FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of November, 2021
Commission File Number: 001-09531
Telefónica, S.A.
(Translation of registrant’s name into English)
Distrito Telefónica, Ronda de la Comunicación s/n,
28050 Madrid, Spain
3491-482 87 00
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F | X | Form 40-F | ____ |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes | No | X |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes | No | X |
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes | No | X |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
Telefónica, S.A.
TABLE OF CONTENTS
Item | Sequential Page Number | |||||||
1. | Telefónica Group: Presentation on quarterly results January-September 2021 | 2 | ||||||
RESULTS January - September 2021
This document and any related conference call or webcast (including any related Q&A session) may contain forward-looking statements and information (hereinafter, the “Statements”) relating to the Telefónica Group (hereinafter, the "Company" or "Telefónica"). These Statements may include financial forecasts and estimates or statements regarding plans, objectives and expectations regarding matters, such as the customer base and its evolution, growth of the different business lines and of the global business, market share, possible acquisitions, divestitures or other transactions, the Company’s results and other aspects related to the activity and situation of the Company. The Statements can be identified, in certain cases, through the use of words such as “forecast”, "expectation", "anticipation", “aspiration”, "purpose", "belief" “may”, “will”, “would”, “could”, “plan”, “project” or similar expressions or variations of such expressions. These Statements reflect the current views of Telefónica with respect to future events, do not represent, by their own nature, any guarantee of future fulfilment, and are subject to risks and uncertainties that could cause the final developments and results to materially differ from those expressed or implied by such Statements. These risks and uncertainties include those identified in the documents containing more comprehensive information filed by Telefónica before the different supervisory authorities of the securities markets in which its shares are listed and, in particular, the Spanish National Securities Market Commission (CNMV). They also include risks relating to the effect of the COVID-19 pandemic on Telefónica’s business, financial condition, results of operations and/or cash flows. Except as required by applicable law, Telefónica does not assume any obligation to publicly update the Statements to adapt them to events or circumstances taking place after the date hereof, including changes in the Company's business, changes in its business development strategy or any other circumstances. This document and any related conference call or webcast (including any related Q&A session) may contain summarised, non-audited or non-GAAP financial information. The information contained herein and therein should therefore be considered as a whole and in conjunction with all the public information regarding the Company available, including any other documents released by the Company that may contain more detailed information. Information related to Alternative Performance Measures (APM) used in this presentation are included in Telefónica’s condensed consolidated interim financial statements and condensed consolidated interim management report for the six-month period ended June 30, 2021 submitted to the CNMV, in Note 2, page 11 of the .pdf filed. Recipients of this document are invited to read it. Neither this document nor any related conference call or webcast (including any related Q&A session) nor any of their contents constitute an offer to purchase, sale or exchange any security, a solicitation of any offer to purchase, sale or exchange any security, or a recommendation or advice regarding any security. This document and any related conference call or webcast (including any related Q&A session) may include data or references to data provided by third parties. Neither Telefónica, nor any of its administrators, directors or employees, either explicitly or implicitly, guarantees that these contents are exact, accurate, comprehensive or complete, nor are they obliged to keep them updated, nor to correct them in the case that any deficiency, error or omission were to be detected. Moreover, in reproducing these contents by any means, Telefónica may introduce any changes it deems suitable, may omit partially or completely any of the elements of this document, and in case of any deviation between such a version and this one, Telefónica assumes no liability for any discrepancy. Disclaimer
Q3 21 Results Mr. Ángel Vilá COO
EPS y-o-y Revenues y-o-y org OIBDA y-o-y org Further net debt reduction +3.6% Commercial momentum Including VMO2 accesses, ex-C.Rica Progress in strategic priorities; Reducing complexity Q3 21 highlights ✓ Second straight quarter of simultaneous organic revenue and OIBDA y-o-y growth ✓ Flat FX impact to revenues and OIBDA y-o-y, growth in reported revenues (ex-changes in perimeter) aligned with organic growth ✓ Stabilisation in OIBDA-CapEx on smart capital allocation; CapEx (ex spectrum)/Sales at 12.7% in Q3 (Hispam at 7.3%) ✓ Net debt -31.8%1 y-o-y; improved capital structure on FX rebalancing and higher debt in Latam currencies (26%1 of total net debt+leases; +11 p.p. y-o-y) ✓ One of the largest fibre footprint in Europe & Latam: 156.6m UBB PPs; an opportunity to facilitate social progress by extending connectivity and digitalisation ✓ Digital transformation: paving the way for economic and social recovery and a slowdown in climate change +1.6% OIBDA margin flat y-o-y Net income €706m 9M Underlying EPS +6.1% €0.12 Streamlined net debt €25.0bn1 9M FCF ex-spectrum €2.5bn +3% y-o-y Service revs. +3.3%, B2B +4.8% ✓ Re-prioritising capital allocation to core markets; spectrum acquisition (SP in Q3, BRA auction 4/11); GER 5G network is live in >100 cities. UK integration at pace ✓ T. Hispam: reduced capital employed, improved efficiencies, creating value. Closing of Costa Rica deal (€455m). Sale of El Salvador for $144M (7x 2020 OIBDA) ✓ T. Infra: development of fibre vehicles creates growth opportunities. Closing of T. Deutschland sites sale to ATC. Maintaining optionality across asset base ✓ T. Tech: growth of 24.9% in Q3 21; Cancom UK&I consolidated as of 1st August; strengthening portfolio through new partnerships ✓ More sustainable operating model: 79% of process digitised; agreement with NEC to build Open RAN; live pilots underway in four core markets ✓ Sustainability commitment: “E” (new PPAs to supply renewable energy), “S” (connecting rural & inland areas), “G” (Vivo “Best EM Performers Ranking” by Vigeo Eiris) Higher growth, smart capital allocation, further de-leveraging Increased customer satisfaction 1 Sequential acceleration Consistent growth 1. Post estimated distribution of proceeds to Telxius minorities
9M 21 Q3 21 € in millions Reported Reported y-o-y Organic y-o-y Reported Reported y-o-y Organic y-o-y Revenues 29,603 (8.0%) 1.7% 9,298 (11.1%) 3.6% OIBDA 20,620 111.6% 1.7% 3,734 39.8% 1.6% OIBDA Underlying 9,797 (8.9%) 3,034 (13.7%) OIBDA-CapEx (ex-spectrum) 16,716 194.3% (3.0%) 2,556 92.8% (0.5%) (OIBDA-CapEx)/Revenues (organic) 19.9% (1.0 p.p.) 20.1% (0.8 p.p.) Net Income 9,335 n.s 706 c.s. EPS (€) 1.63 n.s. 0.12 c.s. FCF (incl. leases principal payments) 1,470 (47.5%) 560 (64.5%) FCF (ex-spectrum paid) 2,482 (11.7%) 869 (44.9%) Net Financial Debt (€bn) (Post estimated distribution of proceeds to Telxius minorities) ex-leases 25.0 (31.8%) Financial summary Net Debt down 4.6% vs. Jun-21 Reported figures affected by capital gains and changes in perimeter FX impact From headwind to tailwind in Q3 Changes in the perimeter impact (T. UK, Telxius towers, Costa Rica) € (m) Q3 9M Revenues (22) (981) OIBDA 1 (365) 2 € (m) Q3 9M Revenues (1,604) (2,134) OIBDA (541) (717) Solid FCF ex spectrum Record net income in 9M
Guidance and dividend confirmed 2021 calendar payments Jun/21 €0.20/sh. (Voluntary Scrip) Dec/21 €0.15/sh. (Voluntary Scrip) Financial Targets 2021 Guidance 9M 21 Revenues (y-o-y organic) “Stable to slight growth” (upgraded in H1 from “stabilisation”) 1.7% OIBDA (y-o-y organic) “Stable to slight growth” (upgraded in H1 from “stabilisation”) 1.7% CapEx/Sales (ex spectrum) Back to normalised level up to 15% 13.2% 2021 guidance Telxius Towers and T. UK deconsolidated as of 1 June and Costa Rica as of 1 August Shareholder remuneration 2021 Dividend €0.30/Share Interim Dec-21 €0.15/sh. (Voluntary Scrip) Final Jun-22 €0.15/sh. (Voluntary Scrip) 3 1.65% treasury stock to be cancelled
Through digitalisation we contribute to a more sustainable, circular, and decarbonised world • New long-term renewable electricity agreements in Spain and Brazil (SDG #7) • >1k COs closed in Spain, saving 1k GWh; accelerated 3G switch-off in Germany, leading to annual energy savings of 60 GWh (SDG #12, #13) • Launched Net-Zero Hub to help small businesses become net-zero in the UK (SDG #13) “E”: ENVIRONMENTAL BUILDING A GREENER FUTURE Economic and social development facilitated by digitalisation • First ever National Databank launched in the UK, providing free mobile data to tackle data poverty (SDG #9) • Connecting people in rural and inland areas: 600 black-out zones eliminated in Spain, 250k PPs in Southern Argentina, 13k areas in Peru; 13m PPs with gigabit BB in the UK (SDG #9) • Telefónica’s International Volunteering Day; 25k+ employees in 300 initiatives (SDG #4, #8, #13) • ProFuturo: 1st Spanish project to be awarded “WISE Prize” for educational innovation (SDG #4) “S”: SOCIAL HELPING SOCIETY TO THRIVE Building trust capital with customers, employees, suppliers, and shareholders • Vivo named in Vigeo Eiris’ “Best Emerging Market Performers” Ranking • Awards in diversity; Ministerial "Equal Conciliation Seal“ in Chile; Scotiabank “Equality Grand Prize 2021” in Peru (SDG #5) • New target of 30% of black executives in leadership positions in Brazil by 2024 (SDG #5) “G”: GOVERNANCE LEADING BY EXAMPLE Strategy aligned with the UN SDGs Fully committed to ESG 4
Revenues 9M Accesses (m) €2,504M Organic Spain | Ongoing recovery, strong cash generation preserved Key financials Fibre Net adds & Convergent KPIs Postpaid 149 (74) 153 9 Churn ARPU 0.4% (0.5%) 0.0% (0.8%) OIBDA - CapEx €848M €775M ● Sequential improvement in all accesses’ trend ● Convergent ARPU +2.5% q-o-q, improved customer mix ● Sustained focus on revenue share • Increased share in high value segment as market cooled down • “Back to school” promos softer at high-end vs Q3 20 • Low value segment fragmented and highly competitive ● Record NPS (33%), segmented valued oriented offer • ……, #1 brand in quality of service • Competitive entry level proposition, new O2 offering (Oct.) ● Long term agreement awarded, green energy for 50% of buildings ● Supporting areas affected by the La Palma volcano eruption ● Awarded with the 1st allocation of NextGen funds for rural UFBB ● Sustained y-o-y revenue growth • Handset sales +37.2% y-o-y on new Fusion portfolio • OIBDA y-o-y hit by higher energy cost and lower content cost in Q3 20 • OIBDA q-o-q trend improved ex energy costs rise & base effect ● Solid cash conversion • 9M OpCF organic margin 27.2%, European benchmark • Limited capital intensity (9M CapEx/Sales 11.2%) Key milestones Financial highlights 1.5% 1.4% Q3 20 Q3 21 87.4 89.6 € € Service Rev. 5 Q2 21 Q3 21 Q2 21 Q3 21
374 415 2.6% 5.7% 10.3% 5.1% 3.5% Key financials Net additions (k) ARPU y-o-y Operational KPIs Revenues OIBDA Key milestones Financial Highlights Mobile contract ● Strong commercial traction; driven by O2 free portfolio • ‘Willkommen im sehr guten Netz von O2’ marketing campaign promoting equalised mobile network quality ● Fixed base +2k, sequential improvement over 2021 on TAA approach ● 5G network active in >100cities • On track to achieve 30% 5G population coverage by YE 2021 ● Accelerated 3G switch-off, improving 4G/5G and saving energy ● 100% green energy consumption (incl. 3rd party sites) beyond 2021 ● Sustained revenue trends; strong commercial momentum supporting service revenues ● Strong OIBDA performance; top line growth, incremental efficiencies, partially offset by phasing back of marketing spend ● 9M CapEx +11.6% y-o-y; C/S 14.2% back-end loaded phasing ● OIBDA-CapEx/Revenues -0.2 p.p. vs 9M 20 OIBDA-CapEx O2 contract ARPU O2 churn stable y-o-y Q3: 1.0% 0.6% 0.9% 31.7% 17.2% y-o-y organic Margin Germany | Strong commercial and financial performance Q2 21 Q3 21 32.0% 6 9M 21 Underlying1Underlying1 1) Excluding non-recurrent special factors Q2 21 Q3 21
Accesses, m (y-o-y) 55.3 41.6 15.8 5.6 Total mobile Mobile Contract +8% +2% y-o-y proforma organic(1) ● Integration on track, combining capabilities by launching Volt in October, the first VMO2 consumer and SoHo converged product ● Strong commercial focus and traction, total base 55.3m +5% y-o-y; mobile contract net adds +108k, FBB net adds +42k ● Investing for the future with NGN expansion; 5G in 210 towns & cities and fixed gigabit network extended to 12.8m PPs ● FTTP upgrade pilots underway, completion in 2028 ● Created National Databank, providing free mobile data to tackle data poverty and Net Zero Hub to help SoHo become net zero. ● Revenue back to growth, mobile improves q-o-q on flagship handset launches; fixed q-o-q decline on B2B wholesale phasing ● 9M OIBDA +3.1% y-o-y, Q3 slowdown as a result of investment in marketing and digitalisation offsetting revenue growth ● OIBDA Margin reflects change in revenue mix, coupled with investment in commercial performance and future growth ● 9M CapEx +9.2% y-o-y > NGN investments in Lightning and 5G ● Cash profitability; OIBDA-CapEx margin -0.3 p.p. y-o-y vs. 9M 20 ● FY 21 proforma transaction-adjusted EBITDA growth expected at “flat to positive”, H2 21 dividend “at least £300m”Revenues OIBDA O2 contract churn 0.9% in Q3 OIBDA-CapEx Margin (0.1%) 0.7% 5.8% (0.9%) 35.5% 35.0% (2.9%) 16.5% UK | Strong commercial momentum, integrating at pace Key financials Operational KPIs Key milestones Financial highlights Q2 21 Q3 21 7 +3% +5% FBBTotal Premises Passed 15.5 m 9M YTD (1) Organic OIBDA and OIBDA margin y-o-y calculated in line with Telefonica criteria
y-o-y organic ● Vivo again confirms its leadership • 33.0% MS in mobile; 36.8% MS in postpaid; 28.8% MS in prepaid ● Strong mobile momentum, digital services gaining relevance • Enlarging lifetime with contract churn under control (1.2%) ● Impressive transformation to FTTH • Accelerating deployment goals: 29m in 2024 • 1m new connections YTD (0.9m in FY 20; 0.6m in FY 19)… • …with lower cost to deploy (-60% in 2 yrs) 1.6% 3.0% 3.8% 3.0% Service Revenue OIBDA 42.0% 22.5% OIBDA Margin OIBDA-CapEx/ Revenues ● Accelerating service revenue growth • MSR +5.7% on access & price increases • Fixed revenues back to growth (+0.4%) after 4 yrs ● Growth & transformation CapEx 87% of total (> fibre; < legacy) ● Vivo’s ESG initiatives continue to evolve • 100% renewable energy since 2018. Signed long-term contracts for distributed green electricity generation • 50% of their Internship program to be destined for black students Key financials Operational KPIs Key milestones Superior financial performance 8 Net adds (k) Organic 9M 21 Contract FTTH Brazil | Strongest service revenue growth in 6 years 590 300 697 310 +16%. +57% y-o-y Q2 21 Q3 21 Q2 21 Q3 21
229 598 €M; y-o-y 9M 21 Tech | High growth and increasing scale T. Tech revenue 25.5% Improved business profile ● Increased scale, enhanced capabilities and revenue mix (VAS) with the addition of T. Tech UK&I (formerly CANCOM UK&I) ● Annualised1 revenue base of c. €1bn ● Unique assets & premium partnerships • Cloud Hub Spain, Intelligent SOCs , global IoT, in-house AI/Big data ● Significant cross-selling advantage: >5.5M B2B T. Group customers 24.9% Q3 21 T. IoT & Big Data Tech “Partner of the year in SMB digitalisation” MICROSOFT “Global Partner of the year”CLOUD BLUE ● “FlexWAN”- First managed service for Cloud-Native in Spain ● Enhanced SMB offer in Chile and Germany ● New partners: Additional Zoom functionality; CrowdStrike Falcon platform (MDR) ● Security: OT Specialisation of Fortinet's channel program; First Cybersecurity robot's laboratory (CS4R) in Munich ● Global agreement with STC Cybersecurity ZOOM “EMEA Services Provider of the Year” KALEIDO INTELLIGENCE “Champion in Intelligence in Private Networks” & “Highflyers in Connectivity Management Platform” ● Increasing activity in connected Car, Big Data, Industry 4.0 and Utilities ● IoT connectivity revenue acceleration (+23.6% y-o-y in Q3) ● Leveraging connectivity technology (NB-IoT/LTE-M and p-LTE/5G), best in class partners ● Key for B2B digitisation post COVID-19 ● Unique AI of Things T. Cloud & Cyber Tech “Innovation leader case study: Telefónica Tech AI of Things”STL Partners 91) After acquisition of T. Tech UK&I (formerly CANCOM UK&I)
Infra | Growth and optionality ahead • 50% CDPQ / 50% TEF (25% T. Infra / 25% T.BR) • Fiberty 1 acquisition (Aug-21) ▪ Adds 170k PPs in 11 new municipalities ▪ 310k PPs in 18 additional municipalities operative between Q4 21E & Q1 22E • Updated target: over 6.0m PPs in 4yrs (up from 5.5 PPs) ▪ 1.6m brownfield PPs ▪ EV/OIBDA PF 16.5x FiBrasil • 60% KKR/ 40% T.CHL • Commercial brand launched: ON*NET Fibra • Accelerated deployment ▪ c. 90k PPs/month ▪ 713k additional PPs already built in 9M 21 ▪ FTTH/UBB accesses in CHI: 98%; +6 p.p. y-o-y • Target: 3.5m PPs by 22E ▪ 2m brownfield PPs ▪ EV/OIBDA 18.4x InfraCo • 50% Allianz / 50% TEF (40% T. Infra / 10% T.DE) • Rollout and commercialisation ongoing • Signed wholesale agreements with 2 regional ISPs • MOUs signed with municipalities representing >100k premises (Sep-21) • Target: >2m PPs in 6yrs ▪ c.50,000 km fibre UGG • 60% KKR/ 40% T.COL • Closing expected in Q1 22E ▪ Approval granted by the EC (Oct-21) • Target: c.4.3m PPs in 3yrs ▪ c.1.2m brownfield PPs ▪ EV/OIBDA PF c.20x ▪ ND reduction TEF c.€0.2bn InfraCo 10 Further growth & optionality ahead Fibre ▪ 53.5m owned FTTH PPs ▪ 27% up-take; +1.1 p.p. y-o-y ▪ Optionality in Spain & Hispam Towers CTIL 15.8k Group (ex-UK) 27.7k Telxius Subsea Cable ▪ 94k km of subsea cables ▪ 27 on-net landing stations in 12 countries ▪ 93 PoPs in 23 countries (owned & 3rd party) Data Centres Nabiax (20% T. Infra; upon completion 2nd transaction) 14 DCs (39 MWs)
Q3 21 Results Ms. Laura Abasolo CFCO & Head T. Hispam
● Accelerating value growth • FTTH connections +26% y-o-y • 11.7m FTTH PPs (+2.1m in LTM) • Further to come thanks to COL & CHL fibre vehicles • Contract accesses +9% ● Speeding up business transformation • Accelerating digitalisation: 21.4% sales via digital sales • New operational model to capture value of economies of scale ● Service revenue growth across the region (excl. MEX’s MTR cut) ● Growth in reported OIBDA ● Reduced capital employed (9M: -23% y-o-y) • Asset light models, reducing exposure to legacy • 8.6% CapEx/sales in 9m, -0.6 p.p. y-o-y • Rational approach to spectrum auction y-o-y organic 3.2% 0.3% 6.0% 11.6% Service Revenue OIBDA 6.8% OIBDA-CapEx Hispam | Renewed strategy bears fruit Key financials Operational KPIs Key milestones Solid financial performance 11 Net additions (k) 9M 21 ● Launch of social services & initiatives in most countries • Movistar Mex selected as the most responsible Co. (Expansión's 2021) • Launched Health Tech Community, 1st digital health ecosystem in COL y-o-y Contract FTTH & Cable 488 244 395 200 +55% (2%) Q2 21 Q3 21 Q2 21 Q3 21
€m Net Financial Debt Key MetricsSources of long-term financing (YTD) (€bn) 657 Dec-20 FCF Pre-retirement commitments Sep-21 FX & Others Net financial investments ND/OIBDAaL 2.79x Shareholder remun. (incl. hybrid coupons) 35,228 (1,470) 92935 (256) 25.0bn Hybrids €29.9bn incl. IFRS-16 Leases 1.0 5.4 2.0 0.2 0.2 0.4 1.7 0.1 Sustainability Financing (Hybrid) Green Bonds JV VMed O2UK Sustainability Linked Loans ColTel Bank Financing Financing at Subsidiaries Telefonica and Allianz JV financing Debentures FiBrasil * Total 1st Sustainability Hybrid in the Telecom sector CLP 148,000m Bank financing and CLP 90.000m bond issuance by T. Móviles Chile Significant debt reduction on deals completion ND/OIBDAaL 2.49x -€9.6bn 21,965 Post estimated distribution of proceeds to TLX minorities 1. Includes net proceeds from the closing of the sale of El Salvador, the closing of Colombia fiber vehicle and including the acquisition of Oi 2. Post estimated distribution of proceeds to Telxius minorities 12 13.852 yrs Avg. debt life 3.27% Interest payment cost ex-lease interests €22.62bn Liquidity position Current liquidity exceeds maturities beyond 2024 (13,157) 25.6bn Post estimated distribution of proceeds to TLX minorities & post closing1 * Telefônica Brasil S.A, Telefónica Infra, S.L.U., and Caisse de dépôt et placement du Québec JV in Brazil
Final Remarks Mr. Ángel Vilá COO
Strategic focus on sustainable, profitable growth • Portfolio simplification to continue with reduced exposure to Hispam, further de-leveraging and execution of transactions to crystallise value • Leveraging attractive fibre opportunities and unlocking value through own deployment and fibre vehicles • Continued digitisation driven by high-quality, secure and greener connectivity Steady revenue and OIBDA organic growth • Accelerated revenue growth (both organic and reported); positive organic revenue growth in all business lines Smart capital allocation • Capturing growth opportunities; ~45% CapEx ex spectrum allocated to NGN; fibre and 5G • Spectrum acquisitions in the UK and Spain at 40% to 50% lower prices than benchmark JV VMO2 integration progressing at pace • Return to top line growth; investing for the future Enhanced balance sheet and capital structure • Ongoing net debt reduction, with €1.2bn decline in Q3 to €25.0bn • Net financial debt+leases in Latam currencies 26% of total; 15% in Sep-20 Confirming 2021 outlook and dividend Wrap up | Sustainable long-term strategy 13
Telefónica’s management will host a webcast on 4th November at 10:00 AM (CET), 9:00 AM (GMT), and 5:00 AM (EST) Participants from Telefónica: Ángel Vilá (COO), Laura Abasolo (CFCO & Head T. Hispam), Eduardo Navarro (Chief Corporate Affairs & Sustainability Officer), and Adrián Zunzunegui (Global Director of Investor Relations). From Virgin Media-O2 JV: Lutz Schüler (CEO) • To access the webcast: click here • The webcast replay will be available on Telefónica IR’s website after the event • To participate in the Q&A session, please register using the following link to receive the dial in and PIN details. click here. Webcast Q&A Session Results presentation and Q&A Session
For further information, please contact: Investor Relations Adrián Zunzunegui (adrian.zunzunegui@telefonica.com) Isabel Beltrán (i.beltran@telefonica.com) Torsten Achtmann (torsten.achtmann@telefonica.com) Tel. +34 91 482 87 00 ir@telefonica.com www.telefonica.com/investors FOLLOW US:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Telefónica, S.A. | |||||||||||||||||
Date: | November 4, 2021 | By: | /s/ Laura Abasolo García de Baquedano | ||||||||||||||
Name: | Laura Abasolo García de Baquedano | ||||||||||||||||
Title: | Chief Finance, Control and Corporate Development Officer |