31st Mar 2009 11:32
Telefónica O2 Czech Republic, a.s.
annual report for 2008
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS
OF TELEFÓNICA O2 CZECH REPUBLIC, a.s.
We have audited the consolidated financial statements of Telefónica O2 Czech Republic, a.s. and its subsidiaries ("the Group") as at 31 December 2008, presented in the annual report of Telefónica O2 Czech Republic, a.s. ("the Company") on pages 81 - 151, on which we have issued an auditors' report dated 20 February 2009, presented in the annual report on pages 85 - 86. We have also audited the separate financial statements of the Company as at 31 December 2008, which are presented in the annual report of the Company on pages 152 - 219 on which we have issued an auditors' report dated 20 February 2009, presented in the annual report of the Company on pages 155 - 156 (both referred further as "financial statements").
We have also audited the consistency of the annual report with the financial statements described above. The management of Telefónica O2 Czech Republic, a.s., is responsible for the accuracy of the annual report. Our responsibility is to express, based on our audit, an opinion on the consistency of the annual report with the financial statements.
We conducted our audit in accordance with International Standards on Auditing and the related implementation guidance issued by the Chamber of Auditors of the Czech Republic. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the information presented in the annual report that describes the facts reflected in the financial statements is consistent, in all material respects, with the financial statements. We have checked that the accounting information presented in the annual report on pages 5 - 80 and 220 - 229 is consistent with that contained in the audited financial statements as at 31 December 2008. Our work as auditors was confined to checking the annual report with the aforementioned scope and did not include a review of any information other than that drawn from the audited accounting records of the Company. We believe that our audit provides a reasonable basis for our opinion.
Based on our audit, the accounting information presented in the annual report is consistent, in all material respects, with the above-mentioned financial statements.
In addition, we have reviewed the accuracy of the information contained in the report on related parties of Telefónica O2 Czech Republic, a.s., for the year ended 31 December 2008, presented in the annual report of the Company on pages 231 - 245. The management of Telefónica O2 Czech Republic, a.s., is responsible for the preparation of the report on related parties. Our responsibility is to issue a report based on our review.
We conducted our review in accordance with the applicable International Standard on Review Engagements and the related implementation guidance issued by the Chamber of Auditors of the Czech Republic. Those standards require that we plan and perform the review to obtain moderate assurance as to whether the report on related parties is free from material misstatement. The review is limited primarily to enquiries of company personnel, to analytical procedures applied to financial data and to examining, on a test basis, the accuracy of information, and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the report on related parties of Telefónica O2 Czech Republic, a.s., for the year ended 31 December 2008 is materially misstated.
Ernst & Young Audit, s.r.o.
Licence No. 401
Represented by
Brian Welsh
Partner
Radek Pav
Auditor, Licence No. 2042
15 March 2009
Prague, Czech Republic
1. Financial and operational highlights
|
Financial data are based on audited consolidated financial statements prepared in accordance with International Financial Reporting Standards. All figures, unless otherwise stated, are in CZK millions as at 31 December of each year. |
|
2008 |
2007 |
|
|
Financials |
||
|
Revenues |
64,709 |
63,196 |
|
OIBDA - Operating income before finance costs, tax, depreciation and amortization1 |
28,312 |
28,033 |
|
Operating income |
15,380 |
13,598 |
|
Income before taxes |
15,348 |
13,510 |
|
Net income |
11,628 |
10,386 |
|
Total assets |
103,623 |
113,552 |
|
Property, plant and equipment |
63,429 |
71,809 |
|
Total equity |
78,168 |
82,792 |
|
Financial debts |
3,196 |
9,269 |
|
Capital expenditure |
8,088 |
7,807 |
|
Operations |
||
|
Fixed telephony accesses (x 1,000) |
1,893 |
2,069 |
|
ADSL connections (x 1,000) |
631 |
570 |
|
Pay TV - O2 TV (x 1,000) |
115 |
73 |
|
Mobile registered customers in Czech Republic (x 1,000) |
5,257 |
5,126 |
|
- of which contract |
2,519 |
2,244 |
|
pre-paid |
2,738 |
2,882 |
|
Mobile data customers2 in Czech Republic (x 1,000) |
229 |
192 |
|
Active mobile customers in Slovakia (x 1,000) |
325 |
274 |
|
Group headcount |
9,096 |
9,221 |
|
Ratios (in %) |
||
|
OIBDA/Business Revenues (OIBDA margin) |
43.9 |
44.8 |
|
Net income/Revenues |
18.0 |
16.4 |
|
Capital expenditure/Revenues |
12.5 |
12.4 |
|
ROA (Net income/Total assets) |
11.2 |
9.1 |
|
ROE (Net income/Equity) |
14.9 |
12.5 |
|
Gross gearing (Financial debts/Total equity) |
4.1 |
11.2 |
|
Macroeconomic indicators3 |
||
|
Population (in millions) |
10.4 |
10.3 |
|
GDP growth (in %)4 |
3.1 |
5.9 |
|
Inflation (in %) |
6.3 |
2.8 |
|
Unemployment (in %) |
6.0 |
6.6 |
|
CZK/USD exchange rate - average over the period |
17.0 |
20.3 |
|
CZK/USD exchange rate - end of period |
19.3 |
18.1 |
|
CZK/EUR exchange rate - average over the period |
24.9 |
27.8 |
|
CZK/EUR exchange rate - end of period |
26.9 |
26.6 |
2. Letter from the Chairman of the Board of Directors
To Our Shareholders
Let me use this opportunity to review the development and the results of the Telefónica O2 Czech Republic Group in 2008. I am glad that during the past year we confirmed our leadership of the Czech telecommunications market. Our successful offer of new and innovated services, which were very well received by customers, asserted our reputation as innovator in the field of telecommunications and integrated business solutions.
The solid growth in the mobile segment, together with a demonstrated improvement in our traditional fixed line services, has helped us deliver on our revenue growth targets. Our continuing efforts to improve operating efficiency sustained the high level of operating profit and delivered on the OIBDA margin growth.
As in previous years, our activities concentrated on the maximum satisfaction of customer needs. At the same time, they followed the trends of the fiercely competitive telecommunications market in the Czech Republic; those trends included an uptake in fixed line and mobile broadband services, data services, digital television over the fixed line and convergent services. We also tried to maintain the revenues from voice services in the mobile segment through the migration of customers to contract services. In the area of IT and professional solutions, we progressed further in the implementation of our strategy to integrate our operations into one professional services business unit. This has helped us reinforce our leadership among other ICT providers in the Czech Republic, and consolidate our revenues from this segment.
We launched O2 Fér, a new, simple and attractive mobile tariff for the Slovak market. It instantly became a popular mobile choice - the market received it enthusiastically, which has led to an increase in the customer base and to improvements in the quality of the customer mix.
Now I will take a closer look at the past year's developments, our accomplishments and our expectations from 2009.
As in the previous two years, we continued in upgrading the connection speeds for O2 Internet ADSL; from September 2008 we increased the connection speed by up to fourfold. The speeds were increased gradually, automatically and at no cost to the customer. The new basic connection speed increased to 8 Mb/s. Additionally, we abolished Fair User Policy data limits in March. The speed upgrades and the abolition of the data limits applied, as a matter of course, also to our wholesale offer to other licensed operators. Our initiative in this field helped us again to become the number one promoter of ADSL broadband internet access within the Czech telecommunications market.
We also improved the quality of our O2 TV service. We introduced new programme bundles and added new feature films and television programmes to the TV Archive. We also brought out Multi - a new feature which allows for watching different channels on two television sets.
Both these services - O2 TV and O2 Internet ADSL - continued to be the key building blocks in our product bundles which combine several fixed line and mobile services, all for a flat monthly fee. The total number of customers who opted for such a bundle reached 270 thousand at the end of 2008, which means that service bundles are now subscribed by 14% of all lines. The activities aimed at improving the fixed line broadband internet and digital television offer were fully in line with our strategy to add more value to the fixed line. This resulted in a 47% slowdown in the rate of fixed line losses in 2008 compared to 2007.
With the goal to slow down the declining voice traffic generated in fixed lines, and to increase the penetration of broadband internet, we introduced the first Voice over IP service to the segment of small and medium enterprises. O2 Neomezená linka offers maximum simplicity, comfort and flexibility.
Our innovations in the mobile segment are a clear example of the fact that we give customers the services they call for. In May, we became the first operator on the Czech market to come out with a new concept of simple and straightforward flat rate tariffs - O2 NEON. This together with O2 [:kůl:], a tariff intended for our young customers, was aimed at stimulating voice traffic in our network. Both new mobile tariffs were received with enthusiasm by the market, and almost 400 thousand customers activated them by the end of the year. Voice traffic grew 10% year on year. A similar offer was extended to customers from the small and medium business segment. Under the brand O2 Business Unlimited we began to market a tariff with unlimited calls to all fixed line and mobile networks in the Czech Republic - all for a flat monthly fee.
We responded to the fast-growing demand for internet access via mobile handsets by introducing O2 Internet v Mobilu, a new flat rate service which came with unlimited mobile internet access, including e-mail service. Entrepreneurs and self-employed people were our audience for O2 Business Mail, a virtual mobile office which, in addition to an e-mail box, also contained a shared calendar, shared workspace and an address book.
At the end of 2008 we had the broadest portfolio of mobile data access products, which gave us a considerable competitive edge over other mobile operators in the Czech Republic. In August we announced our plans to roll out our 3G network to other relevant cities by the end of 2009. During the next two to three years, our 3G network service should be available to more than 70% of the Czech population.
In 2008, we also expanded our portfolio of Managed Services that give the customer a professional ICT solution on a fee-for-service basis, without having to procure hardware, software or hire human resources. The various components of our O2 Managed Hosting come with a dedicated server capacity and system administration, with the possibility of data backup for the eventuality of its loss. Other innovations in the segment of Managed Services included O2 Managed Security, which keeps corporate data secure, and O2 Managed Desktop, a comprehensive, multi-level administration of the corporate IT infrastructure.
In the first half of 2008, in line with our expectations we cleaned up our customer database in Slovakia; we deactivated inactive customers acquired at the time of the launch in 2007 who were using our services irregularly. Our new and in many ways revolutionary offer of O2 Fér tariffs, which came with a single rate for all calls to all networks in Slovakia and which abolished the mandatory monthly fee, quickly became popular. It boosted the number of active customer in the second half of the year; their number reached 325 thousand at the end of the year, which translates into a 19% year-on-year increase.
In 2008, we also made a great progress with the construction of our proprietary GSM network in Slovakia. Our goal was to reduce the dependency on the national roaming arrangement with T-Mobile Slovensko, and to improve operating efficiency. By the end of 2008, more than 850 base stations were deployed and our network covered more than 90% of the Slovak population. The terms and conditions of the licence were also complied with.
The financial results for 2008 also delivered on our expectations for revenue and OIBDA growth and capital expenditure levels from the earlier period. The total consolidated revenues in 2008 reached CZK 64.7 billion, which is a 2.6% increase on the year before. Business revenues grew 2.9% to CZK 64.4 billion, well within the 2-4% range we expected. This growth was also supported with a solid 3.1% growth in revenues from mobile services of Telefónica O2 Czech Republic, and a 0.6% increase in fixed line revenues due to a marked improvement in the segment of traditional services. In spite of the 5.3% increase in operating expenditure, the consolidated OIBDA (Operating Income before Depreciation and Amortisation) grew 1% to CZK 28.3 billion. The result was an OIBDA margin of 43.9%, compared to 44.8% in 2007. The OIBDA margin was still high in comparison with other operators in Central and Eastern Europe. The trend of OIBDA growth, the continuing decline in depreciation, amortisation and net financial costs resulted in a 12% increase of net profit on the group consolidated basis in 2008 to CZK 11.6 billion. Our investments in 2008 continued to focus on growth areas, which, in the Czech Republic, included ADSL and IPTV technologies, and mobile and data networks. Investment activity in Slovakia focused in particular on the rollout of own network and on systems development. The total investments showed a year-on-year growth of 3.6% in 2008 and reached CZK 8.1 billion. We proved that in 2008, too, we were capable of generating a strong free cash flow; with the proceeds from the sale of no longer used properties factored in, the free cash flow level in 2008 reached CZK 19.5 billion, i.e. 6.5% more than in 2007.
In 2009, with regard to the challenging macroeconomic environment, we plan to continue with our strategy which places the customer and the satisfaction of customer needs at its core. At the same time we will concentrate on the execution of our strategic objectives and on maximising our performance. Cash flow growth by way of efficient operating and capital expenditure will be among our main priorities for 2009.
Salvador Anglada Gonzalez
Chairman of the Board of Directors
3. Calendar of key events in 2008
January
Telefónica O2 brought a new concept of state-of-the-art ICT technology to its business customers in the form of its Managed Services.
For every mobile handset turned in by people in any of the O2 brand stores, Telefónica O2 donated CZK 25 through its O2 Foundation towards the operations of Linka bezpečí, a helpline for children.
Telefónica O2, general partner of the highest ice-hockey league, teamed up with all Extraliga clubs and ran a special sports result tipping contest open to all ice-hockey fans, in which the main prize was a place on the players' bench at O2 Extraliga matches.
February
Telefónica O2 and BESTSPORT signed a rental agreement for an arena in Prague. The five-year contract with BESTSPORT, the owner-operator of the arena, gave Telefónica O2 not only the right to use the official name of O2 Arena, but also a number of other benefits associated with the marketing support of the arena.
Telefónica O2 published its audited consolidated financial results prepared under International Financial Reporting Standards for the fiscal year 2007. Consolidated revenues reached CZK 63 billion. Consolidated net profit grew to CZK 10.4 billion.
Telefónica O2 Services earned the status of Preferred GOLD Partner Specialist, which confers the highest achievable standard in the comprehensive delivery of ICT products.
Jaime Smith Basterra resigned from the office of Chairman of the Board of Directors; Salvador Anglada Gonzalez, member of the Board of Directors and Chief Executive Officer of Telefónica O2 was unanimously elected to the position vacated by him.
Jaime Smith Basterra and Antonio Botas Bañuelos resigned on their membership in the Board of Directors. Peter Erskine resigned on his membership in the Supervisory Board which he chaired. Jaime Smith Basterra was co-opted by the Supervisory Board to the position vacated by him, and was later elected Chairman of the Supervisory Board.
March
Telefónica O2 abolished Fair User Policy (FUP) data limits for all speed variants of O2 Internet ADSL.
The number of visitors to O2 brand stores exceeded the 10 million mark.
The employees of Telefónica O2 received the Křesadlo prize for volunteer work in the O2 Foundation from the hands of Pavel Bém, the Lord Mayor of Prague.
April
An Ordinary General Meeting of shareholders of Telefónica O2 Czech Republic was held. The shareholders approved a proposal of the Board of Directors for the payment of a dividend of CZK 50 per share. The previously co-opted members of the Supervisory Board were confirmed as regular members of the body. Antonio Botas Baňuelos became a member of the Supervisory Board, replacing Julio Estaban Linares López who had resigned.
The Supervisory Board of Telefónica O2 confirmed Jaime Smith Basterra as Chairman of the Supervisory Board, and elected Alfonso Alonso Durán as the First Vice-Chairman of the Supervisory Board.
A new service, Platí to Kvído, offered customers the possibility to call for one minute for free to any mobile or fixed line number in the Czech Republic.
May
Ramón Ros Bigeriego, Vice-President, Finance Division, left Telefónica O2 after being appointed Executive Director for Finance at Telefónica O2 UK. Jesús Pérez de Uriguen succeeded Ramón Ros both in the executive position and as a member of the Board of Directors.
Multi, a new feature of the digital television O2 TV, let customers watch different channels on two television sets in different parts of the home.
Telefónica O2 entered into a framework agreement for the sale of a part of its real property portfolio with BOHEMIA REAL ESTATE INVESTMENTS s.r.o.
June
Telefónica O2 and Apple signed a distribution agreement for iPhone enabled for the third generation network.
All five members of the Supervisory Board elected by employees were elected in employee elections for the Supervisory Board, which were held with the support of an electronic election system and were preceded by an electronic election campaign.
July
The Supervisory Board of Telefónica O2 co-opted Eduardo Andres Julio Zaplana Hernandéz-Soro a Anselmo Enriquez Linares as members. The new members succeeded Petr Zatloukal and Andrew Harley.
Telefónica O2 commenced a commercial pilot of two new mobile data tariffs: O2 Internet v Mobilu and O2 Internet v Mobilu Plus.
An open air exhibition of art using the Telefónica O2 public telephone boxes as a theme opened at Kampa in Prague.
Telefónica O2 connected more than 600 thousand customers via the ADSL technology.
August
The number of O2 TV customers exceeded the 100 thousand mark.
Telefónica O2, the only Czech operator with a 3G network, announced its plans to significantly increase the coverage.
O2 Internet ADSL increased the basic connection speed by up to fourfold, while preserving the same prices.
September
Andrei Torriani resigned on his position of Vice-President, Consumer Division; he was succeeded by José Perdomo Lorenzo.
Telefónica O2 and its wholly owned subsidiary DELTAX Systems a.s. were voted to the TOP 10 Systems Integrators of 2008.
Telefónica O2 Slovakia introduced O2 Fér, a new tariff which revolutionised mobile communications in Slovakia. The new proposition brought simplicity in the form of a single rate for calling all networks in Slovakia - anytime - and fairness, because of the zero monthly fee.
Telefónica O2 won a prestigious award for its long-term contribution to the fight against bullying in Czech schools.
An inspection by the Slovak Telecommunications Authority confirmed that Telefónica O2 Slovakia deployed 842 base stations of its proprietary GSM mobile network, covering 89% of the population with its signal, and thus complied with all terms and conditions of the licence which concerned the network and coverage.
October
Telefónica O2 provided a network linking all election rooms and data and voice connectivity for the regional and Senate elections.
The Czech Ministry of Health awarded Telefónica O2 with the prestigious Healthy Company badge.
November
Telefónica O2 began the exclusive distribution of Emporia Life, a mobile handset designed specially for senior citizens.
Telefónica O2 launched O2 Grantový poradce, a new service which helps businesses qualify from European Union funding.
Telefónica O2 won the prestigious IT Product of the Year 2008 award, which is given every year by Computerworld magazine.
December
Telefónica O2 became the Czech Republic's official telecommunications partner for the Czech presidency of the European Union.
The Board of Directors approved the plan to merge two wholly owned subsidiaries, DELTAX Systems a.s. and Telefónica O2 Services, spol. s r.o., in order to create a strong provider of ICT services. The corporate name of Telefónica O2 Services changed to Telefónica O2 Business Solutions spol. s r.o., in the process.
Telefónica O2 commenced the pilot operation of the new ADSL wholesale service. The pilot wholesale variant of the ADSL service did not contain the necessary component of a main telephone connection.
4. About Telefónica Group
In 2008, the group adopted an integrated decentralised governance model, through which it strives for maximum exploitation of the potential of all business units. Telefónica's operations are divided into three regions - Spain, Latin America and Europe. The group maintains an optimal revenue distribution in the regions, and 63% of all revenues are generated in other than the home market.
Telefónica in figures
Presence in 25 countries
More than 259 million customers
196 million mobile customers
43 million fixed accesses
More than 12 million of high-speed internet connections
2 million of pay TV customers
EUR 57.946 billion of revenues
63% of revenues generated in markets outside Spain
EUR 4.614 billion invested in research, development and innovation
More than 257,000 employees
Corporate Centre
The Corporate Centre is responsible for the global and organisational strategy, corporate policies, management of joint activities and coordination of business unit operations. In 2008, the Corporate Centre reinforced its relationships with the organisation units by way of a reorganisation project, which gave rise to two organisation units dedicated to innovation and transformation, respectively; the units were established to give a stronger impetus to the drive for revenues and performance.
Telefónica España
Telefónica was founded in 1924 in Spain, however (since 2008), the home country is no longer the main market of the company. The company's main operations are in Latin America. Telefónica España is well appointed in all main market segments; it provides fixed telephony services (including pay TV), mobile and data services, broadband internet access, and has - via its subsidiary Meditel - investments in Morocco.
Telefónica Latinoamérica
Telefónica Latinoamérica has operations in 13 countries of Latin America - Argentina, Brazil, Chile, Ecuador, El Salvador, Guatemala, Colombia, Mexico, Nicaragua, Panama, Peru, Uruguay and Venezuela, where it provides the services of mobile and fixed telecommunications, internet access and pay TV. Additionally, Telefónica International Wholesale Services provides wholesale telecommunications services to a global standard. Its portfolio spans voice, data, IP, satellite, corporate and mobile services, and its optical network connects Latin America, United States and Europe. Telefónica is also actively pursuing ancillary business in Puerto Rico and in the United States.
Telefónica Europe
Telefónica O2 Europe plc changed its name to Telefónica Europe plc on 1 June 2008. The change came as an organic part of the integration process, two years after the company's integration in the group. The new corporate name structure follows the same pattern as in all the other regions - Telefónica España, Telefónica Latinoamérica and Telefónica Europe. With operations in the United Kingdom, Ireland, Germany, Czech Republic and Slovakia, Telefónica Europe provides the services of mobile and fixed telecommunications and broadband internet access.
Telefónica has an indirect presence in China and Italy through the subsidiaries China Netcom and Telecom Italia.
Other companies in the group
Atento offers the services of Customer Relationship Management via its network of contact centres. It has operating platforms in Spain, Argentina, Brazil, Chile, Colombia, United States, Morocco, Mexico, Peru, Puerto Rico, Czech Republic, Uruguay and Venezuela.
T-gestiona provides comprehensive administrative and financial support in the area of human resources, real property, logistics and distribution, consulting in the area of ERP processes and systems, and the services of a comprehensive back office. It operates in Spain, Argentina, Brazil, Chile and Peru.
Telefónica I+D is a research and innovation company in the field of technology. The volume of funds invested in innovation and development has made it the largest private research and development centre in Spain, and it is also the European leader in terms of participation in ICT research projects. It has operations in Spain, Brazil and Mexico.
Integrated decentralised model of governance
It is Telefónica's goal to maximise the value of its activities at all levels - global, regional and local. The model of organisation puts the customer at the heart of the company's focus, sets out the role of innovation in revenue generation and in the transformation into a better-performing enterprise.
Group structure
Telefónica's organisation evolves around three regional business divisions, and builds on the strategic and industry alliances in China, Italy and Portugal.
Telefónica España
|
Share in % |
|
|
Telefónica de España |
100% |
|
Telefónica Móviles España |
100% |
|
Telyco |
100% |
|
Telefónica Telecomunic. Públicas |
100% |
|
T. Soluciones de Informática y Comunicaciones de España |
100% |
|
Iberlanda |
58.94% |
|
Medi Telecom |
32.18% |
Telefónica Latinoamérica
|
Share in % |
|
|
Telesp1 |
87.95% |
|
Telefónica del Perú |
98.18% |
|
Telefónica de Argentina |
98.20% |
|
TLD Puerto Rico |
98% |
|
Telefónica Chile2 |
96.75% |
|
Telefónica Telecom |
52.03% |
|
Telefónica USA |
100% |
|
T. Intern. Wholesale Serv. (TIWS)3 |
100% |
|
Brasilcel4 |
50% |
|
T. Móviles Argentina |
100% |
|
T. Móviles Perú |
98.63% |
|
T. Móviles Mexiko |
100% |
|
Telefónica Móviles Chile |
100% |
|
T. Móviles El Salvador |
99.08% |
|
T. Móviles Guatemala |
100% |
|
Telcel (Venezuela) |
100% |
|
T. Móviles Colombia |
100% |
|
Otecel (Ecuador) |
100% |
|
T. Móviles Panamá |
100% |
|
T. Móviles Uruguay |
100% |
|
Telefonía Celular Nicaragua |
100% |
|
T. Móviles Soluciones y Aplicac. (Chile) |
100% |
1 In real terms, the ownership interest (share) is 88.01%.
2Telefónica Internacional de Chile, S.A., owns 44.98%, and Inversiones Telefónica Internacional Holding Ltd. owns 51.86%. On 9 January 2009, after the second acquisition was completed, the share of the Telefónica Group in the Chilean company has risen to 97.89%.
3Telefónica, S.A., holds 92.51%, and Telefónica DataCorp holds 7.49%.
4 A joint venture which globally integrates the branch Vivo, S.A., through participation in Vivo Participaçoes, S.A. (63.54%).
Telefónica Europe
|
Share in % |
|
|
Telefónica O2 UK |
100% |
|
Telefónica O2 Germany1 |
100% |
|
Telefónica O2 Ireland |
100% |
|
Max |
100% |
|
Be |
100% |
|
Groups 3G (Germany)2 |
100% |
|
Telefónica O2 Czech Republic 1 |
69.41% |
|
Telefónica O2 Slovakia 3 |
100% |
1 A company in which the group has a stake through Telefónica, S.A.
2 A company in which the group has a stake through Telefónica O2 Germany.
3 A company in which the group has a stake through Telefónica O2 Czech Republic.
Other interests
|
Share in % |
|
|
3G Mobile AG (Švýcarsko) |
100% |
|
Skupina Atento |
100% |
|
Telefónica de Contenidos - obsahové služby (Španělsko) |
100% |
|
Mobipay Internacional |
50% |
|
Telco SpA (Itálie) 1 |
42,30% |
|
IPSE 2000 (Itálie) 2 |
39,92% |
|
Mobipay España 2 |
13,36% |
|
Lycos Europe |
31,10% |
|
Hispasat |
13,23% |
|
Portugal Telecom 3 |
9,86% |
|
China Unicom Limited (Hong Kong, China) |
5,38% |
|
ZON Multimedia 4 |
5,40% |
|
BBVA |
0,97% |
|
Amper |
6,10% |
1 Through Telco, Telefónica holds an indirect stake in Telecom Italia of approximately 10.36% in ordinary shares (with voting rights). After discounting saving shares (azioni di risparmio), which do not confer control rights, the indirect interest of Telefónica in Telecom Italia was 7.15%.
2 Companies in which Telefónica Móviles España has a direct or an indirect interest.
3 Real interest of the Telefónica Group. With minority shareholdings disregarded, Telefónica's interest would be in the range of 10%.
4 Real interest of the Telefónica Group. With minority shareholdings disregarded, Telefónica's interest would be in the range of 5.46%.
For more information please visit: www.telefonica.es/accionistaseinversiones
http://www.rns-pdf.londonstockexchange.com/rns/7907P_-2009-3-31.pdf
Related Shares:
TDE.L