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2010 Annual Report

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2010 Annual Report 2010 ANNUAL REPORT www.telefonica.com 2010 ANNUAL REPORT Summary Vision p 04-09 Talent p 10-21 Commitment p 22-49 Strength p 50-125 02 Telefónica, S.A. Annual Report 2010 ‘Telefónica’s vision is to make the possibilities offered by this new digital world real, and to be one of the leaders in this area’, says the Executive Chairman, César Alierta, in his letter to shareholders. Telefónica has a suitable structure in order to make the most of synergies as a global company that is already present in 25 countries. Its Board of Directors, its Management Team and its more than 285,000 Professionals guarantee the good government and management of the Company and the performance of the work plans included in the bravo! programme (strategic plan for 2010-2012). In 2010, Telefónica, driven by the acquisition of the Brazilian operator Vivo, increased the scale of its operations, once again obtaining solid results, and fulfi lling the commitments made in the market. Progress was possible thanks to improvements in customer experience, based on a new brand strategy; to the promotion provided by innovation in order to capture the opportunities for growth provided by the digital market; and to the improvement of operating effi ciency. All this, together with a strong range of strategic alliances and our leadership in corporate sustainability, has made Telefónica the most admired company in the telecommunications industry in 2010. The 2010 results demonstrate Telefónica’s strength and its capacity to generate trust in the markets with a sensible risk management policy . Annual Report 2010 Telefónica, S.A. 03 Vision 04 Telefónica, S.A. Annual Report 2010 ‘Telefónica’s vision is to make the possibilities offered by this new digital world real, and to be one of the leaders in this area’, says the Executive Chairman, César Alierta, in his letter to shareholders. Telefónica has a suitable structure in order to make the most of synergies as a global company that is already present in 25 countries. Its Board of Directors, its Management Team and its more than 285,000 Professionals guarantee the good government and management of the Company and the performance of the work plans included in the bravo! programme (strategic plan for 2010-2012). In 2010, Telefónica, driven by the acquisition of the Brazilian operator Vivo, increased the scale of its operations, once again obtaining solid results, and fulfi lling the commitments made in the market. Progress was possible thanks to improvements in customer experience, based on a new brand strategy; to the promotion provided by innovation in order to capture the opportunities for growth provided by the digital market; and to the improvement of operating effi ciency. All this, together with a strong range of strategic alliances and our leadership in corporate sustainability, has made Telefónica the most admired company in the telecommunications industry in 2010. The 2010 results demonstrate Telefónica’s strength and its capacity to generate trust in the markets with a sensible risk management policy . Annual Report 2010 Telefónica, S.A. 05 VISION ...the Executive Chairman, César Alierta, in his letter to shareholders. César Alierta Izuel Executive Chairman, Telefónica, S.A. This is the eighth Dear shareholder, The increase in our customer base and the increasing contribution of the mobile-data It gives me great pleasure to offer you a brief business have driven the growth of Telefónica’s year in a row summary of Telefónica’s business activity revenues, which amounted to €60.7 billion, in 2010. Here at Telefónica, we have taken up 7.1% on the previous year. In addition, advantage of this year, a year where we have Telefónica’s operating effi ciency levels in which we seen the global economic recovery becoming continue to set the benchmark for the sector, more fi rmly established to strengthen our with an increase in operating income before position in our various markets and improve depreciation and amortisation (OIBDA) of have achieved our capacity for innovation. This will enable us 14% to €25.8 billion. to make the most of the opportunities offered by the Information and Communications Telefónica achieved record net income of the objectives Technology industry. €10.2 billion in 2010, up 30.8% compared to 2009. As a result, basic earnings per share Before going into detail, I would just like to point amounted to €2.25, exceeding the €2.10 we committed out that 2010 was the eighth year in a row in target set by the company. which we have achieved the fi nancial objectives we committed with the market. This further We have continued to invest in order to establishes our position as a highly predictable ensure the company’s future growth, with and reliable company. investment rising at a 13.6% rate over the previous year. The company is continuing Sound results to focus its investment efforts on growth Diversifi cation was of particular importance to and transformation projects, boosting our results in 2010. 83% of our accesses are the development of fi xed-line and mobile now outside Spain. Telefónica Latinoamérica broadband services. The total volume of and Telefónica Europe accounted for 68% of our investment in the year, including spectrum consolidated Group revenues, with Telefónica acquisition, amounted to €10.8 billion. España contributing almost a third of Group This resulted in the company achieving an revenue. This year, Latin America accounted operating cash fl ow of €14.933 billion in 2010, for a larger share of our results, due both to the representing 25% of the total revenue. growth of our business in the region and the increased contribution from Brazil following the Prioritising shareholder remuneration acquisition of Portugal Telecom’s stake in Vivo. In 2010 we managed to balance a number of objectives which are often diffi cult to combine: meeting the commitments made to the fi nancial community; continuing to invest to facilitate future growth; maintaining a robust fi nancial position; and increasing returns to our shareholders. 06 Telefónica, S.A. Annual Report 2010 The remuneration of our shareholders remains one of our highest priorities. In 2010, Telefónica’s earnings per share amounted to 8.2%, the highest of any of the 50 largest companies in the world in terms of market capitalisation. Based on our forecasts of robust cash fl ow generation during the current year, we have announced a dividend of €1.60/share in 2011, an increase of 14.3% vs. the 2010 dividend. This proposal confi rms the company’s commitment to prioritising shareholder remuneration in the use of cash fl ow and progressively increasing the dividend per share, with the objective of distributing a dividend of €1.75 per share in 2012. The value of our size Size is a key factor in sectors such as telecommunications. The company’s focus on increasing its customer base, and the value of our customers, has resulted in a signifi cant increase in accesses, especially in our fi xed-line and mobile broadband businesses due to the rapid adoption of smartphones and our fi xed- line package offers. Our intensive commercial activity in 2010 enabled us to increase the total number of accesses by 23 million, an increase of 8.7% to almost 288 million. Telefónica is now the fi fth largest telecommunications operator in the world in terms of accesses. Annual Report 2010 Telefónica, S.A. 07 VISION ...the Executive Chairman, César Alierta, in his letter to shareholders. Telefónica’s vision In 2010 we were involved in operations which Growth opportunities in have reinforced the scale and position of the the new digital world company and will help us to continue to grow in The digitalisation of the world is going to go is to make the the markets in which we operate: further than merely our need to communicate with each other and to always be connected. • Taking control of Vivo through the The scope of our market has increased possibilities acquisition of 50% of Brasilcel has made us enormously due to the most important and the leading integrated telecommunications valuable opportunity for our industry: the company in Brazil. digitalisation of the real economy. Many sectors offered by such as fi nance, health, government, education • We have taken a further step forward in our and entertainment are demanding new digital relationships with China Unicom through applications and services so that they can this new digital a new reciprocal investment. Once this achieve higher levels of quality, speed and agreement has been completed, Telefónica ease of use, anytime, anywhere. All the experts will have increased its shareholding in China agree, the growth prospects for this new digital world real Unicom to around 9.7%. world are extremely positive. • Our acquisition of Tuenti makes us the In Telefónica we are very aware of this great leader of the benchmark social networking opportunity, which we can divide into four main site in Spain, in particular among the pillars: an increasing number of customers; youth segment. Jajah and Hansenet a larger number of devices with even more have reinforced our positions in global advanced capabilities; the proliferation of IP communications and the broadband applications and services making people’s business in Germany. lives ever easier; and a very likely explosion in traffi c on new communication networks. • We have obtained a licence to operate in the mobile market in Costa Rica and There are still major growth opportunities for acquired spectrum -a key asset in our communication services, as is shown by the sector- in Germany, Brazil and Mexico. forecasts of 6% annual growth in accesses worldwide from 2010 to 2013. The driver of this Our size and our strategic alliances with China growth will be mobile accesses and broadband, Unicom and Telecom Italia have positioned us both mobile and fi xed, which are expected to as a global leader with a combined customer grow by 46% and 9% respectively.
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