Telefónica's results for the fourth quarter of 2020 and the entire full fiscal year of last year show the fruits of the focus on four main markets - Germany, the United Kingdom, Spain and Brazil (together, 79.1% of revenues) -, in contrast to Hispam. The group's total profit increased by 38.5% to € 1.582 billion, after a cash generation of € 4.794 billion, and this allows it to propose to the next General Shareholders Meeting a shareholder remuneration for 2021: a dividend of € 0.30 per share through the voluntary flexible dividend modality.