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Financial Liabilities | 12 Months Ended
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Dec. 31, 2024
Financial Instruments [Abstract] |
Financial Liabilities | Financial liabilities The breakdown of financial liabilities at December 31, 2024 and the corresponding maturities schedule is as follows:
Millions of euros
| Current | Non-current |  |
Maturity | 2025 | 2026 | 2027 | 2028 | 2029 | Subsequent years | Non-current total | Total
Debentures and bonds | 3,559 |  | 2,046 |  | 4,019 |  | 2,006 |  | 2,422 |  | 17,203 |  | 27,696 |  | 31,255 |
Promissory notes & commercial paper | 1,276 |  | 12 |  | 3 |  | 19 |  | 10 |  | 129 |  | 173 |  | 1,449 |
Total Issues | 4,835 |  | 2,058 |  | 4,022 |  | 2,025 |  | 2,432 |  | 17,332 |  | 27,869 |  | 32,704 |
Loans and other payables | 556 |  | 389 |  | 643 |  | 277 |  | 565 |  | 1,584 |  | 3,458 |  | 4,014 |
Derivative instruments (Note 19) | 199 |  | 160 |  | 562 |  | 376 |  | 283 |  | 484 |  | 1,865 |  | 2,064 |
Total | 5,590 |  | 2,607 |  | 5,227 |  | 2,678 |  | 3,280 |  | 19,400 |  | 33,192 |  | 38,782 |
The estimate of future payments for interest on these financial liabilities at December 31, 2024 is as follows: 1,308 million euros in 2025, 1,187 million euros in 2026, 1,045 million euros in 2027, 979 million euros in 2028, 888 million euros in 2029 and 6,932 million euros after 2029. For floating rate financing, the Group mainly estimates future interest using the forward curve of the various currencies as of December 31, 2024. Derivative instruments in the table above include the fair value of derivatives classified as financial liabilities, i.e. when they have a negative mark-to-market, yet excluding the fair value of derivatives classified as current financial assets (461 million euros, see Note 15) and non-current financial assets (2,605 million euros, see Note 12). The heading “Financed operating payments and investments in property, plant and equipment and intangible assets payments”, in the “Net cash used in financing activities” flow of the consolidated statement of cash flows (see Note 28) amounted to 222 million euros corresponding mainly to financed spectrum licenses (245 million euros in 2023 corresponding in its totality to financed spectrum licenses). The composition of the financial liabilities by category at December 31, 2024 and 2023 is as follows:
December 31, 2024
| 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 | — |  | — |  | — |  | — |  | — |  | — |  | 32,704 |  | 32,704 |  | 31,638 |
Loans and other payables | — |  | — |  | — |  | — |  | — |  | — |  | 4,014 |  | 4,014 |  | 4,016 |
Derivative instruments | 471 |  | — |  | 1,593 |  | — |  | 2,064 |  | — |  | — |  | 2,064 |  | 2,064 |
Total financial liabilities | 471 |  | — |  | 1,593 |  | — |  | 2,064 |  | — |  | 36,718 |  | 38,782 |  | 37,718 |
December 31, 2023
| 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 | — |  | — |  | — |  | — |  | — |  | — |  | 31,567 |  | 31,567 |  | 30,498 |
Loans and other payables | — |  | — |  | — |  | — |  | — |  | — |  | 3,601 |  | 3,601 |  | 3,602 |
Derivative instruments | 582 |  | — |  | 1,311 |  | — |  | 1,893 |  | — |  | — |  | 1,893 |  | 1,893 |
Total financial liabilities | 582 |  | — |  | 1,311 |  | — |  | 1,893 |  | — |  | 35,168 |  | 37,061 |  | 35,993 |
The calculation of the fair values of the Telefónica Group’s debt instruments required an estimate of the credit spread curve for each currency and corresponding subsidiary using the prices of the Group’s bonds and credit derivatives. At December 31, 2024, some of the financing arranged by Telefónica Group companies in Latin America (435 million euros in Peru), which amounted to approximately 1% of the Telefónica Group’s gross debt, was subject to compliance with certain financial covenants. To date, these covenants are being met and have no impact on the debt of the Telefónica Group companies. Due to the absence of cross-defaults, breach of the covenants would not affect the debt at Telefónica, S.A. level. Some of the financial liabilities of Telefónica Group includes adjustments in the amortized cost at December 31, 2024 and 2023 as a result of fair value interest rate and exchange rate hedges. Issues, promissory notes, commercial paper, loans and other payables The movement in issues, promissory notes, commercial paper, loans and other payables in 2024 and 2023 arising from financial activities is as follows:
| Cash used in financing activities |  |  |  |
Millions of euros | Balance at 12/31/2023 | Cash received | Cash paid | Translation differences and exchange gains and losses | Financial updates | Other movements | Balance at 12/31/2024
Issues | 30,198 |  | 1,787 |  | (1,140) |  | 589 |  | (109) |  | (70) |  | 31,255 |
Promissory notes and commercial paper | 1,369 |  | 478 |  | (409) |  | 1 |  | — |  | 10 |  | 1,449 |
Loans and other payables | 3,601 |  | 897 |  | (694) |  | (54) |  | — |  | 264 |  | 4,014 |
| Cash used in financing activities |  |  |  |
Millions of euros | Balance at 12/31/2022 | Cash received | Cash paid | Translation differences and exchange gains and losses | Financial updates | Other movements | Balance at 12/31/2023
Issues | 31,268 |  | 967 |  | (1,910) |  | (302) |  | 175 |  | — |  | 30,198 |
Promissory notes and commercial paper | 899 |  | 504 |  | (43) |  | — |  | — |  | 9 |  | 1,369 |
Loans and other payables | 4,544 |  | 1,183 |  | (1,456) |  | 26 |  | 1 |  | (697) |  | 3,601 |
Debentures and bonds Financial updates of debenture and bond issues include mainly the value adjustment of the basis adjustment bonds due to their fair value hedges, impacted by interest rate movements. At December 31, 2024, the nominal amount of outstan ding debentures and bonds issues was 30,979 million euros (29,779 million euros at December 31, 2023). Appendix III presents the characteristics of all outstanding debentures and bond issues at the year-end 2024, and the significant issues made during the year. Telefónica, S.A. has a full and unconditional guarantee on issues made by Telefónica Emisiones, S.A.U., and Telefónica Europe, B.V., both of which are wholly owned finance subsidiaries of Telefónica, S.A. No other subsidiaries of Telefónica, S.A. provide guarantees on these issues. Promissory notes and commercial paper The main programs for issuance of promissory notes and commercial paper are the following: •At December 31, 2024, Telefónica Europe, B.V. had a commercial paper issuance program guaranteed by Telefónica, S.A. for up to 5,000 million euros. The outstanding balance of commercial paper issued under this program at December 31, 2024 was 1,165 million euros, issued at an average interest rate of 3.76% for 2024 (1,000 million euros issued in 2023 at an average rate of 3.65%). •At December 31, 2024, Telefónica, S.A. had a corporate promissory note program for 500 million euros expandable to 2,000 million euros, with 35 million euros of outstanding balance at December 31, 2024, issued at an average interest rate of 3.65% for 2024 (no outstanding balance at December 31, 2023). Interest-bearing debt Other movements in "Loans and other payables" at December 31, 2024 include collections and payments related to collateral liabilities deposit associated with Telefónica, S.A. debt for a net amount of payments amounting to 123 million euros (589 million euros for a net amount of proceeds at December 31, 2023). The average interest rate on outstanding loans and other payables at December 31, 2024 was 4.71% (4.47% in 2023). This percentage does not include the impact of hedges arranged by the Group. The main financing transactions included under “Interest-bearing debt” line outstanding at December 31, 2024 and 2023 and their nominal amounts are provided in Appendix V. Interest-bearing debt arranged or repaid in 2024 mainly includes the following:
Description | Limit 12/31/2024(*) (million euros) | Currency | Outstanding balance 12/31/2024 (million euros) | Arrangement date | Maturity date | Drawndown 2024 (million euros) | Repayment 2024 (million euros)
Telefónica, S.A. |  |  |  |  |  |  |
Sustainability syndicated (1) | 5,500 |  | EUR | — |  | 03/15/2018 | 01/13/2029 | — |  | — |
Bilateral loan | — |  | EUR | 150 |  | 03/27/2024 | 07/31/2034 | 150 |  | — |
Bilateral loan | — |  | EUR | 140 |  | 10/09/2024 | 10/31/2031 | 140 |  | — |
Bilateral loan | — |  | EUR | 100 |  | 11/21/2024 | 12/16/2031 | 100 |  | — |
Bluevia Fibra S.L.U. |  |  |  |  |  |  |
Syndicated (2) | 360 |  | EUR | 325 |  | 11/16/2022 | 12/20/2029 | 75 |  | — |
Telxius Telecom, S.A. |  |  |  |  |  |  |
Syndicated (3) | 145 |  | EUR | 100 |  | 12/01/2023 | 12/04/2029 | — |  | — |
(1) The second one-year extension option for the Telefónica, S.A. sustainability-linked syndicated credit facility for up to 5,500 million euros, was executed on January 13, 2024, extending the maturity date to January 13, 2029. (2) The second one-year extension option of the Bluevía Fibra S.L.U syndicated facility, for 360 million euros, was executed on December 20, 2024, with a maturity extending the maturity date to December 20, 2029. (3) On December 4, 2024, the first one-year extension option of the Telxius Telecom, S.A, syndicated facility, for 145 million euros, was executed extending the maturity date to December 4, 2029. The facility has two annual extension options at Telxius Telecom, S.A. request with a maturity maximum up to 2030. (*) Undrawn limit. At December 31, 2024, the Telefónica Group presented availabilities of financing from different sources that amounted to approximately 11,017 million euros (11,315 million euros at December 31, 2023), of which 10,634 million euros will mature in more than twelve months. Within these availabilities of financing, 10,593 million euros are included, whose interests are linked to the fulfillment of sustainability objectives. Of these, 4,343 million euros correspond to committed lines and bilateral financing, 750 million euros correspond to the sustainable syndicated loan of Telefónica Germany GmbH & Co. OHG (see Annex V) and 5,500 million euros correspond to the sustainable syndicated loan of Telefónica, S.A. (see Note 29.d). Loans by currency The breakdown of “Loans and other payables” line by currency at December 31, 2024 and 2023, and the equivalent value of foreign-currency loans in euros, is as follows:
| Outstanding balance (in millions)
| Local Currency | Euros
Currency | 12/31/2024 | 12/31/2023 | 12/31/2024 | 12/31/2023
Euro | 2,685 |  | 2,266 |  | 2,685 |  | 2,266 |
U.S. dollar | 393 |  | 389 |  | 378 |  | 352 |
Brazilian real | 306 |  | 119 |  | 48 |  | 22 |
Colombian peso | 1,794,020 |  | 1,402,872 |  | 391 |  | 332 |
Mexican peso | 776 |  | 2,716 |  | 36 |  | 145 |
Uruguayan peso | 2,905 |  | 5,455 |  | 63 |  | 126 |
Chilean Peso | 310,338 |  | 247,252 |  | 300 |  | 255 |
Other currencies |  |  | 113 |  | 103 |
Total Group |  |  | 4,014 |  | 3,601 |

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