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Associates and Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2023
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 (loss)/income of these investments is the following:
% HoldingInvestments accounted for by the equity methodShare of (loss) income of investments accounted for by the equity method
Millions of euros12/31/202312/31/2022202320222021
VMED O2 UK Ltd50 %7,774 10,779 (2,030)292 (103)
Movistar Prosegur Alarmas50 %230 252 (22)(12)(2)
FiBrasil Infraestructura e Fibra Ótica, S.A.50 %100 79 (4)(8)(3)
Unsere Grüne Glasfaser 50 %97 108 (55)(64)(25)
Opal Jvco Limited (nexfibre)25 %55 55 (32)26 — 
Utiq, S.A.25 %5 — — — — 
Others4 2 (2)(4)1 
Joint ventures8,265 11,275 (2,145)230 (132)
Daytona Midco, S.L. (Nabiax)20 %65 120 (1)(1)— 
Adquira España, S.A.44.44 %4 4 — — — 
HoldCo Infraco SpA. (Onnet Fibra Chile)40 %150 79 7 — (1)
Alamo HoldCo S.L. (Onnet Fibra Colombia)40 %14 12 (10)(15)— 
Internet para todos S.A.C54.67 %55 55 — (3)(5)
Telefónica Factoring España, S.A.50 %7 7 4 4 3 
Telefónica Factoring do Brasil, Ltda.50 %2 3 1 3 3 
Telefónica Factoring Peru, S.A.C.50 %3 2 1 1 1 
Telefónica Factoring Colombia, S.A.50 %1 1 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 Renting, S.A.50 %1 1 — — — 
Telefónica Consumer Finance, Establecimiento Financiero de Crédito, S.A.50 %18 19 1 2 2 
Movistar Consumer Finance Colombia SAS50 %— 2 (21)(3)(1)
Others3 5 — (2)2 
Associates325 312 (17)(13)5 
Total8,590 11,587 (2,162)217 (127)
The detail of the movement in investments accounted for by the equity method in 2023 and 2022 is as follows:
Investments accounted for by the equity methodMillions of euros
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 
Additions236 
Translation differences and other comprehensive income (loss)144 
(Loss) income(2,162)
Dividends(1,218)
Transfers and others3 
Balance at 12/31/20238,590 
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 euros12/31/202312/31/2022
Non current assets41,697 46,280 
Intangible assets8,379 9,252 
Goodwill20,427 23,508 
Property, plant and equipment10,011 9,816 
Other non current assets2,880 3,704 
Current assets4,758 3,782 
Inventories301 200 
Current receivables and other current assets2,882 2,516 
Other current financial assets567 511 
Cash and cash equivalents1,008 555 
Total Assets46,455 50,062 
Non current liabilities22,136 20,840 
Non current financial liabilities21,061 19,668 
Non current lease liabilities663 725 
Other non current liabilities412 447 
Current liabilities8,591 7,786 
Current financial liabilities4,165 3,248 
Current lease liabilities201 221 
Other current liabilities4,225 4,317 
Total Liabilities30,727 28,626 
Equity attributable to non-controlling interests (100% VMO2)
261 — 
Equity attributable to equity holders of the parent (100% VMO2)
15,467 21,436 
50% Telefónica Group
7,734 10,718 
Acquisition costs61 61 
Other adjustments(21)— 
Investments accounted for by the equity method7,774 10,779 
Millions of eurosJanuary - December 2023January - December 2022June - December 2021
Revenues12,547 12,155 7,223 
Other operating income516 551 290 
Operating expenses(8,632)(8,305)(5,063)
Impairment losses in goodwill (3,572)— — 
OIBDA859 4,401 2,450 
Depreciation and amortization (1)
(3,685)(4,170)(2,395)
Operating income(2,826)231 55 
Share of income (loss) of investments accounted for by the equity method2 1 — 
Financial income55 24 27 
Financial expenses(1,436)(1,020)(504)
Realised and unrealised gains on derivative instruments, net (2)
(924)2,567 489 
Foreign currency transaction losses, net677 (1,296)(367)
Net financial expense(1,628)275 (355)
Result before taxation(4,452)507 (300)
Income tax265 (15)65 
Result for the period (100% VMO2)
(4,187)492 (235)
50% attributable to Telefónica Group
(2,094)246 (117)
Share-based compensation (3)
8 14 14 
Sale of a minority interest in Cornerstone (4)
76 — — 
Other adjustments(20)32 — 
Share of (loss) income of investments accounted for by the equity method(2,030)292 (103)
Other comprehensive income (100% VMO2)
(213)(113)68 
(1) Includes amortization of the customer relationships recorded after the purchase price allocation, amounting to 985 million euros in 2023 (1,005 million euros in 2022).
(2) 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.
(3) 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.
(4) In 2023 VMO2 sold a minority interest in its mobile towers joint operation Cornerstone. This amount reflects the change in the Telefónica Group's indirect ownership interest in Cornerstone (from 25% to 16.67%) resulting from the inflow of resources from a third party.
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 euros12/31/202312/31/2022
Assets391 352 
Liabilities(383)(346)
Net assets8 6 
Purchase price allocation
Assets76 136 
Liabilities(20)(35)
Net assets56 101 
% Holding50 %50 %
Group’s share in equity32 54 
Goodwill198 198 
Carrying amount in the Telefónica Group230 252 
Disclosure Of Purchase Commitments
Millions of euros20242025202620272028Subsequent yearsTotal
Purchase commitments664 226 122 107 94 43 1,256 
Programming commitments635 463 456 435 214 — 2,203 
Network and connectivity commitments1,072 160 63 23 14 202 1,534 
Other commitments341 264 251 231 214 290 1,591 
Total commitments VMO2 (100%)
2,712 1,113 892 796 536 535 6,584 
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 euros12/31/202312/31/2022
Receivables and other assets from associates and joint ventures66 40 
Payables and other liabilities to associates and joint ventures34 5 
Millions of eurosJanuary-December 2023January-December 2022June-December 2021
Revenue from operations with associates and joint ventures134 130 103 
Expenses from operations with associates and joint ventures63 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:
12/31/202312/31/2022
Millions of eurosAssociatesJoint venturesTotalAssociatesJoint venturesTotal
Credits and other financial assets from associates and joint ventures
263 2 265 217 11 228 
Receivables and other assets from associates and joint ventures (Note 14)91 93 184 66 85 151 
Long-term contractual liabilities to associates and joint ventures44 54 98 82 51 133 
Payables and other liabilities to associates and joint ventures (Notes 21 and 22)103 48 151 72 22 94 
Short-term contractual liabilities to associates and joint ventures15 6 21 7 12 19 
202320222021
Millions of eurosAssociatesJoint venturesTotalAssociatesJoint venturesTotalAssociatesJoint venturesTotal
Revenue from operations with associates and joint ventures473 223 696 209 251 460 65 263 328 
Expenses from operations with associates and joint ventures279 136 415 199 116 315 86 36 122 
Financial revenues with associates and joint ventures29 1 30 27 1 28 1 — 1 
Financial expenses with associates and joint ventures1 7 8 1 9 10 1 — 1