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Associates and Joint Ventures (Tables)
 12 Months Ended
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:
% HoldingInvestments accounted for by the equity methodShare of (loss) income of investments accounted for by the equity method
Millions of euros12/31/202412/31/2023202420232022
VMED O2 UK Limited50 %7,641 7,774 89 (2,030)292 
Movistar Prosegur Alarmas50 %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)— — 
Others8 4 (3)(2)(4)
Joint ventures8,143 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.C54.67 %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 SAS50 %— — — (21)(3)
Others2 3 — — (2)
Associates232 325 (35)(17)(13)
Total8,375 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 methodMillions of euros
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 
Additions160 
Translation differences and other comprehensive income (loss)249 
(Loss) income(49)
Dividends(520)
Transfers and others(55)
Balance at 12/31/20248,375 
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 euros12/31/202412/31/2023
Non current assets43,081 41,697 
Intangible assets7,682 8,379 
Goodwill21,404 20,427 
Property, plant and equipment10,994 10,011 
Other non current assets3,001 2,880 
Current assets5,166 4,758 
Inventories245 301 
Current receivables and other current assets2,900 2,882 
Other current financial assets660 567 
Cash and cash equivalents1,361 1,008 
Total Assets48,247 46,455 
Non current liabilities23,139 22,136 
Non current financial liabilities21,754 21,061 
Non current lease liabilities950 663 
Other non current liabilities435 412 
Current liabilities9,665 8,591 
Current financial liabilities4,970 4,165 
Current lease liabilities197 201 
Other current liabilities4,498 4,225 
Total Liabilities32,804 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 costs61 61 
Other adjustments(16)(21)
Investments accounted for by the equity method7,641 7,774 
Millions of euros202420232022
Revenues12,616 12,547 12,155 
Other operating income516 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 method4 2 1 
Financial income51 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 taxation2 (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 method89 (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 euros12/31/202412/31/2023
Fixed assets204 172 
Other non-current assets141 160 
Non-current assets345 332 
Cash and equivalents1 1 
Other current assets102 58 
Current assets103 59 
Total assets448 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
Assets42 76 
Liabilities(11)(20)
Net assets31 56 
% Holding50 %50 %
Group’s share in equity15 32 
Goodwill198 198 
Carrying amount in the Telefónica Group213 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 euros12/31/202412/31/2023
Fixed assets1,344 438 
Other non-current assets194 211 
Non-current assets1,538 649 
Cash and equivalents282 49 
Other current assets63 50 
Current assets345 99 
Total assets1,883 748 
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 assets111 97 
% Holding50 %50 %
Group’s share in equity55 49 
Other adjustments49 49 
Carrying amount in the Telefónica Group104 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 euros12/31/202412/31/2023
Fixed assets1,833 840 
Other non-current assets185 98 
Non-current assets2,018 938 
Cash and equivalents37 23 
Other current assets62 54 
Current assets99 77 
Total assets2,117 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 assets362 204 
% Holding25 %25 %
Group’s share in equity90 51 
Other adjustments4 4 
Carrying amount in the Telefónica Group94 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 euros12/31/202412/31/2023
Non-current assets1,343 857 
Cash and equivalents11 27 
Other current assets84 182 
Current assets95 209 
Total assets1,438 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 assets106 171 
Purchase price allocation
Assets159 178 
Liabilities(43)(48)
Net assets116 130 
% Holding40 %40 %
Group’s share in equity89 120 
Other adjustments30 30 
Carrying amount in the Telefónica Group119 150 
Disclosure Of Purchase Commitments
Millions of euros20252026202720282029Subsequent yearsTotal
Purchase and other commitments791 189 109 61 5 — 1,155 
Programming commitments727 728 618 247 — — 2,320 
Network and connectivity commitments773 112 31 29 24 204 1,173 
Services agreements236 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 euros12/31/2024
Less than 1 year431 
1 to 3 years305 
3 to 5 years275 
More than five years414 
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 euros12/31/2024
Less than 1 year678 
1 to 3 years122 
3 to 5 years67 
More than five years4 
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 euros12/31/202412/31/2023
Receivables and other assets from associates and joint ventures59 66 
Payables and other liabilities to associates and joint ventures27 34 
Millions of euros 202420232022
Revenue from operations with associates and joint ventures135 134 130 
Expenses from operations with associates and joint ventures44 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:
12/31/202412/31/2023
Millions of eurosAssociatesJoint venturesTotalAssociatesJoint venturesTotal
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 liabilities55 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 
202420232022
Millions of eurosAssociatesJoint venturesTotalAssociatesJoint venturesTotalAssociatesJoint venturesTotal
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