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f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

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Rentabilidad de 12 meses consecutivos Acumulada del año natural Anualizada Valor liquidativo Crecimiento de Rentabilidad de 12 meses consecutivos A fecha. A fecha At NAV. A fecha At NAV excluyendo los gastos de venta. La rentabilidad histórica no es un indicador fiable de los resultados futuros. Datos del Fondo. Estadísticas diarias A fecha. Códigos del Fondo. Estadísticas de riesgo a tres años anualizadas A fecha. Portfolio Characteristics. Estadísticas de la cartera A fecha. Información sobre el producto. Formularios y solicitudes. Documentos normativos. Documento destacado. Also in , the revision of the value of Telefónica operations in Ireland resulted in a negative impact of million euros. Our networks carry and store huge volumes of confidential, personal and corporate data, and our Internet access and hosting services may lead to claims for illegal or illicit use of the Internet. Our networks carry and store huge volumes of confidential, personal and business data, both voice and data traffic. We store increasing quantities and types of customer data in both business and consumer segments. Despite our best efforts to prevent it, Telefónica may be found liable for the loss, transfer, or inappropriate modification of the customer data or general public data stored on its servers or transmitted through its networks which could involve many people and have an impact on the Company's reputation, or lead to legal claims and liabilities that are difficult to measure in advance. Our Internet access and hosting servers could lead to claims for illegal or unlawful use of the Internet. Telefónica, like other telecommunications providers, may be held liable for the loss, transfer or inappropriate modification of the customer data stored on its servers or carried by its networks. In most countries in which Telefónica operates, the provision of its internet access and hosting services including the operation of websites with shelf-generated content are regulated under a limited liability regime applicable to the content that it makes available to the public as a technical service provider, particularly content protected by copyright or similar laws. However, regulatory changes have been introduced imposing additional obligations on access providers such as blocking access to a website as part of the struggle against some illegal or illicit uses of the internet, notably in Europe. Telefónica and Telefónica Group companies are party to lawsuits, tax claims, antitrust and other legal proceedings. Telefónica and Telefónica Group companies are party to lawsuits, tax claims and other legal proceedings in the ordinary course of their businesses, the financial outcome of which is unpredictable. Telefónica, S. We are:. The following significant events occurred in On February 8, , the bolivar fuerte was devalued from 4. The exchange rate of 6. The principal impacts of the devaluation of the bolivar fuerte have been the following:. Increase in the net financial debt resulting from the application of the new exchange rate to the net asset value in bolivar fuerte of approximately million euros, as per the balance as at December 31, Total investment by Telefónica UK in new frequencies amounted to million euros. On March 26, Telefónica, S. These shares were the total treasury shares position of Telefónica as of that date. Carlos Colomer Casellas, to replace having completed his legal term , as chairman, the independent director Mr. On April 30, , Telefónica, S. The transaction amounted to million U. Following the fulfilment of the conditions to which the closing of the sale was subject, the closing of the transaction was on August 2, On May 31, , the Telefónica, S. In such meeting, all the resolutions submitted by the Board of Directors for deliberation and vote were approved by majority of votes. To re-elect directors Mr. José María Abril Pérez and Mr. Javier de Paz Mancho, members of the Executive Commission. To appoint director Mr. Julio Linares López as a member of the Strategy Committee. To accept the resignation of director Mr. Javier de Paz Mancho member of the aforesaid Committee. Javier de Paz Mancho, Mr. Alfonso Ferrari Herrero, Mr. Antonio Masanell Lavilla, Mr. Fernando de Almansa Moreno-Barreda and Mr. Julio Linares López, who will assume its presidency. On June 24, , Telefónica, S. The value of the sale totaled million euros, including an initial cash consideration of million euros at closing of the transaction, and an additional deferred payment of 70 million euros based on the completion of agreed financial objectives. The transaction is pending closing and remains subject, among other conditions, to the relevant competition approvals. On July 23, , Telefónica, S. KG, receiving KPN, as consideration, The closing of this transaction is subject to certain conditions of which only the relevant authorization from the Competition Authority remains pending. On September 24, , Telefónica, S. As a result of this capital increase, the interest held by Telefónica in the voting share capital of Telco, S. On November 5, , Telefónica, S. The transaction was completed on January 28, , after obtaining the relevant regulatory authorization. Business areas. Information on the company — Recent developments. As this change has taken place after the reporting period for this Annual Report, we present our results of operations throughout this Annual Report using the reporting structure that was in place during the reporting period. The reporting structure of this Annual Report is as follows:. Additionally, from the beginning of , the perimeter of consolidation of Telefónica Europe includes Tuenti Technologies, S. The following chart shows the organizational structure of the principal subsidiaries of the Telefónica Group at December 31, , including their jurisdictions of incorporation and our ownership interest. For further detail, see Exhibit 8. Ownership in Telefónica Móviles España, S. Companies held indirectly. Capital Expenditures and Divestitures. Our principal capital expenditures during the three years ended December 31, , consisted of additions to property, plant and equipment and additions to intangible assets, including spectrum. In , and , we made capital expenditures of 9, million euros, 9, million euros and 10, million euros, respectively. Year ended December 31, Capital expenditures in were in line with Capital expenditures in include the cost of spectrum mainly in United Kingdom, Brazil, Peru, Colombia and Spain, amounting to 1, million euros. Investment by Telefónica Europe in amounted to 3, million euros, mainly concentrated on continuing the roll-out of fiber optic across the fixed network in Spain, increasing the number of fiber optic-connected homes and customers. Development of the LTE mobile networks in Germany, the United Kingdom and Spain was ramped up to increase deployment and coverage, while investments continued to be made to boost the capacity of third-generation 3G mobile networks. Capital expenditures in declined 7. Capital expenditures in include the cost of spectrum in Brazil, Nicaragua, Chile, Venezuela and Ireland, amounting to million euros. In Telefónica Europe, there were significant investments in further capacity expansion and quality improvement of its mobile 3G networks in Spain, United Kingdom, Germany and Czech Republic, and additionally, into the development of the LTE network in Germany. In the fixed line business, there were significant investments in the fiber optic network roll-out and data services for large corporate customers in Spain, and in improving fixed broadband network in Czech Republic. Investments in Telefónica Latin America were focused on mobile business mainly with overlay projects, and coverage expansion and enhancing the quality of its 3G networks , as well as on development of new platforms and evolving the existing ones to support new value-added services. Also, it is important to highlight the investments done by Telefónica Digital throughout in TV business including new HD channels introduction and commercial launches of OTT services and content delivery network in line with Telefónica Digital initiatives. Capital expenditures in declined 5. Capital expenditures in include the cost of spectrum in Spain, Brazil, Costa Rica and Colombia, amounting to 1, million euros. Investment in Europe continued to be focused on improving capacity and coverage of the mobile networks in the United Kingdom and Germany as well as the broadband business, primarily in the Czech Republic and Germany. Investment in the mobile business was principally directed toward improving 3G network capability. However, significant investments were also made in the fixed line business in Europe, principally in Spain, including investments in broadband to continue the localized roll-out of fiber optics, TV and data services for large corporate customers, as well as the maintenance of the traditional business. Investments in Latin America were focused mainly on the mobile business, mostly in the expansion of coverage and on 3G and GSM network capacity. In the fixed line business, network and plant upgrades and investment in broadband accounted for the bulk of the investment. Financial Investments and Divestitures. There were no significant financial investments in Our principal divestures in were the sale of Our principal divestures in were the sale of 4. Our principal financial investment in was the extension of our strategic partnership agreement with China Unicom, which extension was executed on January 23, Telefónica acquired through its subsidiary, Telefónica Internacional, S. Following the completion of the transaction, Telefónica holds, through Telefónica Internacional, S. Public Takeover Offers. Recent Developments. The principal events that have occurred since December 31, , are set forth below:. On January 24, , exchange agreement No. This agreement does not amend the exchange rate of 6. Requests for the liquidation in U. Nonetheless, the aforesaid agreement stipulates that the liquidation of foreign currency operations requested before the Central Bank of Venezuela before exchange agreement No. The change to the currency exchange system introduced in the aforesaid agreement will take effect in the Telefónica Group's consolidated financial statements from the moment it comes into force, on January 24, It is therefore a subsequent event that does not impact the consolidated financial statements, as the previous exchange rate of 6. The main aspects to be considered in are as follows. In order to estimate the impacts in euro, the rate used is the exchange rate resulting from the SICAD allocation as of January 15, , amounting to The decrease of the Telefónica Group's net assets in Venezuela as a result of the conversion to euro at the new exchange rate with a balancing entry in Group equity of approximately 1, million euros, based on the net assets as at December 31, As part of the decrease mentioned in the preceding paragraph, the value in euro of the net financial assets denominated in bolivar fuerte will decrease by approximately 1, million euros, as per the balance sheet as at December 31, On the other hand, it should be noted that Exchange regulations in Venezuela are in constant evolution. Thus, on February 20, , the Government of Venezuela announced a complementary currency system identified as "SICAD 2", in addition to those already in existence, which will revoke the Act of Illicit Exchange "Ley de Ilícitos Cambiarios" and will create an alternative market with bands of exchange rates, which will be regulated by the Central Bank of Venezuela. However, as of the date of authorisation for issue of this Annual Report, the system described in such announcement or the corresponding measures have not yet been formalised. On January 28, , after obtaining the relevant regulatory approval, the sale of Telefónica Czech Republic, a. Subsequent to the sale, Telefónica holds a 4. On February 26, , the Board of Directors of Telefónica approved the implementation of a new organizational structure focused on clients and that incorporates our digital offering as the main focus for our commercial policies. The structure aims to give greater visibility to local operations, bringing them closer to the corporate decision-making center, simplifying the global structure and strengthening the transverse areas to make the decision-making process more efficient. Within this framework, Telefónica has created the role of the Chief Commercial Digital Officer, who will be responsible for fostering revenue growth. On February 27, , the Board of Directors of Telefónica has agreed, regarding the dividend, to determine the amount thereof at 0. Regarding the dividend amounting to 0. The adoption of the corresponding corporate resolutions will be proposed in due course. Its strategy is to become a leader in the new digital world and transform the possibilities it brings into reality. Telefónica aim is to reinforce its position as an active player in the digital world capable of seizing all the opportunities afforded by its global scale and its industrial and strategic alliances. Telefónica has a regional and integrated management model. The current organizational structure was defined in and its implementation continued through The different operations of the Telefónica Group, are organized around two geographic regions, Europe and Latin America, together with other Global Units. Telefónica Digital is a global business division of Telefónica. Its mission is to seize the opportunities within the digital world and deliver new growth for Telefónica through research and development, venture capital, global partnerships and digital services. Its goal is to maximize Telefónica's economies of scale while seeking greater efficiencies for the company, through, among other strategies, simplification, standardization, rationalization and consolidation, global procurement and the management of Telefónica's non-strategic assets. In , with the aim of strengthening direct contact with both retail and corporate clients in order to accelerate the transformation of the company into a digital telecommunications company, the Global Chief Marketing Officer position was created, which oversees all the related commercial areas, encompassing product, service, channels, handset and pricing policies, as well as advertising and brand strategies. Furthermore, Telefónica Global Solutions is facing the increasing complexity of the enterprise market where the adoption of digital solutions is increasingly common. In this report two differentiated segments are presented: Telefónica Europe T. Europe and Telefónica Latin America T. Latin America. The Telefónica's Group strategy aims to:. Improve the customer experience in order to continue increasing accesses. Lead growth:. Drive forward the penetration of smart phones in all markets in order to raise the rate of growth of mobile data by monetizing their increasingly widespread use;. Defend our competitive positioning, and leverage our customer knowledge;. Develop the growth opportunities that have arisen in an increasingly digital context, such as media, financial services, cloud, security, advertising, M2M, e-Health, etc; and. Capture the opportunity in the business segment. Increase the modernization of networks in markets where we operate through technological advances and the acquisition of spectrum;. Maximize the benefits of economies of scale to increase efficiency;. Simplify the operative model; and. Reduce legacy cost, especially legacy network costs. In addition, Telefónica maintains an industrial alliance with Telecom Italia, S. Furthermore, in order to unlock the value of Telefónica's scale, the "Partners" program was created in , and now includes five operators Bouygues, Etisalat, Sunrise, Megafon and O2 CZ. Non-controlling or minority interests can be divided into two groups. Secondly, subsidiaries with a main minority shareholder, with which agreements are entered into in order to guarantee the protection of its rights, and in certain cases such as Colombia Telecomunicaciones where there are also specific commitments resulting from corporate transactions see Note It has sole powers regarding general strategy and policies on corporate governance, corporate social responsibility, remuneration of the Board and senior management, shareholder remuneration, and strategic investments. In order to strengthen the corporate governance of the Company, the board of directors of Telefónica, S. Telefónica managed a total of almost million accesses at the end of , up 2. It is important to note that the variance in accesses is impacted by the sale of the fixed business's residential assets in the UK and the disconnection of some inactive accesses Czech Republic. Revenues totaled 57, million euros in , and showed a year-on-year decline of 8. Additionally, the year-on-year variance was also affected by the changes in the scope of consolidation mainly due to the sale of Atento 1. Excluding these impacts, revenue in rose by 0. The main growth drivers of Telefónica Group revenues are Latin America and mobile data revenue, partially offsetting the pressure on revenue in Europe. The structure of revenues reflects the Company's strong diversification and, despite the abovementioned exchange rate impact, T. Telefónica Spain's contribution to consolidated revenues decreased by 1. OIBDA reached 19, million euros, a decline of It was also affected by the value adjustment or net loss on the sale of Telefónica Ireland and Telefónica Czech Republic, the sale of non-strategic towers in Spain, changes in the scope of consolidation principally Atento, which is not consolidated since December , and certain other impacts like contractual changes in the commercial model for selling handsets in Chile. The below table shows the evolution of accesses over the past three years:. Thousands of accesses. Fixed telephony accesses 1 2. Internet and data accesses. Broadband 3 4. Other 5. Mobile Accesses. Contract 6. Pay TV. Unbundled loops. Share ULL. Full ULL. Wholesale ADSL. Final Client Accesses. Wholesale Accesses. Total Accesses. In the second quarter of , thousand accesses were disconnected due to the disposal of the assets of the fixed business in UK. ADSL, satellite, optical fiber, cable modem and broadband circuits. Retail circuits other than broadband. The first quarter of includes the disconnection of thousand inactive accesses in Czech Republic. The chart below shows the evolution of accesses by region over the past three years:. Accesses by region millions. In the mobile segment , contract accesses rose by 9. The Company's mobile broadband accesses stood at The below table shows our consolidated results of operations for the past three years:. Year ended December Percent Change. Results of operations. Operating income. Share of profit loss of associates. Profit for the year. Profit for the year attributable to equity holders of the parent. Year ended December 31, compared with year ended December 31, The main metrics in profit and loss statement were negatively impacted in by exchange rate fluctuations, mainly due to the devaluation of the bolivar fuerte and the depreciations of the Brazilian real and the Argentine peso against the euro. Revenues in totaled 57, million euros, decreasing 8. Additionally, revenues were affected by changes in the consolidation perimeter especially the deconsolidation of the Atento group Mobile data revenues decreased 0. Excluding the impact of exchange rate differences and the effect of the hyperinflation in Venezuela, mobile data revenues would have increased 9. Other income: mainly includes own work capitalized in our fixed assets, the profit from the sale of other assets, and the disposal of non-strategic towers in Latin America and Spain. The lower level of sales of non-strategic towers compared to is the main driver for its decrease. Other income in consisted mainly of the sale of non-strategic towers in Latin America and Spain million euros in other income and million euros in OIBDA , the capital gain from the disposal of the assets of the fixed business in the United Kingdom 83 million euros , the capital gain from the sale of assets in Germany 76 million euros and the capital gain from the sale of the stake in Hispasat 21 million euros. In this item is mainly explained by the sale of non-strategic towers in Latin America and Spain million euros in other income and million euros in OIBDA , the gain from the sale of applications 39 million euros , and the capital gains from the sale of the Atento group 61 million euros , of Rumbo 27 million euros and the partial sale of Hispasat 26 million euros. Total consolidated expenses , which include supplies, personnel expenses and other expenses primarily external services and taxes amounted to 39, million euros in This represents an 8. Excluding the aforementioned items, total expenses grew 1. Supplies stood at 17, million euros in , falling 5. Additionally, the year-on-year change is affected by changes in the consolidation perimeter Personnel costs totaled 7, million euros and fell by This item also reflects non-recurrent restructuring expenses amounting to million euros in versus 67 million euros in The average headcount in was , employees, 3. Other expenses amounted to 15, million euros, falling 8. Excluding these effects this item fell 1. OIBDA reached 19, million euros, showing a decline of OIBDA margin was Depreciation and amortization in 9, million euros registered a year-on-year drop of 7. The depreciation and amortization charges arising from purchase price allocation processes amounted to million euros during Operating income in totaled 9, million euros, decreasing Additionally the year-on-year change is affected by the lower amount of non-strategic towers sold in as compared to Excluding these impacts operating income would have fallen 0. Share of profit loss of investments accounted for by the equity method was a loss of million euros in compared with a loss of 1, million euros in and was affected by adjustments to the value of the stake of Telco, S. Net financial expense amounted to 2, million euros in , Excluding this effect, net financial expenses fell The effective cost of debt over the last twelve months, excluding exchange rate differences was 5. Corporate income tax in stood at 1, million euros, on a pre-tax income of 6, million euros, implying an effective tax rate of This is mainly due to the recognition in of the tax assessments in Spain. Profit attributable to non-controlling interests reduced net profit by million euros and was down As a result of the performance of the above items, profit for the period in was 4, million euros The year was a key year in the transformation of Telefónica. Throughout the year, a number of initiatives were undertaken aimed at helping the Company begin growing again. In Telefónica Europe, there has been a recovery in sales activity in certain markets owing to the success of tariffs that have been launched, especially "Movistar Fusión" in Spain, which reflect an improvement of its competitive position across different markets, even though revenues of Telefónica Europe fell 6. In view of the sale of the Atento Group in the fourth quarter of , the results of that business area were deconsolidated from the Telefónica Group as of the end of November Machinery C. King part of Sage Holdings D. Navinchandra D. Consunji Inc. Bronner's Dr. Martens Permira Dr. Reddy's Laboratories Dr. Land E. 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f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

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f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

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Los derivados, si los hubiera, como las opciones y los futuros, que pueden ser ilíquidos, pueden aumentar las pérdidas de forma desproporcionada y tener un impacto potencialmente importante en el rendimiento del Fondo. La información ha sido elaborada a partir de fuertes que se consideran fiables.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO.

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Dependiendo de su jurisdicción, es posible que no source acceso a todas las gamas de fondos ni a los fondos disponibles en este sitio. Registrada en Irlanda, N. Autorizada y regulada por el Banco Central de Irlanda.

Este sitio web también puede cubrir información sobre determinados gestores de inversiones, dependiendo de la jurisdicción en la que se encuentre.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

No se otorga ninguna garantía con respecto a la información contenida en este sitio web. Los precios de los fondos que figuran en este sitio web son solo indicativos y no se debe confiar Virgin Group Investments Ltd 10K 2018 ellos para fines comerciales. Una inversión en cualquiera de los fondos mencionados en este sitio web puede no ser adecuada para todos los inversores.

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Si ejerce cualquier derecho de cancelación, es posible que no recupere el importe inicialmente invertido si la participación o el precio de la acción ha caído desde que invirtió. No puede garantizarse que la situación fiscal o la situación fiscal propuesta que prevalece en el momento de una inversión no cambie o esté sujeta a las circunstancias de Virgin Group Investments Ltd 10K 2018 persona.

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Del mismo modo, nos reservamos el derecho, a nuestra entera discreción, de cambiar, modificar, añadir o eliminar el contenido de este sitio web.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

Debe verificar estos Términos periódicamente para conocer los cambios. Julio Linares López, who will assume its presidency.

On June 24,Telefónica, S. The value of the sale totaled million euros, including an initial cash consideration of million euros at closing of the transaction, and an additional deferred payment of 70 million euros based on the completion of agreed financial objectives.

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The transaction is pending closing and link subject, among other conditions, to the relevant competition approvals. On July 23,Telefónica, S. KG, receiving KPN, as consideration, The closing of this transaction is subject to certain conditions of which only the relevant authorization from the Competition Authority remains pending. On September 24,Telefónica, S. As a result of this capital increase, the interest held by Telefónica in the voting share Virgin Group Investments Ltd 10K 2018 of Telco, S.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO.

On November 5,Telefónica, S. The transaction was completed on January 28,after obtaining the relevant regulatory authorization.

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{INSERTKEYS} Business areas. Information on the company — Recent developments. As this change has taken place after the reporting period for this Annual Report, we present our results of operations throughout this Annual Report using the reporting structure that was in place during the reporting period. The reporting structure of this Annual Report is as follows:.

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Additionally, from the beginning ofthe perimeter of consolidation of Telefónica Europe includes Tuenti Technologies, S. The following chart shows the organizational structure of the principal subsidiaries of the Telefónica Group at December 31,including their jurisdictions of incorporation and our ownership interest.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO.

For further detail, see Exhibit 8. Ownership in Telefónica Móviles España, S.

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Companies held indirectly. Capital Expenditures and Divestitures.

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Our principal capital expenditures during the three years here December 31,consisted of additions to property, plant and equipment and additions to intangible assets, including spectrum. InVirgin Group Investments Ltd 10K 2018we made capital expenditures of 9, million euros, 9, million euros and 10, million euros, respectively.

Year ended December 31, Capital expenditures in were in line with Capital expenditures in include the cost of spectrum mainly in United Kingdom, Brazil, Peru, Colombia and Spain, amounting to 1, million euros.

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Investment by Telefónica Europe in amounted to 3, million euros, mainly concentrated on continuing the roll-out of fiber optic across the fixed network in Spain, increasing the number of Virgin Group Investments Ltd 10K 2018 optic-connected homes and customers. Development of the LTE mobile networks in Germany, the United Kingdom and Spain was ramped up to increase deployment and coverage, while investments continued to be made to boost the capacity of third-generation 3G mobile link.

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Capital expenditures in declined 7. Capital expenditures in include the cost of spectrum in Brazil, Nicaragua, Chile, Venezuela and Ireland, amounting to million euros. In Telefónica Europe, there were significant investments in further capacity expansion and quality improvement of https://text-h.microzide.site/topic-2020-04-18.php mobile 3G networks in Spain, United Kingdom, Germany and Czech Republic, and additionally, into the development of the LTE Virgin Group Investments Ltd 10K 2018 in Germany.

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In the fixed line business, there were significant investments in the fiber optic network roll-out and data services for large corporate customers in Spain, and in improving fixed broadband network in Czech Republic.

Investments in Telefónica Virgin Group Investments Ltd 10K 2018 America were focused on mobile business mainly with overlay projects, and coverage expansion and enhancing the quality of its 3G networksas well as see more development of new platforms and evolving the existing ones to support new value-added services. Also, it is important to highlight the investments done by Telefónica Digital throughout in TV business including new HD channels introduction and commercial launches of OTT services and content delivery network in line with Telefónica Digital initiatives.

Capital expenditures in declined 5.

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Capital expenditures in include the cost of spectrum in Spain, Brazil, Costa Rica and Colombia, amounting to 1, million euros. Investment in Europe continued to be focused on improving capacity and coverage of the mobile networks in the United Kingdom and Germany as well as the broadband business, primarily in the Czech Republic and Germany.

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Investment in the mobile business was principally directed toward improving 3G network capability. However, significant investments were also made in the fixed line business in Europe, principally in Spain, including investments in broadband to continue the localized roll-out of fiber optics, TV and data Virgin Group Investments Ltd 10K 2018 for large corporate customers, as well as the maintenance of the traditional business.

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Investments in Latin America were focused mainly on the mobile business, mostly in the expansion of coverage and on 3G and GSM network capacity. In the fixed line business, network and plant upgrades and investment in broadband accounted for the bulk of the investment. Financial Investments and Divestitures. There were no significant financial investments in Our principal divestures in were the sale of Our principal divestures in were Virgin Group Investments Ltd 10K 2018 sale of 4.

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Our principal financial investment in was the extension of our strategic partnership agreement with China Unicom, which extension was executed on January 23, Telefónica acquired through its subsidiary, Telefónica Internacional, S.

Following the completion of the transaction, Telefónica holds, through Telefónica Internacional, S.

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The principal events that have occurred since December 31,are set forth below:. On January 24,exchange agreement No. This agreement does not amend the exchange rate of 6.

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Requests for the liquidation in U. Nonetheless, the aforesaid agreement stipulates that the liquidation of foreign currency operations requested before the Central Bank of Venezuela before exchange agreement No.

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The change to the currency exchange system introduced in the aforesaid agreement will take effect in the Telefónica Group's consolidated financial statements from the moment it comes Virgin Group Investments Ltd 10K 2018 force, on January 24, It is therefore a subsequent event that does not impact the consolidated financial statements, as the previous exchange rate of 6. The main aspects to be considered in are as follows.

In order to estimate the impacts in euro, the rate used is the exchange rate resulting from the SICAD allocation as of January 15,amounting to The decrease of the Telefónica Group's net assets in Venezuela as a result of the conversion to euro at the https://wiki-n.microzide.site/wiki-2020-04-06.php exchange Virgin Group Investments Ltd 10K 2018 with a balancing entry in Group equity of approximately 1, million euros, based on the net assets as at December 31, As part of the decrease mentioned in the preceding paragraph, the value in euro of the net financial assets denominated in bolivar fuerte will decrease by approximately 1, million euros, as per the balance sheet as at December 31, On the other hand, it should be noted that Exchange regulations in Venezuela are here constant evolution.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

Thus, on February 20,the Government of Venezuela announced a complementary currency system identified as "SICAD 2", in addition to those already in existence, which will revoke the Act of Illicit Exchange "Ley de Ilícitos Cambiarios" and will create an alternative market with bands of exchange rates, which will be Virgin Group Investments Ltd 10K 2018 by the Central Bank of Venezuela. However, as of the date of authorisation for issue of this Annual Report, the system described in such announcement or the corresponding measures have not yet been formalised.

On January 28,after obtaining the relevant regulatory approval, the sale of Telefónica Czech Republic, a.

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Subsequent to the sale, Telefónica source a 4. On February 26,the Board of Directors of Telefónica approved the implementation Virgin Group Investments Ltd 10K 2018 a new organizational structure focused on clients and that incorporates our digital offering as the main focus for our commercial policies.

The structure aims to give greater visibility to local operations, bringing them closer to the corporate decision-making center, simplifying the global structure and strengthening the transverse areas to make the decision-making process more efficient.

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Within this framework, Telefónica has created the role of the Chief Commercial Digital Officer, who will be responsible for fostering revenue growth. On February 27,the Board of Directors of Telefónica has agreed, regarding the dividend, to determine the amount thereof at 0.

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Regarding the dividend amounting to 0. The adoption of the corresponding corporate resolutions will be proposed in due course.

Its strategy is to become a leader in the new digital world and transform the possibilities it brings into reality. Telefónica aim is to reinforce its position as an active player in the digital world capable of seizing all the opportunities afforded by its global scale and its industrial and strategic alliances.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

Telefónica has a regional and integrated management model. The current organizational structure was defined in and its implementation continued through The different operations of the Telefónica Group, are organized around two geographic regions, Europe and Latin Https://news-6.microzide.site/pdf-4126.php, together with other Global Units.

Telefónica Digital is a global business division of Telefónica.

Its mission is to seize the opportunities within the digital world and deliver new growth for Telefónica through research and development, venture capital, global partnerships and digital services.

Its goal is to maximize Telefónica's economies of scale while seeking greater efficiencies for the company, through, among other strategies, simplification, standardization, rationalization and consolidation, global procurement and the management of Telefónica's non-strategic assets. Inwith the aim of strengthening direct contact with both retail and corporate clients in order to accelerate the transformation of the company into a digital telecommunications company, the Global Chief Marketing Officer position was created, which oversees all the related commercial areas, encompassing product, service, channels, handset Virgin Group Investments Ltd 10K 2018 pricing policies, as well as advertising and brand strategies.

Furthermore, Telefónica Global Solutions is facing the Virgin Group Investments Ltd 10K 2018 complexity of the enterprise market where the adoption of digital solutions is increasingly common.

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In this report two differentiated segments are presented: Telefónica Europe T. Europe and Telefónica Latin America T.

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Latin America. The Telefónica's Group strategy aims to:.

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{INSERTKEYS} Improve the customer experience in order to continue increasing accesses. Lead growth:.

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Drive forward the penetration of smart phones in all markets in order to raise the rate of growth of mobile data by monetizing their increasingly widespread use. Defend our competitive positioning, and leverage our customer knowledge. Develop the growth opportunities that have arisen in an increasingly digital context, such as media, financial services, cloud, security, advertising, M2M, e-Health, etc; and.

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Capture the opportunity in the business segment. Increase the modernization of networks in markets where we operate through technological advances and the acquisition of spectrum. Maximize the benefits of economies of scale to increase efficiency. Simplify the operative model; and.

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Reduce legacy cost, especially legacy network costs. In addition, Telefónica maintains an industrial alliance with Telecom Italia, S. Furthermore, in order to unlock the value of Telefónica's scale, the "Partners" program was created Virgin Group Investments Ltd 10K 2018and now includes five operators Bouygues, Etisalat, Sunrise, Megafon and O2 CZ.

Non-controlling or minority interests can be divided into two groups. Secondly, subsidiaries with a main minority shareholder, with which agreements are entered into in order to guarantee the protection of its rights, and in certain cases such as Colombia Telecomunicaciones where there are also specific commitments resulting from corporate transactions see Note It has sole powers regarding general strategy and policies on corporate governance, corporate social responsibility, remuneration of the Board and senior management, shareholder remuneration, and strategic investments.

Virgin Group Investments Ltd 10K 2018

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In order to strengthen the corporate governance of the Company, the board of directors of Telefónica, S. Telefónica Virgin Group Investments Ltd 10K 2018 a total of almost million accesses at the end ofup 2.

It is important to note that the variance in accesses is impacted by the sale of the fixed business's residential assets in the UK and the disconnection of some inactive accesses Czech Republic.

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Revenues totaled 57, million euros inand showed a year-on-year decline of 8. Additionally, the year-on-year variance was also affected by the changes in the scope of consolidation mainly due to the sale of Atento 1. Excluding these impacts, revenue in rose by 0. The main growth drivers Virgin Group Investments Ltd 10K 2018 Telefónica Group revenues are Latin America and mobile data revenue, partially offsetting the pressure on revenue in Europe.

The structure of revenues reflects the Company's strong diversification and, despite the abovementioned exchange rate impact, T.

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Telefónica Spain's contribution to consolidated revenues decreased by 1. Virgin Group Investments Ltd 10K 2018 reached 19, million euros, a decline of It was also affected by the value adjustment or net loss on the sale of Telefónica Ireland and Telefónica Czech Republic, the sale of non-strategic towers in Spain, changes in the scope of consolidation principally Atento, which is not consolidated since Decemberand certain other impacts like contractual changes in the commercial model for selling handsets in Chile.

The below table shows the evolution of accesses over the past three years:.

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Thousands of accesses. Fixed telephony accesses 1 2. Internet and data accesses.

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Broadband 3 4. Other 5. Mobile Accesses.

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Fuck pick Watch Sofá de fundición x nuevo Video Hdxxx Agency. En la medida en que la información que proporcione o que obtengamos de este sitio web constituya información personal, hemos establecido procedimientos para el uso de dicha información. Legg Mason también puede usar cookies cuando los usuarios accedan a este sitio web. España Español. Glosario Descargar Excel. Imprimir Correo electrónico. Objetivo de Inversión. Gestora Ian R. Rentabilidad de 12 meses consecutivos Acumulada del año natural Anualizada Valor liquidativo Crecimiento de Rentabilidad de 12 meses consecutivos A fecha. A fecha At NAV. A fecha At NAV excluyendo los gastos de venta. La rentabilidad histórica no es un indicador fiable de los resultados futuros. Datos del Fondo. Estadísticas diarias A fecha. Códigos del Fondo. Estadísticas de riesgo a tres años anualizadas A fecha. Portfolio Characteristics. Estadísticas de la cartera A fecha. Información sobre el producto. Formularios y solicitudes. Documentos normativos. Documento destacado. Ian R. Edmonds Portfolio Manager. Riesgos de inversión. Posiciones 1? Esta política explica qué son las cookies, cómo se usan en los sitios web de Legg Mason y qué puede hacer el usuario para gestionarlas. Aceptar Cancelar. Identificación del usuario. Introducción 1. Los usuarios de este sitio web no pueden si no: i copiar, reproducir, modificar, vender, volver a publicar, publicar, transmitir o distribuir material de este sitio web de ninguna manera sin el permiso expreso y por escrito de Legg Mason Inc. Otra información 3. Versión 1. Although the Telefónica Group has insurance policies to cover this type of incidents and risks, these policies may not be sufficient to cover all possible monetary losses, although the claims and loss in revenue caused by service interruptions to date have been covered by these policies. The telecommunications industry may be affected by the possible effects of electromagnetic fields, emitted by mobile devices and base stations, may have on human health. In some countries, there is a concern regarding potential effects of electromagnetic fields, emitted by mobile devices and base stations, on human health. This public concern has caused certain governments and administrations to take measures that have hindered the deployment of the infrastructures necessary to ensure quality of service, and affected the deployment criteria of new networks and digital services such as smart meters development. There is a consensus between various expert groups and public health agencies, including the World Health Organization WHO , who claim that at the moment there have not been established risks for exposure to low frequency signals in mobile communications. The scientific community is still investigating this issue especially on mobile devices. Society's worries about radiofrequency emissions may discourage the use of mobile devices and new digital services, which could cause the public authorities to implement measures restricting where transmitters and cell sites can be located and how they operate, and the use of our mobile telephones, the massive deployment of smart meters and other products using mobile technology. This could lead to the Company being unable to expand or improve its mobile network. The adoption of new measures by governments or administrations or other regulatory interventions in this respect, and any future assessment on the adverse impact of electromagnetic fields on health, may negatively affect the business, financial conditions, results and cash flows of the Telefónica Group. Possible regulatory, business, economic or political changes could lead to asset impairment. The Telefónica Group reviews on an annual basis, or more frequently when the circumstances require it, the value of assets and cash-generating units, to assess whether their carrying values can be supported by the future expected cash flows, including, in some cases synergies allowed for in acquisition cost. Potential changes in the regulatory, business, economic or political environment may result in the need to introduce changes to estimates made and recognize impairment losses in goodwill, intangible assets or fixed assets. In this respect, the Telefónica Group has experienced impairment losses on certain of its investments, affecting the results of the year in which they were made. Thus, with respect to the investment in Telco, S. Also in , the revision of the value of Telefónica operations in Ireland resulted in a negative impact of million euros. Our networks carry and store huge volumes of confidential, personal and corporate data, and our Internet access and hosting services may lead to claims for illegal or illicit use of the Internet. Our networks carry and store huge volumes of confidential, personal and business data, both voice and data traffic. We store increasing quantities and types of customer data in both business and consumer segments. Despite our best efforts to prevent it, Telefónica may be found liable for the loss, transfer, or inappropriate modification of the customer data or general public data stored on its servers or transmitted through its networks which could involve many people and have an impact on the Company's reputation, or lead to legal claims and liabilities that are difficult to measure in advance. Our Internet access and hosting servers could lead to claims for illegal or unlawful use of the Internet. Telefónica, like other telecommunications providers, may be held liable for the loss, transfer or inappropriate modification of the customer data stored on its servers or carried by its networks. In most countries in which Telefónica operates, the provision of its internet access and hosting services including the operation of websites with shelf-generated content are regulated under a limited liability regime applicable to the content that it makes available to the public as a technical service provider, particularly content protected by copyright or similar laws. However, regulatory changes have been introduced imposing additional obligations on access providers such as blocking access to a website as part of the struggle against some illegal or illicit uses of the internet, notably in Europe. Telefónica and Telefónica Group companies are party to lawsuits, tax claims, antitrust and other legal proceedings. Telefónica and Telefónica Group companies are party to lawsuits, tax claims and other legal proceedings in the ordinary course of their businesses, the financial outcome of which is unpredictable. Telefónica, S. We are:. The following significant events occurred in On February 8, , the bolivar fuerte was devalued from 4. The exchange rate of 6. The principal impacts of the devaluation of the bolivar fuerte have been the following:. Increase in the net financial debt resulting from the application of the new exchange rate to the net asset value in bolivar fuerte of approximately million euros, as per the balance as at December 31, Total investment by Telefónica UK in new frequencies amounted to million euros. On March 26, Telefónica, S. These shares were the total treasury shares position of Telefónica as of that date. Carlos Colomer Casellas, to replace having completed his legal term , as chairman, the independent director Mr. On April 30, , Telefónica, S. The transaction amounted to million U. Following the fulfilment of the conditions to which the closing of the sale was subject, the closing of the transaction was on August 2, On May 31, , the Telefónica, S. In such meeting, all the resolutions submitted by the Board of Directors for deliberation and vote were approved by majority of votes. To re-elect directors Mr. José María Abril Pérez and Mr. Javier de Paz Mancho, members of the Executive Commission. To appoint director Mr. Julio Linares López as a member of the Strategy Committee. To accept the resignation of director Mr. Javier de Paz Mancho member of the aforesaid Committee. Javier de Paz Mancho, Mr. Alfonso Ferrari Herrero, Mr. Antonio Masanell Lavilla, Mr. Fernando de Almansa Moreno-Barreda and Mr. Julio Linares López, who will assume its presidency. On June 24, , Telefónica, S. The value of the sale totaled million euros, including an initial cash consideration of million euros at closing of the transaction, and an additional deferred payment of 70 million euros based on the completion of agreed financial objectives. The transaction is pending closing and remains subject, among other conditions, to the relevant competition approvals. On July 23, , Telefónica, S. KG, receiving KPN, as consideration, The closing of this transaction is subject to certain conditions of which only the relevant authorization from the Competition Authority remains pending. On September 24, , Telefónica, S. As a result of this capital increase, the interest held by Telefónica in the voting share capital of Telco, S. On November 5, , Telefónica, S. The transaction was completed on January 28, , after obtaining the relevant regulatory authorization. Business areas. Information on the company — Recent developments. As this change has taken place after the reporting period for this Annual Report, we present our results of operations throughout this Annual Report using the reporting structure that was in place during the reporting period. The reporting structure of this Annual Report is as follows:. Additionally, from the beginning of , the perimeter of consolidation of Telefónica Europe includes Tuenti Technologies, S. The following chart shows the organizational structure of the principal subsidiaries of the Telefónica Group at December 31, , including their jurisdictions of incorporation and our ownership interest. For further detail, see Exhibit 8. Ownership in Telefónica Móviles España, S. Companies held indirectly. Capital Expenditures and Divestitures. Our principal capital expenditures during the three years ended December 31, , consisted of additions to property, plant and equipment and additions to intangible assets, including spectrum. In , and , we made capital expenditures of 9, million euros, 9, million euros and 10, million euros, respectively. Year ended December 31, Capital expenditures in were in line with Capital expenditures in include the cost of spectrum mainly in United Kingdom, Brazil, Peru, Colombia and Spain, amounting to 1, million euros. Investment by Telefónica Europe in amounted to 3, million euros, mainly concentrated on continuing the roll-out of fiber optic across the fixed network in Spain, increasing the number of fiber optic-connected homes and customers. Development of the LTE mobile networks in Germany, the United Kingdom and Spain was ramped up to increase deployment and coverage, while investments continued to be made to boost the capacity of third-generation 3G mobile networks. Capital expenditures in declined 7. Capital expenditures in include the cost of spectrum in Brazil, Nicaragua, Chile, Venezuela and Ireland, amounting to million euros. In Telefónica Europe, there were significant investments in further capacity expansion and quality improvement of its mobile 3G networks in Spain, United Kingdom, Germany and Czech Republic, and additionally, into the development of the LTE network in Germany. In the fixed line business, there were significant investments in the fiber optic network roll-out and data services for large corporate customers in Spain, and in improving fixed broadband network in Czech Republic. Investments in Telefónica Latin America were focused on mobile business mainly with overlay projects, and coverage expansion and enhancing the quality of its 3G networks , as well as on development of new platforms and evolving the existing ones to support new value-added services. Also, it is important to highlight the investments done by Telefónica Digital throughout in TV business including new HD channels introduction and commercial launches of OTT services and content delivery network in line with Telefónica Digital initiatives. Capital expenditures in declined 5. Capital expenditures in include the cost of spectrum in Spain, Brazil, Costa Rica and Colombia, amounting to 1, million euros. Investment in Europe continued to be focused on improving capacity and coverage of the mobile networks in the United Kingdom and Germany as well as the broadband business, primarily in the Czech Republic and Germany. Investment in the mobile business was principally directed toward improving 3G network capability. However, significant investments were also made in the fixed line business in Europe, principally in Spain, including investments in broadband to continue the localized roll-out of fiber optics, TV and data services for large corporate customers, as well as the maintenance of the traditional business. Investments in Latin America were focused mainly on the mobile business, mostly in the expansion of coverage and on 3G and GSM network capacity. In the fixed line business, network and plant upgrades and investment in broadband accounted for the bulk of the investment. Financial Investments and Divestitures. There were no significant financial investments in Our principal divestures in were the sale of Our principal divestures in were the sale of 4. Our principal financial investment in was the extension of our strategic partnership agreement with China Unicom, which extension was executed on January 23, Telefónica acquired through its subsidiary, Telefónica Internacional, S. Following the completion of the transaction, Telefónica holds, through Telefónica Internacional, S. Public Takeover Offers. Recent Developments. The principal events that have occurred since December 31, , are set forth below:. On January 24, , exchange agreement No. This agreement does not amend the exchange rate of 6. Requests for the liquidation in U. Nonetheless, the aforesaid agreement stipulates that the liquidation of foreign currency operations requested before the Central Bank of Venezuela before exchange agreement No. The change to the currency exchange system introduced in the aforesaid agreement will take effect in the Telefónica Group's consolidated financial statements from the moment it comes into force, on January 24, It is therefore a subsequent event that does not impact the consolidated financial statements, as the previous exchange rate of 6. The main aspects to be considered in are as follows. In order to estimate the impacts in euro, the rate used is the exchange rate resulting from the SICAD allocation as of January 15, , amounting to The decrease of the Telefónica Group's net assets in Venezuela as a result of the conversion to euro at the new exchange rate with a balancing entry in Group equity of approximately 1, million euros, based on the net assets as at December 31, As part of the decrease mentioned in the preceding paragraph, the value in euro of the net financial assets denominated in bolivar fuerte will decrease by approximately 1, million euros, as per the balance sheet as at December 31, On the other hand, it should be noted that Exchange regulations in Venezuela are in constant evolution. Thus, on February 20, , the Government of Venezuela announced a complementary currency system identified as "SICAD 2", in addition to those already in existence, which will revoke the Act of Illicit Exchange "Ley de Ilícitos Cambiarios" and will create an alternative market with bands of exchange rates, which will be regulated by the Central Bank of Venezuela. However, as of the date of authorisation for issue of this Annual Report, the system described in such announcement or the corresponding measures have not yet been formalised. On January 28, , after obtaining the relevant regulatory approval, the sale of Telefónica Czech Republic, a. Subsequent to the sale, Telefónica holds a 4. On February 26, , the Board of Directors of Telefónica approved the implementation of a new organizational structure focused on clients and that incorporates our digital offering as the main focus for our commercial policies. The structure aims to give greater visibility to local operations, bringing them closer to the corporate decision-making center, simplifying the global structure and strengthening the transverse areas to make the decision-making process more efficient. Within this framework, Telefónica has created the role of the Chief Commercial Digital Officer, who will be responsible for fostering revenue growth. On February 27, , the Board of Directors of Telefónica has agreed, regarding the dividend, to determine the amount thereof at 0. Regarding the dividend amounting to 0. The adoption of the corresponding corporate resolutions will be proposed in due course. Its strategy is to become a leader in the new digital world and transform the possibilities it brings into reality. Telefónica aim is to reinforce its position as an active player in the digital world capable of seizing all the opportunities afforded by its global scale and its industrial and strategic alliances. Telefónica has a regional and integrated management model. The current organizational structure was defined in and its implementation continued through The different operations of the Telefónica Group, are organized around two geographic regions, Europe and Latin America, together with other Global Units. Telefónica Digital is a global business division of Telefónica. Its mission is to seize the opportunities within the digital world and deliver new growth for Telefónica through research and development, venture capital, global partnerships and digital services. Its goal is to maximize Telefónica's economies of scale while seeking greater efficiencies for the company, through, among other strategies, simplification, standardization, rationalization and consolidation, global procurement and the management of Telefónica's non-strategic assets. In , with the aim of strengthening direct contact with both retail and corporate clients in order to accelerate the transformation of the company into a digital telecommunications company, the Global Chief Marketing Officer position was created, which oversees all the related commercial areas, encompassing product, service, channels, handset and pricing policies, as well as advertising and brand strategies. Furthermore, Telefónica Global Solutions is facing the increasing complexity of the enterprise market where the adoption of digital solutions is increasingly common. In this report two differentiated segments are presented: Telefónica Europe T. Europe and Telefónica Latin America T. Latin America. The Telefónica's Group strategy aims to:. Improve the customer experience in order to continue increasing accesses. Lead growth:. Drive forward the penetration of smart phones in all markets in order to raise the rate of growth of mobile data by monetizing their increasingly widespread use;. Defend our competitive positioning, and leverage our customer knowledge;. Develop the growth opportunities that have arisen in an increasingly digital context, such as media, financial services, cloud, security, advertising, M2M, e-Health, etc; and. Capture the opportunity in the business segment. Increase the modernization of networks in markets where we operate through technological advances and the acquisition of spectrum;. Maximize the benefits of economies of scale to increase efficiency;. Simplify the operative model; and. Reduce legacy cost, especially legacy network costs. In addition, Telefónica maintains an industrial alliance with Telecom Italia, S. Furthermore, in order to unlock the value of Telefónica's scale, the "Partners" program was created in , and now includes five operators Bouygues, Etisalat, Sunrise, Megafon and O2 CZ. Non-controlling or minority interests can be divided into two groups. Secondly, subsidiaries with a main minority shareholder, with which agreements are entered into in order to guarantee the protection of its rights, and in certain cases such as Colombia Telecomunicaciones where there are also specific commitments resulting from corporate transactions see Note It has sole powers regarding general strategy and policies on corporate governance, corporate social responsibility, remuneration of the Board and senior management, shareholder remuneration, and strategic investments. In order to strengthen the corporate governance of the Company, the board of directors of Telefónica, S. Telefónica managed a total of almost million accesses at the end of , up 2. It is important to note that the variance in accesses is impacted by the sale of the fixed business's residential assets in the UK and the disconnection of some inactive accesses Czech Republic. Revenues totaled 57, million euros in , and showed a year-on-year decline of 8. Additionally, the year-on-year variance was also affected by the changes in the scope of consolidation mainly due to the sale of Atento 1. Excluding these impacts, revenue in rose by 0. The main growth drivers of Telefónica Group revenues are Latin America and mobile data revenue, partially offsetting the pressure on revenue in Europe. The structure of revenues reflects the Company's strong diversification and, despite the abovementioned exchange rate impact, T. Telefónica Spain's contribution to consolidated revenues decreased by 1. OIBDA reached 19, million euros, a decline of It was also affected by the value adjustment or net loss on the sale of Telefónica Ireland and Telefónica Czech Republic, the sale of non-strategic towers in Spain, changes in the scope of consolidation principally Atento, which is not consolidated since December , and certain other impacts like contractual changes in the commercial model for selling handsets in Chile. The below table shows the evolution of accesses over the past three years:. Thousands of accesses. Fixed telephony accesses 1 2. Internet and data accesses. Broadband 3 4. Other 5. Mobile Accesses. Contract 6. Pay TV. Unbundled loops. Share ULL. Full ULL. Wholesale ADSL. Final Client Accesses. Wholesale Accesses. Total Accesses. In the second quarter of , thousand accesses were disconnected due to the disposal of the assets of the fixed business in UK. ADSL, satellite, optical fiber, cable modem and broadband circuits. Retail circuits other than broadband. The first quarter of includes the disconnection of thousand inactive accesses in Czech Republic. The chart below shows the evolution of accesses by region over the past three years:. Accesses by region millions. In the mobile segment , contract accesses rose by 9. The Company's mobile broadband accesses stood at The below table shows our consolidated results of operations for the past three years:. Year ended December Percent Change. Results of operations. Operating income. Share of profit loss of associates. Profit for the year. Profit for the year attributable to equity holders of the parent. Year ended December 31, compared with year ended December 31, The main metrics in profit and loss statement were negatively impacted in by exchange rate fluctuations, mainly due to the devaluation of the bolivar fuerte and the depreciations of the Brazilian real and the Argentine peso against the euro. Revenues in totaled 57, million euros, decreasing 8. Additionally, revenues were affected by changes in the consolidation perimeter especially the deconsolidation of the Atento group Mobile data revenues decreased 0. Excluding the impact of exchange rate differences and the effect of the hyperinflation in Venezuela, mobile data revenues would have increased 9. Other income: mainly includes own work capitalized in our fixed assets, the profit from the sale of other assets, and the disposal of non-strategic towers in Latin America and Spain. The lower level of sales of non-strategic towers compared to is the main driver for its decrease. Other income in consisted mainly of the sale of non-strategic towers in Latin America and Spain million euros in other income and million euros in OIBDA , the capital gain from the disposal of the assets of the fixed business in the United Kingdom 83 million euros , the capital gain from the sale of assets in Germany 76 million euros and the capital gain from the sale of the stake in Hispasat 21 million euros. In this item is mainly explained by the sale of non-strategic towers in Latin America and Spain million euros in other income and million euros in OIBDA , the gain from the sale of applications 39 million euros , and the capital gains from the sale of the Atento group 61 million euros , of Rumbo 27 million euros and the partial sale of Hispasat 26 million euros. Total consolidated expenses , which include supplies, personnel expenses and other expenses primarily external services and taxes amounted to 39, million euros in This represents an 8. Excluding the aforementioned items, total expenses grew 1. Supplies stood at 17, million euros in , falling 5. Additionally, the year-on-year change is affected by changes in the consolidation perimeter Personnel costs totaled 7, million euros and fell by This item also reflects non-recurrent restructuring expenses amounting to million euros in versus 67 million euros in The average headcount in was , employees, 3. Other expenses amounted to 15, million euros, falling 8. Excluding these effects this item fell 1. OIBDA reached 19, million euros, showing a decline of OIBDA margin was Depreciation and amortization in 9, million euros registered a year-on-year drop of 7. The depreciation and amortization charges arising from purchase price allocation processes amounted to million euros during Operating income in totaled 9, million euros, decreasing Sort by: keyword relevancy most recent oldest. Smith Corporation A. Moller - Maersk Group A. V Agroetanol de Veracruz S. Braun Melsungen B. 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Wholesale ADSL. Final Client Accesses. Wholesale Accesses.

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Total Accesses. In the second quarter ofthousand accesses were disconnected due to the disposal of the assets of the fixed business in UK.

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ADSL, satellite, optical fiber, cable modem and broadband circuits. Retail circuits other than broadband.

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The first quarter of includes the disconnection of thousand inactive accesses in Czech Republic. The chart below shows the evolution of accesses by region over the past three years:. Accesses by region millions.

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In the mobile segmentcontract accesses rose by 9. The Company's mobile broadband accesses stood at The below table shows our consolidated results of operations for the past three years:. Year ended December Percent Change.

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Results of operations. Operating income. Share of profit loss of associates.

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Profit for the year. Profit for the year attributable to equity holders of the parent.

Virgin Group Investments Ltd 10K 2018

Year ended December 31, Virgin Group Investments Ltd 10K 2018 with year ended December 31, The main metrics in profit and loss statement were negatively impacted in by exchange rate fluctuations, mainly due to the devaluation of the bolivar fuerte and the depreciations of the Brazilian real and the Argentine peso against the euro.

Revenues in totaled 57, million euros, decreasing 8. Additionally, revenues were affected by changes Virgin Group Investments Ltd 10K 2018 the consolidation perimeter especially the deconsolidation of the Atento group Mobile data revenues decreased 0. Excluding the impact of exchange rate differences and the effect of the hyperinflation in Venezuela, mobile data revenues would have increased 9. Other income: mainly includes own work capitalized in our fixed assets, the profit from the sale of other assets, and the disposal of non-strategic towers in Latin America and Spain.

The lower level of sales of non-strategic towers compared to is the main driver for its decrease.

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Other income in consisted mainly of the sale of non-strategic towers in Latin America and Spain million euros in other income and million euros in OIBDAthe Virgin Group Investments Ltd 10K 2018 gain from the disposal of the assets of the fixed business in the United Kingdom 83 million eurosthe capital gain from the sale of assets in Germany 76 million euros and the capital gain from the sale of the stake in Hispasat 21 million euros.

In this item is mainly explained by the sale of non-strategic towers in Latin Continue reading and Spain million euros in other income and million euros in OIBDAthe gain from the sale of applications 39 million eurosand the capital gains from the sale of the Atento group 61 million Virgin Group Investments Ltd 10K 2018of Rumbo 27 million euros and the partial sale of Hispasat 26 million euros.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO.

Total consolidated expenseswhich include supplies, personnel expenses and other expenses primarily external services and taxes amounted to 39, million euros in This represents an 8. Excluding the aforementioned items, total expenses grew 1.

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Supplies stood at 17, million euros infalling 5. Additionally, the year-on-year change is affected by changes in the consolidation perimeter Personnel costs totaled 7, million euros and fell by This item also reflects non-recurrent restructuring expenses Virgin Group Investments Ltd 10K 2018 to million euros in versus 67 million euros in The average headcount in wasemployees, 3. Other expenses amounted to 15, million euros, falling 8. Excluding these effects this item fell 1.

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OIBDA reached 19, million euros, showing a decline of OIBDA margin was Virgin Group Investments Ltd 10K 2018 Depreciation and amortization in 9, million euros registered a year-on-year drop of 7.

The depreciation and amortization charges arising from purchase price allocation processes amounted to million euros during Operating income in totaled 9, million euros, decreasing Additionally the year-on-year change is affected by the lower amount of non-strategic towers sold in as compared to Excluding these impacts operating income would have fallen 0.

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Share of profit loss of investments accounted for by the equity method was a loss of million euros in compared with a loss of 1, million euros in and was affected by adjustments to the value of the stake of Telco, S. Net financial expense amounted to 2, million euros in Excluding this effect, net financial expenses fell The effective cost of debt over the last twelve months, excluding exchange rate differences was 5. Corporate income tax in stood at 1, million euros, on a pre-tax income of 6, million euros, Virgin Group Investments Ltd 10K 2018 an effective tax rate of This is mainly due to the recognition in of the tax assessments in Spain.

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Profit attributable to non-controlling interests reduced net profit by million euros and was down As a result continue reading the Virgin Group Investments Ltd 10K 2018 of the above items, profit for the period in was 4, million euros The year was a key year in the transformation of Telefónica.

Throughout the year, a number of initiatives were undertaken aimed at helping the Company begin growing again. In Telefónica Europe, there has been a recovery in sales activity in certain markets owing to the success of tariffs that have been launched, especially "Movistar Fusión" Virgin Group Investments Ltd 10K 2018 Spain, which reflect an improvement of its competitive position across different markets, even though revenues of Telefónica Europe fell 6.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO.

In view of the sale of the Atento Group in the fourth quarter ofthe results of that business area were deconsolidated from the Telefónica Group as of the end Virgin Group Investments Ltd 10K 2018 November This had an impact on the year-on-year comparison of Telefónica's economic results in reporting terms.

Revenues for stood at 62, million euros, which represented a decrease of 0.

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This decrease was due to less favorable conditions in some markets, and the prevailing economic situation, in which competition is steeper and regulatory changes have had adverse impacts. The exchange rate differences and the effect of hyperinflation in Venezuela contributed 0.

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The Company's strong diversification continues to be a key differential for the Group in Virgin Group Investments Ltd 10K 2018 current market situation, as reflected by the revenues structure.

In this regard, revenues showed solid growth in Telefónica Latin America up 5. The decline in revenue compared to the prior year was caused by the lower average revenue per access for the Group, mainly due to lower average revenue per mobile access in Spain and the UK, and the overall fall in average revenue per fixed access in the Group, which undermined the growth in accesses.

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Revenues were strongly impacted by cuts to interconnection rates, which had a drag of approximately 1. In terms of services, mobile data revenue continued to be the largest growth driver in up Non-SMS data revenue climbed Other income is primarily comprised of the gains on disposals of assets, which were million euros in down 5.

Inother income primarily reflects: i sales of non-strategic towers, with an impact of million euros on Other income and OIBDAprimarily in Brazil, Mexico, Chile, Spain and Peru; ii the sale of software applications gains of 39 million euros; 18 million euros recognized in Telefónica Spain ; and iii the fourth-quarter sales of the Atento Group gains of 61 million eurosRumbo gains of Virgin Group Investments Ltd 10K 2018 million euros and Hispasat partial sale, gains of 26 million euros.

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Total expenseswhich include supplies, personnel expenses and other expenses mainly external services and taxes other than corporate income tax stood at 43, million euros, down 2. These expenses were affected by exchange rate differences and hyperinflation adjustments 0.

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The year-on-year variance reported is also affected by the provision for restructuring expenses in Spain, made in the third quarter of 2, million euros. The year-on-year reduction in expenses is primarily explained by the absence of similar restructuring charges in and lower commercial expenditure, especially in Spain, as a result of a new commercial model in place from the end of Supply costs amounted to Virgin Group Investments Ltd 10K 2018, million indown 1.

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Personnel expenses were 8, million euros, down The year-on-year variance was affected by the provision for personnel restructuring in Spain, mentioned above.

When stripping out the impact of this provision, which amounted to 2, million euros, personnel expenses were 1.

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The average headcount wasemployees, 13, less than the average. The decrease mainly reflects the sale of Atento in the fourth quarter of When stripping out the Atento business, Telefónica's average headcount wasemployees, 2, less than in Other expenses rose 9. This increase was primarily driven by the increase in external services see more by higher customer service costs, and network and systems costs as well as the million euros write-down of the Telefónica Group made against its stake in Telefónica Ireland and by the capital loss Virgin Group Investments Ltd 10K 2018 million euros generated on the sale of China Unicom shares.

OIBDA stood at 21, million euros, up 5.

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When stripping out the negative impact of exchange rate differences and the effect of hyperinflation in Venezuela 0. Depreciation and amortization rose by 2.

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This variance was primarily due to amortization of new spectrum licenses acquired in Germany, Brazil, Colombia, Mexico and Venezuela, and to the overall increase in fixed assets.

Total depreciation and amortization charges derived from purchase price allocation processes stood at million euros in down Operating income in amounted to 10, million euros, a reported increase of 7.

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Virgin Group Investments Ltd 10K 2018 share of profit loss of associates in reflects a loss of 1, million euros versus a loss of million euros inprimarily due to the write-down of Telco, S. Net financial expense in totaled 3, million euros, This increase is due to two effects: first, an increase in average cost of net debt primarily due to the increase in average net debt up 3.

Stripping out net exchange rate differences, such expenses implied an average cost of net debt of 5.

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Profit attributable to non-controlling interests reduced net profit by million euros inand primarily reflects the share of Telefónica Brasil, Telefónica Czech Republic and Telefónica Germany's profits attributable to non-controlling interests. The year-on-year variance a decrease of In all, the consolidated profit of amounted to 3, million euros down Tight pussy sex clip threeseom.

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Puede resultar evidente una posición de liquidez negativa, lo cual se debe principalmente a la actividad comercial here liquidada del Fondo.

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Uno de los principales gestores de renta fija global del mundo. Fundada enla empresa es famosa por sus propios estudios y la gestión de equipos, con una sólida gestión de los riesgos y una metodología aplicada al valor fundamental a largo plazo.

Cualquier diferencia se debe a la asignación de la cartera al efectivo y equivalentes de efectivo.

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Puede resultar evidente una posición de liquidez negativa, lo cual se debe principalmente a la actividad comercial no liquidada del Fondo. Uno de los principales gestores de renta fija global del mundo. Fundada en , la empresa es famosa por sus propios estudios y la gestión de equipos, con una sólida gestión de los riesgos y una metodología aplicada al valor fundamental a largo plazo. Cualquier diferencia se debe a la asignación de la cartera al efectivo y equivalentes de efectivo. Los derivados, si los hubiera, como las opciones y los futuros, que pueden ser ilíquidos, pueden aumentar las pérdidas de forma desproporcionada y tener un impacto potencialmente importante en el rendimiento del Fondo. La información ha sido elaborada a partir de fuertes que se consideran fiables. Este sitio web contiene información legal y general importante sobre Legg Mason, Inc. Por favor, vaya hacia abajo para leer estos apartados. 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Tenga en cuenta que el precio de las participaciones o acciones y los ingresos derivados de ellas pueden aumentar o disminuir, y es posible que no recupere la cantidad inicial invertida. Los ingresos por cobrar pueden variar respecto a la cantidad de ingresos estimados en el momento de realizar la inversión. Las fluctuaciones del tipo de cambio pueden afectar al valor de una inversión y a los ingresos que se derivan de ella. Si ejerce cualquier derecho de cancelación, es posible que no recupere el importe inicialmente invertido si la participación o el precio de la acción ha caído desde que invirtió. No puede garantizarse que la situación fiscal o la situación fiscal propuesta que prevalece en el momento de una inversión no cambie o esté sujeta a las circunstancias de una persona. Los dividendos y las ganancias de capital en valores emitidos en los fondos pertinentes pueden estar sujetos a retenciones fiscales impuestas por los países en los que invierte cada fondo particular. La adquisición de participaciones o acciones puede exponer a un inversor a un riesgo significativo de perder la cantidad total invertida. Cualquier persona que tenga dudas sobre la inversión en cualquiera de los fondos descritos en este sitio web debe consultar a una persona autorizada que esté especializada en asesorar sobre dichas inversiones. Invertir en productos financieros conlleva riesgos inherentes. Para obtener información completa sobre el riesgo de cualquier producto, debe leer el folleto y el documento de datos fundamentales para el inversor. También puede tener acceso al sitio web de un tercero. El sitio web puede, sin previo aviso, estar temporalmente no disponible o restringido por razones administrativas o de otro tipo. Todos los derechos de autor, marcas comerciales, logotipos, marcas de servicio, nombres comerciales u otra propiedad intelectual que se muestran en, o se usan en conjunto con, este sitio web son propiedad de Legg Mason, Inc. El material accesible en este sitio web o a través de este es accesible solo para fines personales de navegación e impresión. The scientific community is still investigating this issue especially on mobile devices. Society's worries about radiofrequency emissions may discourage the use of mobile devices and new digital services, which could cause the public authorities to implement measures restricting where transmitters and cell sites can be located and how they operate, and the use of our mobile telephones, the massive deployment of smart meters and other products using mobile technology. This could lead to the Company being unable to expand or improve its mobile network. The adoption of new measures by governments or administrations or other regulatory interventions in this respect, and any future assessment on the adverse impact of electromagnetic fields on health, may negatively affect the business, financial conditions, results and cash flows of the Telefónica Group. Possible regulatory, business, economic or political changes could lead to asset impairment. The Telefónica Group reviews on an annual basis, or more frequently when the circumstances require it, the value of assets and cash-generating units, to assess whether their carrying values can be supported by the future expected cash flows, including, in some cases synergies allowed for in acquisition cost. Potential changes in the regulatory, business, economic or political environment may result in the need to introduce changes to estimates made and recognize impairment losses in goodwill, intangible assets or fixed assets. In this respect, the Telefónica Group has experienced impairment losses on certain of its investments, affecting the results of the year in which they were made. Thus, with respect to the investment in Telco, S. Also in , the revision of the value of Telefónica operations in Ireland resulted in a negative impact of million euros. Our networks carry and store huge volumes of confidential, personal and corporate data, and our Internet access and hosting services may lead to claims for illegal or illicit use of the Internet. Our networks carry and store huge volumes of confidential, personal and business data, both voice and data traffic. We store increasing quantities and types of customer data in both business and consumer segments. Despite our best efforts to prevent it, Telefónica may be found liable for the loss, transfer, or inappropriate modification of the customer data or general public data stored on its servers or transmitted through its networks which could involve many people and have an impact on the Company's reputation, or lead to legal claims and liabilities that are difficult to measure in advance. Our Internet access and hosting servers could lead to claims for illegal or unlawful use of the Internet. Telefónica, like other telecommunications providers, may be held liable for the loss, transfer or inappropriate modification of the customer data stored on its servers or carried by its networks. In most countries in which Telefónica operates, the provision of its internet access and hosting services including the operation of websites with shelf-generated content are regulated under a limited liability regime applicable to the content that it makes available to the public as a technical service provider, particularly content protected by copyright or similar laws. However, regulatory changes have been introduced imposing additional obligations on access providers such as blocking access to a website as part of the struggle against some illegal or illicit uses of the internet, notably in Europe. Telefónica and Telefónica Group companies are party to lawsuits, tax claims, antitrust and other legal proceedings. Telefónica and Telefónica Group companies are party to lawsuits, tax claims and other legal proceedings in the ordinary course of their businesses, the financial outcome of which is unpredictable. Telefónica, S. We are:. The following significant events occurred in On February 8, , the bolivar fuerte was devalued from 4. The exchange rate of 6. The principal impacts of the devaluation of the bolivar fuerte have been the following:. Increase in the net financial debt resulting from the application of the new exchange rate to the net asset value in bolivar fuerte of approximately million euros, as per the balance as at December 31, Total investment by Telefónica UK in new frequencies amounted to million euros. On March 26, Telefónica, S. These shares were the total treasury shares position of Telefónica as of that date. Carlos Colomer Casellas, to replace having completed his legal term , as chairman, the independent director Mr. On April 30, , Telefónica, S. The transaction amounted to million U. Following the fulfilment of the conditions to which the closing of the sale was subject, the closing of the transaction was on August 2, On May 31, , the Telefónica, S. In such meeting, all the resolutions submitted by the Board of Directors for deliberation and vote were approved by majority of votes. To re-elect directors Mr. José María Abril Pérez and Mr. Javier de Paz Mancho, members of the Executive Commission. To appoint director Mr. Julio Linares López as a member of the Strategy Committee. To accept the resignation of director Mr. Javier de Paz Mancho member of the aforesaid Committee. Javier de Paz Mancho, Mr. Alfonso Ferrari Herrero, Mr. Antonio Masanell Lavilla, Mr. Fernando de Almansa Moreno-Barreda and Mr. Julio Linares López, who will assume its presidency. On June 24, , Telefónica, S. The value of the sale totaled million euros, including an initial cash consideration of million euros at closing of the transaction, and an additional deferred payment of 70 million euros based on the completion of agreed financial objectives. The transaction is pending closing and remains subject, among other conditions, to the relevant competition approvals. On July 23, , Telefónica, S. KG, receiving KPN, as consideration, The closing of this transaction is subject to certain conditions of which only the relevant authorization from the Competition Authority remains pending. On September 24, , Telefónica, S. As a result of this capital increase, the interest held by Telefónica in the voting share capital of Telco, S. On November 5, , Telefónica, S. The transaction was completed on January 28, , after obtaining the relevant regulatory authorization. Business areas. Information on the company — Recent developments. As this change has taken place after the reporting period for this Annual Report, we present our results of operations throughout this Annual Report using the reporting structure that was in place during the reporting period. The reporting structure of this Annual Report is as follows:. Additionally, from the beginning of , the perimeter of consolidation of Telefónica Europe includes Tuenti Technologies, S. The following chart shows the organizational structure of the principal subsidiaries of the Telefónica Group at December 31, , including their jurisdictions of incorporation and our ownership interest. For further detail, see Exhibit 8. Ownership in Telefónica Móviles España, S. Companies held indirectly. Capital Expenditures and Divestitures. Our principal capital expenditures during the three years ended December 31, , consisted of additions to property, plant and equipment and additions to intangible assets, including spectrum. In , and , we made capital expenditures of 9, million euros, 9, million euros and 10, million euros, respectively. Year ended December 31, Capital expenditures in were in line with Capital expenditures in include the cost of spectrum mainly in United Kingdom, Brazil, Peru, Colombia and Spain, amounting to 1, million euros. Investment by Telefónica Europe in amounted to 3, million euros, mainly concentrated on continuing the roll-out of fiber optic across the fixed network in Spain, increasing the number of fiber optic-connected homes and customers. Development of the LTE mobile networks in Germany, the United Kingdom and Spain was ramped up to increase deployment and coverage, while investments continued to be made to boost the capacity of third-generation 3G mobile networks. Capital expenditures in declined 7. Capital expenditures in include the cost of spectrum in Brazil, Nicaragua, Chile, Venezuela and Ireland, amounting to million euros. In Telefónica Europe, there were significant investments in further capacity expansion and quality improvement of its mobile 3G networks in Spain, United Kingdom, Germany and Czech Republic, and additionally, into the development of the LTE network in Germany. In the fixed line business, there were significant investments in the fiber optic network roll-out and data services for large corporate customers in Spain, and in improving fixed broadband network in Czech Republic. Investments in Telefónica Latin America were focused on mobile business mainly with overlay projects, and coverage expansion and enhancing the quality of its 3G networks , as well as on development of new platforms and evolving the existing ones to support new value-added services. Also, it is important to highlight the investments done by Telefónica Digital throughout in TV business including new HD channels introduction and commercial launches of OTT services and content delivery network in line with Telefónica Digital initiatives. Capital expenditures in declined 5. Capital expenditures in include the cost of spectrum in Spain, Brazil, Costa Rica and Colombia, amounting to 1, million euros. Investment in Europe continued to be focused on improving capacity and coverage of the mobile networks in the United Kingdom and Germany as well as the broadband business, primarily in the Czech Republic and Germany. Investment in the mobile business was principally directed toward improving 3G network capability. However, significant investments were also made in the fixed line business in Europe, principally in Spain, including investments in broadband to continue the localized roll-out of fiber optics, TV and data services for large corporate customers, as well as the maintenance of the traditional business. Investments in Latin America were focused mainly on the mobile business, mostly in the expansion of coverage and on 3G and GSM network capacity. In the fixed line business, network and plant upgrades and investment in broadband accounted for the bulk of the investment. Financial Investments and Divestitures. There were no significant financial investments in Our principal divestures in were the sale of Our principal divestures in were the sale of 4. Our principal financial investment in was the extension of our strategic partnership agreement with China Unicom, which extension was executed on January 23, Telefónica acquired through its subsidiary, Telefónica Internacional, S. Following the completion of the transaction, Telefónica holds, through Telefónica Internacional, S. Public Takeover Offers. Recent Developments. The principal events that have occurred since December 31, , are set forth below:. On January 24, , exchange agreement No. This agreement does not amend the exchange rate of 6. Requests for the liquidation in U. Nonetheless, the aforesaid agreement stipulates that the liquidation of foreign currency operations requested before the Central Bank of Venezuela before exchange agreement No. The change to the currency exchange system introduced in the aforesaid agreement will take effect in the Telefónica Group's consolidated financial statements from the moment it comes into force, on January 24, It is therefore a subsequent event that does not impact the consolidated financial statements, as the previous exchange rate of 6. The main aspects to be considered in are as follows. In order to estimate the impacts in euro, the rate used is the exchange rate resulting from the SICAD allocation as of January 15, , amounting to The decrease of the Telefónica Group's net assets in Venezuela as a result of the conversion to euro at the new exchange rate with a balancing entry in Group equity of approximately 1, million euros, based on the net assets as at December 31, As part of the decrease mentioned in the preceding paragraph, the value in euro of the net financial assets denominated in bolivar fuerte will decrease by approximately 1, million euros, as per the balance sheet as at December 31, On the other hand, it should be noted that Exchange regulations in Venezuela are in constant evolution. Thus, on February 20, , the Government of Venezuela announced a complementary currency system identified as "SICAD 2", in addition to those already in existence, which will revoke the Act of Illicit Exchange "Ley de Ilícitos Cambiarios" and will create an alternative market with bands of exchange rates, which will be regulated by the Central Bank of Venezuela. However, as of the date of authorisation for issue of this Annual Report, the system described in such announcement or the corresponding measures have not yet been formalised. On January 28, , after obtaining the relevant regulatory approval, the sale of Telefónica Czech Republic, a. Subsequent to the sale, Telefónica holds a 4. On February 26, , the Board of Directors of Telefónica approved the implementation of a new organizational structure focused on clients and that incorporates our digital offering as the main focus for our commercial policies. The structure aims to give greater visibility to local operations, bringing them closer to the corporate decision-making center, simplifying the global structure and strengthening the transverse areas to make the decision-making process more efficient. Within this framework, Telefónica has created the role of the Chief Commercial Digital Officer, who will be responsible for fostering revenue growth. On February 27, , the Board of Directors of Telefónica has agreed, regarding the dividend, to determine the amount thereof at 0. Regarding the dividend amounting to 0. The adoption of the corresponding corporate resolutions will be proposed in due course. Its strategy is to become a leader in the new digital world and transform the possibilities it brings into reality. Telefónica aim is to reinforce its position as an active player in the digital world capable of seizing all the opportunities afforded by its global scale and its industrial and strategic alliances. Telefónica has a regional and integrated management model. The current organizational structure was defined in and its implementation continued through The different operations of the Telefónica Group, are organized around two geographic regions, Europe and Latin America, together with other Global Units. Telefónica Digital is a global business division of Telefónica. Its mission is to seize the opportunities within the digital world and deliver new growth for Telefónica through research and development, venture capital, global partnerships and digital services. Its goal is to maximize Telefónica's economies of scale while seeking greater efficiencies for the company, through, among other strategies, simplification, standardization, rationalization and consolidation, global procurement and the management of Telefónica's non-strategic assets. In , with the aim of strengthening direct contact with both retail and corporate clients in order to accelerate the transformation of the company into a digital telecommunications company, the Global Chief Marketing Officer position was created, which oversees all the related commercial areas, encompassing product, service, channels, handset and pricing policies, as well as advertising and brand strategies. Furthermore, Telefónica Global Solutions is facing the increasing complexity of the enterprise market where the adoption of digital solutions is increasingly common. In this report two differentiated segments are presented: Telefónica Europe T. Europe and Telefónica Latin America T. Latin America. The Telefónica's Group strategy aims to:. Improve the customer experience in order to continue increasing accesses. Lead growth:. Drive forward the penetration of smart phones in all markets in order to raise the rate of growth of mobile data by monetizing their increasingly widespread use;. Defend our competitive positioning, and leverage our customer knowledge;. Develop the growth opportunities that have arisen in an increasingly digital context, such as media, financial services, cloud, security, advertising, M2M, e-Health, etc; and. Capture the opportunity in the business segment. Increase the modernization of networks in markets where we operate through technological advances and the acquisition of spectrum;. Maximize the benefits of economies of scale to increase efficiency;. Simplify the operative model; and. Reduce legacy cost, especially legacy network costs. In addition, Telefónica maintains an industrial alliance with Telecom Italia, S. Furthermore, in order to unlock the value of Telefónica's scale, the "Partners" program was created in , and now includes five operators Bouygues, Etisalat, Sunrise, Megafon and O2 CZ. Non-controlling or minority interests can be divided into two groups. Secondly, subsidiaries with a main minority shareholder, with which agreements are entered into in order to guarantee the protection of its rights, and in certain cases such as Colombia Telecomunicaciones where there are also specific commitments resulting from corporate transactions see Note It has sole powers regarding general strategy and policies on corporate governance, corporate social responsibility, remuneration of the Board and senior management, shareholder remuneration, and strategic investments. In order to strengthen the corporate governance of the Company, the board of directors of Telefónica, S. Telefónica managed a total of almost million accesses at the end of , up 2. It is important to note that the variance in accesses is impacted by the sale of the fixed business's residential assets in the UK and the disconnection of some inactive accesses Czech Republic. Revenues totaled 57, million euros in , and showed a year-on-year decline of 8. Additionally, the year-on-year variance was also affected by the changes in the scope of consolidation mainly due to the sale of Atento 1. Excluding these impacts, revenue in rose by 0. The main growth drivers of Telefónica Group revenues are Latin America and mobile data revenue, partially offsetting the pressure on revenue in Europe. The structure of revenues reflects the Company's strong diversification and, despite the abovementioned exchange rate impact, T. Telefónica Spain's contribution to consolidated revenues decreased by 1. OIBDA reached 19, million euros, a decline of It was also affected by the value adjustment or net loss on the sale of Telefónica Ireland and Telefónica Czech Republic, the sale of non-strategic towers in Spain, changes in the scope of consolidation principally Atento, which is not consolidated since December , and certain other impacts like contractual changes in the commercial model for selling handsets in Chile. The below table shows the evolution of accesses over the past three years:. Thousands of accesses. Fixed telephony accesses 1 2. Internet and data accesses. Broadband 3 4. Other 5. Mobile Accesses. Contract 6. Pay TV. Unbundled loops. Share ULL. Full ULL. Wholesale ADSL. Final Client Accesses. Wholesale Accesses. Total Accesses. In the second quarter of , thousand accesses were disconnected due to the disposal of the assets of the fixed business in UK. ADSL, satellite, optical fiber, cable modem and broadband circuits. Retail circuits other than broadband. The first quarter of includes the disconnection of thousand inactive accesses in Czech Republic. The chart below shows the evolution of accesses by region over the past three years:. Accesses by region millions. In the mobile segment , contract accesses rose by 9. The Company's mobile broadband accesses stood at The below table shows our consolidated results of operations for the past three years:. Year ended December Percent Change. Results of operations. Operating income. Share of profit loss of associates. Profit for the year. Profit for the year attributable to equity holders of the parent. Year ended December 31, compared with year ended December 31, The main metrics in profit and loss statement were negatively impacted in by exchange rate fluctuations, mainly due to the devaluation of the bolivar fuerte and the depreciations of the Brazilian real and the Argentine peso against the euro. Revenues in totaled 57, million euros, decreasing 8. Additionally, revenues were affected by changes in the consolidation perimeter especially the deconsolidation of the Atento group Mobile data revenues decreased 0. Excluding the impact of exchange rate differences and the effect of the hyperinflation in Venezuela, mobile data revenues would have increased 9. Other income: mainly includes own work capitalized in our fixed assets, the profit from the sale of other assets, and the disposal of non-strategic towers in Latin America and Spain. The lower level of sales of non-strategic towers compared to is the main driver for its decrease. Other income in consisted mainly of the sale of non-strategic towers in Latin America and Spain million euros in other income and million euros in OIBDA , the capital gain from the disposal of the assets of the fixed business in the United Kingdom 83 million euros , the capital gain from the sale of assets in Germany 76 million euros and the capital gain from the sale of the stake in Hispasat 21 million euros. In this item is mainly explained by the sale of non-strategic towers in Latin America and Spain million euros in other income and million euros in OIBDA , the gain from the sale of applications 39 million euros , and the capital gains from the sale of the Atento group 61 million euros , of Rumbo 27 million euros and the partial sale of Hispasat 26 million euros. Total consolidated expenses , which include supplies, personnel expenses and other expenses primarily external services and taxes amounted to 39, million euros in This represents an 8. Excluding the aforementioned items, total expenses grew 1. Supplies stood at 17, million euros in , falling 5. Additionally, the year-on-year change is affected by changes in the consolidation perimeter Personnel costs totaled 7, million euros and fell by This item also reflects non-recurrent restructuring expenses amounting to million euros in versus 67 million euros in The average headcount in was , employees, 3. Other expenses amounted to 15, million euros, falling 8. Excluding these effects this item fell 1. OIBDA reached 19, million euros, showing a decline of OIBDA margin was Depreciation and amortization in 9, million euros registered a year-on-year drop of 7. The depreciation and amortization charges arising from purchase price allocation processes amounted to million euros during Operating income in totaled 9, million euros, decreasing Additionally the year-on-year change is affected by the lower amount of non-strategic towers sold in as compared to Excluding these impacts operating income would have fallen 0. Share of profit loss of investments accounted for by the equity method was a loss of million euros in compared with a loss of 1, million euros in and was affected by adjustments to the value of the stake of Telco, S. Net financial expense amounted to 2, million euros in , Excluding this effect, net financial expenses fell .

Invertir en productos financieros conlleva riesgos inherentes. Para obtener información completa sobre el riesgo de cualquier producto, debe leer el folleto y el documento de datos fundamentales para el inversor. También puede tener acceso al sitio web de un tercero.

f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO.

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No puede garantizarse que la situación fiscal o la situación fiscal propuesta que prevalece en el momento de una inversión no cambie o esté sujeta a las circunstancias de una persona. Los dividendos y las ganancias de capital en valores emitidos en los fondos pertinentes pueden estar sujetos a retenciones fiscales impuestas por los países en los que invierte cada fondo particular. La adquisición de participaciones o acciones puede exponer a un inversor a un riesgo significativo de perder la cantidad total invertida. Cualquier persona que tenga dudas sobre la inversión en cualquiera de los fondos descritos en este sitio web debe consultar a una persona autorizada que esté especializada en asesorar sobre dichas inversiones. Invertir en productos financieros conlleva riesgos inherentes. Para obtener información completa sobre el riesgo de cualquier producto, debe leer el folleto y el documento de datos fundamentales para el inversor. También puede tener acceso al sitio web de un tercero. El sitio web puede, sin previo aviso, estar temporalmente no disponible o restringido por razones administrativas o de otro tipo. Todos los derechos de autor, marcas comerciales, logotipos, marcas de servicio, nombres comerciales u otra propiedad intelectual que se muestran en, o se usan en conjunto con, este sitio web son propiedad de Legg Mason, Inc. Part II. Defaults, Dividend Arrearages and Delinquencies. Controls and Procedures. Item 16A. Audit Committee Financial Expert. Item 16B. Code of Ethics. Item 16C. Principal Accountant Fees and Services. Item 16D. Exemptions from the Listing Standards for Audit Committees. Item 16E. Item 16F. Item 16G. Corporate Governance. Part III. Financial Statements. Such forward-looking statements are not guarantees of future performance and involve numerous risks and uncertainties, and actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. The risks and uncertainties involved in our business that could affect the matters referred to in such forward-looking statements include but are not limited to:. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this Annual Report. We undertake no obligation to release publicly the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date of this Annual Report including, without limitation, changes in our business or acquisition strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events. Our ordinary shares, nominal value 1. Below are definitions of certain technical terms used in this Annual Report:. Because a single fixed customer may contract for multiple services, we count the number of accesses, or services a customer has contracted for. For example, a customer that has fixed line telephony service and broadband service represents two accesses rather than one. The following are the main categories of accesses:. Fixed telephony accesses: includes public switched telephone network, or PSTN, lines including public use telephony , and integrated services digital network, or ISDN, lines and circuits. Mobile accesses: we count each active SIM as an access regardless of the number of services contracted through the SIM. Mobile accesses are categorized into contract and prepay accesses. Mobile broadband includes Mobile Internet internet access from devices also used to make voice calls e. ARPU is calculated by dividing total gross service revenues excluding inbound roaming in revenues from sales to customers for the preceding 12 months by the weighted average number of accesses for the same period, and then divided by Consequently, an MVNO must subscribe to an access agreement with a mobile network operator in order to provide mobile access to their customers. An MVNO pays such mobile network operator for using the infrastructure to facilitate coverage to their customers. Service revenues are related mainly with telecommunication services, especially voice and data services consumed by our customers. To make comparisons on a local currency basis, we compare financial items in the relevant local currency for the periods indicated as recorded in the relevant local currency for such periods. In addition, we present certain financial information excluding the effects of Venezuela being considered a hyperinflationary economy in , and by eliminating all adjustments made as a result of such consideration. Not applicable. The following table presents certain selected consolidated financial data. The consolidated income statement and cash flow data for the years ended December 31, , and and the consolidated statement of financial position data as of December 31, and set forth below are derived from, and are qualified in their entirety by reference to the Consolidated Financial Statements. The consolidated income statement and cash flow data for the years ended December 31, and and the consolidated statement of financial position data as of December 31, , and set forth below are derived from Telefónica, S. The basis of presentation is described in detail in Note 2 to our Consolidated Financial Statements. Millions of euros. Other income. Personnel expenses. Other expenses. Depreciation and amortization. Share of loss profit of associates. Net finance expense. Net exchange differences. Net financial expense. Corporate income tax. Profit after taxes from discontinued operations. Non-controlling interests. Weighted average number of shares thousands. Basic and diluted earnings per share from continuing operations attributable to equity holders of the parent euro 1. Basic and diluted earnings per share attributable to equity holders of the parent euro 1. Earnings per ADS euro 1 2. Weighted average number of ADS thousands 2. Cash dividends per ordinary share euro. Consolidated Statement of Financial Position Data. Cash and cash equivalents. Property, plant and equipment. Total assets. Non-current liabilities. Equity net. Capital stock. Consolidated Cash Flow Data. Net cash from operating activities. Net cash used in investing activities. Net cash used in financing activities. The per share and per ADS computations for all periods presented have been presented using the weighted average number of shares and ADSs, respectively, outstanding for each period, and have been adjusted to reflect the stock dividends which occurred during the periods presented, as if these had occurred at the beginning of the earliest period presented. As a consequence, basic and diluted earnings per share have also been restated from to Until January 20, , each ADS represented the right to receive three ordinary shares. Since January 21, , each ADS represents the right to receive one ordinary share. The above figures have been restated accordingly. Figures do not include any charges of the ADS Depositary. Exchange Rate Information. The following tables describe, for the periods and dates indicated, information concerning the Noon Buying Rate for the euro. Amounts are expressed in U. Noon Buying Rate. Year ended December 31,. Period end. Average 1. The average of the Noon Buying Rates for the euro on the last day reported of each month during the relevant period. Month ended. September 30, October 31, November 30, December 31, January 31, February 28, March 31, through March 14, Monetary policy within the member states of the euro zone is set by the European Central Bank. The European Central Bank has set the objective of containing inflation and will adjust interest rates in line with this policy without taking account of other economic variables such as the rate of unemployment. It has further declared that it will not set a target exchange rate for the euro. Our ordinary shares are quoted on the Spanish stock exchanges in euro. Currency fluctuations may affect the dollar equivalent of the euro price of our shares listed on the Spanish stock exchanges and, as a result, the market price of our ADSs, which are listed on the New York Stock Exchange. Currency fluctuations may also affect the dollar amounts received by holders of ADSs on conversion by the depositary of any cash dividends paid in euro on the underlying shares. Our consolidated results are affected by fluctuations between the euro and the currencies in which the revenues and expenses of some of our consolidated subsidiaries are denominated and recorded principally the Brazilian real, the pound sterling, the bolivar fuerte, the Argentine peso, the Peruvian nuevo sol, the Chilean peso, the Czech koruna crown , the Colombian peso and the Mexican peso. See Note 3 b to our Consolidated Financial Statements for the exchange rates we used in preparing our consolidated financial information. The main risks and uncertainties facing the Company which could affect its business, financial position, reputation, corporate image and brand and its results, must be considered jointly with the information in the Consolidated Financial Statements, and are as follows:. Group-related risks. Worsening of the economic and political environment could negatively affect business. Economic conditions may adversely affect the level of demand of existing and prospective customers, as they may no longer deem critical the services offered by the Group. This economic risk might be significant in some European countries which are on the road to recovery but are rebounding more slowly due to financial imbalances that must continue to be corrected. According to the European Economic and Financial Affairs Council, the European economy is expected to have shrunk by 0. Also, the impact of the sovereign debt crisis and the rating downgrades in certain Euro Area countries should be taken into account. Any additional deterioration in the sovereign debt markets, doubts about developments in European projects e. In Latin America, the most important challenge is the exchange-rate risk in Venezuela and Argentina with a sustained accelerated depreciation of the peso against the U. The international scenario, despite being not so favorable as in the past periods, will remain to have a relatively benign impact on the region, except for, among others, potential periods of volatility linked to the evolution of the developed financial markets especially long-term interest rates in the United States affected by the U. The most significant internal macroeconomic risk factors in the region would be the very high inflation rates in Venezuela and Argentina that could lead to economic stagnation in these countries, the delicate situation of Venezuela's public finance, and the deterioration in the external accounts of countries such as Argentina, Brazil, Chile and Peru; though with very different funding outlooks for the latter three favorable than the first. Also note that despite clear improvements in Brazil, recent announcements by the ratings agencies considering a possible downgrading of its credit rating could, depending on the extent of the downgrading, result in strong exchange-rate volatility due to an outflow of investments, especially strong in fixed-income. Among the factors included in the concept of "country risk", we highlight:. This movement could lead to a strong exchange-rate depreciation in the context of a floating exchange rate regime, to a significant devaluation off the back of abandoning fixed exchange rates regimes, or to the introduction of varying degrees of restrictions on capital movement. For example, in Venezuela, the official U. Additionally, the acquisition of foreign currencies by Venezuelan or Argentinian companies in some cases to pay foreign debt or dividends is subject to the pre-authorization of the relevant authorities. Also, the Argentinean peso is following a sustained accelerated depreciation against the U. Thus, in Venezuela, a maximum profit margin has been introduced that will be set annually by the Superintendence for the defense of socio-economic rights. To illustrate the sensitivity of financial expenses to a change in short-term interest rates at December 31, i a basis points increase in interest rates in all currencies in which Telefónica has a financial position at that date would lead to an increase in financial expenses of million euros, ii whereas a basis points decrease in interest rates in all currencies except the euro, dollar and the pound sterling these to zero rates in order to avoid negative rates , would lead to a reduction in financial expenses of 55 million euros. These calculations were made assuming a constant currency and balance position equivalent to the position at that date and bearing in mind the derivative financial instruments arranged. These calculations had been made assuming a constant currency position with an impact on profit or loss at December 31, , including derivative instruments in place. The Telefónica Group uses a variety of strategies to manage this risk, mainly through the use of financial derivatives, which themselves are also exposed to risk, including counterparty risk. The performance of financial markets in terms of liquidity, cost of credit, access and volatility, continues to be overshadowed by persisting uncertainty regarding certain factors such as the pace of economic recovery, the health of the international banking system and the concerns regarding the burgeoning deficits of some European countries. At December 31, , gross financial debt scheduled to mature in amounted to 9, million euros which includes: i the net position of derivative financial instruments, certain current payables and ii million euros of notes with an option of early repayment and no contractual obligation to be repaid , and gross financial debt scheduled to mature in amounted to 6, million euros. Any of these situations could have a negative impact on our ability to deal with our debt maturities. The Group operates in a highly regulated industry which requires government concessions for the provision of a large part of its services and the use of spectrum, which is a scarce and costly resource. The telecommunications sector is subject to laws and regulations in different countries, and additionally, many of the services provided require the granting of a license, concession or official approval, which usually requires certain obligations and investments to be made, such as those relating to spectrum availability. Thus, as the Group provides most of its services under licenses, authorizations or concessions, it is vulnerable to administrative bodies decisions, such us economic fines for serious breaches in the provision of services and, eventually, revocation or failure to renew these licenses, authorizations or concessions or the granting of new licenses to competitors for the provisions of services in a specific market. The Telefónica Group pursues its license renewal in the terms referred in their respective contractual conditions, though it cannot guarantee that it will always complete this process successfully or under the most beneficial terms for the Group. In many cases complying with certain obligations is required, including, among others, minimum specified quality standards, service and coverage conditions and capital investment. Failure to comply with these obligations could result in the imposition of fines, revision of the contractual terms, or even the revocation of the license, authorization or concession. Additionally, the Telefónica Group could be affected by regulatory actions carried out by the antitrust authorities. These authorizations could prohibit certain actions, such as new acquisitions or specific practices, create obligations or lead to heavy fines. Regulation of spectrum and government concessions:. Although these measures are not yet final, they could have significant implications as they include new provisions on secondary markets, criteria to apply at auctions, renewals and terms of licensees, etc. Moreover, European and National regulators are reviewing the implications of the merger of Telefónica Germany and E-Plus, and any potential remedies or conditions. Remedies could affect the spectrum finally available. In Spain, it is expected that the previously auctioned frequencies in the MHz band from the digital dividend, will be allocated on January 1, For its part, in the UK a tax rate increase for the use of the spectrum in the and MHz band is under discussion, which outcome is uncertain. This could involve facing new cash outflow ahead of schedule the most likely scenario is currently seen as to have this spectrum between and In Latin America, spectrum auctions will take place entailing potential outflows to obtain new licenses or to meet the coverage requirements associated with these licenses. Specifically, the following procedures are in progress or expected to take place in Brazil: Auction of the MHz band. Allocation of frequencies in the MHz band for fixed-line and mobile telephone and broadband services has been approved. However, the allocation process requires television channels currently occupying this band to be migrated and ANATEL to complete its analysis regarding spectrum interference between mobile and television services;. Chile: Auction of the MHz band;. Ecuador: Negotiations underway to obtain additional frequencies in the MHz band;. El Salvador: The auction of one block in the MHz band and another in the AWS band had been postponed, although this issue might be resolved in the coming months; and. In Peru, an application for partial renewal of the concessions for the provision of the fixed-line service for another five years has been made, although assurance has been given that the concession will remain in force until November In Mexico, it is envisaged, in development of the constitutional reform enacted due to the "Pact for Mexico" political initiative, the creation of a wholesale network publicly owned which will offer wholesale services in the MHz band, the funding and the marketing model of this project have not been determined at present. CapEx associated with the new spectrum in amounted to 1, million euros. In , Telefónica Ireland was awarded spectrum in the , and MHz bands. In the spectrum auction, Telefónica Brasil had to compensate the former licensees of this bandwidth, used for multichannel multipoint distribution services. The other operators also awarded spectrum shall, in turn, compensate Telefónica Brasil. Part of these compensation requirements is being legally contested. Telefónica Móviles Chile, S. Regulation of wholesale and retail charges:. In terms of roaming, the regulated "Eurotariffs" will be reduced in July , as per the Regulation approved in The structural roaming solutions which could lead to a price decrease in the intra-European roaming services, will also take effect in July The decreases in wholesale mobile network termination rates in Europe are also noteworthy. In the UK, wholesale mobile network termination rates will be reduced to 0. The European Commission has requested that the German regulator withdraw or amend its latest decision on mobile termination rates. There is a risk that the European Commission will initiate infringement proceedings, against Germany, and rates may be further reduced. In Spain, the schedule for reducing mobile network termination rates has reached the target rate 0. As from July , the target price reached will remain in force until new target prices are set. The Spanish regulator has yet to make its decision on this matter. Based on a High Court ruling in Ireland, a mobile termination rate of 2. The Irish regulator is also developing a more adverse cost model based on long-run incremental cost LRIC price calculation, which is expected to be announced in July Also, in Latin America, there are moves to review mobile termination rates leading to these being reduced. Thus, for example, developments in Mexico are among the most relevant, where the declaration of dominant operators in the telecommunications market is expected to lead to asymmetric regulatory measures that must be set. The Company's competitive position may benefit to a greater or lesser extent depending on the scope of these measures. As of today, no ruling has been made on this appeal. Once these appeals have been concluded, the rates applied may be further reduced retroactively. As of today, Cofetel has not approved the termination rates for , , or A draft law has been prepared in Brazil to abolish the basic telephony service monthly fee. In Chile, a process to set new fixed-line termination charges is ongoing. A Tariff Decree has been passed for mobile networks covering the five-year period. The new Tariff Decree entered into effect on January 25, , and implies a reduction of In Ecuador the rate-related risks also concern a reduction in rural and urban telephony charges, a reimbursement of top-up balances, as well as rounding to the nearest minute. The implementation of the Enabling Act Ley Habilitante in Venezuela also confers full powers to the President to implement price control measures, and it is therefore expected that it will not be possible to raise Movistar retail rates in line with high Venezuela inflation. In Peru, the previously applicable rate was reduced by In Colombia, a decision was adopted establishing a gradual reduction for termination mobile rates. Regarding the termination model for time, the reduction for is For the capacity model the reduction will be Regulation of universal services:. The European Commission on its formal obligation to review the Universal Service Directive will launch a public consultation whose objective will be to modify the scope of their obligations and include, at a European level, far higher broadband speeds than are currently provided. Depending on the terms set forth in the new regulation, implementation at a local level could lead to higher costs for both the universal service provider and the operators forced to finance the Universal Service. The regulator in Brazil has modified the universal service targets. This represents a risk on the Company's positive balance resulted from the fulfilment of universal service targets, whose implementation was less costly than the initially established targets, leaving a positive balance for the Company. The new requirements that cause this positive balance could apply until , and extend beyond on issues such as, for example, rural telephony services and the expansion of the backhaul network. Rural telephony services are another risk in Brazil given the obligations arising from the switched fixed-line telephone services model and the obligations to provide mobile coverage in certain rural areas of the country. Regulation of fiber networks:. This could increase Telefónica's regulatory obligations in Spain, especially wholesale market obligations concerning access to fiber networks, and its pricing. Regulations on privacy:. In Europe, a new Data Protection Regulation is in the pipeline before the end of the current European legislative term spring This could lead to certain critical provisions laid down in the current draft of the Regulation presently under debate being worded in such a way that stops or hinders Telefónica from launching some services, that focus on the processing of personal data. Regulation of functional separation:. The new principles established in Europe's common regulatory framework, adopted in and transposed in the national legislation of each Member State in which Telefónica operated during and could result in greater regulatory pressure on the local competitive environment. Specifically, this framework supports the possibility of national regulators, in specific cases and under exceptional conditions, forcing operators with significant market power and vertically-integrated operators to separate their wholesale and retail businesses at a functional level. They would therefore be required to offer equal wholesale terms to third-party operators that acquire these products. Regulation of network neutrality:. In Europe, application of the current regulatory framework means that it is likely that during , the Body of European Regulators for Electronic Communications BEREC and national regulators will strengthen their supervision of operators with regard to blocking of access, discrimination of applications or Internet service quality. The European Parliament and the Council are simultaneously debating the draft of the European Digital Market Regulation proposed by the European Commission, in particular concerning network neutrality, network management or differentiation of Internet access service characteristics. All of them are aspects of great importance that have a direct impact on potential business models that can be developed in the future. Presently we have countries where net neutrality has already been ruled, such us Chile and Colombia. But it is a live issue and with varying degree of development in the rest of the countries. In Germany, the Economy Minister published a draft law on June 20, , to regulate neutrality, especially with regard to blocking and discrimination of content and Internet services. The text is pending approval by parliament in after the new government was sworn in during December In Brazil, the Civil Rights Framework for Internet Governance is being debated by Congress and is expected to be approved in the first quarter of It includes policies on the Internet such as network neutrality. Activities regarding net neutrality have been, as of today, focused in supervision of the quality of the services: in October , ANATEL approved the regulations of the Service Quality of Multimedia Communication Service includes fixed internet and Personal Mobile Service including mobile internet. The aforementioned regulations, regulates the measurement made from independent entities on quality delivered and perceived by ISPs to customers. If changes to regulation such as those described above, or otherwise, occur in the various jurisdictions where the Telefónica Group operates, it could have a material adverse effect on our business and results of operations. Customers' perceptions of services offered by the Company may put it at a disadvantage compared to competitors' offerings. Customers' perceptions of the services and products offered are critical to operating in highly-competitive markets. The ability to predict and respond to the changing needs and demands of customers affects the Company's competitive position relative to other technology sector companies, and its ability to extract the value generated during this process of transformation. Company may not be able to adequately foresee and respond to technological changes and sector trends. In a sector characterized by rapid technological change, it is essential to be able to offer the products and services demanded by the market, and consider the impacts of changes in the life cycle of technical assets, finely adjust margins, and select the right investments to make. The Telefónica Group operates in markets that are highly competitive and subject to constant technological development. Therefore, as a consequence of both characteristics, it is subject to the effects of actions by competitors in these markets and to its ability to anticipate and adapt to constant technological changes taking place in the industry. To compete effectively in these markets, the Telefónica Group needs to successfully market its products and services and respond to both commercial actions by competitors and other competitive factors affecting these markets, anticipating and adapting promptly to technological changes, changes in consumer preferences and general economic, political and social conditions. Smith Corporation A. Moller - Maersk Group A. V Agroetanol de Veracruz S. Braun Melsungen B. Martin C. Gutierrez y Cía S. Bard C. Machinery C. King part of Sage Holdings D. Navinchandra D. Consunji Inc. Bronner's Dr. Martens Permira Dr. Reddy's Laboratories Dr. Land E. 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Gestora Ian R. Rentabilidad de 12 meses consecutivos Acumulada del año natural Anualizada Valor liquidativo Crecimiento de Rentabilidad de 12 meses consecutivos A fecha.

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f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

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f, EXCELLENT INVESTMENT LLC, ESTADOS UNIDOS , ARTOC Group for Investment and Development, EGIPTO , AVIATION JOLINA SEC, CANADÁ , VIRGIN ATLANTIC AIRWAYS LTD, REINO UNIDO. The number of outstanding shares of each class of capital stock of Telefónica, S.A. at If this is an annual report indicate by check mark whether the registrant is a scenario is currently seen as to have this spectrum between and ). Telefónica Group of its shares of Telefónica Ireland, Ltd. The value of the sale. Neuberger Berman Investment Advisers LLC 68, Sec 5, Zhongxiao E. Road 14 de noviembre de Diamond Sports Group LLC/Diamond Sports Finance Co† Virgin Media Finance Plc†.

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