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Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2024
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:
| % Holding | Investments accounted for by the equity method | Share of (loss) income of investments accounted for by the equity method
Millions of euros |  | 12/31/2024 | 12/31/2023 | 2024 | 2023 | 2022
VMED O2 UK Limited | 50 | % | 7,641 |  | 7,774 |  | 89 |  | (2,030) |  | 292 |
Movistar Prosegur Alarmas | 50 | % | 213 |  | 230 |  | (16) |  | (22) |  | (12) |
FiBrasil Infraestructura e Fibra Ótica, S.A. | 50 | % | 80 |  | 100 |  | (1) |  | (4) |  | (8) |
Unsere Grüne Glasfaser (UGG) | 50 | % | 104 |  | 97 |  | (77) |  | (55) |  | (64) |
Opal Jvco Limited (nexfibre) | 25 | % | 94 |  | 55 |  | (2) |  | (32) |  | 26 |
Utiq, S.A. | 25 | % | 3 |  | 5 |  | (4) |  | — |  | — |
Others |  | 8 |  | 4 |  | (3) |  | (2) |  | (4) |
Joint ventures |  | 8,143 |  | 8,265 |  | (14) |  | (2,145) |  | 230 |
Daytona Midco, S.L. (Nabiax) | 20 | % | — |  | 65 |  | (7) |  | (1) |  | (1) |
Adquira España, S.A. | 44.44 | % | 5 |  | 4 |  | — |  | — |  | — |
HoldCo Infraco SpA. (Onnet Fibra Chile) | 40 | % | 119 |  | 150 |  | (24) |  | 7 |  | — |
Alamo HoldCo S.L. (Onnet Fibra Colombia) | 40 | % | 11 |  | 14 |  | (17) |  | (10) |  | (15) |
Internet para todos S.A.C | 54.67 | % | 57 |  | 55 |  | — |  | — |  | (3) |
Telefónica Factoring España, S.A. | 50 | % | 8 |  | 7 |  | 4 |  | 4 |  | 4 |
Telefónica Factoring do Brasil, Ltda. | 50 | % | 2 |  | 2 |  | 2 |  | 1 |  | 3 |
Telefónica Factoring Peru, S.A.C. | 50 | % | 3 |  | 3 |  | 1 |  | 1 |  | 1 |
Telefónica Factoring Colombia, S.A. | 50 | % | 1 |  | 1 |  | 1 |  | 1 |  | 1 |
Telefónica Factoring México,S.A. de C.V. | 50 | % | — |  | 1 |  | — |  | — |  | — |
Telefónica Factoring Chile, SpA. | 50 | % | 1 |  | 1 |  | — |  | — |  | — |
Telefónica Factoring Ecuador, S.A. | 50 | % | — |  | — |  | — |  | — |  | — |
Telefónica Renting, S.A. | 50 | % | 9 |  | 1 |  | 4 |  | — |  | — |
Telefónica Consumer Finance, Establecimiento Financiero de Crédito, S.A. | 50 | % | 14 |  | 18 |  | 1 |  | 1 |  | 2 |
Movistar Consumer Finance Colombia SAS | 50 | % | — |  | — |  | — |  | (21) |  | (3) |
Others |  | 2 |  | 3 |  | — |  | — |  | (2) |
Associates |  | 232 |  | 325 |  | (35) |  | (17) |  | (13) |
Total |  | 8,375 |  | 8,590 |  | (49) |  | (2,162) |  | 217 |
The detail of the movement in investments accounted for by the equity method in 2024 and 2023 is as follows:
Investments accounted for by the equity method | Millions of euros
Balance at 12/31/2022 | 11,587 |
Additions | 236 |
Translation differences and other comprehensive income (loss) | 144 |
(Loss) income | (2,162) |
Dividends | (1,218) |
Transfers and others | 3 |
Balance at 12/31/2023 | 8,590 |
Additions | 160 |
Translation differences and other comprehensive income (loss) | 249 |
(Loss) income | (49) |
Dividends | (520) |
Transfers and others | (55) |
Balance at 12/31/2024 | 8,375 |
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 Limited
Millions of euros | 12/31/2024 | 12/31/2023
Non current assets | 43,081 |  | 41,697 |
Intangible assets | 7,682 |  | 8,379 |
Goodwill | 21,404 |  | 20,427 |
Property, plant and equipment | 10,994 |  | 10,011 |
Other non current assets | 3,001 |  | 2,880 |
Current assets | 5,166 |  | 4,758 |
Inventories | 245 |  | 301 |
Current receivables and other current assets | 2,900 |  | 2,882 |
Other current financial assets | 660 |  | 567 |
Cash and cash equivalents | 1,361 |  | 1,008 |
Total Assets | 48,247 |  | 46,455 |
Non current liabilities | 23,139 |  | 22,136 |
Non current financial liabilities | 21,754 |  | 21,061 |
Non current lease liabilities | 950 |  | 663 |
Other non current liabilities | 435 |  | 412 |
Current liabilities | 9,665 |  | 8,591 |
Current financial liabilities | 4,970 |  | 4,165 |
Current lease liabilities | 197 |  | 201 |
Other current liabilities | 4,498 |  | 4,225 |
Total Liabilities | 32,804 |  | 30,727 |
Equity attributable to non-controlling interests (100% VMO2) | 252 |  | 261 |
Equity attributable to equity holders of the parent (100% VMO2) | 15,191 |  | 15,467 |
50% Telefónica Group | 7,596 |  | 7,734 |
Acquisition costs | 61 |  | 61 |
Other adjustments | (16) |  | (21) |
Investments accounted for by the equity method | 7,641 |  | 7,774 |
Millions of euros | 2024 | 2023 | 2022
Revenues | 12,616 |  | 12,547 |  | 12,155 |
Other operating income | 516 |  | 516 |  | 551 |
Operating expenses | (8,665) |  | (8,632) |  | (8,305) |
Impairment losses in goodwill | — |  | (3,572) |  | — |
Depreciation and amortization (1) | (3,371) |  | (3,685) |  | (4,170) |
Operating income (loss) | 1,096 |  | (2,826) |  | 231 |
Share of income (loss) of investments accounted for by the equity method | 4 |  | 2 |  | 1 |
Financial income | 51 |  | 55 |  | 24 |
Financial expenses | (1,578) |  | (1,436) |  | (1,020) |
Realized and unrealized gains on derivative instruments, net (2) | 463 |  | (924) |  | 2,567 |
Foreign currency transaction losses, net | (34) |  | 677 |  | (1,296) |
Net financial result | (1,098) |  | (1,628) |  | 275 |
Result before taxation | 2 |  | (4,452) |  | 507 |
Income tax | (22) |  | 265 |  | (15) |
Result for the period | (20) |  | (4,187) |  | 492 |
Attributable to non-controlling interests | (19) |  | — |  | — |
Result for the period attributable to equity holders of the parent (100% VMO2) | (39) |  | (4,187) |  | 492 |
50% attributable to Telefónica Group | (20) |  | (2,094) |  | 246 |
Share-based compensation (3) | 1 |  | 8 |  | 14 |
Sale of a minority interest in Cornerstone (4) | 112 |  | 76 |  | — |
Other adjustments | (5) |  | (20) |  | 32 |
Share of (loss) income of investments accounted for by the equity method | 89 |  | (2,030) |  | 292 |
Other comprehensive income (100% VMO2) | (337) |  | (213) |  | (113) |
(1) Includes amortization of the customer relationships recorded after the purchase price allocation, amounting to 1,012 million euros in 2024 (985 million euros in 2023). (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 2024 and 2023, VMO2 sold minority interests 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% in 2023, then 16.67% to 12.50% in 2024) and resulting from the inflow of resources from a third party. The breakdown of the key financial highlights of Movistar Prosegur Alarmas group and the reconciliation with the carrying amount in the Telefónica Group at December 31, 2024 and 2023 are as follows:
Millions of euros | 12/31/2024 | 12/31/2023
Fixed assets | 204 |  | 172 |
Other non-current assets | 141 |  | 160 |
Non-current assets | 345 |  | 332 |
Cash and equivalents | 1 |  | 1 |
Other current assets | 102 |  | 58 |
Current assets | 103 |  | 59 |
Total assets | 448 |  | 391 |
Non-current financial liabilities | (205) |  | (175) |
Other non-current liabilities | (78) |  | (63) |
Non-current liabilities | (283) |  | (238) |
Current financial liabilities | (100) |  | (102) |
Other current liabilities | (65) |  | (43) |
Current liabilities | (165) |  | (145) |
Total liabilities | (448) |  | (383) |
Net assets | — |  | 8 |
Purchase price allocation |  |
Assets | 42 |  | 76 |
Liabilities | (11) |  | (20) |
Net assets | 31 |  | 56 |
% Holding | 50 | % | 50 | %
Group’s share in equity | 15 |  | 32 |
Goodwill | 198 |  | 198 |
Carrying amount in the Telefónica Group | 213 |  | 230 |
The summary of the magnitudes of the UGG Group and the reconciliation with its carrying amount in the Telefónica Group at December 31, 2024 and 2023 are shown below:
Millions of euros | 12/31/2024 | 12/31/2023
Fixed assets | 1,344 |  | 438 |
Other non-current assets | 194 |  | 211 |
Non-current assets | 1,538 |  | 649 |
Cash and equivalents | 282 |  | 49 |
Other current assets | 63 |  | 50 |
Current assets | 345 |  | 99 |
Total assets | 1,883 |  | 748 |
Non-current financial liabilities | (1,493) |  | (522) |
Other non-current liabilities | (43) |  | (36) |
Non-current liabilities | (1,536) |  | (558) |
Current financial liabilities | (4) |  | (5) |
Other current liabilities | (232) |  | (88) |
Current liabilities | (236) |  | (93) |
Total liabilities | (1,772) |  | (651) |
Net assets | 111 |  | 97 |
% Holding | 50 | % | 50 | %
Group’s share in equity | 55 |  | 49 |
Other adjustments | 49 |  | 49 |
Carrying amount in the Telefónica Group | 104 |  | 97 |
The summary of the magnitudes of Opal Jvco Limited and the reconciliation with its carrying amount in the Telefónica Group at December 31, 2024 and 2023 are shown below:
Millions of euros | 12/31/2024 | 12/31/2023
Fixed assets | 1,833 |  | 840 |
Other non-current assets | 185 |  | 98 |
Non-current assets | 2,018 |  | 938 |
Cash and equivalents | 37 |  | 23 |
Other current assets | 62 |  | 54 |
Current assets | 99 |  | 77 |
Total assets | 2,117 |  | 1,015 |
Non-current financial liabilities | (1,453) |  | (593) |
Other non-current liabilities | (3) |  | — |
Non-current liabilities | (1,456) |  | (593) |
Current financial liabilities | (100) |  | (61) |
Other current liabilities | (199) |  | (157) |
Current liabilities | (299) |  | (218) |
Total liabilities | (1,755) |  | (811) |
Net assets | 362 |  | 204 |
% Holding | 25 | % | 25 | %
Group’s share in equity | 90 |  | 51 |
Other adjustments | 4 |  | 4 |
Carrying amount in the Telefónica Group | 94 |  | 55 |
The summary of the magnitudes of Holdco Infraco Group and the reconciliation with its carrying amount in the Telefónica Group at December 31, 2024 and 2023 are shown below:
Millions of euros | 12/31/2024 | 12/31/2023
Non-current assets | 1,343 |  | 857 |
Cash and equivalents | 11 |  | 27 |
Other current assets | 84 |  | 182 |
Current assets | 95 |  | 209 |
Total assets | 1,438 |  | 1,066 |
Non-current financial liabilities | (892) |  | (521) |
Other non-current liabilities | (304) |  | (293) |
Non-current liabilities | (1,196) |  | (814) |
Current financial liabilities | (34) |  | (3) |
Other current liabilities | (102) |  | (78) |
Current liabilities | (136) |  | (81) |
Total liabilities | (1,332) |  | (895) |
Net assets | 106 |  | 171 |
Purchase price allocation |  |
Assets | 159 |  | 178 |
Liabilities | (43) |  | (48) |
Net assets | 116 |  | 130 |
% Holding | 40 | % | 40 | %
Group’s share in equity | 89 |  | 120 |
Other adjustments | 30 |  | 30 |
Carrying amount in the Telefónica Group | 119 |  | 150 |
Disclosure Of Purchase Commitments |
Millions of euros | 2025 | 2026 | 2027 | 2028 | 2029 | Subsequent years | Total
Purchase and other commitments | 791 |  | 189 |  | 109 |  | 61 |  | 5 |  | — |  | 1,155 |
Programming commitments | 727 |  | 728 |  | 618 |  | 247 |  | — |  | — |  | 2,320 |
Network and connectivity commitments | 773 |  | 112 |  | 31 |  | 29 |  | 24 |  | 204 |  | 1,173 |
Services agreements | 236 |  | 231 |  | 197 |  | 175 |  | 180 |  | 77 |  | 1,096 |
Total commitments VMO2 (100%) | 2,527 |  | 1,260 |  | 955 |  | 512 |  | 209 |  | 281 |  | 5,744 |
The breakdown of purchase and other contractual commitments of the UGG Group at December 31, 2024 is as follows:
Millions of euros | 12/31/2024
Less than 1 year | 431 |
1 to 3 years | 305 |
3 to 5 years | 275 |
More than five years | 414 |
Total commitments UGG group (100%) | 1,425 |
The breakdown of purchase and other contractual commitments of the Opal Jvco. Group at December 31 2024 is as follows:
Millions of euros | 12/31/2024
Less than 1 year | 678 |
1 to 3 years | 122 |
3 to 5 years | 67 |
More than five years | 4 |
Total commitments Opal Jvco. group (100%) | 871 |
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 euros | 12/31/2024 | 12/31/2023
Receivables and other assets from associates and joint ventures | 59 |  | 66 |
Payables and other liabilities to associates and joint ventures | 27 |  | 34 |
Millions of euros | 2024 | 2023 | 2022
Revenue from operations with associates and joint ventures | 135 |  | 134 |  | 130 |
Expenses from operations with associates and joint ventures | 44 |  | 63 |  | 63 |
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:
| 12/31/2024 | 12/31/2023
Millions of euros | Associates | Joint ventures | Total | Associates | Joint ventures | Total
Credits and other financial assets | 244 |  | 2 |  | 246 |  | 263 |  | 2 |  | 265 |
Receivables and other assets (Note 14) | 87 |  | 112 |  | 199 |  | 91 |  | 93 |  | 184 |
Financial liabilities | — |  | 10 |  | 10 |  | — |  | — |  | — |
Non-current lease liabilities | 60 |  | 9 |  | 69 |  | 37 |  | — |  | 37 |
Non-current payables and other liabilities (Note 21) | 433 |  | 1 |  | 434 |  | 236 |  | 4 |  | 240 |
Long-term contractual liabilities | 31 |  | 52 |  | 83 |  | 44 |  | 54 |  | 98 |
Current lease liabilities | 55 |  | 4 |  | 59 |  | 42 |  | — |  | 42 |
Current payables and other liabilities (Note 22) | 377 |  | 50 |  | 427 |  | 183 |  | 44 |  | 227 |
Short-term contractual liabilities | 14 |  | 6 |  | 20 |  | 15 |  | 6 |  | 21 |
| 2024 | 2023 | 2022
Millions of euros | Associates | Joint ventures | Total | Associates | Joint ventures | Total | Associates | Joint ventures | Total
Revenue from operations | 520 |  | 251 |  | 771 |  | 473 |  | 223 |  | 696 |  | 209 |  | 251 |  | 460 |
Expenses from operations | 677 |  | 136 |  | 813 |  | 634 |  | 136 |  | 770 |  | 199 |  | 116 |  | 315 |
Financial revenues | 26 |  | 2 |  | 28 |  | 29 |  | 1 |  | 30 |  | 27 |  | 1 |  | 28 |
Financial expenses | 45 |  | 1 |  | 46 |  | 9 |  | 7 |  | 16 |  | 1 |  | 9 |  | 10 |

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