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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Operating Segments [Abstract] |
Schedule of Income and Capital Expenditure Information Regarding the Group's Operating Segments | The following table presents income, CapEx information (capital expenditures in intangible assets and property, plant and equipment, see Notes 6 and 8) and acquisitions of rights of use (see Note 9) regarding the Group’s operating segments:
2022
Millions of euros | Telefónica Spain |  | VMO2 | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group
Revenues | 12,497 |  |  | — |  | 8,224 |  | 8,870 |  | 9,141 |  | 3,243 |  | (1,982) |  | 39,993 |
External revenues | 12,224 |  |  | — |  | 8,195 |  | 8,854 |  | 9,026 |  | 1,685 |  | 9 |  | 39,993 |
Intersegment revenues | 273 |  |  | — |  | 29 |  | 16 |  | 115 |  | 1,558 |  | (1,991) |  | — |
Other operating income and expenses(1) | (7,909) |  |  | — |  | (5,666) |  | (5,138) |  | (7,183) |  | (3,149) |  | 1,904 |  | (27,141) |
OIBDA | 4,588 |  |  | — |  | 2,558 |  | 3,732 |  | 1,958 |  | 94 |  | (78) |  | 12,852 |
Depreciation and amortization | (2,157) |  |  | — |  | (2,295) |  | (2,369) |  | (1,799) |  | (218) |  | 42 |  | (8,796) |
Operating income | 2,431 |  |  | — |  | 263 |  | 1,363 |  | 159 |  | (124) |  | (36) |  | 4,056 |
Share of income (loss) of investments accounted for by the equity method | (15) |  |  | 292 |  | — |  | — |  | (19) |  | (41) |  | — |  | 217 |
CapEx | 1,550 |  |  | — |  | 1,209 |  | 1,795 |  | 1,058 |  | 212 |  | (5) |  | 5,819 |
Acquisitions of rights of use | 724 |  |  | — |  | 594 |  | 596 |  | 514 |  | 17 |  | 3 |  | 2,448 |
(1) Other operating income and expenses includes “Other income”, “Supplies”, “Personnel expenses” and “Other expenses”.
2021
Millions of euros | Telefónica Spain | Telefónica United Kingdom | VMO2 | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group
Revenues | 12,417 |  | 2,628 |  | — |  | 7,765 |  | 6,910 |  | 8,362 |  | 3,059 |  | (1,864) |  | 39,277 |
External revenues | 12,156 |  | 2,609 |  | — |  | 7,738 |  | 6,897 |  | 8,258 |  | 1,628 |  | (9) |  | 39,277 |
Intersegment revenues | 261 |  | 19 |  | — |  | 27 |  | 13 |  | 104 |  | 1,431 |  | (1,855) |  | — |
Other operating income and expenses(1) | (9,040) |  | (1,709) |  | — |  | (5,341) |  | (3,772) |  | (6,644) |  | 7,589 |  | 1,623 |  | (17,294) |
OIBDA | 3,377 |  | 919 |  | — |  | 2,424 |  | 3,138 |  | 1,718 |  | 10,648 |  | (241) |  | 21,983 |
Depreciation and amortization | (2,153) |  | — |  | — |  | (2,394) |  | (1,918) |  | (1,873) |  | (356) |  | 297 |  | (8,397) |
Operating income | 1,224 |  | 919 |  | — |  | 30 |  | 1,220 |  | (155) |  | 10,292 |  | 56 |  | 13,586 |
Share of (loss) income of investments accounted for by the equity method | (2) |  | — |  | (103) |  | — |  | — |  | (6) |  | (16) |  | — |  | (127) |
CapEx | 1,815 |  | 933 |  | — |  | 1,284 |  | 2,069 |  | 978 |  | 206 |  | (18) |  | 7,267 |
Acquisitions of rights of use(2) | 482 |  | 389 |  | — |  | 833 |  | 489 |  | 387 |  | 113 |  | (254) |  | 2,439 |
(1)Other operating income and expenses includes “Other income”, “Supplies”, “Personnel expenses” and “Other expenses”. (2) Additionally, rights of use in the amount of 2,633 million euros were recorded in 2021 following the sale of the tower division of Telxius (see Note 9).
2020
Millions of euros | Telefónica Spain | Telefónica United Kingdom | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group
Revenues | 12,401 |  | 6,708 |  | 7,532 |  | 7,422 |  | 7,922 |  | 2,647 |  | (1,556) |  | 43,076 |
External revenues | 12,118 |  | 6,666 |  | 7,500 |  | 7,406 |  | 7,786 |  | 1,610 |  | (10) |  | 43,076 |
Intersegment revenues | 283 |  | 42 |  | 32 |  | 16 |  | 136 |  | 1,037 |  | (1,546) |  | — |
Other operating income and expenses(1) | (7,355) |  | (4,644) |  | (5,223) |  | (4,234) |  | (6,932) |  | (2,288) |  | 1,098 |  | (29,578) |
OIBDA | 5,046 |  | 2,064 |  | 2,309 |  | 3,188 |  | 990 |  | 359 |  | (458) |  | 13,498 |
Depreciation and amortization | (2,184) |  | (389) |  | (2,394) |  | (1,965) |  | (2,274) |  | (468) |  | 315 |  | (9,359) |
Operating income | 2,862 |  | 1,675 |  | (85) |  | 1,223 |  | (1,284) |  | (109) |  | (143) |  | 4,139 |
Share of income (loss) of investments accounted for by the equity method | (4) |  | — |  | — |  | — |  | — |  | 6 |  | — |  | 2 |
CapEx | 1,408 |  | 913 |  | 1,094 |  | 1,372 |  | 833 |  | 454 |  | (213) |  | 5,861 |
Acquisitions of rights of use | 138 |  | 116 |  | 1,159 |  | 768 |  | 364 |  | 378 |  | (909) |  | 2,014 |
(1)Other operating income and expenses includes “Other income”, “Supplies”, “Personnel expenses” and “Other expenses”.
The table below shows the income, CapEx and acquisitions of rights of use of VMED O2 UK (VMO2) in 2022 and 2021 (see Note 2). VMO2 is a joint venture 50% owned by Telefónica and Liberty Global and is recorded under the equity method (see Note 10). The tables below show the information of the joint venture at 100% and the reconciliation with the Telefónica Group's share of income (loss) accounted for by the equity method.
VMO2
Millions of euros | January-December, 2022 | June 1 to December 31, 2021
Revenues | 12,155 |  | 7,223 |
Other operating income and expenses | (7,754) |  | (4,773) |
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 | 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 | 14 |  | 14 |
Other adjustments | 32 |  | — |
Share of income (loss) of investments accounted for by the equity method | 292 |  | (103) |
Capital expenditures (CapEx) | 2,707 |  | 1,508 |
Acquisitions of rights of use | 118 |  | 75 |
The following table presents main assets and liabilities by segment:
2022
Millions of euros | Telefónica Spain |  | VMO2 | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group
Fixed assets | 14,285 |  |  | — |  | 11,602 |  | 18,217 |  | 7,870 |  | 2,237 |  | (9) |  | 54,202 |
Rights of use | 1,722 |  |  | — |  | 3,277 |  | 2,048 |  | 1,169 |  | 100 |  | (37) |  | 8,279 |
Investments accounted for by the equity method | 252 |  |  | 10,779 |  | — |  | — |  | 146 |  | 410 |  | — |  | 11,587 |
Financial assets and other non-currents assets | 875 |  |  | — |  | 992 |  | 984 |  | 1,578 |  | 6,082 |  | (2,410) |  | 8,101 |
Deferred tax assets | 2,395 |  |  | — |  | 463 |  | 485 |  | 612 |  | 929 |  | — |  | 4,884 |
Other current financial assets | 32 |  |  | — |  | 34 |  | 162 |  | 222 |  | 7,435 |  | (5,441) |  | 2,444 |
Non-current assets and disposal groups held for sale | — |  |  | — |  | — |  | — |  | — |  | 7 |  | — |  | 7 |
Total allocated assets | 27,917 |  |  | 10,779 |  | 19,142 |  | 24,875 |  | 15,951 |  | 26,288 |  | (15,310) |  | 109,642 |
Non-current financial liabilities | 2,089 |  |  | — |  | 1,510 |  | 653 |  | 2,502 |  | 30,425 |  | (2,120) |  | 35,059 |
Non-current lease liabilities | 1,317 |  |  | — |  | 2,663 |  | 1,531 |  | 1,115 |  | 45 |  | (14) |  | 6,657 |
Deferred tax liabilities | 95 |  |  | — |  | 274 |  | 1,032 |  | 744 |  | 922 |  | — |  | 3,067 |
Current financial liabilities | 1,840 |  |  | — |  | 128 |  | 350 |  | 4,120 |  | 8,449 |  | (10,867) |  | 4,020 |
Current lease liabilities | 392 |  |  | — |  | 597 |  | 629 |  | 402 |  | 19 |  | (19) |  | 2,020 |
Liabilities associated with non-current assets and disposal groups held for sale | — |  |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total allocated liabilities | 16,782 |  |  | — |  | 10,246 |  | 9,437 |  | 13,861 |  | 42,869 |  | (15,261) |  | 77,934 |
2021
Millions of euros | Telefónica Spain |  | VMO2 | Telefónica Germany | Telefónica Brazil | Telefónica Hispam | Other companies | Eliminations | Total Group
Fixed assets | 14,499 |  |  | — |  | 12,124 |  | 15,056 |  | 7,637 |  | 1,667 |  | (14) |  | 50,969 |
Rights of use | 1,433 |  |  | — |  | 3,349 |  | 1,701 |  | 1,064 |  | 99 |  | (67) |  | 7,579 |
Investments accounted for by the equity method | 263 |  |  | 12,129 |  | — |  | — |  | 128 |  | 253 |  | — |  | 12,773 |
Financial assets and other non-currents assets | 549 |  |  | — |  | 883 |  | 888 |  | 1,001 |  | 7,428 |  | (3,402) |  | 7,347 |
Deferred tax assets | 2,345 |  |  | — |  | 433 |  | 454 |  | 713 |  | 1,671 |  | — |  | 5,616 |
Other current financial assets | 40 |  |  | — |  | 70 |  | 56 |  | 838 |  | 8,379 |  | (5,548) |  | 3,835 |
Non-current assets and disposal groups held for sale | — |  |  | — |  | — |  | — |  | 102 |  | 256 |  | — |  | 358 |
Total allocated assets | 24,971 |  |  | 12,129 |  | 19,953 |  | 21,461 |  | 15,628 |  | 29,544 |  | (14,473) |  | 109,213 |
Non-current financial liabilities | 2,140 |  |  | — |  | 1,627 |  | 11 |  | 2,778 |  | 31,288 |  | (2,554) |  | 35,290 |
Non-current lease liabilities | 1,082 |  |  | — |  | 2,781 |  | 1,317 |  | 1,192 |  | 55 |  | (36) |  | 6,391 |
Deferred tax liabilities | 119 |  |  | — |  | 291 |  | 1,040 |  | 594 |  | 558 |  | — |  | 2,602 |
Current financial liabilities | 1,019 |  |  | — |  | 89 |  | 199 |  | 4,620 |  | 9,669 |  | (8,591) |  | 7,005 |
Current lease liabilities | 378 |  |  | — |  | 548 |  | 460 |  | 295 |  | 14 |  | (16) |  | 1,679 |
Liabilities associated with non-current assets and disposal groups held for sale | — |  |  | — |  | — |  | — |  | — |  | 134 |  | — |  | 134 |
Total allocated liabilities | 17,042 |  |  | — |  | 10,819 |  | 7,600 |  | 14,306 |  | 45,129 |  | (14,367) |  | 80,529 |
The detail of assets and liabilities of VMO2 is as follows (amounts corresponding to 100% of the company, see Note 10):
VMO2
Millions of euros | December 2022 | December 2021
Fixed assets | 42,576 |  | 46,258 |
Rights of use | 862 |  | 1,058 |
Financial assets and other non-currents assets | 2,763 |  | 1,348 |
Deferred tax assets | 79 |  | 115 |
Other current financial assets | 511 |  | 214 |
Total assets | 50,062 |  | 52,333 |
Non-current financial liabilities | 19,668 |  | 19,185 |
Non-current lease liabilities | 725 |  | 885 |
Deferred tax liabilities | 1 |  | 9 |
Current financial liabilities | 3,248 |  | 2,841 |
Current lease liabilities | 221 |  | 219 |
Total liabilities | 28,626 |  | 28,198 |
Schedule of Composition of Segment Revenues, Detailed by the Main Countries of Operation | The composition of segment revenues is as follows:
Millions of euros | 2022 | 2021 | 2020
Country by segments | Fixed | Mobile | Others and elims. | Total | Fixed | Mobile | Others and elims. | Total | Fixed | Mobile | Others and elims. | Total
Spain (*) |  |  |  | 12,497 |  |  |  |  | 12,417 |  |  |  |  | 12,401 |
United Kingdom | — |  | — |  | — |  | — |  | 96 |  | 2,532 |  | — |  | 2,628 |  | 232 |  | 6,476 |  | — |  | 6,708 |
Germany | 806 |  | 7,394 |  | 24 |  | 8,224 |  | 814 |  | 6,942 |  | 9 |  | 7,765 |  | 785 |  | 6,730 |  | 17 |  | 7,532 |
Brazil | 2,764 |  | 6,106 |  | — |  | 8,870 |  | 2,300 |  | 4,610 |  | — |  | 6,910 |  | 2,531 |  | 4,891 |  | — |  | 7,422 |
Hispam | 3,138 |  | 6,003 |  | — |  | 9,141 |  | 2,907 |  | 5,444 |  | 11 |  | 8,362 |  | 2,836 |  | 5,070 |  | 16 |  | 7,922 |
Other and inter-segment eliminations |  |  | 1,261 |  | 1,261 |  |  |  | 1,195 |  | 1,195 |  |  |  | 1,091 |  | 1,091 |
Total Group |  |  |  | 39,993 |  |  |  |  | 39,277 |  |  |  |  | 43,076 |
Note: In the countries of Telefónica Hispam segment with separate fixed and mobile operating companies, intercompany revenues were not considered. (*) The detail of revenues for Telefónica Spain is shown in the table below. Given the convergence reached at Telefónica Spain due to the high penetration of convergent offers in Telefónica Spain, the revenue breakdown by fixed and mobile is less relevant in this segment. For this reason, management believes that the revenue breakdown shown below is more meaningful.
Millions of euros |  |  |
Telefónica Spain | 2022 | 2021 | 2020 |  |  |  |  |  |  |  |  |
Retailers | 9,662 |  | 9,699 |  | 9,906 |  |  |  |  |  |  |  |  |  |
Wholesalers, mobile handsets sales and others | 2,835 |  | 2,718 |  | 2,495 |  |  |  |  |  |  |  |  |  |
Total | 12,497 |  | 12,417 |  | 12,401 |  |  |  |  |  |  |  |  |  |

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