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Equity (Tables)

12 Months Ended

Dec. 31, 2022

Share Capital, Reserves And Other Equity Interest [Abstract]

Schedule of Proposed Distribution of Profit

The Company’s Board of Directors will submit the following proposed distribution of 2022 results for approval at the Shareholders’ Meeting:

			Millions of euros
Legal reserve			—
Unrestricted reserves			(880)
Total			(880)

Schedule of Subordinated Securities

The characteristic of undated deeply subordinated securities, the detail of the tender offer and the amounts repurchased in the operations and the amount amortized in advance, are the following (million euros):

Issue date			Annual  Fix			Variable			Exercisable by issuer			12/31/2021			Tender Offer			Amount repurchased			Redemption			12/31/2022
11/23/2022 (1)			7.125		%	from 11/23/28 rate SWAP + spread incremental			2028			—			—			—			—			750
11/24/2021 (2)			2.875		%	from 05/24/28 rate SWAP + spread incremental			2028			750			—			—			—			750
2/12/2021 (2)			2.376		%	from 05/12/29 rate SWAP + spread incremental			2029			1,000			—			—			—			1,000
2/5/2020 (1)			2.502		%	from 05/05/27 rate SWAP + spread incremental			2027			500			—			—			—			500
09/24/2019			2.875		%	from 09/24/27 rate SWAP + spread incremental			2027			500			—			—			—			500
03/14/2019			4.375		%	from 03/14/25 rate SWAP + spread incremental			2025			1,300			—			—			—			1,300
03/22/2018			3		%	from 12/04/23 rate SWAP + spread incremental			2023			824			824			(74)			—			750
			3.875		%	from 09/22/26 rate SWAP + spread incremental			2026			1,000			—			—			—			1,000
12/07/2017			2.625		%	from 06/07/23 rate SWAP + spread incremental			2023			676			676			(547)			(129)			—
03/31/2014			5.875		%	from 03/31/24 rate SWAP + spread incremental			2024			1,000			—			—			—			1,000
												7,550												7,550

(1) Green undated deeply subrodinated securities (see Note 29.d)

(2) Sustanible undated deeply subordinated securities (see Nota 29.d)

Schedule of Breakdown of Accumulated Contribution of Translation Differences

The breakdown of the accumulated contribution of translation differences attributable to equity holders of the parent at December 31 is as follows:

Millions of euros			2022			2021			2020
Brazilian real			(14,031)			(15,292)			(15,365)
Pound sterling			(322)			309			(3,344)
Venezuelan bolivar			(3,734)			(3,755)			(3,754)
Argentine peso			(1,364)			(1,702)			(2,178)
Other currencies			(1,272)			(1,452)			(1,339)
Total Group			(20,723)			(21,892)			(25,980)

Schedule of Treasury Share Instruments

Telefónica, S.A. held the following treasury shares at December 31, 2022, 2021 and 2020:

						Euros per share
			Number of shares			Acquisition price			Trading price			Market value (*)			%
Treasury shares at 12/31/22			85,217,621			4.00			3.39			288			1.476		%
Treasury shares at 12/31/21			139,329,370			3.92			3.85			537			2.411		%
Treasury shares at 12/31/20			98,231,380			4.84			3.25			319			1.777		%

(*) Millions of euros.

The following transactions involving treasury shares were carried out in 2022, 2021 and 2020:

			Number of shares
Treasury shares at 12/31/19			77,562,635
Acquisitions			68,640,303
Scrip dividend			6,252,817
Employee share option plan			(3,118,898)
Other movements			(51,105,477)
Treasury shares at 12/31/20			98,231,380
Acquisitions			122,032,764
Scrip dividend			6,291,518
Employee share option plan			(4,329,826)
Capital reduction			(82,896,466)
Treasury shares at 12/31/21			139,329,370
Acquisitions			90,403,530
Scrip dividend			563,415
Employee share option plan			(5,391,956)
Capital reduction			(139,275,057)
Sales			(411,681)
Treasury shares at 12/31/22			85,217,621

Schedule of Equity Attributable to Non-Controlling Interests

“Equity attributable to non-controlling interests” represents the share of non-controlling interests in the equity and income or loss for the year of fully consolidated Group companies. The movements in this balance for the 2022, 2021 and 2020 consolidated statements of financial position are as follows:

Millions of euros			Balance at 12/31/21			Sales of non-controlling interests and inclusion of companies			Acquisitions of non-controlling interests and exclusion of companies			Dividends paid			Profit/(loss) for the year			Change in translation differences			Other movements			Balance at 12/31/22
Telefônica Brasil, S.A.			3,106			—			(86)			(241)			198			425			(3)			3,399
Telefónica Deutschland Holding, A.G.			2,353			—			(48)			(161)			68			—			25			2,237
Colombia Telecomunicaciones, S.A., ESP			409			—			—			(7)			(4)			(47)			(7)			344
Telxius Telecom, S.A.			546			—			—			—			50			13			(10)			599
Other			63			23			(44)			(2)			(4)			2			3			41
Total			6,477			23			(178)			(411)			308			393			8			6,620

Millions of euros			Balance at 12/31/20			Sales of non-controlling interests and inclusion of companies			Acquisitions of non-controlling interests and exclusion of companies			Dividends paid			Profit/(loss) for the year			Change in translation differences			Other movements			Balance at 12/31/21
Telefônica Brasil, S.A.			3,106			—			(63)			(236)			271			17			11			3,106
Telefónica Deutschland Holding, A.G.			2,346			—			(56)			(165)			218			—			10			2,353
Colombia Telecomunicaciones, S.A., ESP			408			—			—			—			7			(28)			22			409
Telxius Telecom, S.A.			1,089			—			—			(2,645)			2,098			16			(12)			546
Other			76			—			—			(5)			(14)			5			1			63
Total			7,025			—			(119)			(3,051)			2,580			10			32			6,477

Millions of euros			Balance at 12/31/19			Sales of non-controlling interests and inclusion of companies			Acquisitions of non-controlling interests and exclusion of companies			Dividends paid			Profit/(loss) for the year			Change in translation differences			Other movements			Balance at 12/31/20
Telefônica Brasil, S.A.			4,442			(2)			—			(272)			217			(1,296)			17			3,106
Telefónica Deutschland Holding, A.G.			2,544			—			—			(156)			(30)			—			(12)			2,346
Colombia Telecomunicaciones, S.A., ESP			526			—			—			—			11			(62)			(67)			408
Telxius Telecom, S.A.			681			323			—			(44)			187			(69)			11			1,089
Other			139			—			(3)			(44)			(10)			(8)			2			76
Total			8,332			321			(3)			(516)			375			(1,435)			(49)			7,025

Schedule of Condensed Financial Statements of Non-controlling Interests

Note 4 contains the revenues, OIBDA, Operating income, capital expenditure and the main items of the statement of financial position for the main segments of the Telefónica Group with non-controlling interests, namely Telefónica Brazil and Telefónica Germany. The detail of these figures for Colombia Telecomunicaciones and Telxius Telecom is as follows:

Millions of euros
Colombia Telecomunicaciones			2022			2021			2020
Revenues			1,517			1,312			1,249
OIBDA			569			413			438
Depreciation and amortization			(308)			(314)			(325)
Operating income			261			99			113
Capital Expenditure			261			151			156
Fixed Assets			1,116			1,264			1,530
Total allocated assets			2,696			2,725			2,864
Total allocated liabilities			2,001			1,878			2,049

Millions of euros
Telxius Telecom			2022			2021			2020
Revenues			421			587			826
OIBDA			218			6,332			520
Depreciation and amortization			(66)			(72)			(269)
Operating income			152			6,260			251
Capital Expenditure			65			91			348
Fixed Assets			507			475			452
Total allocated assets			2,129			2,083			2,840
Total allocated liabilities			1,163			1,225			2,785

Schedule of Subsidiary Cash Flows

The statements of cash flows of these companies are as follows:

Millions of euros
Telefónica Brazil			2022			2021			2020
Net cash flow provided by operating activities			3,678			2,949			3,517
Net cash flow used in investing activities			(2,741)			(1,295)			(1,238)
Net cash flow used in financing activities			(1,674)			(1,467)			(1,817)
			(737)			187			462

Millions of euros
Telefónica Germany			2022			2021			2020
Net cash flow provided by operating activities			2,732			2,407			2,386
Net cash flow used in investing activities			(1,608)			(875)			(459)
Net cash flow used in financing activities			(1,339)			(1,820)			(1,342)
			(215)			(288)			585

Millions of euros
Colombia Telecomunicaciones			2022			2021			2020
Net cash flow provided by operating activities			180			344			276
Net cash flow provided by (used in) investing activities			30			(153)			(189)
Net cash flow provided by (used in) financing activities			(225)			(218)			(42)
			(15)			(27)			45

Millions of euros
Telxius Telecom			2022			2021			2020
Net cash flow provided by operating activities			152			(627)			528
Net cash flow provided by (used in) investing activities			(63)			6,874			(1,141)
Net cash flow provided by (used in) financing activities			(89)			(6,164)			575
			—			83			(38)

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