MARCH 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | 2024 | Exchangeable Bond MARCH 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Spain | Telefónica Participaciones | Subsequent years | Exchangeable Bond MARCH 2016 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 4,350 | ||
Outside of Parent Country | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 494 | ||
Outside of Parent Country | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 888 | ||
Outside of Parent Country | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,382 | ||
Outside of Parent Country | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 194 | ||
Outside of Parent Country | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 162 | ||
Outside of Parent Country | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1,230 | ||
Outside of Parent Country | Telefónica Chile, S.A. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 502 | ||
Outside of Parent Country | Telefónica Chile, S.A. | Bond T | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 57 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 144A Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 445 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 11 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2020 | Bond T | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 11 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2020 | 144A Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 23 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2021 | Bond T | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 23 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2021 | 144A Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 445 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2022 | Bond T | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2022 | 144A Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 445 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 23 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2023 | Bond T | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 23 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2023 | 144A Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2024 | Bond T | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | 2024 | 144A Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | Subsequent years | Bond T | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | Subsequent years | 144A Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 0 | ||
Outside of Parent Country | Telefónica Chile, S.A. | Fixed interest rate | Bond T | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.90% | 4.90% | |
Outside of Parent Country | Telefónica Chile, S.A. | Fixed interest rate | 144A Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.875% | 3.875% | |
Outside of Parent Country | Telefónica Móviles Chile, S.A. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 347 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Bond F | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 101 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Bond G | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 67 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Bond I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 67 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Bond K | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 112 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 134 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2020 | Bond F | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2020 | Bond G | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 67 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2020 | Bond I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 67 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2020 | Bond K | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 112 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2021 | Bond F | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2021 | Bond G | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2021 | Bond I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2021 | Bond K | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 112 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2022 | Bond F | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2022 | Bond G | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2022 | Bond I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2022 | Bond K | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 101 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2023 | Bond F | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 101 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2023 | Bond G | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2023 | Bond I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2023 | Bond K | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2024 | Bond F | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2024 | Bond G | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2024 | Bond I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | 2024 | Bond K | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Subsequent years | Bond F | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Subsequent years | Bond G | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Subsequent years | Bond I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Subsequent years | Bond K | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 0 | ||
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Fixed interest rate | Bond F | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.60% | 3.60% | |
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Fixed interest rate | Bond G | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 2.20% | 2.20% | |
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Fixed interest rate | Bond I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.95% | 1.95% | |
Outside of Parent Country | Telefónica Móviles Chile, S.A. | Fixed interest rate | Bond K | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.90% | 4.90% | |
Outside of Parent Country | Telefónica Finanzas México, S.A. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 94 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | T. Finanzas Mex 0710 FIX | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 94 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 94 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2020 | T. Finanzas Mex 0710 FIX | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 94 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2021 | T. Finanzas Mex 0710 FIX | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2022 | T. Finanzas Mex 0710 FIX | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2023 | T. Finanzas Mex 0710 FIX | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | 2024 | T. Finanzas Mex 0710 FIX | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | Subsequent years | T. Finanzas Mex 0710 FIX | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 0 | ||
Outside of Parent Country | Telefónica Finanzas México, S.A. | Fixed interest rate | T. Finanzas Mex 0710 FIX | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 8.07% | 8.07% | |
Outside of Parent Country | Telefónica del Perú, S.A. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 850 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 4th Program (19th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 23 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 4th Program (19th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 18 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 4th Program (37th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 18 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 4th Program (19th Serie C) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 7 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 5th Program (22nd Serie Ac) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 9 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (17th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 17 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (11th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 70 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (11th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 32 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (12th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 30 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (13th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 38 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (14th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 27 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (15th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 36 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (16th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 28 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 6th Program (12th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 19 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 1st Private Program (1st Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 21 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Bond T. Peru 1st Program International Issue (1sr Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 457 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 30 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 4th Program (19th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 4th Program (19th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 4th Program (37th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 4th Program (19th Serie C) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 5th Program (22nd Serie Ac) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (17th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (11th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (11th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (12th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 30 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (13th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (14th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (15th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (16th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 6th Program (12th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 1st Private Program (1st Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2020 | Bond T. Peru 1st Program International Issue (1sr Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 28 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 4th Program (19th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 4th Program (19th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 4th Program (37th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 4th Program (19th Serie C) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 5th Program (22nd Serie Ac) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 9 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (17th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (11th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (11th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (12th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (13th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (14th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (15th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (16th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 6th Program (12th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 19 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 1st Private Program (1st Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2021 | Bond T. Peru 1st Program International Issue (1sr Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 65 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 4th Program (19th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 4th Program (19th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 4th Program (37th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 4th Program (19th Serie C) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 5th Program (22nd Serie Ac) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (17th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (11th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (11th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (12th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (13th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 38 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (14th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 27 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (15th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (16th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 6th Program (12th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 1st Private Program (1st Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2022 | Bond T. Peru 1st Program International Issue (1sr Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 70 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 4th Program (19th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 4th Program (19th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 4th Program (37th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 4th Program (19th Serie C) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 5th Program (22nd Serie Ac) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (17th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (11th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 70 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (11th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (12th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (13th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (14th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (15th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (16th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 6th Program (12th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 1st Private Program (1st Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2023 | Bond T. Peru 1st Program International Issue (1sr Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 68 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 4th Program (19th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 4th Program (19th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 4th Program (37th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 4th Program (19th Serie C) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 5th Program (22nd Serie Ac) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (17th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (11th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (11th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 32 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (12th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (13th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (14th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (15th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 36 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (16th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 6th Program (12th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 1st Private Program (1st Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | 2024 | Bond T. Peru 1st Program International Issue (1sr Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 589 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 4th Program (19th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 23 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 4th Program (19th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 18 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 4th Program (37th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 18 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 4th Program (19th Serie C) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 7 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 5th Program (22nd Serie Ac) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (17th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 17 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (11th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (11th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (12th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (13th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (14th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (15th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (16th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 28 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 6th Program (12th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 1st Private Program (1st Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 21 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Subsequent years | Bond T. Peru 1st Program International Issue (1sr Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 457 | ||
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 6th Program (11th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 6.65625% | 6.65625% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 6th Program (11th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 6.1875% | 6.1875% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 6th Program (12th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.0625% | 5.0625% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 6th Program (13th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.50% | 5.50% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 6th Program (14th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.34375% | 5.34375% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 6th Program (15th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.46875% | 5.46875% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 6th Program (16th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.50% | 5.50% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 6th Program (12th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 4.1875% | 4.1875% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 1st Private Program (1st Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 7.28125% | 7.28125% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Fixed interest rate | Bond T. Peru 1st Program International Issue (1sr Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 7375000.00% | 7375000.00% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Floating interest rate | Bond T. Peru 4th Program (19th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.625% | 3.625% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Floating interest rate | Bond T. Peru 4th Program (19th Serie B) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 2.875% | 2.875% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Floating interest rate | Bond T. Peru 4th Program (37th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.125% | 3.125% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Floating interest rate | Bond T. Peru 4th Program (19th Serie C) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.1875% | 3.1875% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Floating interest rate | Bond T. Peru 5th Program (22nd Serie Ac) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.50% | 3.50% | |
Outside of Parent Country | Telefónica del Perú, S.A. | Floating interest rate | Bond T. Peru 6th Program (17th Serie A) | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.09375% | 3.09375% | |
Outside of Parent Country | Telefônica Brasil, S.A. | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 672 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 444 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 222 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Nonconvertible bonds ( Telemig) I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Nonconvertible bonds ( Telemig) II | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 2 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Nonconvertible bonds ( Telemig) III | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 4 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 225 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2020 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2020 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 222 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2020 | Nonconvertible bonds ( Telemig) I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2020 | Nonconvertible bonds ( Telemig) II | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2020 | Nonconvertible bonds ( Telemig) III | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 2 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 225 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2021 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 222 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2021 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2021 | Nonconvertible bonds ( Telemig) I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2021 | Nonconvertible bonds ( Telemig) II | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 1 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2021 | Nonconvertible bonds ( Telemig) III | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 2 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 222 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2022 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 222 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2022 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2022 | Nonconvertible bonds ( Telemig) I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2022 | Nonconvertible bonds ( Telemig) II | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2022 | Nonconvertible bonds ( Telemig) III | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2023 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2023 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2023 | Nonconvertible bonds ( Telemig) I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2023 | Nonconvertible bonds ( Telemig) II | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2023 | Nonconvertible bonds ( Telemig) III | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2024 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2024 | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2024 | Nonconvertible bonds ( Telemig) I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2024 | Nonconvertible bonds ( Telemig) II | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | 2024 | Nonconvertible bonds ( Telemig) III | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Subsequent years | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Subsequent years | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Subsequent years | Nonconvertible bonds ( Telemig) I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Subsequent years | Nonconvertible bonds ( Telemig) II | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Subsequent years | Nonconvertible bonds ( Telemig) III | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 0 | ||
Outside of Parent Country | Telefônica Brasil, S.A. | Floating interest rate | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 8.25% | 8.25% | |
Outside of Parent Country | Telefônica Brasil, S.A. | Floating interest rate | Nonconvertible bonds | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 0.24% | 0.24% | |
Outside of Parent Country | Telefônica Brasil, S.A. | Floating interest rate | Nonconvertible bonds ( Telemig) I | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 0.50% | 0.50% | |
Outside of Parent Country | Telefônica Brasil, S.A. | Floating interest rate | Nonconvertible bonds ( Telemig) II | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 0.50% | 0.50% | |
Outside of Parent Country | Telefônica Brasil, S.A. | Floating interest rate | Nonconvertible bonds ( Telemig) III | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 0.50% | 0.50% | |
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 785 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | BOND R144-A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 650 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Bond A5 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 94 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Bond C10 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 41 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2020 | BOND R144-A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2020 | Bond A5 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2020 | Bond C10 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2021 | BOND R144-A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2021 | Bond A5 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2021 | Bond C10 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 650 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2022 | BOND R144-A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 650 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2022 | Bond A5 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2022 | Bond C10 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2023 | BOND R144-A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2023 | Bond A5 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2023 | Bond C10 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 94 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2024 | BOND R144-A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2024 | Bond A5 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 94 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | 2024 | Bond C10 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 41 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Subsequent years | BOND R144-A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Subsequent years | Bond A5 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Subsequent years | Bond C10 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 41 | ||
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Fixed interest rate | BOND R144-A | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 5.375% | 5.375% | |
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Fixed interest rate | Bond A5 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 6650000.00% | 6650000.00% | |
Outside of Parent Country | Colombia Telecomunicaciones, S.A, ESP | Floating interest rate | Bond C10 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 3.39% | 3.39% | |
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 1,100 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 500 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 600 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2020 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2020 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2020 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2021 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 500 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2021 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 500 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2021 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2022 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2022 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2022 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2023 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2023 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2023 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2024 | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2024 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | 2024 | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | Subsequent years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 600 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | Subsequent years | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | 0 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | Subsequent years | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Debentures and bonds | € 600 | ||
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | Fixed interest rate | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 2.375% | 2.375% | |
Outside of Parent Country | O2 Telefónica Deutschland Finanzierungs, GmbH | Fixed interest rate | Bond | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Interest rate (as a percent) | 1.75% | 1.75% |
Appendix III_ Debentures and _4
Appendix III: Debentures and Bonds - Debentures and Bonds Issued (Details) € in Millions, S/ in Millions, $ in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019COP ($) | Dec. 31, 2019PEN (S/) | Dec. 31, 2018EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||
Debentures and bonds | € 75 | € 181 | |||
Telefónica Emisiones, S.A.U. | EMTN Bond | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Debentures and bonds | € 1,000 | ||||
Telefónica Emisiones, S.A.U. | EMTN Bond | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate (as a percent) | 1.069% | 1.069% | 1.069% | 1.069% | |
Telefónica Emisiones, S.A.U. | SHELF Bond | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Debentures and bonds | $ 1,250 | € 1,113 | |||
Telefónica Emisiones, S.A.U. | SHELF Bond | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate (as a percent) | 5.52% | 5.52% | 5.52% | 5.52% | |
Telefónica Emisiones, S.A.U. | EMTN Bond | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Debentures and bonds | € 1,000 | ||||
Telefónica Emisiones, S.A.U. | EMTN Bond | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate (as a percent) | 1.788% | 1.788% | 1.788% | 1.788% | |
Telefónica Emisiones, S.A.U. | EMTN Bond | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Debentures and bonds | € 500 | ||||
Telefónica Emisiones, S.A.U. | EMTN Bond | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate (as a percent) | 1.957% | 1.957% | 1.957% | 1.957% | |
Telefonica del Peru, SAA | Bond | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Debentures and bonds | € 457 | S/ 1,700 | |||
Telefonica del Peru, SAA | Bond | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate (as a percent) | 7.375% | 7.375% | 7.375% | 7.375% | |
Colombia Telecomunicaciones, S.A, ESP | Bond | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Debentures and bonds | € 94 | $ 347,590 | |||
Colombia Telecomunicaciones, S.A, ESP | Bond | Fixed interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate (as a percent) | 6.65% | 6.65% | 6.65% | 6.65% | |
Colombia Telecomunicaciones, S.A, ESP | Bond | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Debentures and bonds | € 41 | $ 152,410 | |||
Colombia Telecomunicaciones, S.A, ESP | Bond | Floating interest rate | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Interest rate (as a percent) | 3.39% | 3.39% | 3.39% | 3.39% |
Appendix IV_ Financial Instru_3
Appendix IV: Financial Instruments - Summary (Details) € in Millions | Dec. 31, 2019EUR (€) |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 41,995 |
EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 33,562 |
Spread (as a percent) | (0.06697%) |
Interest rate (as a percent) | 2.96528% |
CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (67) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 3,905 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 2.46545% |
CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 325 |
Spread (as a percent) | 0.52155% |
Interest rate (as a percent) | (11.59713%) |
UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 28 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | (0.00846%) |
ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (66) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 32.33117% |
BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 1,614 |
Spread (as a percent) | (0.0105%) |
Interest rate (as a percent) | 3.97497% |
CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 838 |
Spread (as a percent) | 0.04559% |
Interest rate (as a percent) | 3.8665% |
UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 888 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 6.64115% |
VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 92 |
Spread (as a percent) | 3.23647% |
Interest rate (as a percent) | 0.00% |
COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 949 |
Spread (as a percent) | 7.22891% |
Interest rate (as a percent) | 5.4039% |
VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (3) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | (2.52177%) |
MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (70) |
Spread (as a percent) | (0.00739%) |
Interest rate (as a percent) | 4.08504% |
JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Floating rate | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 11,174 |
Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 10,987 |
Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 214 |
Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 883 |
Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (831) |
Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 384 |
Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 92 |
Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (13) |
Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (542) |
Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Fixed rate | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 30,704 |
Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 22,575 |
Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (67) |
Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 3,574 |
Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (558) |
Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 28 |
Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (66) |
Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 2,445 |
Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 454 |
Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 888 |
Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 962 |
Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (3) |
Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 472 |
Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 117 |
Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 117 |
Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Rate cap | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Fair value | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 42,641 |
Fair value | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 33,950 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € (67) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 3,956 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 397 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 19 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € (58) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 1,638 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 828 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 917 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 92 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 997 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € (2) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € (18) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € (8) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Floating rate | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | € 10,973 |
Fair value | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 11,035 |
Fair value | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 213 |
Fair value | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 214 |
Fair value | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | (817) |
Fair value | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 378 |
Fair value | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 92 |
Fair value | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 28 |
Fair value | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | (170) |
Fair value | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Fixed rate | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 31,489 |
Fair value | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 22,915 |
Fair value | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | (67) |
Fair value | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 3,626 |
Fair value | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 183 |
Fair value | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 19 |
Fair value | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | (58) |
Fair value | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 2,455 |
Fair value | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 450 |
Fair value | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 917 |
Fair value | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 969 |
Fair value | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | (2) |
Fair value | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 152 |
Fair value | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | (8) |
Fair value | Rate cap | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 117 |
Fair value | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 117 |
Fair value | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Financial instruments, at fair value | 0 |
Fair value | Underlying debt | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 44,589 |
Fair value | Underlying debt | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 21,898 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 1 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 2,022 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 369 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 20,104 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € (15) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € (58) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € (250) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € (427) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 256 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 635 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 92 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 47 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € (2) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € (75) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € (8) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Underlying debt | Floating rate | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | € 1,647 |
Fair value | Underlying debt | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 1,266 |
Fair value | Underlying debt | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | (1) |
Fair value | Underlying debt | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 410 |
Fair value | Underlying debt | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | (752) |
Fair value | Underlying debt | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 256 |
Fair value | Underlying debt | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 92 |
Fair value | Underlying debt | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 28 |
Fair value | Underlying debt | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 348 |
Fair value | Underlying debt | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Fixed rate | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 42,825 |
Fair value | Underlying debt | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 20,632 |
Fair value | Underlying debt | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 1 |
Fair value | Underlying debt | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 1,906 |
Fair value | Underlying debt | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 369 |
Fair value | Underlying debt | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 19,694 |
Fair value | Underlying debt | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | (15) |
Fair value | Underlying debt | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | (58) |
Fair value | Underlying debt | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 502 |
Fair value | Underlying debt | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | (427) |
Fair value | Underlying debt | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 635 |
Fair value | Underlying debt | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 19 |
Fair value | Underlying debt | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | (2) |
Fair value | Underlying debt | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | (423) |
Fair value | Underlying debt | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | (8) |
Fair value | Underlying debt | Rate cap | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 117 |
Fair value | Underlying debt | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 117 |
Fair value | Underlying debt | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Underlying debt | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Underlying debt, at fair value | 0 |
Fair value | Derivative instruments | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (1,948) |
Fair value | Derivative instruments | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 12,052 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € (68) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 1,934 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € (369) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € (19,707) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 34 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 1,888 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 1,255 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € (256) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 282 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 950 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 57 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Fair value | Derivative instruments | Floating rate | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | € 9,326 |
Fair value | Derivative instruments | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 9,769 |
Fair value | Derivative instruments | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 214 |
Fair value | Derivative instruments | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (196) |
Fair value | Derivative instruments | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (65) |
Fair value | Derivative instruments | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 378 |
Fair value | Derivative instruments | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (256) |
Fair value | Derivative instruments | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (518) |
Fair value | Derivative instruments | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Fixed rate | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (11,336) |
Fair value | Derivative instruments | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 2,283 |
Fair value | Derivative instruments | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (68) |
Fair value | Derivative instruments | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 1,720 |
Fair value | Derivative instruments | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (369) |
Fair value | Derivative instruments | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | (19,511) |
Fair value | Derivative instruments | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 34 |
Fair value | Derivative instruments | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 1,953 |
Fair value | Derivative instruments | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 877 |
Fair value | Derivative instruments | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 282 |
Fair value | Derivative instruments | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 950 |
Fair value | Derivative instruments | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 575 |
Fair value | Derivative instruments | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Derivative instruments | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 0 |
Fair value | Option contract | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Associated derivatives, at fair value | 62 |
Financial instruments, at fair value | 62 |
2020 | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (4,684) |
Spread (as a percent) | (0.33513%) |
Interest rate (as a percent) | (2.78712%) |
2020 | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (67) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2020 | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 2,585 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 1.6145% |
2020 | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2020 | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (491) |
Spread (as a percent) | 2.2187% |
Interest rate (as a percent) | (1.41818%) |
2020 | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 28 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | (0.00846%) |
2020 | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (74) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 33.69343% |
2020 | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 898 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 4.07618% |
2020 | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 96 |
Spread (as a percent) | (0.33741%) |
Interest rate (as a percent) | 4.23883% |
2020 | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2020 | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 126 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 6.49395% |
2020 | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2020 | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 819 |
Spread (as a percent) | 1.59066% |
Interest rate (as a percent) | 5.14545% |
2020 | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (4) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00638% |
2020 | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 44 |
Spread (as a percent) | (0.02146%) |
Interest rate (as a percent) | 5.7723% |
2020 | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2020 | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 1,672 |
2020 | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (518) |
2020 | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 57 |
2020 | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (1,218) |
2020 | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (21) |
2020 | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 28 |
2020 | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (29) |
2020 | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (6,356) |
2020 | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (67) |
2020 | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 3,103 |
2020 | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (548) |
2020 | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 28 |
2020 | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (74) |
2020 | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 2,116 |
2020 | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 117 |
2020 | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 126 |
2020 | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 791 |
2020 | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (4) |
2020 | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 73 |
2020 | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2020 | Rate cap | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 6,878 |
Spread (as a percent) | (0.18114%) |
Interest rate (as a percent) | 1.98173% |
2021 | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2021 | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 28 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.72403% |
2021 | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2021 | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (1,763) |
Spread (as a percent) | (0.07735%) |
Interest rate (as a percent) | 344.56002% |
2021 | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2021 | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 8 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 45.537% |
2021 | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 424 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 4.68768% |
2021 | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 298 |
Spread (as a percent) | 26.85972% |
Interest rate (as a percent) | 3.71748% |
2021 | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2021 | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 52 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 3.45589% |
2021 | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 9 |
Spread (as a percent) | 3.50% |
Interest rate (as a percent) | 0.00% |
2021 | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 36 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 4.75356% |
2021 | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 1 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 16.627% |
2021 | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 26 |
Spread (as a percent) | (0.10454%) |
Interest rate (as a percent) | 4.21605% |
2021 | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2021 | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 3,097 |
2021 | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 141 |
2021 | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (1,770) |
2021 | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 192 |
2021 | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 3 |
2021 | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 9 |
2021 | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (30) |
2021 | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 3,781 |
2021 | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (113) |
2021 | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 7 |
2021 | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 8 |
2021 | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 232 |
2021 | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 295 |
2021 | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 52 |
2021 | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 36 |
2021 | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 1 |
2021 | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 56 |
2021 | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2021 | Rate cap | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 4,222 |
Spread (as a percent) | (0.03088%) |
Interest rate (as a percent) | 1.49321% |
2022 | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 235 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | (1.71276%) |
2022 | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 663 |
Spread (as a percent) | 0.06863% |
Interest rate (as a percent) | (184.98089%) |
2022 | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 223 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 6.82235% |
2022 | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 286 |
Spread (as a percent) | (0.80206%) |
Interest rate (as a percent) | 5.07456% |
2022 | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 64 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 5.4349% |
2022 | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (16) |
Spread (as a percent) | (0.00411%) |
Interest rate (as a percent) | 3.69418% |
2022 | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2022 | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 1,089 |
2022 | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 493 |
2022 | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 681 |
2022 | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 221 |
2022 | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 289 |
2022 | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (63) |
2022 | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 3,133 |
2022 | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (258) |
2022 | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (18) |
2022 | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 2 |
2022 | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (3) |
2022 | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 64 |
2022 | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 47 |
2022 | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2022 | Rate cap | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 3,185 |
Spread (as a percent) | 0.04773% |
Interest rate (as a percent) | 2.66878% |
2023 | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 134 |
Spread (as a percent) | 1.124% |
Interest rate (as a percent) | 0.00% |
2023 | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 161 |
Spread (as a percent) | 1.45591% |
Interest rate (as a percent) | 3.78623% |
2023 | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 70 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 6.65625% |
2023 | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (19) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 3.70858% |
2023 | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2023 | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 1,987 |
2023 | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (117) |
2023 | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 134 |
2023 | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 113 |
2023 | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (65) |
2023 | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 1,198 |
2023 | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 48 |
2023 | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 70 |
2023 | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 46 |
2023 | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 117 |
2023 | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2023 | Rate cap | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 1,939 |
Spread (as a percent) | 0.217% |
Interest rate (as a percent) | 1.8254% |
2024 | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 1.11% |
2024 | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 69 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 5.80699% |
2024 | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 94 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 6.65% |
2024 | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (19) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 3.70858% |
2024 | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
2024 | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 519 |
2024 | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (255) |
2024 | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (65) |
2024 | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 1,420 |
2024 | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 255 |
2024 | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 69 |
2024 | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 94 |
2024 | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 46 |
2024 | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
2024 | Rate cap | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 22,022 |
Spread (as a percent) | 0.08069% |
Interest rate (as a percent) | 1.61173% |
Subsequent years | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Subsequent years | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 1,057 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 5.375% |
Subsequent years | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Subsequent years | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 1,782 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Subsequent years | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Subsequent years | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Subsequent years | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 69 |
Spread (as a percent) | (0.34127%) |
Interest rate (as a percent) | (0.08065%) |
Subsequent years | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (3) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 1.409% |
Subsequent years | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Subsequent years | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 507 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 7.26647% |
Subsequent years | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 83 |
Spread (as a percent) | 3.20945% |
Interest rate (as a percent) | 0.00% |
Subsequent years | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 3.39% |
Interest rate (as a percent) | 8.085% |
Subsequent years | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Subsequent years | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € (86) |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 3.70791% |
Subsequent years | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Spread (as a percent) | 0.00% |
Interest rate (as a percent) | 0.00% |
Subsequent years | Floating rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 2,623 |
Subsequent years | Floating rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Floating rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 470 |
Subsequent years | Floating rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Floating rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 1,781 |
Subsequent years | Floating rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Floating rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Floating rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (26) |
Subsequent years | Floating rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Floating rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Floating rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Floating rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 83 |
Subsequent years | Floating rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (41) |
Subsequent years | Floating rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Floating rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (290) |
Subsequent years | Floating rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Fixed rate | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 19,399 |
Subsequent years | Fixed rate | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Fixed rate | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 587 |
Subsequent years | Fixed rate | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Fixed rate | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 1 |
Subsequent years | Fixed rate | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Fixed rate | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Fixed rate | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 95 |
Subsequent years | Fixed rate | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | (3) |
Subsequent years | Fixed rate | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Fixed rate | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 507 |
Subsequent years | Fixed rate | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Fixed rate | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 41 |
Subsequent years | Fixed rate | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Fixed rate | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 204 |
Subsequent years | Fixed rate | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | EUR | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | CZK | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | GBP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | CHF | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | USD | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | UYU | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | ARS | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | BRL | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | CLP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | UFC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | PEN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | VAC | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | COP | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | VEB | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | MXN | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | 0 |
Subsequent years | Rate cap | JPY | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Borrowings | € 0 |
Appendix IV_ Financial Instru_4
Appendix IV: Financial Instruments - Interest Rate Swaps (Details) - Interest rate swaps € in Millions | Dec. 31, 2019EUR (€) |
Non trading purposes | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (87) |
Non trading purposes | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (5) |
Non trading purposes | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (33) |
Non trading purposes | Fixed to fix | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Fixed to fix | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Fixed to fix | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Fixed to fix | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Fixed to fix | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Fixed to fix | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Fixed to fix | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Fixed to fix | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 3 |
Non trading purposes | Fixed to floating | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.2882% |
Average spread (as a percent) | 0.42285% |
Non trading purposes | Fixed to floating | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.39684% |
Average spread (as a percent) | 0.36303% |
Non trading purposes | Fixed to floating | 2020 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.52265% |
Average spread (as a percent) | 1.61309% |
Non trading purposes | Fixed to floating | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 2.363% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.65253% |
Average spread (as a percent) | 0.51166% |
Non trading purposes | Fixed to floating | 2021 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.61309% |
Average spread (as a percent) | 1.68324% |
Non trading purposes | Fixed to floating | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.75523% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.02711% |
Average spread (as a percent) | 0.99745% |
Non trading purposes | Fixed to floating | 2022 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.72578% |
Average spread (as a percent) | 0.92195% |
Non trading purposes | Fixed to floating | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 2.99503% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.51763% |
Average spread (as a percent) | 0.37385% |
Non trading purposes | Fixed to floating | 2023 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.73544% |
Average spread (as a percent) | 1.77356% |
Non trading purposes | Fixed to floating | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.80291% |
Average spread (as a percent) | 0.2427% |
Non trading purposes | Fixed to floating | 2024 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 3.54712% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.7423% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (800) |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (13) |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Fixed to floating | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (44) |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.71989% |
Average spread (as a percent) | 0.55621% |
Non trading purposes | Floating to fixed | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 2.5867% |
Average spread (as a percent) | 2.10672% |
Non trading purposes | Floating to fixed | 2020 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.7325% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.95405% |
Average spread (as a percent) | 0.02159% |
Non trading purposes | Floating to fixed | 2021 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 2.5595% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.30378% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2022 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.925% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.83529% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.02251% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2023 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 1.88609% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2024 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 2.52024% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.8904% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 710 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 8 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Floating to fixed | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 11 |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to fix | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (175) |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to fix | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to fix | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (100) |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to fix | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (75) |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to fix | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to fix | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to fix | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to fix | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (135) |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Receiving leg | Fixed to floating | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € (30,072) |
Non trading purposes | Receiving leg | Fixed to floating | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (1,630) |
Non trading purposes | Receiving leg | Fixed to floating | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (915) |
Non trading purposes | Receiving leg | Fixed to floating | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (8,907) |
Non trading purposes | Receiving leg | Fixed to floating | 2020 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (303) |
Non trading purposes | Receiving leg | Fixed to floating | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (23) |
Non trading purposes | Receiving leg | Fixed to floating | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (7,120) |
Non trading purposes | Receiving leg | Fixed to floating | 2021 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (303) |
Non trading purposes | Receiving leg | Fixed to floating | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (258) |
Non trading purposes | Receiving leg | Fixed to floating | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (3,968) |
Non trading purposes | Receiving leg | Fixed to floating | 2022 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (570) |
Non trading purposes | Receiving leg | Fixed to floating | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (634) |
Non trading purposes | Receiving leg | Fixed to floating | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (3,674) |
Non trading purposes | Receiving leg | Fixed to floating | 2023 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (303) |
Non trading purposes | Receiving leg | Fixed to floating | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Fixed to floating | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (2,093) |
Non trading purposes | Receiving leg | Fixed to floating | 2024 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (151) |
Non trading purposes | Receiving leg | Fixed to floating | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Fixed to floating | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (4,310) |
Non trading purposes | Receiving leg | Fixed to floating | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Fixed to floating | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Fixed to floating | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (19,002) |
Non trading purposes | Receiving leg | Fixed to floating | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (433) |
Non trading purposes | Receiving leg | Fixed to floating | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (961) |
Non trading purposes | Receiving leg | Floating to fixed | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (13,618) |
Non trading purposes | Receiving leg | Floating to fixed | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (418) |
Non trading purposes | Receiving leg | Floating to fixed | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (446) |
Non trading purposes | Receiving leg | Floating to fixed | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (3,560) |
Non trading purposes | Receiving leg | Floating to fixed | 2020 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Floating to fixed | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (70) |
Non trading purposes | Receiving leg | Floating to fixed | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (3,460) |
Non trading purposes | Receiving leg | Floating to fixed | 2021 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Floating to fixed | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (176) |
Non trading purposes | Receiving leg | Floating to fixed | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (359) |
Non trading purposes | Receiving leg | Floating to fixed | 2022 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (267) |
Non trading purposes | Receiving leg | Floating to fixed | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (200) |
Non trading purposes | Receiving leg | Floating to fixed | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (1,997) |
Non trading purposes | Receiving leg | Floating to fixed | 2023 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Floating to fixed | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Floating to fixed | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (1,170) |
Non trading purposes | Receiving leg | Floating to fixed | 2024 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (151) |
Non trading purposes | Receiving leg | Floating to fixed | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Floating to fixed | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (3,072) |
Non trading purposes | Receiving leg | Floating to fixed | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Floating to fixed | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Receiving leg | Floating to fixed | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (13,597) |
Non trading purposes | Receiving leg | Floating to fixed | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (420) |
Non trading purposes | Receiving leg | Floating to fixed | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | (448) |
Non trading purposes | Paying leg | Fixed to fix | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 175 |
Average interest rate (as a percent) | 0.69717% |
Non trading purposes | Paying leg | Fixed to fix | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Paying leg | Fixed to fix | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 100 |
Average interest rate (as a percent) | 1.175% |
Non trading purposes | Paying leg | Fixed to fix | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 75 |
Average interest rate (as a percent) | 0.55% |
Non trading purposes | Paying leg | Fixed to fix | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Paying leg | Fixed to fix | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Paying leg | Fixed to fix | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 0 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Paying leg | Fixed to fix | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 138 |
Average interest rate (as a percent) | 0.00% |
Non trading purposes | Paying leg | Fixed to floating | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | € 30,072 |
Non trading purposes | Paying leg | Fixed to floating | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 1,630 |
Non trading purposes | Paying leg | Fixed to floating | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 915 |
Non trading purposes | Paying leg | Fixed to floating | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 8,907 |
Non trading purposes | Paying leg | Fixed to floating | 2020 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 303 |
Non trading purposes | Paying leg | Fixed to floating | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 23 |
Non trading purposes | Paying leg | Fixed to floating | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 7,120 |
Non trading purposes | Paying leg | Fixed to floating | 2021 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 303 |
Non trading purposes | Paying leg | Fixed to floating | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 258 |
Non trading purposes | Paying leg | Fixed to floating | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 3,968 |
Non trading purposes | Paying leg | Fixed to floating | 2022 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 570 |
Non trading purposes | Paying leg | Fixed to floating | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 634 |
Non trading purposes | Paying leg | Fixed to floating | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 3,674 |
Non trading purposes | Paying leg | Fixed to floating | 2023 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 303 |
Non trading purposes | Paying leg | Fixed to floating | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Fixed to floating | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 2,093 |
Non trading purposes | Paying leg | Fixed to floating | 2024 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 151 |
Non trading purposes | Paying leg | Fixed to floating | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Fixed to floating | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 4,310 |
Non trading purposes | Paying leg | Fixed to floating | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Fixed to floating | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Fixed to floating | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 18,202 |
Non trading purposes | Paying leg | Fixed to floating | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 420 |
Non trading purposes | Paying leg | Fixed to floating | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 917 |
Non trading purposes | Paying leg | Floating to fixed | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 13,618 |
Non trading purposes | Paying leg | Floating to fixed | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 418 |
Non trading purposes | Paying leg | Floating to fixed | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 446 |
Non trading purposes | Paying leg | Floating to fixed | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 3,560 |
Non trading purposes | Paying leg | Floating to fixed | 2020 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Floating to fixed | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 70 |
Non trading purposes | Paying leg | Floating to fixed | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 3,460 |
Non trading purposes | Paying leg | Floating to fixed | 2021 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Floating to fixed | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 176 |
Non trading purposes | Paying leg | Floating to fixed | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 359 |
Non trading purposes | Paying leg | Floating to fixed | 2022 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 267 |
Non trading purposes | Paying leg | Floating to fixed | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 200 |
Non trading purposes | Paying leg | Floating to fixed | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 1,997 |
Non trading purposes | Paying leg | Floating to fixed | 2023 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Floating to fixed | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Floating to fixed | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 1,170 |
Non trading purposes | Paying leg | Floating to fixed | 2024 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 151 |
Non trading purposes | Paying leg | Floating to fixed | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Floating to fixed | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 3,072 |
Non trading purposes | Paying leg | Floating to fixed | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Floating to fixed | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 0 |
Non trading purposes | Paying leg | Floating to fixed | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 14,307 |
Non trading purposes | Paying leg | Floating to fixed | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 428 |
Non trading purposes | Paying leg | Floating to fixed | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for trading | 459 |
Derivative instruments | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,211 |
Derivative instruments | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (1,956) |
Derivative instruments | Fair value | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (2) |
Derivative instruments | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (171) |
Derivative instruments | Fair value | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 6 |
Derivative instruments | Fair value | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (9) |
Derivative instruments | Fair value | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | € 2 |
Derivative instruments | Fixed to floating | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.21504% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | USD | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.03173% |
Average spread (as a percent) | 0.02722% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 7.89667% |
Average spread (as a percent) | 0.40533% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | GBP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 2.76905% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.98% |
Average spread (as a percent) | 0.254% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | CHF | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.8695% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2020 | USD | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.01893% |
Average spread (as a percent) | 0.21854% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2020 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 7.89667% |
Average spread (as a percent) | 0.40533% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.86629% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2020 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 4.90% |
Average spread (as a percent) | 1.27% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2020 | CHF | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.9525% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.2497% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2021 | USD | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.43519% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2021 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2021 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 4.90% |
Average spread (as a percent) | 1.27% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2021 | CHF | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2022 | USD | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.83101% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2022 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.51145% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2022 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 4.90% |
Average spread (as a percent) | 1.27% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2022 | CHF | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.745% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.50413% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2023 | USD | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.85005% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2023 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2023 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 4.90% |
Average spread (as a percent) | 1.27% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2023 | CHF | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2024 | USD | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 2.36% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2024 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2024 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | 2024 | CHF | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.59355% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.23396% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | Subsequent years | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.42088% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | Subsequent years | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | Subsequent years | CHF | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Fixed to floating | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € (93) |
Derivative instruments | Fixed to floating | Fair value | USD | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € (1,956) |
Derivative instruments | Fixed to floating | Fair value | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € (4) |
Derivative instruments | Fixed to floating | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € (171) |
Derivative instruments | Fixed to floating | Fair value | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € (1) |
Derivative instruments | Fixed to floating | Fair value | CHF | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € (9) |
Derivative instruments | Floating to fixed | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.48548% |
Average spread (as a percent) | 0.0283% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 6.66833% |
Average spread (as a percent) | 0.40533% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.22285% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | COP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.39% |
Average spread (as a percent) | 8.085% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 2.10672% |
Average spread (as a percent) | 0.07857% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2020 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 6.66833% |
Average spread (as a percent) | 0.40533% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2020 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.31% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2020 | COP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.91555% |
Average spread (as a percent) | 0.02695% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2021 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2021 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.2605% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2021 | COP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.12299% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2022 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2022 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2022 | COP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2023 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2023 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 2.99% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2023 | COP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2024 | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2024 | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | 2024 | COP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 1.09763% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | Subsequent years | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | Subsequent years | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | Subsequent years | COP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 3.39% |
Average spread (as a percent) | 8.085% |
Derivative financial assets held for hedging | € 0 |
Derivative instruments | Floating to fixed | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 1,304 |
Derivative instruments | Floating to fixed | Fair value | MXN | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 2 |
Derivative instruments | Floating to fixed | Fair value | CLP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 7 |
Derivative instruments | Floating to fixed | Fair value | COP | |
Disclosure of financial assets [line items] | |
Average interest rate (as a percent) | 0.00% |
Average spread (as a percent) | 0.00% |
Derivative financial assets held for hedging | € 2 |
Derivative instruments | Receiving leg | Fixed to floating | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (1,700) |
Derivative instruments | Receiving leg | Fixed to floating | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (15,253) |
Derivative instruments | Receiving leg | Fixed to floating | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (142) |
Derivative instruments | Receiving leg | Fixed to floating | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (1,879) |
Derivative instruments | Receiving leg | Fixed to floating | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (15) |
Derivative instruments | Receiving leg | Fixed to floating | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (345) |
Derivative instruments | Receiving leg | Fixed to floating | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2020 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (1,900) |
Derivative instruments | Receiving leg | Fixed to floating | 2020 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (142) |
Derivative instruments | Receiving leg | Fixed to floating | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (822) |
Derivative instruments | Receiving leg | Fixed to floating | 2020 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (6) |
Derivative instruments | Receiving leg | Fixed to floating | 2020 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (207) |
Derivative instruments | Receiving leg | Fixed to floating | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (500) |
Derivative instruments | Receiving leg | Fixed to floating | 2021 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (1,612) |
Derivative instruments | Receiving leg | Fixed to floating | 2021 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2021 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (3) |
Derivative instruments | Receiving leg | Fixed to floating | 2021 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2022 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (1,319) |
Derivative instruments | Receiving leg | Fixed to floating | 2022 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (587) |
Derivative instruments | Receiving leg | Fixed to floating | 2022 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (3) |
Derivative instruments | Receiving leg | Fixed to floating | 2022 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (138) |
Derivative instruments | Receiving leg | Fixed to floating | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (800) |
Derivative instruments | Receiving leg | Fixed to floating | 2023 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (781) |
Derivative instruments | Receiving leg | Fixed to floating | 2023 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2023 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (3) |
Derivative instruments | Receiving leg | Fixed to floating | 2023 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2024 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (79) |
Derivative instruments | Receiving leg | Fixed to floating | 2024 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2024 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | 2024 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (400) |
Derivative instruments | Receiving leg | Fixed to floating | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (9,562) |
Derivative instruments | Receiving leg | Fixed to floating | Subsequent years | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (470) |
Derivative instruments | Receiving leg | Fixed to floating | Subsequent years | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | Subsequent years | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Fixed to floating | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (1,788) |
Derivative instruments | Receiving leg | Fixed to floating | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (16,212) |
Derivative instruments | Receiving leg | Fixed to floating | Fair value | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (146) |
Derivative instruments | Receiving leg | Fixed to floating | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (2,047) |
Derivative instruments | Receiving leg | Fixed to floating | Fair value | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (2) |
Derivative instruments | Receiving leg | Fixed to floating | Fair value | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (354) |
Derivative instruments | Receiving leg | Floating to fixed | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (13,673) |
Derivative instruments | Receiving leg | Floating to fixed | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (142) |
Derivative instruments | Receiving leg | Floating to fixed | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (170) |
Derivative instruments | Receiving leg | Floating to fixed | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (41) |
Derivative instruments | Receiving leg | Floating to fixed | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (4,547) |
Derivative instruments | Receiving leg | Floating to fixed | 2020 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (142) |
Derivative instruments | Receiving leg | Floating to fixed | 2020 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (24) |
Derivative instruments | Receiving leg | Floating to fixed | 2020 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (1,102) |
Derivative instruments | Receiving leg | Floating to fixed | 2021 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2021 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (118) |
Derivative instruments | Receiving leg | Floating to fixed | 2021 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (192) |
Derivative instruments | Receiving leg | Floating to fixed | 2022 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2022 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2022 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2023 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2023 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (28) |
Derivative instruments | Receiving leg | Floating to fixed | 2023 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2024 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2024 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | 2024 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (7,832) |
Derivative instruments | Receiving leg | Floating to fixed | Subsequent years | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | Subsequent years | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Receiving leg | Floating to fixed | Subsequent years | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (41) |
Derivative instruments | Receiving leg | Floating to fixed | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (11,865) |
Derivative instruments | Receiving leg | Floating to fixed | Fair value | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (142) |
Derivative instruments | Receiving leg | Floating to fixed | Fair value | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | (166) |
Derivative instruments | Receiving leg | Floating to fixed | Fair value | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,700 |
Derivative instruments | Paying leg | Fixed to floating | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 15,253 |
Derivative instruments | Paying leg | Fixed to floating | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 142 |
Derivative instruments | Paying leg | Fixed to floating | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,879 |
Derivative instruments | Paying leg | Fixed to floating | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 15 |
Derivative instruments | Paying leg | Fixed to floating | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 345 |
Derivative instruments | Paying leg | Fixed to floating | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2020 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,900 |
Derivative instruments | Paying leg | Fixed to floating | 2020 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 142 |
Derivative instruments | Paying leg | Fixed to floating | 2020 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 822 |
Derivative instruments | Paying leg | Fixed to floating | 2020 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 6 |
Derivative instruments | Paying leg | Fixed to floating | 2020 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 207 |
Derivative instruments | Paying leg | Fixed to floating | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 500 |
Derivative instruments | Paying leg | Fixed to floating | 2021 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,612 |
Derivative instruments | Paying leg | Fixed to floating | 2021 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2021 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2021 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 3 |
Derivative instruments | Paying leg | Fixed to floating | 2021 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2022 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,319 |
Derivative instruments | Paying leg | Fixed to floating | 2022 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2022 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 587 |
Derivative instruments | Paying leg | Fixed to floating | 2022 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 3 |
Derivative instruments | Paying leg | Fixed to floating | 2022 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 138 |
Derivative instruments | Paying leg | Fixed to floating | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 800 |
Derivative instruments | Paying leg | Fixed to floating | 2023 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 781 |
Derivative instruments | Paying leg | Fixed to floating | 2023 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2023 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2023 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 3 |
Derivative instruments | Paying leg | Fixed to floating | 2023 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2024 | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 79 |
Derivative instruments | Paying leg | Fixed to floating | 2024 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2024 | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2024 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | 2024 | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 400 |
Derivative instruments | Paying leg | Fixed to floating | Subsequent years | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 9,562 |
Derivative instruments | Paying leg | Fixed to floating | Subsequent years | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | Subsequent years | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 470 |
Derivative instruments | Paying leg | Fixed to floating | Subsequent years | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | Subsequent years | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Fixed to floating | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,695 |
Derivative instruments | Paying leg | Fixed to floating | Fair value | USD | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 14,256 |
Derivative instruments | Paying leg | Fixed to floating | Fair value | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 142 |
Derivative instruments | Paying leg | Fixed to floating | Fair value | GBP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,876 |
Derivative instruments | Paying leg | Fixed to floating | Fair value | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1 |
Derivative instruments | Paying leg | Fixed to floating | Fair value | CHF | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 345 |
Derivative instruments | Paying leg | Floating to fixed | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 13,673 |
Derivative instruments | Paying leg | Floating to fixed | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 142 |
Derivative instruments | Paying leg | Floating to fixed | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 170 |
Derivative instruments | Paying leg | Floating to fixed | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 41 |
Derivative instruments | Paying leg | Floating to fixed | 2020 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 4,547 |
Derivative instruments | Paying leg | Floating to fixed | 2020 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 142 |
Derivative instruments | Paying leg | Floating to fixed | 2020 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 24 |
Derivative instruments | Paying leg | Floating to fixed | 2020 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2021 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 1,102 |
Derivative instruments | Paying leg | Floating to fixed | 2021 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2021 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 118 |
Derivative instruments | Paying leg | Floating to fixed | 2021 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2022 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 192 |
Derivative instruments | Paying leg | Floating to fixed | 2022 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2022 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2022 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2023 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2023 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2023 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 28 |
Derivative instruments | Paying leg | Floating to fixed | 2023 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2024 | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2024 | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2024 | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | 2024 | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | Subsequent years | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 7,832 |
Derivative instruments | Paying leg | Floating to fixed | Subsequent years | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | Subsequent years | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Derivative instruments | Paying leg | Floating to fixed | Subsequent years | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 41 |
Derivative instruments | Paying leg | Floating to fixed | Fair value | EUR | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 13,169 |
Derivative instruments | Paying leg | Floating to fixed | Fair value | MXN | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 144 |
Derivative instruments | Paying leg | Floating to fixed | Fair value | CLP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 173 |
Derivative instruments | Paying leg | Floating to fixed | Fair value | COP | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | € 2 |
Appendix IV_ Financial Instru_5
Appendix IV: Financial Instruments - Foreign Exchange and Interest Rate Options (Details) € in Millions | Dec. 31, 2019EUR (€) |
Bought | 2020 | Collars | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | € 0 |
Bought | 2020 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | 2020 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | 2021 | Collars | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Bought | 2021 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | 2021 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | 2022 | Collars | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 881 |
Bought | 2022 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | 2022 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 881 |
Strike price of derivative instrument | 0 |
Bought | 2023 | Collars | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Bought | 2023 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | 2023 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | 2024 | Collars | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Bought | 2024 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | 2024 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | Subsequent years | Collars | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Bought | Subsequent years | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Bought | Subsequent years | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2020 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2020 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2021 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2021 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2022 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 881 |
Strike price of derivative instrument | 0 |
Sold | 2022 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2023 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2023 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2024 | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | 2024 | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | Subsequent years | Caps | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Sold | Subsequent years | Floors | |
Disclosure of financial assets [line items] | |
Derivative financial assets held for hedging | 0 |
Strike price of derivative instrument | 0 |
Maximum | Bought | 2020 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Maximum | Bought | 2021 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Maximum | Bought | 2022 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Maximum | Bought | 2023 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Maximum | Bought | 2024 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Maximum | Bought | Subsequent years | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Minimum | Bought | 2020 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Minimum | Bought | 2021 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Minimum | Bought | 2022 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Minimum | Bought | 2023 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Minimum | Bought | 2024 | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | 0 |
Minimum | Bought | Subsequent years | Collars | |
Disclosure of financial assets [line items] | |
Strike price of derivative instrument | € 0 |
Appendix IV_ Financial Instru_6
Appendix IV: Financial Instruments - Derivative Financial Instruments Receivable / Payable (Details) € in Millions | Dec. 31, 2019EUR (€) |
Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | € 1,060 |
Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 217 |
Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 324 |
Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 235 |
Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 156 |
Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 18 |
Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 110 |
Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (153) |
Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (153) |
Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
ARS | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 82 |
BRL | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 82 |
BRL | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 63 |
BRL | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 63 |
BRL | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (279) |
BRL | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (215) |
BRL | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (64) |
BRL | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (1,762) |
BRL | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (1,762) |
BRL | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
BRL | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 369 |
CLP | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 286 |
CLP | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 83 |
CLP | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 2 |
CLP | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 2 |
CLP | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (1,029) |
CLP | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (119) |
CLP | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (118) |
CLP | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (571) |
CLP | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (221) |
CLP | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (561) |
CLP | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (539) |
CLP | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (22) |
CLP | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CLP | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 86 |
COP | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 86 |
COP | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (980) |
COP | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (977) |
COP | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (3) |
COP | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
COP | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 67 |
CZK | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 67 |
CZK | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CZK | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 1,394 |
EUR | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 1,241 |
EUR | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 64 |
EUR | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 89 |
EUR | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 8,383 |
EUR | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 8,383 |
EUR | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (15,602) |
EUR | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (3,031) |
EUR | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (3,104) |
EUR | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (875) |
EUR | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (668) |
EUR | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (80) |
EUR | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (7,844) |
EUR | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (1,124) |
EUR | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (1,124) |
EUR | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
EUR | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 1,879 |
GBP | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 1,292 |
GBP | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 587 |
GBP | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 86 |
GBP | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 86 |
GBP | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (4,193) |
GBP | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (4,193) |
GBP | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
GBP | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
JPY | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 32 |
MXN | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 32 |
MXN | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (436) |
MXN | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (46) |
MXN | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (46) |
MXN | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (46) |
MXN | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (46) |
MXN | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (46) |
MXN | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (206) |
MXN | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (214) |
MXN | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (214) |
MXN | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
MXN | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 4 |
PEN | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 4 |
PEN | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 1 |
PEN | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 1 |
PEN | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (287) |
PEN | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (287) |
PEN | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
PEN | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 337 |
UFC | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 135 |
UFC | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 202 |
UFC | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (101) |
UFC | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (101) |
UFC | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UFC | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 15,066 |
USD | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 1,741 |
USD | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 3,527 |
USD | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 1,096 |
USD | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 842 |
USD | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 79 |
USD | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 7,781 |
USD | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 2,612 |
USD | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 2,587 |
USD | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 25 |
USD | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (1,581) |
USD | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (1,135) |
USD | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (445) |
USD | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (1) |
USD | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (2,333) |
USD | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (2,333) |
USD | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
USD | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UDI | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 615 |
UDI | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 65 |
UDI | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 65 |
UDI | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 65 |
UDI | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 65 |
UDI | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 65 |
UDI | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 290 |
UDI | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UDI | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UDI | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UDI | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UDI | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UDI | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UDI | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Receive | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 345 |
CHF | Receive | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 207 |
CHF | Receive | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Receive | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 138 |
CHF | Receive | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Receive | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Receive | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Pay | Currency swaps | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Pay | Currency swaps | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Pay | Currency swaps | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Pay | Currency swaps | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Pay | Currency swaps | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Pay | Currency swaps | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
CHF | Pay | Currency swaps | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Receive | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Receive | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Receive | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Receive | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Receive | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Receive | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Receive | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Pay | Forwards | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (34) |
UYU | Pay | Forwards | 2020 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | (34) |
UYU | Pay | Forwards | 2021 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Pay | Forwards | 2022 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Pay | Forwards | 2023 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Pay | Forwards | 2024 | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | 0 |
UYU | Pay | Forwards | Subsequent years | |
Disclosure of maturity analysis for derivative financial liabilities [line items] | |
Derivative financial assets held for hedging | € 0 |
Appendix V_ Interest-Bearing _3
Appendix V: Interest-Bearing Debt (Details) $ in Millions | Dec. 31, 2019EUR (€) | Dec. 23, 2019EUR (€) | Dec. 17, 2019EUR (€) | Dec. 16, 2019EUR (€) | Dec. 16, 2019COP ($) | Nov. 15, 2019EUR (€) | Oct. 30, 2019EUR (€) | Oct. 22, 2019EUR (€) | Aug. 16, 2019EUR (€) | May 30, 2019COP ($) | Feb. 18, 2019EUR (€) | Dec. 31, 2018EUR (€) | Jan. 05, 2018COP ($) | Mar. 22, 2016EUR (€) | Jun. 26, 2014EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | € 128,654,000,000 | € 138,102,000,000 | |||||||||||||
Borrowings | 41,995,000,000 | ||||||||||||||
Bilateral Loan due April 1, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | € 1,000,000,000 | |||||||||||||
Borrowings | 0 | ||||||||||||||
Early repayment of debt | € 500,000,000 | ||||||||||||||
Bilateral Loan due December 23, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Early repayment of debt | € 100,000,000 | ||||||||||||||
Bilateral Loan due March 19, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Bilateral Loan due October 30, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Early repayment of debt | € 100,000,000 | ||||||||||||||
Bilateral Loan due October 22, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Early repayment of debt | € 100,000,000 | ||||||||||||||
Bilateral Loan due July 22, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Bilateral Loan due May 14, 2024 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 300,000,000 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Bilateral Loan due August 14, 2026 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 200,000,000 | ||||||||||||||
Bilateral Loan due March 31, 2030 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 150,000,000 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Bilateral Loan due June 4, 2027 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 200,000,000 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Syndicated Facility due December 17, 2024 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 750,000,000 | € 750,000,000 | |||||||||||||
Borrowings | 0 | ||||||||||||||
Structured Financing due December 16, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | ||||||||||||||
Early repayment of debt | € 300,000,000 | € 450,000,000 | € 750,000,000 | ||||||||||||
Bilateral Loan due November 29, 2021 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 150,000,000 | ||||||||||||||
Bilateral Loan due December 16, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | $ 533,000 | |||||||||||||
Borrowings | 0 | ||||||||||||||
Early repayment of debt | $ | $ 153,000 | $ 380,000 | |||||||||||||
Syndicated Facility due March 15, 2023 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | € 750,000,000 | ||||||||||||||
Telefonica, S.A. | Structured financing due July 30, 2021 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 59,000,000 | ||||||||||||||
Borrowings | 53,000,000 | 93,000,000 | |||||||||||||
Telefonica, S.A. | Structured financing due January 31, 2023 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 316,000,000 | ||||||||||||||
Borrowings | 282,000,000 | 379,000,000 | |||||||||||||
Telefonica, S.A. | Structured financing due October 31, 2023 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 273,000,000 | ||||||||||||||
Borrowings | 243,000,000 | 314,000,000 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due April 1, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | 1,000,000,000 | |||||||||||||
Telefonica, S.A. | Structured financing due March 11, 2026 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 503,000,000 | ||||||||||||||
Borrowings | 448,000,000 | 516,000,000 | |||||||||||||
Telefonica, S.A. | Structured euro financing due March 11, 2026 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 341,000,000 | ||||||||||||||
Borrowings | 341,000,000 | 401,000,000 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due December 23, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | 100,000,000 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due March 19, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | 150,000,000 | |||||||||||||
Telefonica, S.A. | Credit Facility due December 27, 2022 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 380,000,000 | ||||||||||||||
Borrowings | 0 | 271,000,000 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due October 30, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | 100,000,000 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due October 22, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | 100,000,000 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due July 22, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | 385,000,000 | |||||||||||||
Telefonica, S.A. | Credit Facility due March 01, 2022 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 100,000,000 | ||||||||||||||
Borrowings | 117,000,000 | 112,000,000 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due May 14, 2024 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 300,000,000 | ||||||||||||||
Borrowings | 0 | 0 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due August 14, 2026 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 200,000,000 | 0 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due March 31, 2030 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 150,000,000 | ||||||||||||||
Borrowings | 0 | 0 | |||||||||||||
Telefonica, S.A. | Bilateral Loan due June 4, 2027 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 200,000,000 | ||||||||||||||
Borrowings | 0 | 0 | |||||||||||||
Telefónica Germany GmbH & Co. OHG | BEI Financing due June 13, 2025 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 408,000,000 | 450,000,000 | |||||||||||||
Telefónica Germany GmbH & Co. OHG | Syndicated Facility due December 17, 2024 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 750,000,000 | ||||||||||||||
Borrowings | 0 | 0 | |||||||||||||
Telefónica Germany GmbH & Co. OHG | BEI Financing due December 18, 2028 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 300,000,000 | ||||||||||||||
Borrowings | 0 | 0 | |||||||||||||
Telefónica Europe, B.V. | Structured Financing due December 16, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 0 | 1,500,000,000 | |||||||||||||
Telxius Telecom, S.A. | Syndicated Facility due December 01, 2023 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 300,000,000 | ||||||||||||||
Borrowings | 300,000,000 | 300,000,000 | |||||||||||||
Telxius Telecom, S.A. | Bilateral Loan due November 29, 2021 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | 150,000,000 | 0 | |||||||||||||
Colombia Telecomunicaciones, S.A, ESP | Bilateral Loan due December 16, 2019 | |||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||
Contractual limit amount | 0 | ||||||||||||||
Borrowings | € 0 | € 0 |
Appendix VI_ Key Regulatory I_3
Appendix VI: Key Regulatory Issues and Concessions and Licenses Held by the Telefonica Group - Narrative (Details) R$ in Millions | Jun. 15, 2017EUR (€) | Jan. 10, 2017 | Dec. 14, 2016MHz_band | Aug. 30, 2016 | May 19, 2016PEN (S/) | Apr. 27, 2016 | May 08, 2014 | Nov. 30, 2016COP ($) | Feb. 29, 2016city | Sep. 30, 2015MHz_band | May 31, 2014channel | Jul. 31, 2013 | Aug. 31, 2009 | Dec. 31, 2023EUR (€) | Dec. 31, 2022EUR (€) | Dec. 31, 2021EUR (€) | Dec. 31, 2020EUR (€) | Dec. 31, 2019EUR (€)GHz_spectrum_bandmegabyte_per_second | Dec. 31, 2016MHz_band | Dec. 31, 2019EUR (€)megabyte_per_second | Dec. 31, 2019BRL (R$) | Dec. 31, 2018EUR (€) | Dec. 31, 2018BRL (R$) |
Disclosure of detailed information about service concession arrangements [line items] | |||||||||||||||||||||||
Limit for wholesale roaming caps per SMS | € | € 0.01 | ||||||||||||||||||||||
Limit for wholesale roaming caps per minute | € | € 0.032 | ||||||||||||||||||||||
Percentage of fines issued by the general data protection regulation | 4.00% | ||||||||||||||||||||||
Percentage of fines issued | 4.00% | ||||||||||||||||||||||
Frequency of band (MHz) | 700 | ||||||||||||||||||||||
Number of cities in competitive areas in wholesale broadband services | city | 66 | ||||||||||||||||||||||
Percentage of fixed annual provision of invoiced operating income | 0.90% | ||||||||||||||||||||||
Percentage of gross revenue for open concessionaire companies | 3.00% | ||||||||||||||||||||||
Percentage of gross revenue for open concessionaire companies to provide pay TV services | 1.50% | ||||||||||||||||||||||
Auctioned radiofrequencies licenses (MHz) | 700 | ||||||||||||||||||||||
Speed of network infrastructure access for data transmission in copper pairs or coaxial cables (Mbit per second) | megabyte_per_second | 12 | ||||||||||||||||||||||
Speed of wholesale fixed network infrastructure to transport local and long distance transmission (Mbit per second) | megabyte_per_second | 34 | ||||||||||||||||||||||
Percentage of foreign direct investment allowed | 100.00% | ||||||||||||||||||||||
Period of extensible deadline for blackout analog | 5 years | ||||||||||||||||||||||
Population in service area (as a percent) | 85.00% | ||||||||||||||||||||||
Number of regional channels | channel | 4 | ||||||||||||||||||||||
Percentage of increase in administrative fines | 30.00% | ||||||||||||||||||||||
Period of applicable tariffs for services provided | 5 years | ||||||||||||||||||||||
Percentage of reduction of applicable tariffs for services provided | 37.00% | ||||||||||||||||||||||
Symmetric termination rate (COP per minute) | $ | $ 11.4 | ||||||||||||||||||||||
Symmetric termination rate (COP) | $ | 4,300,000 | ||||||||||||||||||||||
Established operators and a symmetric termination rate (COP per minute) | $ | 24.58 | ||||||||||||||||||||||
Established operators and a symmetric termination rate (COP) | $ | $ 9,800,000 | ||||||||||||||||||||||
Period of established operators and a symmetric termination rate | 5 years | ||||||||||||||||||||||
Fixed telephones to mobile networks (PEN per second) | S/ | S/ 0.0017 | ||||||||||||||||||||||
Frequency ranges owned by Telefonica (GHz) | GHz_spectrum_band | 6 | ||||||||||||||||||||||
Amount of established obligation for TMCH to provide wholesale service | GHz_spectrum_band | 2.6 | ||||||||||||||||||||||
Block of frequency at national level | 10 | ||||||||||||||||||||||
Forecast | |||||||||||||||||||||||
Disclosure of detailed information about service concession arrangements [line items] | |||||||||||||||||||||||
Limit for wholesale roaming caps per data services glide path per british pound | € | € 2.5 | € 3 | € 3.5 | € 4.5 | |||||||||||||||||||
Period of designation for provision of operator responsibility | 3 years | ||||||||||||||||||||||
Broadband data connection (Mbit per second) | megabyte_per_second | 1 | ||||||||||||||||||||||
Minimum | |||||||||||||||||||||||
Disclosure of detailed information about service concession arrangements [line items] | |||||||||||||||||||||||
Service concession for transmitting data granted | 713 | ||||||||||||||||||||||
Frequency of bands awarded | 768 | ||||||||||||||||||||||
Maximum | |||||||||||||||||||||||
Disclosure of detailed information about service concession arrangements [line items] | |||||||||||||||||||||||
Service concession for transmitting data granted | 748 | ||||||||||||||||||||||
Frequency of bands awarded | 803 | ||||||||||||||||||||||
Telefónica Brazil | |||||||||||||||||||||||
Disclosure of detailed information about service concession arrangements [line items] | |||||||||||||||||||||||
Proportion of ownership interest (as a percent) | 73.68% | ||||||||||||||||||||||
Net value of reversible assets held | € 1,825,000,000 | € 1,825,000,000 | R$ 8260 | € 1,943,000,000 | R$ 8622 | ||||||||||||||||||
Colombia Telecomunicaciones, S.A., ESP | |||||||||||||||||||||||
Disclosure of detailed information about service concession arrangements [line items] | |||||||||||||||||||||||
Proportion of ownership interest (as a percent) | 67.50% | ||||||||||||||||||||||
Telefónica Móviles España | |||||||||||||||||||||||
Disclosure of detailed information about service concession arrangements [line items] | |||||||||||||||||||||||
Proportion of ownership interest (as a percent) | 100.00% |
Appendix VI_ Key Regulatory I_4
Appendix VI: Key Regulatory Issues and Concessions and Licenses Held by the Telefonica Group - Schedule of Service Concession Arrangements (Details) | 1 Months Ended | 12 Months Ended |
May 31, 2014 | Dec. 31, 2019GHz_spectrum_bandMHz_bandmhz_frequencyghz_frequencymhz_per_2100mhz_frequency | |
Disclosure of detailed information about service concession arrangements [line items] | ||
Initial term | 20 years | |
Population in service area (as a percent) | 85.00% | |
Frequency ranges owned by Telefonica (GHz) | GHz_spectrum_band | 6 | |
Expiring in 2031 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 800 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2030 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 900 | |
Bandwidth (MHz) | 29,600,000 | |
Expiring in 2030 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2030, Option 2 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,800 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2020 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 5,000,000 | |
Expiring in 2020 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 1,920,000 | |
Expiring in 2020, Option 2 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,100 | |
Bandwidth (MHz) | 29,600,000 | |
Expiring in 2020, Option 2 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2030, Option 3 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2030, Option 4 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2030, Option 5 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 10,000,000 | |
Expiring in 2020, Option 3 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 3.5 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2020, Option 3 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 40 | |
Expiring in 2038, Option 2 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 3.7 | |
Bandwidth (MHz) | 50,000,000 | |
Indefinite, Option 1 | United Kingdom | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 800 | |
Bandwidth (MHz) | GHz_spectrum_band | 20,000,000 | |
Indefinite, Option 1 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 30,000,000 | |
Indefinite, Option 1 | Chile | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Indefinite, Option 2 | United Kingdom | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 900 | |
Bandwidth (MHz) | 34,800,000 | |
Indefinite, Option 2 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Indefinite, Option 3 | United Kingdom | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,800 | |
Bandwidth (MHz) | 11,600,000 | |
Indefinite, Option 3 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 20,000,000 | |
Indefinite, Option 4 | United Kingdom | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 5,000,000 | |
Indefinite, Option 4 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 50,000,000 | |
Indefinite, Option 5 | United Kingdom | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,100 | |
Bandwidth (MHz) | 20,000,000 | |
Indefinite, Option 5 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 25,000,000 | |
Indefinite, Option 6 | United Kingdom | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,300 | |
Bandwidth (MHz) | 40,000,000 | |
Indefinite, Option 6 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 3.5 | |
Bandwidth (MHz) | 50,000,000 | |
Indefinite, Option 7 | Spain | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 3.5 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2033 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 700 | |
Bandwidth (MHz) | GHz_spectrum_band | 20,000,000 | |
Expiring in 2033 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 700 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2033 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_per_2100mhz_frequency | 1,700 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2033 | Uruguay | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2025 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 800 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2033, Option 2 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 900 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2033, Option 2 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_per_2100mhz_frequency | 1,700 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2033, Option 3 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,800 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2025, Option 1 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,800 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2025, Option 2 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 5,000,000 | |
Expiring in 2020, Option 4 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 5,000,000 | |
Expiring in 2020, Option 4 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 40 | |
Expiring in 2025, Option 3 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,000 | |
Bandwidth (MHz) | 14,200,000 | |
Expiring in 2020, Option 5 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,100 | |
Bandwidth (MHz) | 39,600,000 | |
Expiring in 2020, Option 5 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 50 | |
Expiring in 2025, Option 4 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,100 | |
Bandwidth (MHz) | 29,700,000 | |
Expiring in 2025, Option 5 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 60,000,000 | |
Expiring in 2025, Option 6 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2040 | Germany | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 3.5 | |
Bandwidth (MHz) | 70,000,000 | |
Expiring in 2027 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 450 | |
Bandwidth (MHz) | 14,000,000 | |
Expiring in 2027 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 3.5 | |
Bandwidth (MHz) | 50,000,000 | |
Expiring in 2029 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 700 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2029 | Venezuela | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2020-2028 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2020-2023 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 900 | |
Bandwidth (MHz) | 5,000,000 | |
Expiring in 2020-2023, Option 2 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,800 | |
Bandwidth (MHz) | 20 | |
Expiring in 2023, Option 2 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,100 | |
Expiring in 2023, Option 2 | Ecuador | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 60,000,000 | |
Expiring in 2027-2031 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,500 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2035 | Argentina | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_per_2100mhz_frequency | 2,600 | |
Bandwidth (MHz) | 30,000,000 | |
Population in service area (as a percent) | 65.00% | |
Expiring in 2045 | Chile | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 700 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2045 | Uruguay | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2032-2033 | Chile | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 30,000,000 | |
Expiring in 2043 | Chile | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2038 | Chile | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 12,000,000 | |
Expiring in 2038 | El Salvador | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2024 | Colombia | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2024 | Uruguay | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2023 | Colombia | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_per_2100mhz_frequency | 1,700 | |
Bandwidth (MHz) | 30,000,000 | |
Expiring in 2023 | Ecuador | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2024, Option 2 | Colombia | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 15,000,000 | |
Expiring in 2021 | Colombia | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 15,000,000 | |
Expiring in 2021 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 50,000,000 | |
Expiring in 2020/2022 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2019/2022 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 50,000,000 | |
Expiring in 2019/2020 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 60,000,000 | |
Expiring in 2019/2020, Option 2 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 50,000,000 | |
Expiring in 2019/2021 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 60,000,000 | |
Expiring in 2019/2020, Option 3 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 60,000,000 | |
Expiring in 2019/2022, Option 2 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 60,000,000 | |
Expiring in 2019/2021, Option 2 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 70,000,000 | |
Expiring in 2019 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 2,600 | |
Bandwidth (MHz) | 40,000,000 | |
Expiring in 2037 | Uruguay | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 700 | |
Bandwidth (MHz) | 30,000,000 | |
Expiring in 2028 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 450 | |
Bandwidth (MHz) | 10,000,000 | |
Expiring in 2036 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 700 | |
Bandwidth (MHz) | 30,000,000 | |
Expiring in 2028, Option 2 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 900 | |
Bandwidth (MHz) | 10,000,000 | |
Expiring in 2028, Option 3 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 900 | |
Bandwidth (MHz) | 16,000,000 | |
Expiring in 2030, Option 1 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2018 | Peru | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2022-2024 | Uruguay | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2022 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 40 | |
Expiring in 2022 | Venezuela | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 25,000,000 | |
Expiring in 2022, Option 1 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 50 | |
Expiring in 2022, Option 1 | Venezuela | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 50,000,000 | |
Expiring in 2022, Option 2 | Venezuela | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_per_2100mhz_frequency | 1,700 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2026 | Venezuela | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 3.5 | |
Bandwidth (MHz) | 50,000,000 | |
Expiring in 2026 | Costa Rica | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 850 | |
Bandwidth (MHz) | 10,600,000 | |
Expiring in 2026, Option 1 | Costa Rica | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,800 | |
Bandwidth (MHz) | 30,000,000 | |
Expiring in 2032 | Costa Rica | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,800 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2026, Option 2 | Costa Rica | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 2,100 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2032, Option 1 | Costa Rica | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | ghz_frequency | 2,100 | |
Bandwidth (MHz) | 20,000,000 | |
Expiring in 2041 | El Salvador | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | mhz_frequency | 1,900 | |
Bandwidth (MHz) | 30,000,000 | |
(Phantom) Expiring in November 2032 | Chile | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 20 | |
(Phantom) Expiring in April 2033 | Chile | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
(Phantom) Expiring in 2020, Regions 1, 3, & 4 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 20 | |
(Phantom) Expiring in 2022, Region 2 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 20 | |
(Phantom) Expiring in 2019, Option 2 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
(Phantom) Expiring in 2019, Option 3 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 20 | |
(Phantom) Expiring in 2019, Option 4 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
(Phantom) Expiring in 2019, Option 5 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
(Phantom) Expiring in 2021, Option 2 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 50 | |
(Phantom) Expiring in 2019, Option 6 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
(Phantom) Expiring in 2019, Option 7 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
(Phantom) Expiring in 2019, Option 8 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
(Phantom) Expiring in 2021, Option 3 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 60 | |
(Phantom) Expiring in 2019, Option 9 | Mexico | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 40 | |
(Phantom) Expiring in 2022 | Uruguay | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
(Phantom) Expiring in 2024 | Uruguay | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Frequency | 10 | |
Minimum | Expiring in 2027-2031 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Additional bandwidth (MHz) | 20 | |
Maximum | Expiring in 2027-2031 | Brazil | ||
Disclosure of detailed information about service concession arrangements [line items] | ||
Most common bandwidth (MHz) | 40 |
Uncategorized Items - tef-20181
Label | Element | Value |
Cash | ifrs-full_Cash | € 2,077,000,000 |
Cash | ifrs-full_Cash | 3,990,000,000 |
Cash | ifrs-full_Cash | 4,886,000,000 |
Cash | ifrs-full_Cash | 5,209,000,000 |
Cash equivalents | ifrs-full_CashEquivalents | 1,659,000,000 |
Cash equivalents | ifrs-full_CashEquivalents | 1,202,000,000 |
Cash equivalents | ifrs-full_CashEquivalents | 806,000,000 |
Cash equivalents | ifrs-full_CashEquivalents | 833,000,000 |
Reserve of exchange differences on translation [member] | ||
Equity | ifrs-full_Equity | (14,751,000,000) |
Retained earnings [member] | ||
Equity | ifrs-full_Equity | 14,896,000,000 |
Gross Adjustment on Initial Application of New Reporting | tef_GrossAdjustmentonInitialApplicationofNewReporting | 11,000,000 |
Statutory reserve [member] | ||
Equity | ifrs-full_Equity | 1,038,000,000 |
Reserve of gains and losses from investments in equity instruments [member] | ||
Equity | ifrs-full_Equity | 44,000,000 |
Treasury shares [member] | ||
Equity | ifrs-full_Equity | (686,000,000) |
Reserve of cash flow hedges [member] | ||
Equity | ifrs-full_Equity | 560,000,000 |
Other equity interest [member] | ||
Equity | ifrs-full_Equity | 7,496,000,000 |
Issued capital [member] | ||
Equity | ifrs-full_Equity | 5,192,000,000 |
Non-controlling interests [member] | ||
Equity | ifrs-full_Equity | 9,038,000,000 |
Gross Adjustment on Initial Application of New Reporting | tef_GrossAdjustmentonInitialApplicationofNewReporting | 5,000,000 |
Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | ||
Equity | ifrs-full_Equity | (369,000,000) |
Share premium [member] | ||
Equity | ifrs-full_Equity | 4,538,000,000 |
Equity attributable to owners of parent [member] | ||
Equity | ifrs-full_Equity | 17,958,000,000 |
Gross Adjustment on Initial Application of New Reporting | tef_GrossAdjustmentonInitialApplicationofNewReporting | € 11,000,000 |