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Associates and Joint Ventures (Tables)
 12 Months Ended
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:

% HoldingInvestments accounted for by the equity methodShare of income (loss) of investments accounted for by the equity method
Millions of euros31/12/202231/12/2021202220212020
VMED O2 UK Ltd50 %10,779 12,129 292 (103)— 
Movistar Prosegur Alarmas50 %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 — — 
Others2 9 (4)1 2 
Joint ventures11,275 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.C54.67 %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 SAS50 %2 1 (3)(1)— 
Others6 1 (2)2 (1)
Associates312 251 (13)5 5 
Total11,587 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 methodMillions of euros
Balance at 12/31/2020427 
Additions12,329 
Disposals(5)
Translation differences and other comprehensive income (loss)350 
(Loss) income(127)
Dividends(198)
Transfers and others(3)
Balance at 12/31/202112,773 
Additions181 
Disposals(12)
Translation differences and other comprehensive income (loss)(646)
Income (loss)217 
Dividends(920)
Transfers and others(6)
Balance at 12/31/202211,587 
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 euros12/31/202212/31/2021
Non current assets46,280 48,779 
Current assets3,782 3,554 
Cash and cash equivalents555 415 
Total Assets50,062 52,333 
Non current liabilities20,840 20,593 
Non current financial liabilities19,668 19,185 
Non-current lease liabilities725 885 
Other non current liabilities447 523 
Current liabilities7,786 7,605 
Current financial liabilities3,248 2,841 
Current lease liabilities221 219 
Other current liabilities4,317 4,545 
Total Liabilities28,626 28,198 
Equity (100% VMO2)
21,436 24,135 
50% Telefónica Group
10,718 12,068 
Acquisition costs61 61 
Investments accounted for by the equity method10,779 12,129 



Millions of eurosJanuary - December 31 2022June 1 - December 31 2021
Revenues12,155 7,223 
Other operating income551 290 
Operating expenses(8,305)(5,063)
OIBDA4,401 2,450 
Depreciation and amortization(4,170)(2,395)
Operating income231 55 
Share of income (loss) of investments accounted for by the equity method1 — 
Financial income24 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 expense275 (355)
Result before taxation507 (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 adjustments32 — 
Share of income (loss) of investments accounted for by the equity method292 (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 euros12/31/202212/31/2021
Assets352 224 
Liabilities(346)(202)
Net assets6 22 
Purchase price allocation
Assets136 146 
Liabilities(35)(38)
Net assets101 108 
% Holding50 %50 %
Group’s share in equity54 65 
Goodwill198 198 
Carrying amount in the Telefónica Group252 263 
Disclosure Of Purchase Commitments
Millions of euros20232024202520262027Subsequent yearsTotal
Purchase commitments1,106 154 89 60 58 37 1,504 
Programming commitments698 606 446 437 413 204 2,804 
Network and connectivity commitments891 82 57 24 22 199 1,275 
Other commitments359 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 euros12/31/202212/31/2021
Receivables from associates and joint ventures for current operations 40 54 
Payables to associates and joint ventures 5 259 
Millions of euros20222021
Revenue from operations with associates and joint ventures130 103 
Expenses from operations with associates and joint ventures63 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:

12/31/202212/31/2021
Millions of eurosAssociatesJoint venturesTotalAssociatesJoint venturesTotal
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 ventures82 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 ventures7 12 19 — 8 8 
Other short-term liabilities to associates and joint ventures (Note 22)— 1 1 — — — 
202220212020
Millions of eurosAssociatesJoint venturesTotalAssociatesJoint venturesTotalAssociatesJoint venturesTotal
Revenue from operations with associates and joint ventures209 251 460 65 263 328 13 255 268 
Expenses from operations with associates and joint ventures199 116 315 86 36 122 37 2 39 
Financial revenues with associates and joint ventures27 1 28 1 — 1 — — — 
Financial expenses with associates and joint ventures1 9 10 1 — 1 — — —