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Cash Flow Detail | 12 Months Ended
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Dec. 31, 2024
Cash Flow Statement [Abstract] |
Cash Flow Detail | Cash flow detail Net cash flow provided by operating activities The detail of net cash flow provided by operating activities is the following:
Millions of euros | 2024 | 2023 | 2022
Cash received from operations | 48,856 |  | 47,314 |  | 46,925 |
Cash paid from operations | (36,134) |  | (34,646) |  | (34,778) |
Cash paid to suppliers | (30,360) |  | (29,188) |  | (29,509) |
Cash paid to employees | (4,773) |  | (4,604) |  | (4,416) |
Payments related to cancellation of commitments | (1,001) |  | (854) |  | (853) |
Net payments of interest and other financial expenses net of dividends received | (1,060) |  | (565) |  | (292) |
Net interest and other financial expenses paid | (1,620) |  | (1,811) |  | (1,236) |
Dividends received | 560 |  | 1,246 |  | 944 |
Taxes (payments)/proceeds | (668) |  | (454) |  | (92) |
Net cash flow provided by operating activities | 10,994 |  | 11,649 |  | 11,763 |
In 2024, dividends amounting to 425 million pounds were received from VMED O2 UK Limited (see Note 10) equivalent to 512 million euros (1,000 million pounds, equivalent to 1,154 million euros in 2023 and 800 million pounds, equivalent to 909 million euros in 2022). In 2024, no payments have been made on account of the Corporate Tax of the Tax Group of Telefónica, S.A. (198 million euros in 2023). In December 2024, after executing a credit assignment contract signed with a financial institution, 211 million euros were collected corresponding to the 2023 installment (285 million euros in 2023 corresponding to the 2022 installment). Net cash flow used in investing activities The following is a detail of the items comprising the net cash flow used in investing activities.
Millions of euros | 2024 | 2023 | 2022
Proceeds from the sale in property, plant and equipment and intangible assets | 269 |  | 310 |  | 842 |
Payments on investments in property, plant and equipment and intangible assets | (5,790) |  | (6,161) |  | (6,350) |
(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets | (5,521) |  | (5,851) |  | (5,508) |
Payments for non-financed spectrum in 2024 amounted to 46 million euros, mainly due to the payment of 23 million euros for Telefónica Móviles Uruguay and 21 million euros for Otecel. Payments for non-financed spectrum in 2023 amounted to 128 million euros, mainly due to the payment of 97 million euros for Telefónica Móviles Argentina and 20 million euros for Telefónica Móviles España. Payments for non-financed spectrum in 2022 amounted to 27 million euros, mainly due to the payment of 11 million euros for Telefónica Móviles Argentina and 8 million euros for Telefónica Móviles España.
Millions of euros | 2024 | 2023 | 2022
Tax associated with the sale of the tower division of Telxius | — |  | 876 |  | — |
Constitution of VMO2 | — |  | — |  | (256) |
Sale of Telecommunications towers divisions of Telxius | 48 |  | 90 |  | 2 |
Tax associated with the sale of InfraCo | — |  | — |  | (124) |
Sale of Telefónica Móviles El Salvador | — |  | — |  | 116 |
Sale of fiber assets of Colombia Telecomunicaciones | 8 |  | — |  | 55 |
Deferred collection sale of T. Ireland | — |  | — |  | 35 |
Sale of China Unicom shares (Note 12) | 147 |  | — |  | — |
Others | 17 |  | 38 |  | 57 |
Proceeds/(payments) on disposals of companies, net of cash and cash equivalents disposed | 220 |  | 1,004 |  | (115) |
Oi mobile assets acquisition (Note 2) | — |  | (3) |  | (986) |
Incremental acquisition (Note 5) | — |  | — |  | (178) |
BE-terna acquisition (Note 5) | — |  | (5) |  | (328) |
IPNET acquisition (Note 5) | (10) |  | — |  | — |
Capital increase of UGG TopCo (Note 10) | (91) |  | (73) |  | (50) |
Capital increase of InfraCo Chile (Note 10) | (6) |  | (46) |  | — |
Loan to InfraCo Chile (Note 12) | — |  | (46) |  | — |
Capital increase of nexfibre (Note 10) | (38) |  | (33) |  | — |
Others | (44) |  | (46) |  | (86) |
Payments on investments in companies, net of cash and cash equivalents acquired | (189) |  | (252) |  | (1,628) |
Millions of euros | 2024 | 2023 | 2022
Collateral guarantees on derivatives | 1,292 |  | 1,088 |  | 2,891 |
Bond sales in Argentina | 91 |  | 9 |  | — |
Legal deposits | 12 |  | 31 |  | 3 |
Long-term financial instruments of Pegaso PCS (Note 12) | — |  | 287 |  | — |
Others | 18 |  | 17 |  | 73 |
Proceeds on financial investments not included under cash equivalents | 1,413 |  | 1,432 |  | 2,967 |
Legal deposits | (10) |  | (16) |  | (4) |
Collateral guarantees on derivatives | (987) |  | (1,402) |  | (2,195) |
Bond purchases in Argentina | (170) |  | (42) |  | — |
Long-term financial instruments of Pegaso PCS | — |  | — |  | (260) |
Others | (29) |  | (15) |  | (116) |
Payments on financial investments not included under cash equivalents | (1,196) |  | (1,475) |  | (2,575) |
Net proceeds/(payments) for temporary financial investments | 50 |  | 856 |  | 1,532 |
Net proceeds/(payments) for temporary financial investments mainly includes placements of treasury surpluses not included in cash equivalents. Net cash flow used in financing activities The following is a detail of the items comprising the net cash flow used in financing activities.
Millions of euros | 2024 | 2023 | 2022
Dividends paid to the shareholders of Telefónica, S.A. (*) | (1,720) |  | (1,701) |  | (959) |
Payments to non-controlling interests of Telefônica Brasil, S.A. | (113) |  | (189) |  | (268) |
Payments to non-controlling interests of Telefónica Deutschland Holding, A.G. | (17) |  | (157) |  | (161) |
Payments to non-controlling interests of Telxius Telecom, S.A. | — |  | (76) |  | — |
Others | (37) |  | (16) |  | (9) |
Dividends paid (see Note 17) | (1,887) |  | (2,139) |  | (1,397) |
Share capital increase Pontel, S.L. (see Note 17.i) | — |  | 111 |  | — |
Establishment of Bluevia Fibra (see notes 2 and 17.i) | — |  | — |  | 1,021 |
Share capital decrease Telefônica Brasil, S.A. (see Note 17.i) | (57) |  | — |  | — |
Others | — |  | 2 |  | 1 |
(Payments)/proceeds from share capital decrease/increase with minority interests | (57) |  | 113 |  | 1,022 |
Acquisition of 40% Telxius Telecom, S.A. from KKR (see Note 17.i) | — |  | (224) |  | — |
Payment to KKR related to 2021 Income Tax of Telxius (Note 17.i) | — |  | (351) |  | — |
Payment to Pontegadea related to 2021 Income Tax of Telxius (Note 17.i) | — |  | (88) |  | — |
Own shares purchase of Telefónica Brasil | (224) |  | (92) |  | (111) |
Shares purchase of Telefónica Deutschland (Note 2 and 17.i) | (1,019) |  | (816) |  | (48) |
Transactions carried out by Telefónica, S.A. (see Note 17.i) | (58) |  | (223) |  | (365) |
Telefónica Centroamérica Inversiones, S.L. share premium (ECPN.) refund related to the sale of T. Guatemala, T. Nicaragua and T. Panama | — |  | — |  | (44) |
Others | — |  | 23 |  | 13 |
(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests | (1,301) |  | (1,771) |  | (555) |
Issuance of undated deeply subordinated securities (Note 17.c) | 1,300 |  | 1,750 |  | 750 |
Acquisition and payment of undated deeply subordinated securities (Note 17.c) | (1,300) |  | (1,750) |  | (750) |
Payment of the coupon related to the issuances of undated deeply subordinated securities issued (see Note 17.c) | (346) |  | (329) |  | (268) |
Operations with other equity holders | (346) |  | (329) |  | (268) |
(*) This amount differs from that indicated in Note 17 because of withholding taxes deducted in the payment to certain major shareholders in accordance with current legislation.
Millions of euros | 2024 | 2023 | 2022
Issued under the EMTN program of Telefónica Emisiones, S.A.U. (see Appendix III) | 1,750 |  | 850 |  | 1,100 |
Issuance of Telefónica Móviles Chile, S.A. (*) (see Appendix III) | 37 |  | 114 |  | — |
Issuance of Telefónica Brasil, S.A. (*) | — |  | — |  | 628 |
Others | — |  | 3 |  | 18 |
Proceeds on issue of debentures and bonds, and other debts | 1,787 |  | 967 |  | 1,746 |
Disposal bilateral loans of Telefónica, S.A. (see Note 18) | 390 |  | 275 |  | 150 |
Syndicated provision of Telxius Telecom, S.A. | — |  | 100 |  | 100 |
Disposal bilateral loan of Telefónica Brasil, S.A. (*) | — |  | — |  | 199 |
Syndicated provision of Bluevia Fibra S.L. (see Note 18) | 75 |  | 10 |  | 245 |
Settlement of nominal value of gross debt hedging derivatives | 385 |  | 20 |  | 89 |
New promissory note debt (see Note 18) | 478 |  | 504 |  | 7 |
Others | 432 |  | 798 |  | 49 |
Proceeds on loans, borrowings and promissory notes (see Appendix V) | 1,760 |  | 1,707 |  | 839 |
Repayments of debentures and bonds, and other debts | (1,140) |  | (1,910) |  | (3,541) |
Amortization bilateral loans of Colombia Telecomunicaciones, S.A. ESP BIC (*) | — |  | — |  | (117) |
Syndicated amortization by Telxius Telecom, S.A. | — |  | — |  | (70) |
Settlement of nominal value of amortized debt hedging derivatives | (20) |  | 33 |  | (715) |
Others | (1,103) |  | (1,498) |  | (2,175) |
Repayments of loans, borrowings and promissory notes | (1,123) |  | (1,465) |  | (3,077) |
Lease principal payments (Note 20) | (2,143) |  | (2,114) |  | (1,996) |
Financed spectrum licenses payments (Note 21) | (90) |  | (133) |  | (549) |
Payments for investments in spectrum use licenses financed without explicit interest (Notes 2 and 21) | (120) |  | (112) |  | (108) |
Other financed operational payments (Note 18) | (12) |  | — |  | (41) |
Financed operating payments and investments in property, plant and equipment and intangible assets payments | (222) |  | (245) |  | (698) |
(*) Data converted at the exchange rate at the end of each of the corresponding periods. The impact of the exchange rate with respect to the date of the transaction is included in the "Others" line within the same sub-heading.

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