Thursday, February 25, 2021

Telefónica increased net profit by 38.5% in 2020 and managed to reduce debt by €2.516 billion

Revenues amounted to € 43.076 billion, 11% less than in 2019 due to currency devaluation and Covid-19. The pandemic had an impact on revenues of €1.905 billion last years: Hispam takes the worst share among Telefónica's operating markets, with an impact of €670 million. Thanks to the cash generation (€4.794 billion), Telefónica's net financial debt contracted and totaled €35.228 billion. Regarding the destination of Hispam, in the presentation of results, reference was made to a “gradual reduction of exposure to Hispam” and was announced that the portfolio in the region is being reviewed.

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.

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