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Telefónica, S.A. Annual Report 1999 Telefónica, S.A

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Telefónica, S.A. Annual Report 1999 Telefónica, S.A Portada (inglŽs) 25/4/00 14:16 P‡gina 1 S.A. Telefónica, Telefónica, S.A. Annual Report 1999 1999 Annual Report 01 Indice inglŽs 25/4/00 14:21 P‡gina 1 Telefónica, S. A. Annual Report 1999 01 Indice inglŽs 25/4/00 14:21 P‡gina 2 4 Signicant variables 7 Letter from the chairman t) agmen o Schommer (fr t y Alber yb aph ogr phot 01 Indice inglŽs 25/4/00 14:21 P‡gina 3 Contents Telefónica, S. A. Annual Report 1999 11 A global company 81 Consolidated Financial Statements and Managements 15 Fixed Telephony Report 25 Mobile Services 197 Financial Exhibits 35 Internet 41 Yellow Pages 201 Shareholder Information 47 Data Transmission 209 Management 51 Media 57 Corporate Management 63 Research and Development ( R+A ) 67 The Telefónica Foundation 73 Sequence of events t) agmen o Schommer (fr t y Alber y b aph ogr phot ing-00Variables significativas 25/4/00 14:25 P‡gina 4 Evolution fixed telephone lines (millions) Evolution cellular customers (millions) 45 20.000 40 18.000 16.000 35 14.000 30 12.000 25 10.000 20 8.000 15 6.000 10 4.000 5 2.000 0 0 Dic. 95 Dic. 96 Dic. 97 Dic. 98 Dic. 99 95 96 97 98 99 España Otros países España Otros países Evolution of revenue from operations (millions of pesetas) Evolution of net income (millions of pesetas) 4.000.000 350.000 3.500.000 300.000 3.000.000 250.000 2.500.000 200.000 2.000.000 150.000 1.500.000 100.000 1.000.000 50.000 500.000 0 0 95 96 97 98 99 95 96 97 98 99 4 ing-00Variables significativas 25/4/00 14:25 P‡gina 5 Significant variables 1995 1996 1997 1998 1999 Fixed telephone lines (thousands) 24,247.3 26,477.1 28,159.9 36,792.8 40,199.1* Spain 15,774.7 16,200.1 16,798.3 18,205.2 19,226.2 Other countries 8,472.6 10,277.0 11,361.6 18,587.6 20,972.9 Cellular customers 1,375,519 3,329,398 5,053,404 10,514,460 19,582,100 Spain 928,955 2,345,645 3,187,696 4,894,300 9,052,300 Other countries 446,564 983,753 1,865,708 5,620,100 10,529,800 Pay TV customers 774,989 1,149,260 1,751,860 2,369,800 2,489,500 Spain — — 200,000 282,090 440,100 Other countries 774,989 1,149,260 1,551,860 2,087,800 2,049,400 Active employees** 99,203 92,148 92,151 103,662 118,778 Revenue from operations (millions of pesetas) 1,740,557 2,006,058 2,363,102 2,906,021 3,819,724 Financial debt (millions of pesetas) 1,861,728 1,947,450 2,317,201 3,196,426 3,464,902 Investment (millions of pesetas) *** 632,893 724,253 685,888 735,079 1,195,548 Cash flow (millions of pesetas) 750,357 811,235 961,435 1,084,114 1,494,976 Net income (millions of pesetas) 133,214 160,282 190,063 217,584 300,293 (*) Included ISDN lines and Ibercom lines. (**) Average number over the year. (***) Fixed and intangible. Includes prepayments to suppliers and installation materials. 5 02 cartacorregidapaz25/4/0014:29P‡gina6 photography by Gabriel Cualladó 02 carta corregida paz 25/4/00 14:29 P‡gina 7 Letter from the Chairman Juan Villalonga Chairman and CEO of Telefónica S.A. Dear Shareholder: In 1999, the strength of Telefónica's business project was confirmed. Confirmed by the business model. Confirmed by value creation. Our business model is based on accelerating the development of three major priorities: Leadership in the "New Economy", exemplified by the explosive growth of the Internet and mobile telephones; disaggregation, as a way to multiply our innovative and creative capabilities; and the focus on our natural market, the 550 million speakers of Spanish and Portuguese who today comprise our chief asset. Telefónica's leadership in the New Economy is evident with the advent of Terra as a major pace-setter in the sector worldwide, as well as an outstanding leader in our market. It has also been evident with the creation of the new Telefónica Móviles, which groups all of our cellular operators into the world's fifth-largest mobile company. The disaggregation of high-growth business units has enabled us to dramatically increase our flexibility, offer maximum 7 02 carta corregida paz 25/4/00 14:29 P‡gina 8 Proyect of the new Telefónica´s offices in Madrid transparency and enhance the intrinsic value of our company. Our focus on the Spanish- and Portuguese-speaking market allows us to achieve unique economies of scale and places us on a solid strategic platform from which to launch a strong entry into other major world markets. Our main competitors have wanted to follow our lead. This is why we will improve and redouble our efforts in this project, increasing our competitive advantage. Our project has also been endorsed by the increase in the value of our shares. During 1999, the value of Telefónica shares grew 96.2%, surpassing all of the main national stock indexes of the countries where we operate and overtaking the average performance of our global competitors. In fact, from 1995 to 1999, Telefónica has created more shareholder value than any other integrated-services operator in the world. We have therefore fulfilled our main goal of achieving exceptional yields for our shareholders. 8 02 carta corregida paz 25/4/00 14:29 P‡gina 9 In our sector it is very difficult to predict the future, but I can guarantee to you that we will be steadfast in maintaining the integrity of our business project and in our commitment to the interests of all our shareholders. Juan Villalonga Chairman and CEO of Telefónica S.A 9 03 GLOBALPLAYERinglŽs25/4/0016:46P‡gina10 photography by Guillermo Armengol (fragment) 03 GLOBAL PLAYER inglŽs 25/4/00 16:46 P‡gina 11 t) Telefónica has agmen become a leader ol (fr in the telecommunications, Internet and y Guillermo Armeng media sectors, in a y b aph market covering ogr phot A global over 550 million company people. company now in charge of the line of activity of fixed telephony in Spain. During the year, other lines of business were consolidated, this time on a global level with two particularly outstanding "stars": Terra and TPI. Both of these companies were listed on the Spanish stock exchange, with revaluations of the minority tranche price rising by 360% and 227%, respectively, by the end of the year. The result has been a significant widening Telefónica's business structure. Both of these operations are a good indicator of Telefónica's In 1999 the groundwork was laid for the transformation of Telefónica firm acceptance of the Internet as a key to global development of its into a global player in the telecommunications, Internet and media business project. This global project should be understood in two sectors. This project (conceived nearly three years ago) gave ways: on the one hand, as an openly receptive approach towards new Telefónica a leading position in the Spanish/Portuguese-speaking business (such as the Internet or Media, the star of 2000) and, on the market, covering over 550 million people. other hand, as a growing international presence. In this regard, 1999 Financial markets have generally expressed their trust in witnessed an opening up to new countries (Italy, Austria, Morocco, El Telefónica, reflected in a 96.2% revaluation of Telefónica's shares Salvador, Guatemala...), and a consolidation of Telefónica's presence during this financial period and a market cap of 80.910 billion euros, in countries where it already operated, particularly Brazil. in comparison with the figure of 38.870 billion euros at the end of In January 2000 an important event took place regarding the the preceding year. new company structure: the Board of Directors approved the This new company model is based on reorganizing the proposal to carry out offers for the acquisition of 100% of the business along Lines of Activity, initially reflected on the first day of minority shareholdings in various Latin American affiliates the year with the corporate separation of Telefónica de España, the (Telefónica de Argentina, Telefónica del Perú, Telesp and Tele Sudeste). 11 03 GLOBAL PLAYER inglŽs 25/4/00 16:46 P‡gina 12 The new organization by Global Business Lines aims to make each unit a world leader in its area of activity. This operation was approved on February 4, 2000 at an Extraordinary In fixed telephony, Telefónica de España has continued as Shareholders' Meeting. undisputed leader of the sector, maintaining a significant market The main objective of the take-over bid is to facilitate the share in spite of having to operate within a totally open, competitive Group's restructuring by business units (fixed telephony, mobile environment. Expansion in fixed telephony has continued in Latin telephony, data transmission, Internet, business-to-business e- America, reaching 21 million lines in service (18.4 million under direct commerce, media, directories and telephone-assistance services). management). This new focus will make Telefónica bigger while allowing each Telefónica Media is one of the world's major companies in the business line to take its place among the world's leaders in each field of production, ownership and broadcasting of audiovisual sector. services in the Spanish/Portuguese-speaking community. During In 1999, Telefónica Móviles became the fastest-growing 2000, part of its share capital is expected to be floated on the European operator, with over 9 million Spanish customers.
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