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Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2022
Interests In Other Entities [Abstract] |
Disclosure of Investments Accounted for Using Equity Method | The detail of investments accounted for by the equity method and the share of income/(loss) of these investments is the following:
| % Holding | Investments accounted for by the equity method | Share of income (loss) of investments accounted for by the equity method
Millions of euros |  | 31/12/2022 | 31/12/2021 | 2022 | 2021 | 2020
VMED O2 UK Ltd | 50 | % | 10,779 |  | 12,129 |  | 292 |  | (103) |  | — |
Movistar Prosegur Alarmas | 50 | % | 252 |  | 263 |  | (12) |  | (2) |  | (4) |
FiBrasil Infraestructura e Fibra Ótica, S.A. | 50 | % | 79 |  | 68 |  | (8) |  | (3) |  | — |
Unsere Grüne Glasfaser | 50 | % | 108 |  | 53 |  | (64) |  | (25) |  | (1) |
Opal Jvco Limited (nexfibre) | 25 | % | 55 |  | — |  | 26 |  | — |  | — |
Others |  | 2 |  | 9 |  | (4) |  | 1 |  | 2 |
Joint ventures |  | 11,275 |  | 12,522 |  | 230 |  | (132) |  | (3) |
Daytona Midco, S.L. (Nabiax) | 20.00 | % | 120 |  | 81 |  | (1) |  | — |  | — |
Adquira España, S.A. | 44.44 | % | 4 |  | 4 |  | — |  | — |  | — |
HoldCo Infraco SpA. (Onnet Fibra Chile) | 40 | % | 79 |  | 76 |  | — |  | (1) |  | — |
Alamo HoldCo S.L. (Onnet Fibra Colombia) | 40 | % | 12 |  | — |  | (15) |  | — |  | — |
Internet para todos S.A.C | 54.67 | % | 55 |  | 52 |  | (3) |  | (5) |  | — |
Telefónica Factoring España, S.A. | 50 | % | 7 |  | 7 |  | 4 |  | 3 |  | 3 |
Telefónica Factoring do Brasil, Ltda. | 50 | % | 3 |  | 3 |  | 3 |  | 3 |  | 2 |
Telefónica Factoring Peru, S.A.C. | 50 | % | 2 |  | 3 |  | 1 |  | 1 |  | 1 |
Telefónica Factoring Colombia, S.A. | 50 | % | 1 |  | 2 |  | 1 |  | 1 |  | 1 |
Telefónica Factoring México,S.A. de C.V. | 50 | % | 1 |  | 1 |  | — |  | — |  | — |
Telefónica Factoring Chile, SpA. | 50 | % | 1 |  | 1 |  | — |  | — |  | — |
Telefónica Factoring Ecuador, S.A. | 50 | % | — |  | — |  | — |  | — |  | — |
Telefónica Consumer Finance, Establecimiento Financiero de Crédito, S.A. | 50 | % | 19 |  | 19 |  | 2 |  | 2 |  | (1) |
Movistar Consumer Finance Colombia SAS | 50 | % | 2 |  | 1 |  | (3) |  | (1) |  | — |
Others |  | 6 |  | 1 |  | (2) |  | 2 |  | (1) |
Associates |  | 312 |  | 251 |  | (13) |  | 5 |  | 5 |
Total |  | 11,587 |  | 12,773 |  | 217 |  | (127) |  | 2 |
The detail of the movement in investments accounted for by the equity method in 2022 and 2021 is as follows:
Investments accounted for by the equity method | Millions of euros
Balance at 12/31/2020 | 427 |
Additions | 12,329 |
Disposals | (5) |
Translation differences and other comprehensive income (loss) | 350 |
(Loss) income | (127) |
Dividends | (198) |
Transfers and others | (3) |
Balance at 12/31/2021 | 12,773 |
Additions | 181 |
Disposals | (12) |
Translation differences and other comprehensive income (loss) | (646) |
Income (loss) | 217 |
Dividends | (920) |
Transfers and others | (6) |
Balance at 12/31/2022 | 11,587 |
Disclosure of Statement of Financial Position and Income Statement of Joint Ventures | Detail of the main items on the statements of financial position and income statements of VMED O2 UK Ltd
Millions of euros | 12/31/2022 | 12/31/2021
Non current assets | 46,280 |  | 48,779 |
Current assets | 3,782 |  | 3,554 |
Cash and cash equivalents | 555 |  | 415 |
Total Assets | 50,062 |  | 52,333 |
Non current liabilities | 20,840 |  | 20,593 |
Non current financial liabilities | 19,668 |  | 19,185 |
Non-current lease liabilities | 725 |  | 885 |
Other non current liabilities | 447 |  | 523 |
Current liabilities | 7,786 |  | 7,605 |
Current financial liabilities | 3,248 |  | 2,841 |
Current lease liabilities | 221 |  | 219 |
Other current liabilities | 4,317 |  | 4,545 |
Total Liabilities | 28,626 |  | 28,198 |
Equity (100% VMO2) | 21,436 |  | 24,135 |
50% Telefónica Group | 10,718 |  | 12,068 |
Acquisition costs | 61 |  | 61 |
Investments accounted for by the equity method | 10,779 |  | 12,129 |
Millions of euros | January - December 31 2022 | June 1 - December 31 2021
Revenues | 12,155 |  | 7,223 |
Other operating income | 551 |  | 290 |
Operating expenses | (8,305) |  | (5,063) |
OIBDA | 4,401 |  | 2,450 |
Depreciation and amortization | (4,170) |  | (2,395) |
Operating income | 231 |  | 55 |
Share of income (loss) of investments accounted for by the equity method | 1 |  | — |
Financial income | 24 |  | 27 |
Financial expenses | (1,020) |  | (504) |
Realised and unrealised gains on derivative instruments, net (1) | 2,567 |  | 489 |
Foreign currency transaction losses, net | (1,296) |  | (367) |
Net financial expense | 275 |  | (355) |
Result before taxation | 507 |  | (300) |
Income tax | (15) |  | 65 |
Result for the period (100% VMO2) | 492 |  | (235) |
50% attributable to Telefónica Group | 246 |  | (117) |
Share-based compensation (2) | 14 |  | 14 |
Other adjustments | 32 |  | — |
Share of income (loss) of investments accounted for by the equity method | 292 |  | (103) |
Other comprehensive income (100% VMO2) | (113) |  | 68 |
(1) VMO2 entered into various derivative instruments to manage interest rate exposure and foreign currency exposure. Generally, VMO2 does not apply hedge accounting to its derivative instruments. Accordingly, changes in the fair values of most of its derivatives are recorded in the finance results of its consolidated income statement.
(2) Amount related to incentive awards held by certain employees of VMO2 associated with ordinary shares of Liberty Global and Telefónica. Share-based compensation expense is included in Operating expenses in the consolidated income statement of VMO2.
The breakdown of the key financial highlights of Movistar Prosegur Alarmas group for the latest period available at the time of preparation of these consolidated financial statements and the reconciliation with the carrying amount in the Group are as follows:
Millions of euros | 12/31/2022 | 12/31/2021
Assets | 352 |  | 224 |
Liabilities | (346) |  | (202) |
Net assets | 6 |  | 22 |
Purchase price allocation |  |
Assets | 136 |  | 146 |
Liabilities | (35) |  | (38) |
Net assets | 101 |  | 108 |
% Holding | 50 | % | 50 | %
Group’s share in equity | 54 |  | 65 |
Goodwill | 198 |  | 198 |
Carrying amount in the Telefónica Group | 252 |  | 263 |
Disclosure Of Purchase Commitments |
Millions of euros | 2023 | 2024 | 2025 | 2026 | 2027 | Subsequent years | Total
Purchase commitments | 1,106 |  | 154 |  | 89 |  | 60 |  | 58 |  | 37 |  | 1,504 |
Programming commitments | 698 |  | 606 |  | 446 |  | 437 |  | 413 |  | 204 |  | 2,804 |
Network and connectivity commitments | 891 |  | 82 |  | 57 |  | 24 |  | 22 |  | 199 |  | 1,275 |
Other commitments | 359 |  | 265 |  | 264 |  | 266 |  | 124 |  | 16 |  | 1,294 |
Total commitments VMO2 (100%) | 3,054 |  | 1,107 |  | 856 |  | 787 |  | 617 |  | 456 |  | 6,877 |
Disclosure of Breakdown of Balances and Transactions Related to Associates and Joint Ventures Recognized | The breakdown of balances and transactions related to associates and joint ventures recognized with VMO2 in the consolidated statement of financial position and consolidated income statement is as follows:
Millions of euros | 12/31/2022 | 12/31/2021
Receivables from associates and joint ventures for current operations | 40 |  | 54 |
Payables to associates and joint ventures | 5 |  | 259 |
Millions of euros | 2022 | 2021
Revenue from operations with associates and joint ventures | 130 |  | 103 |
Expenses from operations with associates and joint ventures | 63 |  | 29 |
Disclosure of Statement of Financial Position and Income Statement of Associates and Joint Ventures | The breakdown of items related to associates and joint ventures recognized in the consolidated statements of financial position and consolidated income statements is as follows:
| 12/31/2022 | 12/31/2021
Millions of euros | Associates | Joint ventures | Total | Associates | Joint ventures | Total
Credits and other financial assets from associates and joint ventures | 217 |  | 11 |  | 228 |  | 87 |  | 10 |  | 97 |
Receivables from associates and joint ventures (Note 14) | 66 |  | 85 |  | 151 |  | 34 |  | 87 |  | 121 |
Long-term contractual liabilities to associates and joint ventures | 82 |  | 51 |  | 133 |  | — |  | 31 |  | 31 |
Payables to associates and joint ventures (Note 22) | 72 |  | 21 |  | 93 |  | 72 |  | 272 |  | 344 |
Short-term contractual liabilities to associates and joint ventures | 7 |  | 12 |  | 19 |  | — |  | 8 |  | 8 |
Other short-term liabilities to associates and joint ventures (Note 22) | — |  | 1 |  | 1 |  | — |  | — |  | — |
| 2022 | 2021 | 2020
Millions of euros | Associates | Joint ventures | Total | Associates | Joint ventures | Total | Associates | Joint ventures | Total
Revenue from operations with associates and joint ventures | 209 |  | 251 |  | 460 |  | 65 |  | 263 |  | 328 |  | 13 |  | 255 |  | 268 |
Expenses from operations with associates and joint ventures | 199 |  | 116 |  | 315 |  | 86 |  | 36 |  | 122 |  | 37 |  | 2 |  | 39 |
Financial revenues with associates and joint ventures | 27 |  | 1 |  | 28 |  | 1 |  | — |  | 1 |  | — |  | — |  | — |
Financial expenses with associates and joint ventures | 1 |  | 9 |  | 10 |  | 1 |  | — |  | 1 |  | — |  | — |  | — |

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