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Financial Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Financial Instruments [Abstract]

Schedule of Maturity of Debentures and Bonds

The breakdown of financial liabilities at December 31, 2022 and the corresponding maturities schedule is as follows:

Millions of euros
			Current			Non-current
Maturity			2023			2024			2025			2026			2027			Subsequent years			Non-current total			Total
Debentures and bonds			1,948			1,130			3,126			2,098			4,170			18,796			29,320			31,268
Promissory notes & commercial paper			544			127			54			12			3			159			355			899
Total Issues			2,492			1,257			3,180			2,110			4,173			18,955			29,675			32,167
Loans and other payables			1,184			673			572			202			376			1,537			3,360			4,544
Derivative instruments (Note 19)			344			80			65			109			520			1,250			2,024			2,368
Total			4,020			2,010			3,817			2,421			5,069			21,742			35,059			39,079

The detail and key features of outstanding debentures and bonds at December 31, 2022 are as follows (in millions of euros):

Total Telefónica and its instrumental companies
									Maturity (nominal)
Debentures and bonds			Currency			% Interest rate			2023			2024			2025			2026			2027			Subsequent years			Total
T. EUROPE BV SEP_00 BOND GLOBAL D			USD			8.250		%	—			—			—			—			—			1,148			1,148
TEBV FEB_03 EMTN FIXED TRANCHE B			EUR			5.875		%	—			—			—			—			—			500			500
Telefónica Europe, B.V.									—			—			—			—			—			1,648			1,648
TELEF. EMISIONES JANUARY 2013			EUR			3.987		%	1,277			—			—			—			—			—			1,277
TELEF. EMISIONES FEBRUARY 2019 (1)			EUR			1.069		%	—			1,000			—			—			—			—			1,000
TELEF. EMISIONES JANUARY 2017			EUR			1.528		%	—			—			1,127			—			—			—			1,127
TELEF. EMISIONES SEPTEMBER 2018			EUR			1.495		%	—			—			892			—			—			—			892
EMTN O2 GBP			GBP			5.375		%	—			—			—			564			—			—			564
TELEF. EMISIONES APRIL 2016			EUR			1.460		%	—			—			—			1,279			—			—			1,279
TELEF. EMISIONES JANUARY 2018			EUR			1.447		%	—			—			—			—			1,000			—			1,000
TELEF. EMISIONES MARCH 2017			USD			4.103		%	—			—			—			—			1,405			—			1,405
TELEF. EMISIONES MAY 2020			EUR			1.201		%	—			—			—			—			1,250			—			1,250
TELEF. EMISIONES JANUARY 2017			EUR			2.318		%	—			—			—			—			—			500			500
TELEF. EMISIONES SEPTEMBER 2017			EUR			1.715		%	—			—			—			—			—			1,250			1,250
TELEF. EMISIONES MARCH 2017			EUR			2.318		%	—			—			—			—			—			200			200
TELEF. EMISIONES MARCH 2019			EUR			1.788		%	—			—			—			—			—			1,000			1,000
EMTN GBP 10/08/2029 400 GBP			GBP			5.445		%	—			—			—			—			—			451			451

Total Telefónica and its instrumental companies (cont.)
									Maturity (nominal)
Debentures and bonds			Currency			% Interest rate			2023			2024			2025			2026			2027			Subsequent years			Total
TELEF. EMISIONES OCTOBER 2014			EUR			2.932		%	—			—			—			—			—			800			800
TELEF. EMISIONES FEBRUARY 2020			EUR			0.664		%	—			—			—			—			—			1,000			1,000
TELEF. EMISIONES MAY 2022 (2)			EUR			2.592		%	—			—			—			—			—			1,000			1,000
TELEF. EMISIONES OCTOBER 2016			EUR			1.930		%	—			—			—			—			—			750			750
TELEF. EMISIONES MAY 2020			EUR			1.807		%	—			—			—			—			—			750			750
TELEF. EMISIONES JUNE 06 TRANCHE D			USD			7.045		%	—			—			—			—			—			1,874			1,874
TELEF. EMISIONES APRIL 2017			USD			4.900		%	—			—			—			—			—			187			187
TELEF. EMISIONES MARCH 2018			USD			4.665		%	—			—			—			—			—			703			703
TELEF. EMISIONES JULY 2019			EUR			1.957		%	—			—			—			—			—			500			500
TELEF. EMISIONES JULY 2020			EUR			1.864		%	—			—			—			—			—			500			500
TELEF. EMISIONES APRIL 2022			EUR			1.864		%	—			—			—			—			—			100			100
TELEF. EMISIONES MARCH 2017			USD			5.213		%	—			—			—			—			—			1,874			1,874
TELEF. EMISIONES APRIL 2017			USD			5.213		%	—			—			—			—			—			468			468
TELEF. EMISIONES MARCH 2018			USD			4.895		%	—			—			—			—			—			1,171			1,171
TELEF. EMISIONES MARCH 2019			USD			5.520		%	—			—			—			—			—			1,171			1,171
TELEF. EMISIONES DECEMBER 2016			EUR			4.000		%	—			—			—			—			—			150			150
Telefónica Emisiones, S.A.U.									1,277			1,000			2,019			1,843			3,655			16,399			26,193
Total Telefónica, S.A. and its instrumental companies									1,277			1,000			2,019			1,843			3,655			18,047			27,841

Foreign operators
									Maturity
Debentures and bonds			Currency			% Interest rate			2023			2024			2025			2026			2027			Subsequent years			Total
Bond T			CLP			4.900		%	21			—			—			—			—			—			21
Telefónica Chile, S.A.									21			—			—			—			—			—			21
Bond F			UFC			3.600		%	115			—			—			—			—			—			115
Bond O			CLP			3.500		%	—			—			77			—			—			—			77
Bond Q			CLP			3.600		%	—			—			—			99			—			—			99
Bond 144 A			USD			3.537		%	—			—			—			—			—			468			468
Telefónica Móviles Chile, S.A.									115			—			77			99			—			468			759
Bond T. Peru 4th Program (19th Serie A)			N. SOL			VAC + 3.6250%			—			—			—			—			25			—			25
Bond T. Peru 4th Program (19th Serie B)			N. SOL			VAC + 2.8750%			—			—			—			—			—			20			20
Bond T. Peru 4th Program (37th Serie A)			N. SOL			VAC + 3.1250%			—			—			—			—			—			19			19
Bond T. Peru 4th Program (19th Serie C)			N. SOL			VAC + 3.1875%			—			—			—			—			—			8			8
Bond T. Peru 6th Program (17th Serie A)			N. SOL			VAC + 3.0938%			—			—			—			—			—			18			18
Bond T. Peru 6th Program (11th Serie A)			N. SOL			6.656		%	64			—			—			—			—			—			64
Bond T. Peru 6th Program (11th Serie B)			N. SOL			6.188		%	—			29			—			—			—			—			29
Bond T. Peru 6th Program (15th Serie A)			N. SOL			5.469		%	—			33			—			—			—			—			33
Bond T. Peru 6th Program (16th Serie A)			N. SOL			5.500		%	—			—			26			—			—			—			26
Bond T. Peru 1st Private Program (1st Serie A)			N. SOL			7.281		%	—			—			—			20			—			—			20
Bond T. Peru 1st Program International Issue (1sr Serie A)			N. SOL			7.375		%	—			—			139			139			139			—			417
Telefónica del Perú, S.A.									64			62			165			159			164			65			679
Debentures (2)			BRL			CDI + 1.12%			—			—			269			—			—			—			269
Debentures (2)			BRL			CDI + 1.35%			—			—			—			—			359			—			359
Telefônica Brasil, S.A.									—			—			269			—			359			—			628
BOND R144-A			USD			4.950		%	—			—			—			—			—			469			469
Bond A5			COP			6.650		%	—			68			—			—			—			—			68
Bond C10			COP			IPC + 3.39%			—			—			—			—			—			30			30
Colombia Telecomunicaciones, S.A, ESP									—			68			—			—			—			499			567
Bond			EUR			1.750		%	—			—			600			—			—			—			600
O2 Telefónica Deutschland Finanzierungs, GmbH									—			—			600			—			—			—			600
Total Outstanding Debentures and Bonds Foreign operators									200			130			1,111			258			523			1,032			3,254
Total Outstanding Debentures and Bonds									1,477			1,130			3,130			2,101			4,178			19,079			31,095

(1) Debentures and green bonds (See Note 29.d)

(2) Debentures and sustainable bonds (See Note 29.d)

Schedule of Financial Liabilities

The composition of the financial liabilities by category at December 31, 2022 and 2021 is as follows:

December 31, 2022
			Fair value through profit or loss									Measurement hierarchy
Millions of euros			Held for trading			Fair value option			Hedges			Level 1 (Quoted prices)			Level 2 (Other directly observable market inputs)			Level 3 (Inputs not based on observable market data)			Liabilities at amortized cost			Total carrying amount			Total fair value
Issues			—			—			—			—			—			—			32,167			32,167			29,314
Loans and other payables			—			—			—			—			—			—			4,544			4,544			4,514
Derivative instruments			973			—			1,395			—			2,368			—			—			2,368			2,368
Total financial liabilities			973			—			1,395			—			2,368			—			36,711			39,079			36,196

December 31, 2021
			Fair value through profit or loss									Measurement hierarchy
Millions of euros			Held for trading			Fair value option			Hedges			Level 1 (Quoted prices)			Level 2 (Other directly observable market inputs)			Level 3 (Inputs not based on observable market data)			Liabilities at amortized cost			Total carrying amount			Total fair value
Issues			—			—			—			—			—			—			35,408			35,408			39,412
Loans and other payables			—			—			—			—			—			—			4,693			4,693			4,656
Derivative instruments			524			—			1,670			6			2,188			—			—			2,194			2,194
Total financial liabilities			524			—			1,670			6			2,188			—			40,101			42,295			46,262

Schedule of Reconciliation of Changes in Financial Liabilities

The movement in issues, promissory notes, commercial paper, loans and other payables in 2022 and 2021 arising from financial activities is as follows:

						Cash used in financing activities
Millions of euros			Balance at 12/31/2021			Cash received			Cash paid			Translation differences and exchange gains and losses			Financial updates			Other movements			Balance at 12/31/2022
Issues			33,920			1,746			(3,541)			724			(1,623)			42			31,268
Promissory notes and commercial paper			1,488			7			(600)			4			—			—			899
Loans and other payables			4,693			742			(1,802)			55			(38)			894			4,544

						Cash used in financing activities
Millions of euros			Balance at 12/31/2020			Cash received			Cash paid			Translation differences and exchange gains and losses			Financial updates			Other movements			Balance at 12/31/2021
Issues			38,749			561			(5,847)			889			(444)			12			33,920
Promissory notes and commercial paper			2,273			53			(1,042)			5			—			199			1,488
Loans and other payables			4,535			3,120			(3,178)			(32)			80			168			4,693

Schedule of Interest-Bearing Debt

Interest-bearing debt arranged or repaid in 2022 mainly includes the following:

Description			Limit 12/31/2022 (million euros)			Currency			Outstanding balance 12/31/2022 (million euros)			Arrangement date			Maturity date			Drawndown 2022 (million euros)			Repayment 2022 (million euros)
Telefónica, S.A.
Bilateral loan			—			EUR			150			09/26/2022			12/15/2032			150			—
Sustainable syndicated (1)			5,500			EUR			—			03/15/2018			01/13/2027			—			—
Bilateral loan			125			EUR			—			12/23/2022			06/23/2033			—			—
Colombia Telecomunicaciones S.A. E.S.P.
Bilateral loan (2)			—			USD			—			03/24/2020			01/26/2022			—			117
Telefónica Brasil, S.A.
Bilateral loan			—			USD			199			04/04/2022			09/28/2023			199			—
Bluevia Fibra S.L.U.
Syndicated			360			EUR			245			11/16/2022			12/20/2027			245			—
Telxius Telecom, S.A.
Syndicated			300			EUR			201			12/01/2017			12/01/2024			100			70

(1) On January 13, 2022 there was maturity extension of the sustainability-linked syndicated loan facility for 5,500 million euros. The loan has two annual extension options at Telefónica, S.A. request with a maturity maximum up to 2029 (see Note 29.d).

(2) On January 26, 2022 there was an early repayment for 132 million dollars of the bilateral loan originally scheduled to mature in 2023.

The main debentures and bonds issued by the Group in 2022 are as follows:

Nominal (millions)

Item

Date

Maturity Date

Currency

Euros

Currency of issuance

Coupon

Telefónica Emisiones, S.A.U.

EMTN Bond

04/05/2022

07/13/2040

100

100

EUR

1.864

%

EMTN Bond (1)

05/25/2022

05/25/2031

1,000

1,000

EUR

2.592

%

Telefónica Brasil, S.A.

Debentures (1)

07/14/2022

07/12/2027

2,000

359

BRL

1.35% CDI

Debentures (1)

07/14/2022

07/12/2025

1,500

269

BRL

1.12% CDI

(1) Debentures and sustainable bonds (See Note 29. d)

The main financing transactions at December 31, 2022 and 2021 and their nominal amounts are as follows:

Outstanding principal balance

(millions of euros)

Descriptive name summary

Current limit (millions)

Currency

12/31/2022

12/31/2021

Arrangement date

Maturity date

Telefónica, S.A

Structured Financing (*)

12

USD

12

72

02/22/2013

01/31/2023

Structured Financing (*)

27

USD

25

89

08/01/2013

10/31/2023

Structured Financing (*)

238

USD

223

288

12/11/2015

03/11/2026

Structured Financing (*)

161

EUR

161

221

12/11/2015

03/11/2026

Sustainable syndicated (1)

5,500

EUR

—

—

03/15/2018

01/13/2027

Bilateral loan

—

EUR

150

—

09/26/2022

12/15/2032

Bilateral loan

125

EUR

—

—

12/23/2022

06/23/2033

T. Brasil, S.A.

Bilateral loan

—

USD

199

—

04/04/2022

09/28/2023

Telefónica Germany GmbH & Co. OHG

EIB Financing

—

EUR

183

258

06/13/2016

06/13/2025

Sustainable syndicated

750

EUR

—

—

12/17/2019

12/17/2026

EIB Financing (Tranche 1)

—

EUR

300

300

12/18/2019

06/18/2029

EIB Financing (Tranche 2)

—

EUR

150

150

01/14/2020

07/14/2029

Colombia Telecomunicaciones, S.A. E.S.P.

Bilateral loan (2)

—

USD

—

117

03/24/2020

01/26/2022

Bilateral loan

—

COP

97

111

07/06/2021

03/19/2025

Telxius Telecom, S.A.

Syndicated

300

EUR

201

162

12/01/2017

12/01/2024

Bluevia Fibra S.L.U.

Syndicated

360

EUR

245

—

11/16/2022

12/20/2027

Telefónica Móviles Chile, S.A.

Bilateral loan

—

USD

133

124

04/17/2020

09/29/2023

(1) On January 13, 2022 there was maturity extension of the sustainability-linked syndicated loan facility for 5,500 million euros. The loan has two annual extension options at Telefónica, S.A. request with a maturity maximum up to 2029 (see Note 29.d).

(2) On January 26, 2022 there was an early repayment for 132 million dollars of the bilateral loan originally scheduled to mature in 2023.

(*) Facility with amortization schedule, showing in the column "Current limit" the undrawn amount.

Schedule of Loans and Advances to Customers

The breakdown of “Loans and other payables” line by currency at December 31, 2022 and 2021, and the equivalent value of foreign-currency loans in euros, is as follows:

			Outstanding balance (in millions)
			Local Currency						Euros
Currency			12/31/2022			12/31/2021			12/31/2022			12/31/2021
Euro			2,823			3,148			2,823			3,148
U.S. dollar			514			885			481			781
Brazilian real			1,688			225			303			36
Colombian peso			1,402,435			1,399,759			273			310
Mexican peso			4,501			64			217			3
Uruguayan peso			5,456			5,456			128			108
Chilean Peso			181,601			177,845			199			186
Other currencies									120			121
Total Group									4,544			4,693

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