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Equity (Tables) | 12 Months Ended
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Dec. 31, 2024
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 2024 results for approval at the Shareholders’ Meeting:
| Millions of euros
Legal reserve | — |
Unrestricted reserves | 563 |
Total | 563 |
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 | 12/31/2023 | Tender Offer | Amount repurchased | Redemption | 12/31/2024
09/18/2024 (1) | 6.750 | % | from 09/07/31 rate SWAP + spread incremental | 2031 |  |  |  |  | 200 |
03/15/2024 (1) | 5.752 | % | from 04/15/32 rate SWAP + spread incremental | 2032 |  |  |  |  | 1,100 |
09/7/2023 (1) | 6.750 | % | from 09/07/31 rate SWAP + spread incremental | 2031 | 750 |  |  |  |  | 750 |
02/2/2023 (1) | 6.135 | % | from 05/03/30 rate SWAP + spread incremental | 2030 | 1,000 |  |  |  |  | 1,000 |
11/23/2022 (1) | 7.125 | % | from 11/23/28 rate SWAP + spread incremental | 2028 | 750 |  |  |  |  | 750 |
11/24/2021 (2) | 2.880 | % | from 05/24/28 rate SWAP + spread incremental | 2028 | 750 |  |  |  |  | 750 |
02/12/2021 (2) | 2.376 | % | from 05/12/29 rate SWAP + spread incremental | 2029 | 1,000 |  |  |  |  | 1,000 |
02/05/2020 (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 |  | (1,097) |  | (203) |  | — |
03/22/2018 | 3.875 | % | from 09/22/26 rate SWAP + spread incremental | 2026 | 1,000 |  |  |  |  | 1,000 |
|  |  |  | 7,550 |  |  |  |  | 7,550 |
(1) Green undated deeply subordinated securities (see Note 29.d) (2) Sustainable undated deeply subordinated securities (see Note 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 | 2024 | 2023 | 2022
Brazilian real | (15,786) |  | (13,612) |  | (14,031) |
Pound sterling | 309 |  | (97) |  | (322) |
Venezuelan bolivar | (3,253) |  | (3,686) |  | (3,734) |
Argentine peso | (1,112) |  | (2,011) |  | (1,364) |
Other currencies | (1,437) |  | (1,280) |  | (1,272) |
Total Group | (21,279) |  | (20,686) |  | (20,723) |
Schedule of Treasury Share Instruments | Telefónica, S.A. held the following treasury shares at December 31, 2024, 2023 and 2022:
|  | Euros per share |  |
| Number of shares | Acquisition price | Trading price | Market value (*) | %
Treasury shares at 12/31/2024 | 26,874,751 |  | 3.97 |  | 3.94 |  | 106 |  | 0.474 | %
Treasury shares at 12/31/2023 | 111,099,480 |  | 3.87 |  | 3.53 |  | 393 |  | 1.932 | %
Treasury shares at 12/31/2022 | 85,217,621 |  | 4.00 |  | 3.39 |  | 288 |  | 1.476 | %
(*) Millions of euros. The following transactions involving treasury shares were carried out in 2024, 2023 and 2022:
| Number of shares
Treasury shares at 12/31/2021 | 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 12/31/2022 | 85,217,621 |
Acquisitions | 60,070,274 |
Employee share option plan | (8,845,558) |
Capital reduction | (24,779,409) |
Sales | (563,448) |
Treasury shares at 12/31/2023 | 111,099,480 |
Acquisitions | 36,525,204 |
Employee share option plan | (19,909,898) |
Capital reduction | (80,296,591) |
Sales | (20,543,444) |
Treasury shares at 12/31/2024 | 26,874,751 |
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 2024, 2023 and 2022 consolidated statements of financial position are as follows:
Millions of euros | Balance at 12/31/23 | 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 12/31/24
Telefônica Brasil, S.A. | 3,546 |  | — |  | (346) |  | (125) |  | 226 |  | (481) |  | 14 |  | 2,834 |
Telefónica Deutschland Holding, A.G. | 1,286 |  | — |  | (1,057) |  | (17) |  | 10 |  | — |  | 2 |  | 224 |
Colombia Telecomunicaciones, S.A., ESP BIC | 362 |  | — |  | — |  | — |  | (25) |  | (32) |  | (8) |  | 297 |
Other | 50 |  | — |  | (47) |  | (3) |  | 47 |  | 7 |  | (7) |  | 47 |
Total | 5,244 |  | — |  | (1,450) |  | (145) |  | 258 |  | (506) |  | 1 |  | 3,402 |
Millions of euros | Balance at 12/31/22 | 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 12/31/23
Telefônica Brasil, S.A. | 3,399 |  | — |  | (111) |  | (158) |  | 238 |  | 182 |  | (4) |  | 3,546 |
Telefónica Deutschland Holding, A.G. | 2,237 |  | — |  | (866) |  | (157) |  | 71 |  | — |  | 1 |  | 1,286 |
Colombia Telecomunicaciones, S.A., ESP BIC | 344 |  | — |  | — |  | — |  | (44) |  | 70 |  | (8) |  | 362 |
Telxius Telecom, S.A. | 599 |  | — |  | (585) |  | (28) |  | 22 |  | (19) |  | 11 |  | — |
Other | 41 |  | — |  | (17) |  | (2) |  | 31 |  | — |  | (3) |  | 50 |
Total | 6,620 |  | — |  | (1,579) |  | (345) |  | 318 |  | 233 |  | (3) |  | 5,244 |
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 BIC | 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 |
Schedule of Condensed Financial Statements of Non-controlling Interests | The detail of these figures for Colombia Telecomunicaciones is as follows:
Millions of euros |  |  |
Colombia Telecomunicaciones | 2024 | 2023 | 2022
Revenues | 1,449 |  | 1,497 |  | 1,517 |
Operating results before depreciation and amortization | 391 |  | 359 |  | 569 |
Depreciation and amortization | (236) |  | (295) |  | (308) |
Operating income | 155 |  | 64 |  | 261 |
Capital Expenditure | 201 |  | 125 |  | 261 |
Fixed Assets | 1,215 |  | 1,234 |  | 1,116 |
Total allocated assets | 2,921 |  | 2,936 |  | 2,696 |
Total allocated liabilities | 2,395 |  | 2,258 |  | 2,001 |
Schedule of Subsidiary Cash Flows | The statements of cash flows of these companies are as follows:
Millions of euros |  |  |
Telefónica Brazil | 2024 | 2023 | 2022
Net cash flow provided by operating activities | 3,644 |  | 3,710 |  | 3,678 |
Net cash flow used in investing activities | (1,529) |  | (1,477) |  | (2,741) |
Net cash flow used in financing activities | (1,557) |  | (1,709) |  | (1,674) |
Millions of euros |  |  |
Telefónica Germany | 2024 | 2023 | 2022
Net cash flow provided by operating activities | 2,774 |  | 2,684 |  | 2,732 |
Net cash flow used in investing activities | (1,334) |  | (1,337) |  | (1,608) |
Net cash flow used in financing activities | (1,586) |  | (1,498) |  | (1,339) |
Millions of euros |  |  |
Colombia Telecomunicaciones | 2024 | 2023 | 2022
Net cash flow provided by operating activities | 219 |  | 206 |  | 180 |
Net cash flow provided by (used in) investing activities | (101) |  | (144) |  | 30 |
Net cash flow used in financing activities | (58) |  | (80) |  | (225) |

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