Press release

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The Company expects growth rates between 8%-11% in operating cash flow in 2009, confirms its   commitment to prioritise shareholders remuneration and to progressively increase dividend per share

• The Company delivered healthy growth rates in organic terms excluding capital gains, with momentum intensifying from Revenues to Operating Income:
  • Revenue advanced 6.9% driven by Latin America (+12.9%), reinforcing its position as Group’s growth engine, and underpinned by the business in Spain (+1.5%) and Europe (+5.9%
  • OIBDA climbed 14.7% thanks to revenue momentum and Telefónica’s proven ability to manage its costs, while operating income (OI) grew 28.7%
• Intense sales and marketing activity throughout the year translated into growth in the customer base of 13.2% to nearly 259 million accesses at year-end. Latin America posted a noteworthy performance; the market continued to grow at healthy rates and Telefónica increased its customer base in the region by 18% to over 158 million accesses
• Thanks to high levels of efficiency coupled with the Company’s ability to generate cash flow, operating cash flow (OIBDA-CapEx) rose 20.2% yoy in organic terms excluding capital gains to 14,519 million euro
• In current euros, the Company posted growth in revenue (+2.7%), OIBDA (+0.4%) and OI (+3.6%) while net profit (-14.8%) was negatively impacted by capital gains from the sales of Airwave and Endemol registered in 2007
• Telefónica earmarked 69% of free cash flow to shareholder remuneration both in dividend payments and share buybacks. In line with this priority, the Company has announced a dividend of €1.15/share against 2009 profit (+15%)
• The Company also reinforced its financial health, maintaining leverage ratios at 2x (net debt+commitments/OIBDA) at the bottom of the target range (2x-2.5x)
  

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English results tables [PDF 118Kb]

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