In reciprocity, this reduction in the fixed prices of the submarine cable will improve the operating businesses' margins. TIM and LGBT+ people: the road to inclusion, Our presence at the Pride events, our collaboration with Parks, Valentina' story , LGBT+ wife and mother. Those are not factored at this moment in our outlook for the rest of the year in Spain, which, again, we are looking forward to having a higher OIBDA margin in the second half than in the first half. Please go ahead. As a result, on slide 11, we confirm our 2020 dividend of EUR0.40 per share, with a first tranche of EUR0.20 to be paid in December through voluntary scrip dividend and the second tranche in June 2021. Yes. View now. Moving to slide six. In Spain, we don't have the under-penetration that you have in other markets. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. Second, we advanced on technological leadership in infrastructure and digitalization. Investors. In the towers, as you can see on the bottom right of slide 17, growing organically at 20% in revenues in the third quarter, 18% in OIBDA. So we are simplifying the organization and operating model, and that's dealing with significant savings. In the U.K., we are progressing with regulatory approval for being national connectivity champion, while in Brazil, where, again, we registered multiyear record commercial activity, free cash flow grew double-digit in euro terms despite the currency depreciation. Financial Highlights (CNMV filing) View detail [397 KB]. So you think that this kind of the spin-down, I think we're seeing a little bit, and you alluded to that with your multi-branding strategy, can be offset over the next quarters, right? This financial information is unaudited. And then the second question had to do with the leverage and the debt rating. And my second question is on Telxius. So just to clarify, so there will be no further content savings in Q4. And we have lower extra consumption out of the bundle given that we have moved to more allowances in mobile, for instance, and we have the dilutive effect from multi-brand options, meaning the increased -- the penetration of our O2 proposition. Sorry, I wasn't clear. Which industries do these Sub-Organization operate in? Telefônica Brasil S.A. is the largest telecommunication company in the country, with presence in the entire Brazilian territory with a complete and convergent portfolio of products (fixed and mobile voice, fixed and mobile broadband, ultra-broadband, data and digital services, pay TV and IT) If those additional content savings were to be produced, they would be incremental to this outlook. Yes. It was actually more than one question because you asked about the rating, inorganic options, and also progress on HispAm. And fifth, we signed the MoU with Rakuten and OpenRAN, a next step in our journey toward a virtualized networks model. According to information provided in the Shareholders’ Register approximately 274,000 holders of Telecom Italia ordinary shares are recorded in the Register. We have done the operational carve-out. While Telefonica Spain results continued to be impacted by COVID-19 in Q3, year-on-year financial performance show clear improvement versus Q2, with the year-on-year revenue decline improving 0.9 percentage points despite an unfavorable comparison generating by the July '19 convergent tariff increase and a reduction in roaming. With the acquisitions made during the period, we have added new consulting and training skills, further strengthening our offerings. AAPL, FB, TWTR), Total amount raised across all funding rounds, Total number of current team members an organization has on Crunchbase, Descriptive keyword for an Organization (e.g. Moving now to slide 17. The football gross adds in the quarter growing double-digit, and the mix of the gross hedging convergence with the best value mix in the last four quarters. On this slide, we can see revenue reconciliation between reported and organic year-on-year variations. So we keep working capital very well with capex phasing. Do you think volume growth can offset the structural ARPU erosion? Regarding the Fiber that we have in Spain, it's a different situation. But I can assure you that on the headquarters line, there's been a lot of efficiency also, not only aligned to COVID, also it was part of our operating model, strategic decision on Q4 last year. It is worth highlighting the launch of the 5G network, which is now operational in 15 cities, targeting over 30% population coverage by the end of 2021 and around 50% coverage by the end of 2022. And we still think we are going to deliver very, very robust free cash flow in this complex year in the remainder of 2020. But I guess it's more of a conceptual question about the bigger picture on how you think about balance sheet. Those would not be spilling over to next years. I'll be curious to understand some of the motivations behind your engaging in this agreement, and also whether there are other similar options you may be looking either in Germany or other markets. But on the convergent product, basically, what we're seeing is an ARPU decline, which I suspect is also part of a downspin in the market. And in terms of net debt, this had a positive impact of EUR1.2 billion for the first nine months or EUR2.1 billion on the net debt plus leases space. It has been clearly growing, doubling its size since the company was created. See you at the top! Moving to the next slide. At the group level, Telefonica's financing activity amounts to EUR10.4 billion and contributes to both an extension of our average debt life as close to 11 years and a robust liquidity position of more than EUR22 billion. There's no other solution. At AMÉRICA MÓVIL, we promise to treat your data with respect and will not share your information with any third party. If I look in the release on page 14, you disclosed that your net debt includes a positive value of a derivatives portfolio, with a net value of about EUR2.2 billion. +52 55 25 81 37 00 Telefonica Spain consolidated the recovery trend in net adds amid a very competitive environment in Q3 '20. But we still think an extra level of prudency is needed, and also this frame within our commitment of the solid investment grade. We will analyze potential share buybacks programs once we feel comfortable with the reduction in leverage. Is that what you said? Investor Email Alerts. Our last question comes from David Wright from Bank of America. Pablo Eguiron Vidarte -- Global Director of Investor Relations. Ghana investor relations. Next question comes from Joshua Mills from Exane. But going forward, you saw that in Q2, it was around EUR165 million and in Q3 has increased about EUR30 million to EUR200 million. Free cash flow expanded sequentially to EUR1.6 billion and grew 13.2% year-on-year in Q3 2020 with free cash flow per share at EUR0.30 in the quarter. As usual, we will first walk you through the slides, and then we will be happy to take any questions you may have. Fitch has maintained a stable outlook. So from this point, unless the macro continues reversing what is in our hands, what is under management, I think you have to look at these specific assets as optionality going forward. I mean you continue to -- yet to transfer assets, but it seems to me that until Telxius is consolidated within the group, you cannot properly develop it as Europe will probably do. • USA: (+1 412) 717-9627 We are expecting the ARPU of the second half of the year to be higher than the one of the first half of the year. With the German tower deal, we are now at close to 27,000 towers from the 16,000, which -- with which Telxius started three years ago when we closed the second tranche of the German deal, 33,000 towers, a very substantial and valuable tower company, which gives us optionality. 76% of the gross adds were in the mid- and the high end of the Fusion packages. So you will see that, and you can see how it was for the different Hispam assets. So that's affecting the whole working capital comparison this year. But quarter-on-quarter, it's improving, as we said in the previous call. I would like to highlight, however, that Spain retains a benchmark OIBDA minus capex margin of 29.7%. It's a relatively simple question, hopefully, but it's already been asked before. Conference Call ID: Telefônica Brasil Our commercial costs were stable on back to normalized activity. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. It's a very well-penetrated market in Fiber, actually the leader in Europe. One is a follow-up on the dividend. Among our four core markets, Spain showed better trends at both ARPU, revenue and OIBDA levels with a remarkable commercial traction despite the competition noise. • Brasil: (+55 11) 3181-8565 ou (+55 11) 4210-1803 MTN Nigeria information. Telefónica Deutschland Holding AG: Telefónica Deutschland places 258.75m shares (including over-allotment) with investors at an issue price of EUR 5.60 per share 16. By closing this banner or accessing any of the underlying content you are expressing your consent to the use of cookies. I can tell you, the operation is working on a plan to reverse commercial trends and change the operating model so as to reduce opex and prioritize capex to protect free cash flow. Regarding the FiberCo in Germany, we are aiming -- and there will be a period of build-out to reach this in excess of two million homes. Finally, we are proposing to the next AGM the cancellation of 1.5% of treasury shares. We have had content savings in Q3. Thank you for the questions. And to every external observer, Spanish pricing is under severe pressure in the market. Slide number 23 shows the growing importance of ESG in the post-COVID-19 era and our full commitment. At the same time, we have upselling, we have new digital services with quite strong traction and we have lower year-on-year promotion weight. We are now ready to take your questions. Código de acesso: Telefônica Brasil And then the second question, on the Fiber-to-the-Home business in Germany. OIBDA margin was close to 42% in Q3 as the year-on-year OIBDA trend improved by 4.1 percentage points sequentially driven by better revenue performance, lower content costs, lower roaming costs and personnel efficiencies. In the U.K., we are progressing in the in-market convergent consolidation. The OIBDA minus capex over revenue ratio, excluding M&A capex from inorganic operations, stood at 51.2% for the first nine months of the year. View more. But your net debt evolution year-on-year has nothing to do with this. Thank you, Angel, and good morning to everyone. Excluding this effect, year-on-year OIBDA trend would otherwise be stable versus the previous quarter despite very strong commercial activity and tough comps. This positive performance saw Telefonica Infra's revenue grow 2.1% and OIBDA 0.3% in the quarter despite the negative impact from contract extensions in cable. Let me, Mathieu, give you a couple of figures to give you comfort on what I said before. Thank you, David. The working capital, not only for this Q, also for the full 2020 versus 2019, is going to be very much affected by the deferred payments of the German spectrum acquired in 2019. On slide 13. Thank you very much for your participation, and we certainly expect to have provided some useful insights for you. And secondly, just within the other companies and eliminations line on EBITDA, obviously, it's a bit more difficult for us to have a clear view on where that should be. OIBDA minus capex posted a significantly improved trend, growing by 5.2% year-on-year in Q3 and 1.9% in Q2 driven by the performance in Germany, Brazil and the U.K.

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