Telefónica confirms dividend (€0.30/share) despite ending 2023 with losses (-€892m) due to restructuring in Spain and impairment in UK

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Telefónica (TEF) closed 2023 with a loss of €892 million due to extraordinary items, including the provision for the restructuring plan in Telefónica Spain and an impairment of goodwill in Virgin Media O2 (VM02). The operator’s ordinary net profit in 2023, excluding provisions and extraordinary items, grew 17.1% to €2,369 million.

Group revenues rose 1.6% last year to more than EUR €40,000 million (€40,652 million). Net financial debt increased mainly due to the increase in the stake in Telefónica Deutschland and ended the year at €27,349 million euros and the debt ratio stood at 2.60 times.

Confirms shareholder remuneration
Regarding shareholder remuneration for 2024, the company confirms the distribution of a cash dividend of €0.30 per share payable in two tranches, in December 2024 (€0.15) and in June 2025 (€0.15), in line with the provisions of its GPS plan. In addition, it will redeem 1.4% of the share capital, equivalent to the treasury stock existing at 30 June 2023.


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