Telefonica SA (TEF) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Telefónica's January-December 2020 Results Conference Call. (Operator Instructions) As a reminder, today's conference is being recorded.

女士們，先生們，感謝你們的支持，歡迎來到西班牙電信 2020 年 1 月至 12 月的業績電話會議。 （操作員說明）提醒一下，今天的會議正在錄製中。

I would now like to turn the call over to Mr. Pablo Eguiron, Global Director of Investor Relations. Please go ahead, sir.

我現在想把電話轉給投資者關係全球總監 Pablo Eguiron 先生。請繼續，先生。

Good morning, and welcome to Telefónica's conference call to discuss January-December 2020 results. I'm Pablo Eguiron, Head of Investor Relations.

早上好，歡迎參加 Telefónica 的電話會議，討論 2020 年 1 月至 12 月的結果。我是投資者關係主管 Pablo Eguiron。

Before proceeding, let me mention that the financial information contained in this document related to the fourth quarter and full year 2020 has been prepared under International Financial Reporting Standards as adopted by the European Union. This financial information is unaudited. This conference call webcast, including the Q&A session, may contain forward-looking statements and information relating to the Telefónica Group. These statements may include financial or operating forecasts and estimates or statements regarding plans, objectives and expectations regarding different matters. All forward-looking statements involve risks and uncertainties, including risks relating to the effect of the COVID-19 pandemic, that would cause the final developments and results to materially differ from those expressed or implied by such statements. We encourage you to review our publicly available disclosure documents filed with the relevant securities market regulators. If you don't have a copy of the relevant press release and slides, please contact Telefónica's Investor Relations team in Madrid or London.

在繼續之前，讓我提一下，本文件中包含的與 2020 年第四季度和全年相關的財務信息是根據歐盟採用的國際財務報告準則編制的。此財務信息未經審計。本次電話會議網絡廣播，包括問答環節，可能包含與西班牙電信集團相關的前瞻性陳述和信息。這些報表可能包括財務或運營預測和估計，或關於不同事項的計劃、目標和期望的報表。所有前瞻性陳述都涉及風險和不確定性，包括與 COVID-19 大流行影響相關的風險，這些風險和不確定性將導致最終發展和結果與此類陳述明示或暗示的內容存在重大差異。我們鼓勵您查看我們向相關證券市場監管機構提交的公開披露文件。如果您沒有相關新聞稿和幻燈片的副本，請聯繫 Telefónica 在馬德里或倫敦的投資者關係團隊。

And now let me turn the call over to our Chairman and Chief Executive Officer, Mr. José María Álvarez-Pallete.

現在讓我將電話轉交給我們的董事長兼首席執行官 José María Álvarez-Pallete 先生。

Thank you, Pablo. Good morning, and welcome to Telefónica's fourth quarter and full year results conference call. With me today is Ángel Vilá, Chief Operating Officer; and Laura Abasolo, our Chief Financial and Control Officer.

謝謝你，巴勃羅。早上好，歡迎來到 Telefónica 的第四季度和全年業績電話會議。今天和我在一起的是首席運營官 Ángel Vilá；以及我們的首席財務和控制官 Laura Abasolo。

As usual, we will first walk you through the slides, and then we will be happy to take any questions.

像往常一樣，我們將首先引導您瀏覽幻燈片，然後我們很樂意回答您的任何問題。

I would like to start by highlighting the material progress against strategic objectives made along during the year. First, across our 4 core markets, Spain, Germany, U.K. and Brazil, we have improved our value proposition, increasing our premises passed with fiber to more than 25 million in Spain and 15 million in Brazil. In the U.K., the combination of O2 and Virgin Media is progressing to plan, whilst in Brazil our joint bid won the auction for Oi mobile, which will further strengthen our market position when completed.

我想首先強調這一年在實現戰略目標方面取得的實質性進展。首先，在我們的 4 個核心市場（西班牙、德國、英國和巴西）中，我們改進了我們的價值主張，將我們通過光纖傳輸的場所增加到西班牙超過 2500 萬，巴西超過 1500 萬。在英國，O2 和 Virgin Media 的合併正在按計劃進行，而在巴西，我們的聯合競標贏得了 Oi mobile 的拍賣，這將在完成後進一步鞏固我們的市場地位。

The legal separation of Hispam was successfully completed in the year. In parallel, we continue to optimize efficiencies, increasing profitability and reducing our equity exposure. In addition, we have announced the launch of an independent neutral fiber network vehicle in Chile. In Telefónica Tech, carve-outs are almost completed and fully functional. In the meantime, we continue to develop our digital capabilities and build our IoT and Big Data portfolio, aimed at venture vertical B2B markets and new cloud solutions in Edge computing.

年內順利完成 Hispam 的合法分離。與此同時，我們繼續優化效率、提高盈利能力並減少我們的股權敞口。此外，我們已經宣佈在智利推出一款獨立的中性光纖網絡車輛。在 Telefónica Tech，分拆幾乎完成並完全發揮作用。與此同時，我們繼續發展我們的數字能力並構建我們的物聯網和大數據產品組合，旨在開拓垂直 B2B 市場和邊緣計算中的新雲解決方案。

We progressed as well at Telefónica Infra, where we continue to realize value. The sale of the Telxius towers to American Towers for EUR 7.7 billion implied a record multiple of 13.5x pro forma or OIBDA after leases, and will reduce net financial debt by EUR 4.6 billion. Additionally, we are in advanced negotiations with a major international financial investor for the construction, an offer of a neutral independent fiber wholesale network in Brazil and recently signed a partnership with Allianz for FTTH rollout in Germany. Finally, we continue to simplify our operating model, with 79% of processes being already digitalized, up 10 percentage point against last year. We also signed an MoU with leading European telcos to promote OpenRAN with successful technical testing in the U.K. and Germany during Q4.

我們在 Telefónica Infra 也取得了進步，在那裡我們繼續實現價值。以 77 億歐元的價格將 Telxius 塔出售給 American Towers 意味著租賃後的備考倍數或 OIBDA 達到創紀錄的 13.5 倍，並將減少 46 億歐元的淨金融債務。此外，我們正在與一家主要的國際金融投資者就建設進行深入談判，提議在巴西提供一個中立的獨立光纖批發網絡，最近還與安聯簽署了在德國推出 FTTH 的合作夥伴關係。最後，我們繼續簡化我們的運營模式，79% 的流程已經數字化，比去年提高了 10 個百分點。我們還與領先的歐洲電信公司簽署了一份諒解備忘錄，以在第四季度通過在英國和德國成功進行的技術測試來推廣 OpenRAN。

Moving to Slide 2, and our 2020 performance. We saw good momentum in the last quarter, with organic revenue and OIBDA trends accelerating across all segments. Customer engagement improved with NPS in our 4 core markets increasing 7 percentage points versus last year and churn declining for the fourth consecutive quarter. Group OIBDA minus CapEx returned to organic growth at 1.9% year-on-year with margin improving by 0.7 percentage points. This reflected incremental cost efficiencies and digitalization that accelerated with digital sales growing 12 percentage points versus last year to reach 31% of total sales.

轉到幻燈片 2，以及我們 2020 年的表現。我們在上個季度看到了良好的勢頭，所有細分市場的有機收入和 OIBDA 趨勢都在加速。我們 4 個核心市場的 NPS 提高了客戶參與度，比去年增加了 7 個百分點，客戶流失率連續第四個季度下降。集團 OIBDA 減去資本支出，同比恢復 1.9% 的有機增長，利潤率提高 0.7 個百分點。這反映了增量成本效率和數字化的加速，數字銷售額比去年增長了 12 個百分點，達到總銷售額的 31%。

As a result, organic OpEx was down 2.2% year-on-year in the fourth quarter of 2020. Of particular note is the 2020 earnings per share, which stood at EUR 0.24 and grew 54.3% year-on-year. As a result of prioritized investment in next-generation networks, we now reached 135 million premises passed with ultra-fast broadband. Free cash flow improved remarkably throughout the year. And we, therefore, continue to deleverage, reducing net financial debt by EUR 2.5 billion to EUR 35.2 billion at year-end. This will decrease further by the additional EUR 9 billion derived from our recently announced inorganic transactions, an amount equivalent to 25% of our year-end net financial debt.

因此，有機運營支出在 2020 年第四季度同比下降 2.2%。特別值得注意的是 2020 年每股收益為 0.24 歐元，同比增長 54.3%。由於對下一代網絡進行了優先投資，我們現在已經為 1.35 億個用戶提供超高速寬帶服務。全年自由現金流顯著改善。因此，我們繼續去槓桿化，在年底將淨金融債務減少 25 億歐元至 352 億歐元。這將進一步減少來自我們最近宣布的無機交易的額外 90 億歐元，相當於我們年終淨金融債務的 25%。

Slide 3 shows out robust for financial performance in a challenging year. In 2020, reported revenue declined 11% year-on-year, largely attributable to unfavorable foreign exchange, which accounted to 6.5 percentage points of the decline, changes in the perimeter and others. OIBDA declined 12.7% year-on-year on a reported basis, or 5.7% organically, excluding negative ForEx effects as well as changes to the perimeters and others. Free cash flow per share increased to EUR 0.37 in the fourth quarter, reaching EUR 0.88 per share in 2020. Worth highlighting is that free cash flow generated in the last 5 years amounts to EUR 25 billion, with 2020 free cash flow being in line with the last 5 years' average despite the challenges. This cash flow stability has been a major driver in bringing down our debt by EUR 17 billion since June 2016.

幻燈片 3 顯示了在充滿挑戰的一年中穩健的財務業績。 2020年，報告收入同比下降11%，主要原因是不利的外匯佔下降6.5個百分點，周長變化等。 OIBDA 在報告的基礎上同比下降 12.7%，有機下降 5.7%，不包括負面的 ForEx 影響以及周邊和其他方面的變化。第四季度每股自由現金流增至 0.37 歐元，2020 年達到每股 0.88 歐元。值得強調的是，過去 5 年產生的自由現金流達 250 億歐元，2020 年自由現金流與過去 5 年的平均水平，儘管面臨挑戰。自 2016 年 6 月以來，這種現金流穩定性一直是我們將債務減少 170 億歐元的主要推動力。

Our reported results summarized on Slide 4 reflect the significant impact of COVID-19, which caused a decline in revenues and OIBDA of EUR 1.9 billion and EUR 1 billion, respectively, in 2020. It also reflects ForEx headwinds which reduced revenues and OIBDA by EUR 3.1 billion and EUR 1.2 billion, respectively. Revenues reached EUR 10.9 billion in the fourth quarter, declining 2% year-on-year in organic terms while OIBDA stood at EUR 3.7 billion, down 2.8% year-on-year in organic terms. We saw improving trends in our core markets throughout the year, with both revenues and OIBDA declines narrowing. OIBDA less CapEx over revenues increased 0.7 percentage points versus the same quarter last year in organic terms, again showing increased operating leverage and CapEx savings despite continued investment in high-priority areas.

我們在幻燈片 4 中總結的報告結果反映了 COVID-19 的重大影響，這導致 2020 年的收入和 OIBDA 分別下降了 19 億歐元和 10 億歐元。它還反映了外匯逆風導致收入和 OIBDA 減少歐元分別為 31 億和 12 億歐元。第四季度收入達到 109 億歐元，有機同比下降 2%，而 OIBDA 為 37 億歐元，有機同比下降 2.8%。全年我們看到核心市場的趨勢有所改善，收入和 OIBDA 的下降幅度都在收窄。與去年同期相比，OIBDA 減去資本支出與收入相比增長了 0.7 個百分點，再次表明儘管在高優先領域繼續投資，但運營槓桿和資本支出節省有所增加。

Underlying net income reached EUR 1 billion in the fourth quarter, growing 4.9% in 2020 and surpassing the EUR 3 billion mark. We delivered outstanding growth in free cash flow in the fourth quarter, which increased by double digits to almost EUR 2 billion, lifting full year free cash flow to almost EUR 5 billion. Net financial debt continues to decline, reducing by 6.7% versus December 2019 to EUR 35.2 billion.

第四季度基礎淨收入達到 10 億歐元，2020 年增長 4.9%，突破 30 億歐元大關。我們在第四季度實現了自由現金流的顯著增長，增長了兩位數，達到近 20 億歐元，將全年自由現金流提升至近 50 億歐元。淨金融債務繼續下降，與 2019 年 12 月相比下降 6.7%，至 352 億歐元。

Turning to Slide 5. Fourth quarter of 2020 year-on-year trends accelerated versus the previous quarter, with improvement seen in both revenues and OIBDA across all segments of the business. The revenue decline narrowed by 2.2 percentage points versus the third quarter while the OIBDA decline narrowed by 5.4 percentage points. In addition, we maintained our long track record of efficiency gains, further increasing our organic OIBDA minus CapEx margin by a fifth consecutive year-on-year to 20.4% at the end of 2020.

轉到幻燈片 5。與上一季度相比，2020 年第四季度同比趨勢加快，所有業務部門的收入和 OIBDA 均有所改善。與第三季度相比，收入降幅收窄了 2.2 個百分點，而 OIBDA 降幅收窄了 5.4 個百分點。此外，我們保持了效率提升的長期記錄，到 2020 年底，我們的有機 OIBDA 減去資本支出利潤率連續第五年同比增長至 20.4%。

Slide 6 shows we delivered against our full year guidance of a slightly negative to flat organic OIBDA minus CapEx, thanks to effective operational management to preserve cash. We are also confirming today the final dividend for the year of EUR 0.4 per share. The first tranche of EUR 0.2 per share was paid in December through a scrip dividend, with 67% of shareholders opting to receive new shares, further enhancing our financial flexibility. The second tranche, EUR 0.2 per share, will be paid next June through voluntary scrip dividend. This dividend is more than covered with our strong free cash flow per share, which stood at EUR 0.88 in 2020.

幻燈片 6 顯示，由於有效的運營管理可以保留現金，我們實現了略微負向持平的有機 OIBDA 減去資本支出的全年指導。我們今天還確認了每股 0.4 歐元的年度末期股息。 12 月通過以股代息支付了每股 0.2 歐元的第一筆股息，67% 的股東選擇接收新股，進一步增強了我們的財務靈活性。第二部分每股 0.2 歐元，將於明年 6 月通過自願以股代息支付。我們強大的每股自由現金流超過了這筆股息，2020 年每股自由現金流為 0.88 歐元。

Our capacity to deliver to society was challenged as never before in 2020. We were able to sustain our business performance by keeping our ESG performance at the center of our strategy, which is based on 3 pillars: to help society thrive, build a greener future, and lead by example. For the first pillar, we continued our significant contribution to the countries in which we operate, 0.5% of GDP as well as almost 1 million jobs. We also made significant tax contribution of EUR 8.2 billion. And we kept delivering on our already ambitious and fundamental agenda, beating our target and setting new ambitious ones, aligned with the required urgencies of climate change. We reduced emissions by 61% while continuing to increase our use of renewable energy to 88% of our total usage, and reduced energy consumption by 81% relative to executing network traffic, thanks to our network transformation plans.

2020 年，我們為社會提供服務的能力受到了前所未有的挑戰。通過將 ESG 績效置於我們戰略的中心，我們能夠維持我們的業務績效，該戰略基於三大支柱：幫助社會繁榮，建設更綠色的未來，並以身作則。對於第一個支柱，我們繼續對我們經營所在的國家/地區做出重大貢獻，佔 GDP 的 0.5% 以及近 100 萬個工作崗位。我們還做出了 82 億歐元的重大稅收貢獻。我們繼續實現我們已經雄心勃勃的基本議程，超越我們的目標並設定新的雄心勃勃的目標，與氣候變化所需的緊迫性保持一致。由於我們的網絡轉型計劃，我們減少了 61% 的排放量，同時繼續將可再生能源的使用增加到我們總使用量的 88%，並且相對於執行網絡流量減少了 81% 的能源消耗。

We have also contributed more than ever to the decarbonization of the economy, thanks to the increase of digitalization during the COVID-19 crisis. The group has also delivered sustained improvement in other ESG metrics. Our customers and society, in general, valued our role on performance through the pandemic. And our reputation, measured through RepTrak, reached a record of 66%, 10 percentage points over last year.

由於 COVID-19 危機期間數字化的增加，我們還為經濟脫碳做出了比以往任何時候都更多的貢獻。該集團還在其他 ESG 指標方面取得了持續改進。總的來說，我們的客戶和社會重視我們在大流行期間對績效的作用。通過 RepTrak 衡量，我們的聲譽達到了創紀錄的 66%，比去年高出 10 個百分點。

Looking at gender diversity, we achieved an increase of 1.8 percentage points to 27%, something I'm proud of considering this figure was below 20% 5 years ago. Among the range of ESG awards and recognitions we received throughout the year, I want to highlight, for the second consecutive year, we lead the ranking of Digital Rights, which is a prestigious third-party reference.

看看性別多樣性，我們實現了 1.8 個百分點的增長，達到 27%，考慮到 5 年前這個數字還低於 20%，我很自豪。在我們全年獲得的一系列 ESG 獎項和認可中，我想強調的是，我們連續第二年在數字版權排名中處於領先地位，這是一個享有盛譽的第三方參考。

Finally, Telefónica is committed to achieving net zero emissions in our 4 main markets by 2025. I will now hand over to Ángel to go through a detailed review of our business performance.

最後，Telefónica 致力於到 2025 年在我們的 4 個主要市場實現淨零排放。現在我將交給 Ángel 詳細審查我們的業務績效。

Thank you, José María. On Slide 8, we show the performance of the Spanish business. During Q4, we took steps to pull down pricing competition, enabling us to continue with our More for More strategy. We announced the fiber speed upgrade to 1-gigabit per second in agreements with DAZN and Disney Star to include their premium content in our offer. These actions temporarily lead to lower gross adds and muted KPIs, but do deliver positive results in terms of churn and value mix and add further sustainability to our business. By year-end, the convergent base remained stable. ARPU improved in the second half of the year and churn was reduced year-on-year. Hence, the value of our convergent business has grown even with the toughest macro environment in decades. In addition, we have the largest fiber-to-the-home network in Europe with the uptake reaching 29% as a result of higher accesses connected in both the retail and wholesale businesses.

謝謝你，何塞·瑪麗亞。在幻燈片 8 上，我們展示了西班牙業務的表現。在第 4 季度，我們採取措施減少價格競爭，使我們能夠繼續我們的“多多益善”戰略。我們與 DAZN 和 Disney Star 達成協議，宣布將光纖速度升級到每秒 1 吉比特，以便將他們的優質內容包含在我們的產品中。這些行動暫時導致總增加值降低和 KPI 降低，但確實在客戶流失和價值組合方面取得了積極成果，並進一步提高了我們業務的可持續性。到年底，趨同基數保持穩定。下半年 ARPU 有所改善，客戶流失率同比下降。因此，即使在幾十年來最艱難的宏觀環境下，我們融合業務的價值也有所增長。此外，我們擁有歐洲最大的光纖到戶網絡，由於零售和批發業務的接入率更高，使用率達到 29%。

Continuing with Spain, let's move to financials on Slide 9. Service revenue accelerated its improving trends sequentially across all revenue lines and especially in the second half of the year, mainly on the back of a solid convergent ARPU and record IT sales. Continued cost containment and benefits from digitalization led to an improved OIBDA trend quarter-on-quarter, with an OIBDA margin of almost 41% in 2020. On the investment front, and despite having rolled out more than 2.1% fiber-to-the-home premises and switched on 5G to cover 78% of population, 2020 CapEx declined to 11% of sales. As a result, Telefónica Spain proved, once again, its ability to deliver solid cash generation amid very challenging conditions, with an OIBDA minus CapEx of EUR 3.6 billion, literally flat year-on-year. Finally, we are committed to achieving net zero emissions in 2025 in our Spanish operations.

繼續西班牙，讓我們轉向幻燈片 9 的財務。服務收入在所有收入線中連續加速其改善趨勢，尤其是在下半年，這主要是在穩固的收斂 ARPU 和創紀錄的 IT 銷售的支持下。持續的成本控制和數字化帶來的好處導致 OIBDA 趨勢環比有所改善，2020 年 OIBDA 利潤率接近 41%。在投資方面，儘管推出了超過 2.1% 的光纖到-家庭場所並啟用 5G 以覆蓋 78% 的人口，2020 年資本支出下降至銷售額的 11%。結果，Telefónica Spain 再次證明了其在極具挑戰性的條件下提供穩定現金生成的能力，OIBDA 減去資本支出後為 36 億歐元，同比持平。最後，我們致力於在 2025 年在我們的西班牙業務中實現淨零排放。

Moving to Slide 10. Telefónica Deutschland maintained its strong trading momentum in Q4, with the O2 Free portfolio continuing its good traction and O2 contract churn registering historically low levels at 1%. Our improved perception amongst customers is a result of a successfully equalized network quality as the company met all its LTE coverage obligations. In the current mobile network test conducted by trade Magazine Connect, the O2 network secured a very good rating for the first time, reflecting the enhancement in network quality, driven by the 4G rollout.

轉到幻燈片 10。Telefónica Deutschland 在第四季度保持了強勁的交易勢頭，O2 Free 投資組合繼續保持良好的吸引力，O2 合同流失率創下 1% 的歷史低位。由於公司履行了所有 LTE 覆蓋義務，因此成功均衡了網絡質量，從而改善了客戶對我們的看法。在本期Trade Magazine Connect進行的移動網絡測試中，O2網絡首次獲得非常好的評價，反映出在4G推出的推動下網絡質量的提升。

In terms of financial performance, Telefónica Deutschland met all its full year revenue, OIBDA and CapEx to sales guidance. Network development and targeted customer focus continued to drive growth momentum, with revenues increasing 2.7% year-on-year in the fourth quarter whilst OIBDA growth continued to improve strongly, up to 3.4% year-on-year in Q4 versus 0.7% in Q3. Full year CapEx increased by 4.8%, driven by investments for future growth in 4G and in the 5G launch, now active across 15 cities.

在財務業績方面，Telefónica Deutschland 的全年收入、OIBDA 和資本支出都達到了銷售指引。網絡發展和有針對性的客戶關注繼續推動增長勢頭，第四季度收入同比增長 2.7%，同時 OIBDA 增長繼續強勁增長，第四季度同比增長 3.4%，而第三季度為 0.7% .受 4G 未來增長和 5G 發布投資的推動，全年資本支出增長 4.8%，目前活躍於 15 個城市。

And in terms of our sustainability efforts, Telefónica Deutschland's stated aim is to be carbon neutral by 2025. With 5G consuming 90% less energy per byte than 4G, we are very well placed to reach this target.

就我們的可持續發展努力而言，Telefónica Deutschland 的既定目標是到 2025 年實現碳中和。5G 每字節的能耗比 4G 低 90%，我們完全有能力實現這一目標。

Turning to Telefónica U.K. on Slide 11. We continue to be the U.K.'s #1 network. We have grown our base by 5% to reach over 36 million mobile customers, with market-leading NPS and customer loyalty that continued to improve in 2020.

轉到幻燈片 11 上的 Telefónica U.K.。我們仍然是英國排名第一的網絡。我們的基數增長了 5%，移動客戶超過 3600 萬，市場領先的 NPS 和客戶忠誠度在 2020 年繼續提高。

Looking at the financial performance. Top line trends have been adversely affected by COVID impacts. However, with solid trading in the fourth quarter, we saw improvements in mobile revenue from hard work on SMIP, containing the total revenue decline in 2020 to 4.4%. OIBDA grew by 2.5% year-on-year in Q4 while declining by 2.4% in the full year 2020. It is worth highlighting that this is the fifth consecutive year of margin expansion in the U.K. business, driven by our flexible operating model and continued efficiency gains. OIBDA minus CapEx grew by 2.7% year-on-year in 2020 as a result of strong cost control and CapEx flexibility with an increased focus on growth areas such as 5G.

看財務表現。收入趨勢受到 COVID 影響的不利影響。然而，隨著第四季度的穩健交易，我們看到 SMIP 的努力工作使移動收入有所改善，將 2020 年的總收入下降至 4.4%。 OIBDA 在第四季度同比增長 2.5%，而在 2020 年全年下降 2.4%。值得強調的是，在我們靈活的運營模式和持續的推動下，這是英國業務連續第五年實現利潤率增長效率增益。 2020 年 OIBDA 減去資本支出同比增長 2.7%，這歸因於強有力的成本控制和資本支出的靈活性，同時更加關注 5G 等增長領域。

In line with the group's ESG agenda, Telefónica U.K. has committed to become the first U.K. mobile network to achieve net zero carbon by 2025. I am also pleased to say that the O2 U.K. and Virgin Media joint venture is progressing to plan, and we expect it to close around the middle of this year. This transaction values O2 U.K. at 7.8x OIBDA and will create the U.K.'s connectivity champion with a joint enterprise value of GBP 38 billion, with an expected cash inflow for Telefónica of GBP 5.5 billion to GBP 5.8 billion, subject to customary adjustments in this type of transaction.

根據集團的 ESG 議程，Telefónica U.K. 已承諾到 2025 年成為第一個實現淨零碳排放的英國移動網絡。我也很高興地說，O2 U.K. 和 Virgin Media 的合資企業正在按計劃進行，我們預計它將於今年年中左右關閉。本次交易對 O2 U.K 的估值為 OIBDA 的 7.8 倍，並將打造聯合企業價值 380 億英鎊的英國連接冠軍，預計西班牙電信的現金流入為 55 億至 58 億英鎊，具體取決於本次交易的慣例調整交易類型。

Let's now move to the performance of our Brazilian operations on Slide 12. In 2020, we have reinforced our leadership in mobile, with a record 33.6% market share and accelerated our transformation to fiber. In contract, we added 729,000 new accesses in Q4, following our More for More strategy and thanks to the increasing demand for high-quality and reliable services. At the same time, churn improved to 1.1%. In fixed, we passed almost 5 million premises with fiber-to-the-home during the year, doubling what we did in 2019 for a total of 16 million. We want to continue capitalizing on the fiber opportunity, using different models to address different profiles. In line with this, we are in advanced talks to create a neutral wholesale fiber network vehicle where both Vivo and Telefónica Infra will hold equity stakes, targeting more than 5.5 million premises passed in 4 years.

現在讓我們來看看我們在幻燈片 12 上巴西業務的表現。2020 年，我們鞏固了我們在移動領域的領導地位，市場份額達到創紀錄的 33.6%，並加速了我們向光纖的轉型。在合同中，我們在第四季度增加了 729,000 個新訪問，遵循我們的更多戰略，並且由於對高質量和可靠服務的需求不斷增加。與此同時，客戶流失率提高至 1.1%。在固定方面，我們在這一年中通過了近 500 萬個光纖到戶場所，是我們 2019 年的兩倍，總數達到 1600 萬個。我們希望繼續利用光纖機會，使用不同的模型來解決不同的配置文件。為此，我們正在進行高級談判，以創建一個中立的批發光纖網絡工具，Vivo 和 Telefónica Infra 將持有股權，目標是在 4 年內通過超過 550 萬個場所。

Looking at our financial performance, we delivered outstanding OIBDA minus CapEx growth of 8.5% versus 2019, with a margin expansion of 2.5 percentage points. This outstanding result was supported by our continuing focus on driving OpEx efficiencies and optimizing capital allocation. On top of that, the acquisition of Oi's mobile business is progressing to plan, with closing expected in the second half of 2021. This will further enhance Vivo's position in the market, allowing us to deliver even higher service quality while creating significant value through synergy generation. Finally, on the ESG agenda, Brazil is committed to achieving net zero emissions in 2025.

從我們的財務業績來看，與 2019 年相比，我們的 OIBDA 減去資本支出增長了 8.5%，利潤率增長了 2.5 個百分點。這一出色的成績得益於我們持續專注於提高運營支出效率和優化資本配置。最重要的是，收購 Oi 的移動業務正在按計劃進行，預計將於 2021 年下半年完成。這將進一步提升 vivo 在市場上的地位，使我們能夠提供更高的服務質量，同時通過協同效應創造可觀的價值一代。最後，在 ESG 議程上，巴西致力於在 2025 年實現淨零排放。

Moving now to Slide 13. Telxius continued to deliver a strong performance, demonstrating the resilience of its business model throughout the COVID-19 crisis. In the Tower business, the portfolio increased 46% year-on-year with a number of third-party tenants up 15%, driving both organic revenue and OIBDA growth above 40% year-on-year in the quarter. In the Cable business, a second round of contract extensions with relevant clients was executed, resulting in an increase in net full contract value in the semester of approximately $620 million despite a consequential short-term negative impact on revenues and OIBDA. As a whole, Telxius delivered accelerated year-on-year revenue and OIBDA growth of 11% and 13%, respectively in the quarter, while the division's OIBDA minus CapEx margin reached 46.9% for the full year.

現在轉到幻燈片 13。Telxius 繼續表現強勁，展示了其商業模式在整個 COVID-19 危機期間的彈性。在鐵塔業務中，投資組合同比增長 46%，第三方租戶數量增長 15%，推動本季度有機收入和 OIBDA 同比增長超過 40%。在有線電視業務方面，與相關客戶進行了第二輪合同延期，儘管對收入和 OIBDA 產生了相應的短期負面影響，但本季度的淨合同總價值增加了約 6.2 億美元。總體而言，Telxius 本季度的收入和 OIBDA 分別實現了 11% 和 13% 的同比加速增長，而該部門全年的 OIBDA 減去資本支出利潤率達到 46.9%。

On top of this, Telefónica Infra successfully crystallized the value of our assets. Last month, Telefónica Infra announced a landmark agreement with American Tower Corporation for the sale of Telxius Tower division in Europe and in Latin America, as José María mentioned at the beginning of the presentation.

最重要的是，Telefónica Infra 成功地實現了我們資產的價值。上個月，Telefónica Infra 宣布與 American Tower Corporation 達成里程碑式的協議，出售歐洲和拉丁美洲的 Telxius Tower 部門，正如 José María 在演講開始時提到的那樣。

Slide 14 shows how Telefónica has been focused on pursuing value creation opportunities in fiber. Telefónica's footprint has grown exponentially in recent years, reaching almost 50 million fiber-owned premises passed in 2020. Additionally, including our wholesale agreements, our ultra-broadband footprint reached 135 million. Penetration of ultra-broadband connections over total fixed broadband accesses rose to 77%. That is 6 percentage points more than in 2019, driven by a strong technological transformation that provides visibility to long-term revenues.

幻燈片 14 展示了 Telefónica 如何專注於在光纖領域尋求價值創造機會。近年來，Telefónica 的足跡呈指數級增長，到 2020 年已達到近 5000 萬個擁有光纖的場所。此外，包括我們的批發協議在內，我們的超寬帶足跡達到了 1.35 億個。超寬帶連接在固定寬帶接入總量中的滲透率上升到 77%。這比 2019 年高出 6 個百分點，這得益於強大的技術轉型，為長期收入提供了可見性。

In Germany, as announced last October, we've signed an agreement with Allianz to create a neutral wholesale operator called Unsere Grüne Glasfaser, which stands for our green fiber in German. This new company has received approval from the European Commission with construction starting this year and a plan of passing more than 2 million premises in 6 years. In parallel, in Chile, we've announced the creation of a vehicle called InfraCo, which will also enable us to accelerate fiber deployment with no CapEx impact and reach 3.5 million premises passed by the end of 2022. Telefónica Chile will contribute its footprint of 2 million premises passed at a very attractive 18.4x EV to OIBDA while holding a minority stake of 40% in the company while KKR will hold 60%. This transaction is expected to reduce net debt by USD 0.4 billion.

在德國，正如去年 10 月宣布的那樣，我們與 Allianz 簽署了一項協議，創建一家名為 Unsere Grüne Glasfaser 的中立批發運營商，在德語中代表我們的綠色纖維。這家新公司已獲得歐盟委員會的批准，將於今年開始建設，併計劃在 6 年內通過超過 200 萬個場所。與此同時，在智利，我們宣布創建一種名為 InfraCo 的工具，這也將使我們能夠在不影響資本支出的情況下加快光纖部署，並在 2022 年底之前達到 350 萬個場所。Telefónica Chile 將貢獻其足跡200 萬處場所以極具吸引力的 18.4 倍 EV 傳給了 OIBDA，同時持有該公司 40% 的少數股權，而 KKR 將持有 60%。該交易預計將減少 4 億美元的淨債務。

And in Brazil, we are in advanced negotiations with a leading international financial investor for the construction of a neutral independent fiber optic wholesale network. The new company, FiBrasil, that will also have the participation of Telefónica Infra, aims to accelerate the expansion of fiber to new locations through a CapEx-light model for Telefónica Brazil and capture value through third-party penetration. Telefónica Brazil is carving out 1.6 million brownfield premises passed into FiBrasil. And the target is to reach over 5.5 million fiber-to-the-home premises passed over the next 4 years. As you can see, fiber-to-the-home networks are fast consolidating their position as a core infrastructure asset class with buoyant M&A activity at fairly rich valuations across geographies. Therefore, we have optionality to continue exploring further growth and value creation opportunities across our footprint.

在巴西，我們正在與一家領先的國際金融投資者就建設一個中立的獨立光纖批發網絡進行深入談判。新公司 FiBrasil 也將有 Telefónica Infra 的參與，旨在通過 Telefónica Brazil 的 CapEx-light 模型加速光纖向新地點的擴展，並通過第三方滲透獲取價值。 Telefónica Brazil 正在將 160 萬個棕地場地劃歸 FiBrasil。目標是在未來 4 年內覆蓋超過 550 萬個光纖到戶場所。正如您所看到的，光纖到戶網絡正在迅速鞏固其作為核心基礎設施資產類別的地位，併購活動活躍，各個地區的估值都相當高。因此，我們可以選擇繼續在我們的足跡中探索進一步的增長和價值創造機會。

Turning to Slide 15. Revenues from tech services, that is cloud, cyber and IoT and Big Data, grew consistently by 13.6% year-on-year in 2020 to EUR 1.5 billion and proving to be the fastest-growing and most resilient business despite the challenges posed by the COVID-19 crisis. It is important to highlight the competitive integrated portfolio, the strong operational capabilities, extensive commercial reach and its large base of B2B customers. Growth was mainly fueled by the corporate segment, where Telefónica plays a key role in driving digital transformation, thanks to the company's unique ability to address the converging demand for cybersecurity and cloud services. Telefónica Tech companies are already established and running, with close to 50% of revenues already transferred to them. The new structure will help us to capture revenue growth and efficiency gains ahead. So we met our targets and have outperformed the market once again.

轉到幻燈片 15。雲、網絡、物聯網和大數據等技術服務的收入在 2020 年同比持續增長 13.6%，達到 15 億歐元，並被證明是增長最快、最具彈性的業務，儘管COVID-19 危機帶來的挑戰。重要的是要突出具有競爭力的綜合產品組合、強大的運營能力、廣泛的商業影響力及其龐大的 B2B 客戶群。增長主要由企業部門推動，西班牙電信在推動數字化轉型方面發揮著關鍵作用，這要歸功於該公司在滿足網絡安全和雲服務的融合需求方面的獨特能力。 Telefónica Tech 公司已經成立並開始運營，近 50% 的收入已轉移給它們。新結構將幫助我們在未來實現收入增長和效率提升。因此，我們實現了目標並再次跑贏市場。

I will now hand over to Laura to cover Hispam and the financial results.

我現在將交給勞拉來報導 Hispam 和財務結果。

Thank you, Ángel. Turning to Hispam on Slide 16. Our focus remains on reducing exposure to the region without jeopardizing growth, thanks to alternative investment models that have been implemented in the last few quarters. Thanks to both, this extra focus on value growth and our differential assets in the region, contract accesses and fiber connections show a very robust performance at record low churn levels. Sound commercial performance in value segment has -- was then coupled with efficiencies, fostered by acceleration in digitization and CapEx optimization that will allow us to post OIBDA minus CapEx growth versus 2019 despite the tough year.

謝謝你，天使。轉向幻燈片 16 上的 Hispam。我們的重點仍然是在不損害增長的情況下減少對該地區的風險敞口，這要歸功於過去幾個季度實施的替代投資模式。多虧了這兩者，這種對價值增長的額外關注以及我們在該地區的差異化資產、合同接入和光纖連接在創紀錄的低流失水平下表現出了非常強勁的表現。在數字化加速和資本支出優化的推動下，價值領域的良好商業業績與效率相結合，這將使我們能夠發布 OIBDA 減去資本支出增長與 2019 年相比，儘管今年是艱難的一年。

Let me highlight. We are reducing significantly the average capital employed close to 20% versus 2019, leveraging on an asset-light model through co-investment deals with ATC and ATP, the announced InfraCo in Chile, 4G sharing in Colombia and AT&T agreement in Mexico for infrastructure rationalizations, among others. In addition, our capital structure improved with significantly increased leverage in Colombian and Chilean pesos, respectively. And finally, we are crystallizing value through disposals, as demonstrated by the Central American sales, LATAM tower sales to ATC and the announced InfraCo in Chile.

讓我強調一下。與 2019 年相比，我們通過與 ATC 和 ATP 的共同投資交易、智利宣布的 InfraCo、哥倫比亞的 4G 共享以及墨西哥的 AT&T 基礎設施合理化協議，利用輕資產模式，將平均使用資本大幅減少近 20% ，等等。此外，隨著哥倫比亞比索和智利比索槓桿率的顯著提高，我們的資本結構得到改善。最後，我們正在通過處置來實現價值，中美洲的銷售、向 ATC 出售 LATAM 鐵塔以及在智利宣布的 InfraCo 就證明了這一點。

Slide 17 shows how FX headwinds are mitigated at a free cash flow level through our natural hedge. The impact of FX in the fourth quarter was lower than in Q3. In 2020, FX detracted 6.5 percentage points year-on-year from revenue growth and 8 percentage points from OIBDA, mainly due to Brazilian real depreciation versus the euro. Nevertheless, the negative impact of EUR 1.2 billion at OIBDA level translated into just EUR 231 million at the free cash flow level. On the other hand, FX had a positive impact of net debt of as much as EUR 1 billion in 2020, which increases further to EUR 1.8 billion if we include leases.

幻燈片 17 顯示瞭如何通過我們的自然對沖在自由現金流水平上緩解外匯逆風。第四季度外彙的影響低於第三季度。 2020 年，外匯收入同比下降 6.5 個百分點，OIBDA 下降 8 個百分點，主要原因是巴西雷亞爾兌歐元貶值。儘管如此，OIBDA 層面 12 億歐元的負面影響轉化為自由現金流層面的 2.31 億歐元。另一方面，外匯對 2020 年高達 10 億歐元的淨債務產生了積極影響，如果我們將租賃包括在內，該淨債務將進一步增加至 18 億歐元。

On Slide 18, you can see how a strong free cash flow generation was last year, topping EUR 4.8 billion and comfortably allowing us to cover dividends, hybrid coupons and commitments, while helping to bring down net debt. We paid down EUR 2.5 billion to EUR 35.2 billion as of December 2020. Once we take Telefónica's recently announced strategic and inorganic initiatives into consideration, net financial debt will decrease by an additional EUR 9 billion to the EUR 25 billion mark. And we remain committed to reducing our net debt going forward through solid organic free cash flow generation, as proven even during the worst operating environment in decades and further inorganic measures.

在幻燈片 18 上，您可以看到去年產生了多麼強勁的自由現金流，超過 48 億歐元，讓我們輕鬆支付股息、混合息票和承諾，同時幫助降低淨債務。截至 2020 年 12 月，我們還清了 25 億歐元至 352 億歐元。一旦我們考慮到西班牙電信最近宣布的戰略和無機舉措，淨金融債務將再減少 90 億歐元至 250 億歐元大關。我們仍然致力於通過產生穩固的有機自由現金流來減少我們未來的淨債務，即使在幾十年來最糟糕的經營環境和進一步的無機措施中也證明了這一點。

Slide 19 shows our proactive and innovative approach to financing in 2020, navigating a volatile market to raise EUR 17.9 billion in total, including EUR 6.3 billion related to the Virgin Media/O2 U.K. deal financing. We have been at the forefront of ESG financing as the first ever telco issuer to tap the green hybrid market and more recently, as the first telco to issue a sustainability hybrid bond.

幻燈片 19 顯示了我們在 2020 年積極創新的融資方式，在動蕩的市場中航行，共籌集了 179 億歐元，其中包括與 Virgin Media/O2 UK 交易融資相關的 63 億歐元。我們一直處於 ESG 融資的前沿，成為首家開拓綠色混合市場的電信發行人，最近又成為首家發行可持續發展混合債券的電信公司。

In addition, we have reduced our maturities to 20 to -- sorry, 2022 through EUR 2 billion equivalent of liability management exercises in 2020 and 2021 to date. And we have extended our average debt life to close to 11 years while maintaining a robust liquidity cushion of EUR 21.4 billion, which comfortably accommodates upcoming maturities. Should we include the recently announced inorganic deals, our maturities will be more than covered for the next 3 years. All this financing activity has been executed at historically low interest rates, enabling us to reduce our effective interest costs to 3.11% as of December 2020, a 38 basis points improvement from the beginning of the year.

此外，我們已將我們的期限減少到 20 至 - 抱歉，2022 年到 2020 年和 2021 年迄今為止的 20 億歐元負債管理活動。我們將平均債務期限延長至接近 11 年，同時保持 214 億歐元的強勁流動性緩衝，可以輕鬆應對即將到期的債務。如果我們包括最近宣布的無機交易，我們的到期日將超過未來 3 年的期限。所有這些融資活動均以歷史低利率執行，使我們能夠將實際利率成本降低至 2020 年 12 月的 3.11%，比年初提高 38 個基點。

I will now hand back to José María to wrap up.

我現在將交還給 José María 進行總結。

Thank you, Laura. 2021 guidance will take our expectations that recovery and normalization will be more evident from the second quarter onwards. We expect revenue to normalize...

謝謝你，勞拉。 2021 年的指引將符合我們的預期，即從第二季度開始復蘇和正常化將更加明顯。我們預計收入將正常化...

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2021, we will continue to manage our resources according to results evolution. On dividend, we are announcing EUR 0.3 per share for 2021 to be payable through voluntary scrip dividend in December 2021 and June 2022. Our decision to adapt the dividend allow us to combine the need for financial flexibility in a year where several spectrum auctions concur with expectations of a strong free cash flow generation and significant inorganic transactions, and still we want to incentivize our shareholders and provide them with attractive but sustainable returns.

2021年，我們將繼續根據結果演變來管理我們的資源。在股息方面，我們宣布 2021 年每股 0.3 歐元，將在 2021 年 12 月和 2022 年 6 月通過自願以股代息支付。我們調整股息的決定使我們能夠在多個頻譜拍賣與對強勁的自由現金流產生和重大無機交易的預期，我們仍然希望激勵我們的股東並為他們提供有吸引力但可持續的回報。

And now to conclude, I'd like to leave you with a few takeaways from today's results. First, we have proved our resilience in challenging times during 2020 and continued to deliver for all stakeholders. We delivered on our 2020 guidance and proved our cash preservation capabilities while strengthening our business positioning. Second, we executed material progress towards our strategic objectives with reduced exposure to Hispam, value creation and realization from Infra and Tech as well as significant development across our 4 core markets. Again, we sold our towers at the highest ever multiple, both for the industry and in Telefónica's history. These achievements help us deliver significant progress in deleveraging, both organically and inorganically. Once inorganic deals have been completed, net debt will be further reduced by as much as EUR 9 billion or 25% of year-end debt. And finally, we are announcing a positive outlook for 2021 and dividend of EUR 0.3 per share.

現在總結一下，我想從今天的結果中得出一些結論。首先，我們證明了我們在 2020 年充滿挑戰的時期的韌性，並繼續為所有利益相關者提供服務。我們實現了 2020 年的指導方針，證明了我們的現金保全能力，同時加強了我們的業務定位。其次，我們在實現戰略目標方面取得了實質性進展，減少了對 Hispam 的接觸、Infra 和 Tech 的價值創造和實現，以及我們 4 個核心市場的重大發展。再一次，我們以有史以來最高的倍數出售我們的塔，無論是對於行業還是在 Telefónica 的歷史上都是如此。這些成就幫助我們在有機和無機的去槓桿化方面取得了重大進展。一旦無機交易完成，淨債務將進一步減少多達 90 億歐元或年底債務的 25%。最後，我們宣布 2021 年前景樂觀，每股派息 0.3 歐元。

Thank you very much for listening. We are now ready to take your questions.

非常感謝您的收聽。我們現在準備好回答您的問題。

Operator, we are ready for questions, please.

接線員，我們準備好提問了。

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Hello, everyone, and apologies for this delay. Apparently, the operator is having problems with the line. And therefore, we cannot listen to her. We are working in establishing it and to continue with the Q&A. Wait a minute, please.

大家好，對於這次延誤，我們深表歉意。顯然，運營商的線路有問題。因此，我們不能聽她的。我們正在努力建立它並繼續進行問答。請等一下。

I think that we -- I mean, while we wait for the operator to establish the connection, we can start with the Q&A. (Operator Instructions) Okay. So Georgios is asking us about fiber. He says that we have already done the deal in Chile and we have the one in Brazil under way. The question is if the plan is to maintain the control in Brazil and what other options we have for similar deals in other countries in Hispam? This will be the first question from Georgios.

我認為我們 - 我的意思是，在我們等待接線員建立連接的同時，我們可以從問答開始。 （操作員說明）好的。所以 Georgios 向我們詢問有關纖維的問題。他說我們已經在智利完成了這筆交易，我們正在巴西進行交易。問題是該計劃是否是為了保持在巴西的控制權以及我們在 Hispam 的其他國家/地區進行類似交易時還有哪些其他選擇？這是 Georgios 提出的第一個問題。

Thank you, Georgios, for your question. We are announcing different formats of fiber deals depending on the objectives and the market conditions. The deal that we announced in Germany is a deal of co-control to grow from a greenfield point of view in Germany. It's a deal structure of 50% Allianz and the 50% held by Telefónica will be half Telefónica Deutschland and half will be Telefónica Infra. The aim of that deal is to grow in a greenfield manner.

Georgios，謝謝你的提問。我們根據目標和市場條件宣布不同形式的光纖交易。我們在德國宣布的交易是一項共同控制交易，從德國綠地的角度來看增長。這是 50% 安聯的交易結構，Telefónica 持有的 50% 將是 Telefónica Deutschland 的一半，Telefónica Infra 的一半。該交易的目的是以綠地方式發展。

Then the deal in Brazil is a different format of deal. We have divided the country into 3 tiers of towns and cities. Tier 1 is going to be developed with our own CapEx. This will be 100% owned by Telefónica Brazil. Then there is a second tier that we are addressing through either agreements with fiber owners like American Towers that we [demanagerize] or with the projected vehicle called FiBrasil where we will have co-control with a partner. 50% will be owned by the partner, 50% will be split equally between Telefónica Brazil and Telefónica Infra. This is a deal which is slightly different from the German one because it has a brownfield component. Vivo will contribute 1.6 million premises and the rest will grow via greenfield and potentially through acquisitions to reach 5.5 million in the next 4 years. There could be other fiber deals in Hispam America. We just announced the deal in Chile. But these are countries where the fiber penetration is still not as high and there are opportunities to create value in the region.

那麼巴西的交易是一種不同的交易形式。我們已將國家劃分為 3 級城鎮和城市。第 1 層將使用我們自己的資本支出進行開發。這將由 Telefónica Brazil 100% 擁有。然後是第二層，我們正在通過與 American Towers 等我們 [demanagerize] 的光纖所有者達成協議，或者與我們將與合作夥伴共同控制的名為 FiBrasil 的計劃車輛達成協議。合作夥伴將擁有 50%，Telefónica Brazil 和 Telefónica Infra 將平分 50%。這是一筆與德國的交易略有不同的交易，因為它有一個棕地部分。 Vivo 將貢獻 160 萬個場所，其餘的將通過綠地增長，並可能通過收購在未來 4 年內達到 550 萬個。 Hispam America 可能還有其他光纖交易。我們剛剛在智利宣布了這筆交易。但這些國家的纖維普及率仍然不高，並且有機會在該地區創造價值。

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And FiberCo, we are very satisfied. We have created the largest neutral wholesale operator in Chile, and we have also maximized valuation. As you know, the enterprise value is above $1 billion, and that results in a multiple of over 18x OIBDA. Moreover, we will be having a 40% stake in an InfraCo, which will have greater value for the future. This is serving many of the targets we have around Hispam, which is modulate exposure, but at the same time, go back to profitable growth, which we have already managed in 2020 despite the difficult conditions and create -- continue contributing to net debt reduction. And this transaction is going to reduce net debt in approximately EUR 0.4 billion.

而 FiberCo，我們非常滿意。我們創造了智利最大的中立批發運營商，我們也實現了估值最大化。如您所知，企業價值超過 10 億美元，這導致 OIBDA 的倍數超過 18 倍。此外，我們將擁有 InfraCo 40% 的股份，這對未來具有更大的價值。這正在服務於我們圍繞 Hispam 制定的許多目標，即調節風險敞口，但與此同時，回到盈利增長，儘管條件困難，我們已經在 2020 年實現了盈利增長並創造——繼續為淨債務減少做出貢獻.這項交易將減少約 4 億歐元的淨債務。

I think there's some read across this transaction because -- amid the great value of our Infra assets. If you look at the ultra-broadband premises passed in Hispam, those are over 12 million. And if you think we have been selling this at around $500 per home, that would imply a total value just for the fiber in Hispam of EUR 6.1 billion, just extrapolating that, which is well above -- which is -- the consensus right now for Hispam is around EUR 7.7 billion. So I think the opportunity and optionality here is huge. And at the same time, this is compatible with continuing growing profitable in the region.

我認為對這筆交易有一些解讀，因為——在我們的 Infra 資產的巨大價值中。如果你看看在 Hispam 中通過的超寬帶場所，那超過 1200 萬。如果你認為我們一直以每戶 500 美元左右的價格出售它，這意味著僅 Hispam 光纖的總價值就達到 61 億歐元，只是推斷，這遠遠高於 - 這是 - 目前的共識Hispam 的損失約為 77 億歐元。所以我認為這裡的機會和選擇性是巨大的。同時，這與該地區持續增長的利潤相一致。

Thank you, Laura. The second question from Georgios is about fiber in Spain. Is that something -- if it is something that you consider and what are the considerations that would prevent us from taking similar decisions, understanding that you don’t need the greenfield funding, but it can help with the leverage.

謝謝你，勞拉。 Georgios 的第二個問題是關於西班牙的光纖。那是什麼——如果這是你考慮的事情，什麼是阻止我們做出類似決定的考慮因素，理解你不需要綠地資金，但它可以幫助槓桿作用。

Well, our operation of fiber in Spain is very well developed. Spain is a highly penetrated market. It's leader in Europe. It's a market where we have already several commercial agreements in place to wholesale the fiber. As you said in your question, there is not the greenfield opportunity that we see in the places that we are setting up new fiber cos with partners. We have very valuable and very well developed fiber in the country, which is for us strategic. It's optionality for the future, but we are not contemplating at this stage transactions regarding the fiber, it's strategic.

好吧，我們在西班牙的光纖業務非常發達。西班牙是一個高度滲透的市場。它在歐洲處於領先地位。在這個市場上，我們已經達成了幾項批發光纖的商業協議。正如您在問題中所說，我們在與合作夥伴建立新光纖 cos 的地方沒有看到綠地機會。我們在該國擁有非常寶貴且非常發達的光纖，這對我們來說具有戰略意義。這是未來的選擇，但我們現階段並未考慮有關光纖的交易，這是戰略性的。

The next questions came from Mandeep. Mandeep is asking -- Mandeep from Redburn. Mandeep Singh is asking, in Spain -- if there is any possible revenue contributions in the Spanish revenues? Any revenues coming from the joint venture with Prosegur, and how much? And if there is -- there are benefits from copper sales, I understand central offices, in OIBDA? The second question is regarding U.K. spectrum. If that will bear the cost and then contribute it to the joint venture?

接下來的問題來自 Mandeep。 Mandeep 在問——來自 Redburn 的 Mandeep。 Mandeep Singh 在西班牙問——西班牙的收入是否有任何可能的收入貢獻？與 Prosegur 的合資企業有任何收入嗎？有多少？如果有 - 銅銷售有好處，我理解中央辦公室，在 OIBDA？第二個問題是關於英國頻譜的。如果那會承擔成本，然後將其貢獻給合資企業？

Thank you, Mandeep, for the question. Regarding Prosegur, the joint venture is 50%, 50% owned. It's account by Telefónica Spain as per the equity method. So it does not consolidate the OIBDA from the Prosegur joint venture neither the revenues.

謝謝你，Mandeep，提出這個問題。關於Prosegur，合資公司50%，持股50%。這是 Telefónica Spain 根據權益法計算的賬戶。因此，它既不合併來自 Prosegur 合資企業的 OIBDA 收入。

Yes, Telefónica Spain is accounting in its figures the commercial commissions from selling to our customers those alarms that are being supplied by the Prosegur joint venture. So partially, the results are included in the terms of the commercial fees that Spain gets from selling those. The results of the alarm activity itself is accounted through equity method.

是的，Telefónica Spain 在其數字中計算了向我們的客戶銷售由 Prosegur 合資企業提供的警報器所產生的商業佣金。因此，部分結果包含在西班牙從出售這些產品中獲得的商業費用條款中。報警活動本身的結果採用權益法核算。

Regarding copper sales, we continue to decommission our legacy copper switches. This is allowing us to undo investments that we have in our perimeter, be it through selling real estate which has been more active in prior years than this year and also they would have selling copper sales which are accounted as other revenues in Telefónica Spain numbers. Regarding the U.K. spectrum, the auction is expected to start in the month of March. It has 2 tranches of spectrum being sold. Since the JV has still not closed this is a process that will be run single-handedly by Telefónica. And the cost will be borne by ourselves and then the asset will be contributed into the JV.

關於銅線銷售，我們繼續停用我們的舊銅線開關。這使我們能夠撤消我們在周邊的投資，無論是通過出售前幾年比今年更活躍的房地產，還是他們將出售銅銷售，這在 Telefónica Spain 數字中計為其他收入。關於英國頻譜，拍賣預計將於 3 月份開始。它有 2 個頻譜正在出售。由於合資企業仍未關閉，該流程將由西班牙電信單獨運行。而成本將由我們自己承擔，然後資產將投入合資企業。

Okay. The next question comes from Michael Bishop from Goldman Sachs. The question is about free cash flow. Michael says given the strong beat in 2020 versus your guidance of more than EUR 4 billion, do you have a similar guidance or ambition for 2021 given consensus is only at EUR 2.5 billion free cash for 2021?

好的。下一個問題來自高盛的 Michael Bishop。問題是關於自由現金流。邁克爾說，鑑於 2020 年的強勁表現與您超過 40 億歐元的指導相比，鑑於 2021 年的共識僅為 25 億歐元的自由現金，您對 2021 年是否有類似的指導或雄心？

Thank you for the question. We do not guide on free cash flow, although we remain focused on delivering a very robust free cash flow as it's been the case in 2020 and also hope to reach the consensus as it's been the case in 2020. Let me tell you that free cash flow is an absolute priority and we expect it to comfortably exceed dividend payment, the labor commitments and the hybrid coupons payment and will continue to be a sustainable driver for continuing deleveraging.

感謝你的提問。我們不指導自由現金流，儘管我們仍然專注於提供非常強勁的自由現金流，就像 2020 年的情況一樣，也希望像 2020 年那樣達成共識。讓我告訴你，自由現金流量是絕對優先事項，我們預計它會輕鬆超過股息支付、勞動力承諾和混合息票支付，並將繼續成為持續去槓桿化的可持續驅動力。

I will elaborate a little bit, although it will not be guidance, as I said at the beginning. But if you start from our operational guidance, we are expecting recovering and normalizing trends that will be more evident from Q2. Those will stabilize and also CapEx to sales will trend back to normalized pre-COVID level, up to 15% of sales. This will put some pressure on operating cash flow year-on-year but will allow to continue capturing future growth.

我會詳細說明一下，儘管它不會像我一開始所說的那樣是指南。但是，如果您從我們的運營指南開始，我們預計從第二季度開始將更加明顯的恢復和正常化趨勢。這些將穩定下來，資本支出與銷售額的比值也將回到正常化的 COVID 前水平，最高可達銷售額的 15%。這將同比對經營現金流造成一定壓力，但將允許繼續獲得未來增長。

Below operating cash flow, we will continue with our business as usual working capital measures. We will optimize and continue optimizing our financial payments with our strategy that considers cost, but also live currency and liquidity needs. For tax payments, we have a midterm guidance of 20% with the unavoidable volatility around advanced payments and refunds. In that sense, in 2020, we had some positives such as spectrum auctions being delayed for 2021, low level of payments in advance and also, as you know, we successfully hedged free cash flow and that also flew through financial payments.

低於經營現金流量，我們將繼續照常開展營運資金措施。我們將通過考慮成本、實時貨幣和流動性需求的戰略優化並繼續優化我們的財務支付。對於納稅，我們有 20% 的中期指導，預付款和退款的波動不可避免。從這個意義上說，在 2020 年，我們有一些積極因素，例如頻譜拍賣被推遲到 2021 年，預付款水平較低，而且如您所知，我們成功地對沖了自由現金流，並且還通過了財務支付。

But you can count on us, managing every single line, starting from stabilizing operational trends and optimizing all other financial items. And of course, CapEx and resources in general, there's still uncertainties surrounding COVID-19 and how the pandemic will develop, is a risk going forward. And despite anticipating recovering for 2021, we will definitely continue managing our resources according to results evolution.

但您可以信賴我們，管理每一行，從穩定運營趨勢和優化所有其他財務項目開始。當然，總體而言，資本支出和資源、圍繞 COVID-19 的不確定性以及大流行將如何發展，是未來的風險。儘管預計 2021 年會恢復，但我們肯定會繼續根據結果演變來管理我們的資源。

All in all, we have proven resilience in challenging times and we have many levers to maneuver, and we are closely monitoring our free cash flow generation, and that will be the same in this year. We keep on improving efficiency and prioritizing our investments to adapt our expense towards revenue and profitability generating sources. We will continue working in this direction, Michael. Free cash flow generation is a priority for us.

總而言之，我們在充滿挑戰的時代證明了韌性，我們有很多手段可以操縱，我們正在密切關注我們的自由現金流產生，今年也是如此。我們不斷提高效率並確定投資的優先順序，以使我們的支出適應收入和盈利來源。我們將繼續朝著這個方向努力，邁克爾。產生自由現金流是我們的首要任務。

Then the next question is from Mathieu Robilliard from Barclays. Mathieu is asking about the business in Spain. If you can discuss recent competitive trends in Spain and what it will take to stabilize the top line and when?

那麼下一個問題來自巴克萊銀行的 Mathieu Robilliard。 Mathieu 正在詢問西班牙的業務。您是否可以討論一下西班牙最近的競爭趨勢以及穩定頂線需要什麼以及何時？

Thank you, Mathieu, for the questions on Spain. In this quarter, Telefónica Spain has shown market leadership by deliberately reducing commercial pressure during the first half of the quarter. We have been deliberately cooling down the market since late Q3, offering lower discounts and shortening promos. We were the first mover, and this has penalized our gross adds by early Q4, but other players followed us. The Q4 campaigns, the Black Friday, Christmas, have been softer than previous years. The promotions that could have been, by some players, 50% for 6 or 12 months, now are generally reduced to 3 months promos. And we are seeing not only Q4, but also now that in February, all promos in unlimited mobile data have been removed by all players. And -- for instance, Orange is decommissioning some of its lower-end brands.

謝謝 Mathieu 提出有關西班牙的問題。本季度，Telefónica Spain 通過在本季度前半段刻意降低商業壓力，展現了市場領先地位。自第三季度末以來，我們一直在故意讓市場降溫，提供更低的折扣並縮短促銷時間。我們是先行者，這對我們在第 4 季度初的總增加量造成了不利影響，但其他參與者緊隨其後。第 4 季度的促銷活動、黑色星期五、聖誕節比往年要溫和。對於一些玩家來說，50% 的促銷活動可以持續 6 個月或 12 個月，現在通常減少到 3 個月的促銷活動。我們不僅看到了第四季度，而且現在在 2 月份，所有無限移動數據的促銷活動都已被所有玩家取消。而且——例如，Orange 正在淘汰其一些低端品牌。

This has allowed, as I was saying in my speech, to enable More for More initiatives. We saw that from Vodafone in November, from Euskaltel in December and ourselves also in January '21. This decision, which was on purpose to cool down the market and had to be exerted by the market leader, will still hit us in our commercial metrics in Q1 because of expiration of promos. But clearly, it's paying off in terms of market repair, it's paying off in terms of lower churn and it's paying off in bringing in high-value subscribers. Churn has improved month-over-month in Q4 for all segments. The convergent gross adds mix has improved sharply. 74% of the Fusión gross adds in the second half of the year are in the mid- to high-end, that is 19 percentage points more than in the first half of the year. And actually, ARPU is virtually stable quarter-on-quarter, and the year-on-year trend is improving.

正如我在演講中所說的那樣，這使得更多倡議成為可能。我們在 11 月從沃達丰看到了這一點，在 12 月從 Euskaltel 看到了這一點，在 2021 年 1 月我們也看到了這一點。該決定旨在為市場降溫並且必須由市場領導者施加，但由於促銷到期，該決定仍將影響我們第一季度的商業指標。但很明顯，它在市場修復方面取得了回報，在降低客戶流失方面取得了回報，在吸引高價值用戶方面取得了回報。所有細分市場的第 4 季度客戶流失率均逐月改善。趨同的總增加組合已急劇改善。復興下半年總增量中有74%屬於中高端，比上半年增加19個百分點。實際上，ARPU 環比基本穩定，同比趨勢在改善。

So as you have seen, these results are allowing us to improve our revenue trend and allowing us to comply with what we have been stating that ARPU in the second half would be higher than in the first half and also, with cost control and efficiencies have allowed us to have OIBDA margin higher in the second half than in the first half.

因此，正如您所看到的，這些結果使我們能夠改善我們的收入趨勢，並使我們能夠遵守我們所說的下半年 ARPU 將高於上半年的情況，而且成本控制和效率也有所提高使我們下半年的 OIBDA 利潤率高於上半年。

Then your second question was regarding revenue stabilization. What we see, and again, this is the outlook for Spain and this is not a guidance and should not be taken as such and of course, it's highly dependent on the evolution of the pandemic. What we see is the sequential revenue recovery trend has clear momentum. We have been able to sustain the convergent base with growth in contract mobile and fixed broadband, especially in fiber. We are launching some more formal actions. We are getting traction from new digital services. This in B2C, but in B2B, what we see is that we have achieved record growth in IT services that far more than offset the communications erosion. Roaming should be recovering as the pandemic recedes. And wholesale will continue to be strong. All of these trends are supporting revenue in Spain towards stabilization or even slight growth for 2021. At the same time, we are expecting OIBDA margins to be around the 40% level and CapEx to be benchmarked around or up to 12% for the Spanish operation.

那麼你的第二個問題是關於收入穩定的。我們再次看到，這是西班牙的前景，這不是指導，也不應這樣理解，當然，這在很大程度上取決於大流行病的演變。我們看到的是連續的收入恢復趨勢具有明顯的勢頭。隨著合同移動和固定寬帶（尤其是光纖）的增長，我們已經能夠維持融合基礎。我們正在發起一些更正式的行動。我們正在從新的數字服務中獲得動力。這在 B2C 中，但在 B2B 中，我們看到的是我們在 IT 服務方面取得了創紀錄的增長，這遠遠超過了通信侵蝕。隨著大流行的消退，漫遊應該會恢復。批發將繼續強勁。所有這些趨勢都支持西班牙的收入在 2021 年趨於穩定甚至略有增長。與此同時，我們預計西班牙業務的 OIBDA 利潤率將在 40% 左右，資本支出將以 12% 左右或高達 12% 為基準.

Also related to Spain, there are questions coming from Jakob Bluestone from Crédit Suisse and Josh Mills from Exane. I think that there have been already covered part because Jakob is asking about the outlook for Spain in revenues and OIBDA, but also regarding what we see ahead in terms of subscriber evolution.

同樣與西班牙有關的還有來自 Crédit Suisse 的 Jakob Bluestone 和來自 Exane 的 Josh Mills 的問題。我認為已經涵蓋了部分內容，因為 Jakob 正在詢問西班牙的收入和 OIBDA 前景，以及我們在訂戶發展方面的未來展望。

This same question regarding the evolution of subscribers and the changes between high and low value is being asked by Josh Mills. And how we see in relation with this if we continue to see value in content -- in football content -- in sports content in general to continue including it in the -- in our offer? And if we would perhaps offer more football content to lower-end subs, and if this changes our view on how much this content is worth ahead of upcoming auctions?

喬什·米爾斯 (Josh Mills) 提出了關於訂戶的演變以及高價值和低價值之間變化的相同問題。如果我們繼續看到內容的價值——在足球內容中——在一般的體育內容中繼續將其包含在——我們的報價中，我們如何看待與此相關的問題？如果我們可能會向低端潛艇提供更多的足球內容，這是否會改變我們在即將到來的拍賣之前對這些內容價值多少的看法？

Thank you, Pablo, for your 27 questions. Okay. On the outlook, I think that I elaborated. We see sequential recovery trend in revenues to have clear momentum, which should support for the factors I responded before stabilization or even slight growth in revenues, with the margin -- OIBDA being around 40%. I should add to what I said before, that the second half will be better than the first half, given the comps and evolution across the year and CapEx to be below 12%.

巴勃羅，謝謝你提出的 27 個問題。好的。關於前景，我想我已經詳細說明了。我們看到收入的連續復甦趨勢有明顯的勢頭，這應該支持我在收入穩定甚至小幅增長之前做出的反應，利潤率——OIBDA 約為 40%。我應該補充一下我之前說過的話，下半年會比上半年好，因為全年的競爭和演變以及資本支出低於 12%。

(technical difficulty)

（技術難度）

evolution of KPIs. Again, we are deliberately working at cooling down the market. We are with a clear strategy of going for value, not for volume. Others may choose to go for better cosmetic KPIs at the expense of financials and sustainability. That is not our case. And here, we are in the high end, focusing on retention and the low end, we are focusing on acquisition.

KPI 的演變。同樣，我們有意為市場降溫。我們有一個明確的戰略，即追求價值，而不是數量。其他人可能會選擇以犧牲財務和可持續性為代價來追求更好的外觀 KPI。那不是我們的情況。在這裡，我們處於高端，專注於保留和低端，我們專注於獲取。

On the football -- or on the content, football again has proven to be a commercial engine in the high end, especially in COVID times. We have been growing in high-end subs. As I was saying before, in the gross adds volume, the mix has been excellent in the second half of the year, 3 quarters of the gross adds have been in mid- to high end. To convert this has allowed the convergent ARPU to improve. I should also say that football gross adds in the second half have been double the ones of the first half. And we have also been able to get an improved ARPU in the second half than in the first half. I don't know if I responded the several elements of your question, Pablo.

在足球或內容上，足球再次被證明是高端的商業引擎，尤其是在 COVID 時代。我們一直在發展高端潛艇。正如我之前所說，在總增加量中，今年下半年的組合非常好，3 個季度的總增加量處於中高端。將此轉換為收斂 ARPU 有所改善。我還應該說，下半場的足球總增加量是上半場的兩倍。而且我們也能夠在下半年獲得比上半年更高的 ARPU。 Pablo，我不知道我是否回答了你問題的幾個要素。

I think you did. Then Carl Murdock-Smith from Berenberg is asking about the dividends and the guidance. On the dividend, he says, can you talk about the logic of cutting the dividend but maintaining scrip option. Surely, it would make more sense to cut the dividend to a sustainable level and pay it in cash than rebuild from there. Would you -- how would you react to the acquisition or the persistent use of scrip option like a series of media rights issues? And then on guidance on what does mean -- what does stabilization mean in numerical terms? there are 2 ways to think about the stabilization, something around 0 or something closer to 0 than 2020 trend. And he thinks that the right one is the first one, a kind of minus 1 to plus 1 range.

我想你做到了。然後來自 Berenberg 的 Carl Murdock-Smith 正在詢問股息和指導。關於股息，他說，你能談談削減股息但保留股票期權的邏輯嗎？當然，將股息削減至可持續水平並以現金支付比從那裡重建更有意義。你會 - 你會如何應對收購或持續使用代股期權等一系列媒體權利問題？然後是關於什麼意思的指導——穩定在數字方面意味著什麼？有兩種方法可以考慮穩定性，大約為 0 或比 2020 年趨勢更接近 0。而且他認為正確的是第一個，一種負1到正1的範圍。

Well, thanks for your question. Taking the first one on the dividend. The decision of proposing a dividend payment of EUR 0.3 per share in a voluntary scrip option is based on the following framework. First, we really want to speed up our internal transformation process. And therefore, we want to preserve a strong free cash flow generation and at the same time, being able to invest in the growing part of our business. The second one, keep in mind that we will keep exploring inorganic options. But -- and that's helping us to allocate capital into growth areas and at the same time, to reduce leverage. I mean, we will be closing transactions during this year, likely that would represent more than EUR 9 billion of additional debt reduction or additional funds flowing through the business.

嗯，謝謝你的問題。拿第一個分紅。提議在自願股票期權中支付每股 0.3 歐元股息的決定基於以下框架。首先，我們真的想加快我們的內部轉型進程。因此，我們希望保持強大的自由現金流產生，同時能夠投資於我們不斷增長的業務。第二，請記住，我們將繼續探索無機選項。但是——這有助於我們將資本分配到增長領域，同時降低杠桿率。我的意思是，我們將在今年完成交易，這可能意味著超過 90 億歐元的額外債務減少或流經該業務的額外資金。

In 2021, it's a year in which we will be most likely be facing spectrum auctions in 3 of our 4 core markets, I mean, Spain, the U.K. and Brazil. And we are still surrounded by some degree of uncertainty around COVID-19 impacts. And therefore, although the outlook is positive and keep in mind that we want to preserve a sound investment-grade rating. Taking all this into consideration, and I think that we think that it is important to preserve an attractive level of shareholder remuneration, we think that EUR 0.3 per share meets all the targets. It reinforces the company, both strategic and financially. It provides flexibility in uncertain times. It accelerates deleverage, and it provides an attractive return.

2021 年，我們最有可能在 4 個核心市場中的 3 個面臨頻譜拍賣，我的意思是西班牙、英國和巴西。我們仍然被圍繞 COVID-19 影響的某種程度的不確定性所包圍。因此，儘管前景樂觀，但請記住，我們希望保持良好的投資級評級。考慮到所有這些，我認為我們認為保持有吸引力的股東薪酬水平很重要，我們認為每股 0.3 歐元滿足所有目標。它在戰略和財務上加強了公司。它在不確定時期提供了靈活性。它加速了去槓桿化，並提供了有吸引力的回報。

In terms of the preserving this scrip option, we think that voluntary scrip, we have been able to keep some flexibility and at the same time, offering greater optionality to our shareholders. Remember that 2/3 of our shareholders decided to reinvest their dividends. We think it's important to keep that flexibility once the outlook is still affected by COVID-19. Keep in mind as well that any excess free cash flow will be devoted to neutralize the dilution. And in year 2020, we have partially offset the dilution by canceling 1.6% of the share capital. And therefore, the share buybacks are going to be used as a tactical tool to control those level of dilution to adapt to the excess funds coming from M&A when we are able to preserve sound investment-grade rating. And therefore, in summary, we think that it implies more flexibility and at the same time, it can help us to accelerate our strategic transformation.

在保留這種股票期權方面，我們認為自願股票，我們能夠保持一定的靈活性，同時為我們的股東提供更大的選擇權。請記住，我們 2/3 的股東決定將他們的股息再投資。我們認為，一旦前景仍受到 COVID-19 的影響，保持這種靈活性很重要。還要記住，任何多餘的自由現金流都將用於抵消稀釋。在 2020 年，我們通過註銷 1.6% 的股本部分抵消了稀釋。因此，當我們能夠保持良好的投資級評級時，股票回購將被用作控制稀釋程度的戰術工具，以適應併購帶來的過剩資金。因此，總而言之，我們認為這意味著更多的靈活性，同時，它可以幫助我們加快戰略轉型。

In terms of the guidance, for us, stabilization means that we see better trends. As Ángel has been describing in some of the markets, namely in Spain, we see better trends growing up, I mean -- and we have momentum in operational trends. But we still have some uncertainties surrounding COVID. COVID should be -- COVID effect should be fading away all along the year, and that has significant impact in places like roaming or SMEs revenues or B2B or handset sales. And therefore, we see a progressive improvement in the metrics. So for us, stabilization means close to stable, mildly positive, mildly negative.

在指導方面，對我們來說，穩定意味著我們看到更好的趨勢。正如 Ángel 在一些市場（即西班牙）中所描述的那樣，我的意思是，我們看到更好的趨勢在增長——而且我們在運營趨勢方面有動力。但是我們仍然對 COVID 有一些不確定性。 COVID 應該是——COVID 效應應該會在一年中逐漸消失，這對漫遊或中小企業收入或 B2B 或手機銷售等地方有重大影響。因此，我們看到指標在逐步改善。所以對我們來說，穩定意味著接近穩定、溫和積極、溫和消極。

Then Keval Khiroya from Deutsche Bank. He is asking 2 things. One, the first question is, could we have an update on the timing of inorganic actions in LATAM? Any views on how you are thinking about disposals versus spin-off? And the second is, can you please help us to understand better the fourth quarter Spain retail revenue? You mentioned stronger support from IT revenues and improving trends in non-convergent revenues. Any more color on what the extra support from IT revenues was, would be helpful. And if the non-convergent revenue improvement, if this is sustainable?

然後是德意志銀行的 Keval Khiroya。他在問兩件事。第一，第一個問題是，我們能否更新一下 LATAM 無機行動的時間安排？您對處置與分拆的看法有何看法？第二，能否請您幫助我們更好地了解西班牙第四季度的零售收入？您提到了來自 IT 收入的更強大支持和非融合收入的改善趨勢。任何關於 IT 收入的額外支持是什麼的更多顏色都會有所幫助。如果非收斂收入有所改善，這是否可持續？

I'll take your question on LATAM. In November '19, we established a strategic priority to reduce our exposure to LATAM in order to mitigate our exposure to FX volatility. During 2020, a lot of things have been done. First, as Laura has been saying, we have moved towards an asset-light model. We have been doing a very selective CapEx allocation towards growth. We have become an MVNO in Mexico. We have accelerated network sharing agreements like the one that we have in Colombia. We have reduced capital intensity by selling towers and monetizing fiber assets, and all those divestments have been done at very attractive multiples.

我會在拉丁美洲回答你的問題。 2019 年 11 月，我們確定了減少對 LATAM 的風險敞口的戰略重點，以減輕我們對外匯波動的風險敞口。 2020年，做了很多事。首先，正如勞拉所說，我們已經轉向輕資產模式。我們一直在為增長進行非常有選擇性的資本支出分配。我們已經成為墨西哥的 MVNO。我們已經加速了網絡共享協議，就像我們在哥倫比亞擁有的那樣。我們通過出售塔樓和將光纖資產貨幣化來降低資本密集度，並且所有這些撤資都是以非常有吸引力的倍數完成的。

In the case of the divestment of Central America, above 6x OIBDA and in terms of towers or fiber assets, in the high teens. In order to give you an example, as Laura was mentioning before, the fiber transaction in Chile has an implied value of -- per home pass of $500. And that means that we have significant optionality because we have 12.1 million home passed in LATAM. We have also increased debt in local currency significantly. And as a result, we have reduced capital employed in Latin America during 2020 by more than 20%. We are moving into a lighter-asset model, more naturally hedged structurally and more easy to hedge in terms of free cash flow growth. We will certainly keep exploring inorganic transactions but only if it creates value for Telefónica shareholders. In the meantime, we'll manage the region according to our strategic priority to reduce capital exposure to LATAM.

在中美洲撤資的情況下，OIBDA 超過 6 倍，在塔樓或光纖資產方面，處於十幾歲。舉個例子，正如勞拉之前提到的，智利的光纖交易的隱含價值是——每張家庭通行證 500 美元。這意味著我們有很大的選擇性，因為我們在拉丁美洲有 1210 萬戶家庭通過。我們還大幅增加了以當地貨幣計價的債務。因此，我們已將 2020 年在拉丁美洲使用的資本減少了 20% 以上。我們正在轉向一種更輕資產的模式，在結構上更自然地對沖，並且更容易在自由現金流增長方面進行對沖。我們當然會繼續探索無機交易，但前提是它能為 Telefónica 股東創造價值。與此同時，我們將根據我們的戰略重點管理該地區，以減少對拉丁美洲的資本敞口。

Thank you. Then...

謝謝。然後...

Excuse me, Pablo. Yes. Regarding the Spain retail revenue trends, let me try to give you some more color. The fourth quarter revenues in Spain declined by 2.9% year-on-year. This rate is 1.5 percentage points better than in Q3 and would have been a positive 0.5% ex-COVID impact. If we decompose it between handset and service revenues, handset sales continued to have a weak evolution of minus 24.5% in the quarter, it was minus 26% in the third quarter. So still weak, while service revenues at minus 2.1% year-on-year have improved 1.5 percentage points versus Q3 despite roaming and lower comps because we have had other impacts quite positive like IT in the B2B segment, record growth at 23% year-on-year. We have also had new digital businesses impacting and also wholesale has been quite positive.

對不起，巴勃羅。是的。關於西班牙零售收入趨勢，讓我試著給你一些更多的顏色。西班牙第四季度收入同比下降2.9%。這一比率比第三季度高出 1.5 個百分點，如果不考慮 COVID 影響，將產生 0.5% 的積極影響。如果我們將其分解為手機和服務收入，則本季度手機銷量繼續呈負 24.5% 的微弱變化，第三季度為負 26%。所以仍然疲軟，雖然服務收入同比下降 2.1%，但與第三季度相比提高了 1.5 個百分點，儘管漫遊和較低的補償是因為我們在 B2B 領域產生了其他非常積極的影響，如 IT，創紀錄的增長 23%-年。我們也有新的數字業務產生影響，批發也非常積極。

The tariff upgrade has contributed as well to this revenue improvement. So if I were to decompose the acceleration of improvement of trend between Q3 and Q4, the softening of COVID impact has been helping us, and this IT reactivation to record high as well. We have had better performance of the consumer non-convergent revenues, far lower decline than previous. And wholesale has been strong, but a little bit of a drag from some of the wholesale revenues. All in all, ex-COVID, the top line in our Spanish operation would have increased 0.5%.

關稅升級也促進了收入的增長。因此，如果我要分解第三季度和第四季度之間趨勢改善的加速，COVID 影響的減弱一直在幫助我們，而且 IT 重新激活也創下歷史新高。我們在消費者非收斂收入方面表現更好，降幅遠低於之前。批發業務表現強勁，但部分批發收入有所拖累。總而言之，在 COVID 之前，我們西班牙業務的收入將增長 0.5%。

Then Soomit from New Street also has questions regarding the Spanish business fee. Asked if we can provide an update on thoughts on the European recovery program implications for Spain and Movistar? And if we have an idea of potential timing of this process during 2021?

那麼New Street的Soomit也有關於西班牙營業費的問題。當被問及我們是否可以提供有關歐洲復甦計劃對西班牙和 Movistar 影響的最新想法時？如果我們知道這個過程在 2021 年的潛在時間安排？

Thank you, Soomit, for the questions. The Spanish government has already announced and set up plans for the European recovery funds which will be to the tune of EUR 140 billion for Spain in the next few years. Those have to comply with the priorities that have been set up by the European Union. And we see opportunities in the digitalization axis and also in the environmental axis, given that many of our new investments are going to go in the direction of net zero -- our net zero target in 2025.

謝謝 Soomit 提出的問題。西班牙政府已經宣布並製定了歐洲復甦基金計劃，未來幾年將為西班牙提供總計1400億歐元的資金。這些必須符合歐盟制定的優先事項。我們在數字化軸和環境軸中看到了機會，因為我們的許多新投資都將朝著淨零的方向發展——我們 2025 年的淨零目標。

These digitalization areas will amount to EUR 20 billion overall figure. This is more than the 20% European community threshold for digitalization. So, good news. We are already making specific proposals to benefit from these funds. And we think that we are best positioned to make the most out of these subsidies. Materialization of this would be later in 2021 and then in the years to come. So, we see high chance of Telefónica benefiting from these measures. But as soon as they become more precise, we will be able to factor them in our outlook.

這些數字化領域的總體數字將達到 200 億歐元。這超過了歐洲共同體 20% 的數字化門檻。所以，好消息。我們已經在提出從這些資金中受益的具體建議。我們認為我們最有能力充分利用這些補貼。這將在 2021 年晚些時候實現，然後在未來幾年實現。因此，我們認為 Telefónica 很有可能從這些措施中受益。但是一旦它們變得更加精確，我們就能夠將它們納入我們的前景。

I think that we have to finish, but I think that we have some -- one final question because Fernando Cordero Barreira from Santander is asking about Spain and Hispam but I think that all the questions they have, been already answered. And Akhil Dattani from JPMorgan is also asking about infrastructure that I think has been already answered, the Spanish KPIs that has been already covered, the guidance and what the stabilization means that has already been covered. And -- but he has another question that I don't think has been covered, which is the Spanish consolidation. Akhil says, there is a lot of speculation in the market at the moment of Vodafone/Másmovil deal. Should a deal materialize, how do you think it impacts your retail and wholesale outlook?

我認為我們必須結束，但我認為我們有一些 — 最後一個問題，因為來自桑坦德銀行的 Fernando Cordero Barreira 正在詢問有關西班牙和 Hispam 的問題，但我認為他們提出的所有問題都已經得到解答。摩根大通的 Akhil Dattani 也在詢問我認為已經回答的基礎設施、已經涵蓋的西班牙 KPI、指導以及已經涵蓋的穩定意味著什麼。而且——但他還有另一個我認為沒有涉及的問題，那就是西班牙的整合。 Akhil 說，在 Vodafone/Másmovil 交易之際，市場上有很多猜測。如果達成交易，您認為它會如何影響您的零售和批發前景？

Well, first, let me framework this question and then I will pass it over to Ángel for the detailed operational impact. We think consolidation is welcome. It makes no sense that there is so much places in Europe. I mean, just to give you 2 specific references. Average revenue per access in Europe is half average revenue per access in the U.S., according to Analysys Mason figures. And also, investment in 5G per capita in Europe is something around EUR 94 while it is EUR 150 in the U.S. So I think that consolidation makes sense -- intramarket consolidation makes sense. We will certainly support that if that was to happen in Spain.

好吧，首先，讓我來構想這個問題，然後我會將其傳遞給 Ángel 以了解詳細的運營影響。我們認為合併是受歡迎的。歐洲有那麼多地方，說不通。我的意思是，只是給你2個具體的參考。根據 Analysys Mason 的數據，歐洲每次訪問的平均收入是美國每次訪問平均收入的一半。而且，歐洲人均 5G 投資約為 94 歐元，而美國為 150 歐元。所以我認為整合是有道理的——市場內整合是有道理的。如果這發生在西班牙，我們當然會支持。

Yes. Not sure that there is much more to add. Current market structure seems hard to sustain. There seems to be a consensus view now and look like a solution is needed in market consolidation, maybe one. We have always said that we are supporters of market consolidation and if this were to develop, we would be supporters.

是的。不確定是否還有更多內容要添加。當前的市場結構似乎難以維持。現在似乎有一個共識，看起來市場整合需要一個解決方案，也許是一個。我們一直說我們是市場整合的支持者，如果這種情況發展起來，我們將成為支持者。

So thank you very much all of you. I apologize for the technical problems. I have been in 46 quarterly calls, and this never happened. This is the last one and something had to happen. Now let me turn the call over to José Maria to finish the call.

所以非常感謝你們所有人。對於技術問題，我深表歉意。我參加了 46 次季度電話會議，這從未發生過。這是最後一個，必鬚髮生一些事情。現在讓我將電話轉給 José Maria 來完成通話。

Before concluding, there is something important to say. I would like to thank Pablo for his great contribution, commitment and dedication during his 10 years heading the IR team. I know it has been tough, but he was totally up to the challenge. Now it's time for him to assume new responsibilities within the group. And you know, he has been appointed Chief Financial and Control Officer of Telefónica Tech, which is our fastest-growing unit. I'm sure he will excel in his new role as he has always done.

在結束之前，有一些重要的事情要說。我要感謝 Pablo 在領導 IR 團隊的 10 年中所做的巨大貢獻、承諾和奉獻。我知道這很艱難，但他完全接受了挑戰。現在是他在集團內承擔新職責的時候了。你知道，他已被任命為 Telefónica Tech 的首席財務和控制官，這是我們發展最快的部門。我相信他會像往常一樣在新角色中表現出色。

Thank you very much for your participation, and we certainly hope that we have provided some useful insights for you. Should you still have further questions, we kindly ask you to contact our Investor Relations department. Good morning, and thank you.

非常感謝您的參與，我們當然希望我們為您提供了一些有用的見解。如果您還有其他問題，我們懇請您聯繫我們的投資者關係部門。早上好，謝謝。

Ladies and gentlemen, Telefónica's January-December 2020 Results Conference Call has now concluded. You may now disconnect your lines. Thank you.

女士們，先生們，Telefónica 2020 年 1 月至 12 月的業績電話會議現已結束。您現在可以斷開線路。謝謝。