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Telefónica earns 56.2% less until March, lowers forecasts and confirms the dividend

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Telefónica has earned 56.2% less in the first quarter of the year, up to 406 million euros from 926 million euros in the first quarter of 2019.

The operator has said that, due to the significant changes that have occurred in the scenario on which the financial objectives were built and in the general context, as well as the current high level of uncertainty, the financial objectives set for this year are abandoned, while lowering the 2020 OIBDA-CapEx target, set at "stable" to "from slightly negative to stable". The company has underlined that it continues to monitor the evolution of the business and manage investment and expenses, focusing on the stability of the OIBDA-CapEx. In the medium term, the 2022 financial objectives are reiterated; revenue growth and improvement of 2 p.p. of the ratio (OIBDA-CapEx) / Income.

Regarding the dividend, the company has explained that confidence in the flexibility of our business model in the present context, together with the solid liquidity position and the expected resistance of business behavior, allow them to confirm the dividend announced for 2020 of 0.4 euros per share. It will be proposed to the Shareholders Meeting that the payment of the second tranche of the 2019 dividend (0.2 euros, to be paid in June 2020) and the first tranche of the 2020 dividend (0.2 euros, to be paid in December 2020) ) is made through the voluntary scrip dividend modality. The second tranche of the 2020 dividend (0.2 euros) will be paid in June 20212.

The operator has indicated that it has 22,500 million euros of liquidity. For its part, net debt, which stood at 38,223 million as of March, decreased 5.3% year-on-year.

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