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Report of foreign issuer [Rules 13a-16 and 15d-16]

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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of November, 2015

Commission File Number: 001-09531

Telefónica, S.A.

(Translation of registrants name into English)

Distrito Telefónica, Ronda de la Comunicación s/n,

28050 Madrid, Spain

3491-482 87 00

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No x

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ¨ No x

If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

Telefónica, S.A.

TABLE OF CONTENTS

Results

JanuarySeptember 2015

Telefónica, S.A. Investor Relations

Disclaimer

This document contains statements that constitute forward looking statements about Telefónica Group (going forward, the Company or Telefónica) including financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations which may refer, among others, to the intent, belief or current prospects of the customer base, estimates regarding, among others, future growth in the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the Company.

The forward-looking statements in this document can be identified, in some instances, by the use of words such as expects, anticipates, intends, believes, and similar language or the negative thereof or by forward-looking nature of discussions of strategy, plans or intentions. Such forward-looking statements, by their nature, are not guarantees of future performance and involve risks and uncertainties, and other important factors that could cause actual developments or results to differ from those expressed in our forward looking statements. These risks and uncertainties include those discussed or identified in fuller disclosure documents filed by Telefónica with the relevant Securities Markets Regulators, and in particular, with the Spanish Market Regulator.

Analysts and investors, and any other person or entity that may need to take decisions, or prepare or release opinions about the securities issued by the Company, are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation.

Except as required by applicable law, Telefónica undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Telefónicas business or acquisition strategy or to reflect the occurrence of unanticipated events.

This document may contain summarized information or information that has not been audited. In this sense, this information is subject to, and must be read in conjunction with, all other publicly available information, including if it is necessary, any fuller disclosure document published by Telefónica.

Finally, it is stated that neither this presentation nor any of the information contained herein constitutes an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities, or any advice or recommendation with respect to such securities.

Investor Relations

Telefónica, S.A. 1

Highlights; Q3 fueling our organic growth profile

1 3rd consecutive quarter in 2015 of improving organic performance

Revenue accelerated to +4.8%; Spain returned to positive growth (+0.2% y-o-y), first time since Q3 08

OIBDA growth accelerated to +4.8% y-o-y (+1.4 p.p. q-o-q); extracting value from synergies in Germany

Maintaining healthy profitability: OIBDA margin at 31.0% (flat y-o-y)

OpCF growth in Q3 (+6.6% y-o-y)

2 Differential infrastructure leading to solid and targeted high-value commercial activity

Consistent investments in UBB drive CapEx up 8.8% vs. 9M 14 (organic)

Delivering product innovation & quality: 13.4m FTTH premises passed in Spain; 16.6m FTTx in Brasil; LTE coverage: 71% in Europe; 40% in LatAm

Increasing customer lifetime value: Ramping-up Avg Rev/Access (+2.8% y-o-y organic); reducing churn (-0.7.p.p. y-o-y)

3 Strong earnings and FCF despite Q3 FX headwinds

9M EPS 0.91€ (+63.5% y-o-y); strong execution on non-operating results

Sequential FCF improvement to €1.2Bn in 9M (€2.5Bn ex-spectrum). Q3 FCF: €1.4Bn

Net debt: €49.7Bn Sep-15; leverage ratio at 2.32x (post-O2 UK sale), within <2.35x target

4 2015 results solid across the year and completely on track with upgraded guidance in Q2

DPS 2015 & 2016 confirmed

Investor Relations

Telefónica, S.A.

Key financials

9M 15 Q3 15

Reported Organic Reported Organic

€ in millions Reported Reported

y-o-y y-o-y y-o-y y-o-y

Revenues 35,337 11.9% 4.2% 11,919 10.8% 4.8%

OIBDA 11,013 5.7% 3.5% 3,693 2.9% 4.8%

OIBDA Margin 31.2%(1.8 p.p.)(0.2 p.p.) 31.0%(2.4 p.p.)(0.0 p.p.)

OpCF (ex-spectrum) 5,499(3.4%)(1.3%) 1,684(3.0%) 6.6%

Net Income 4,577 69.6% 884(1.9%)

EPS 0.91 63.5% 0.17(9.6%)

FCF 1,206(58.8%) 1,400 3.6%

FCF pre-spectrum 2,511(19.1%) 1,397 1.8%

Net Financial Debt 49,691 17.7%

ND/OIBDA (post-O2 UK sale) 2.32x

NEGATIVE FX EFFECT IN OIBDA OFFSET AT FCF LEVEL (THROUGH LOWER CAPEX, INTEREST, TAX AND MINORITIES

Investor Relations

Telefónica, S.A.

3

Full year guidance confirmed; on track to meet targets

2015 Guidance Guidance 2015E 9M 15

(Constant FX 2014; ex-UK; ex-VZ; incl. 12M E-Plus, 8M GVT, 8M DTS)

Revenues Growth >9.5% 13.8%

Limited margin erosion

OIBDA margin around 1.2 p.p.(1.3 p.p)

(to allow for commercial

flexibility if needed)

CapEx/Sales Around 17% 15.6%

Net Debt/OIBDA (adjusted for O2 UK sale) <2.35x 2.32x

€0.75/sh. First Tranche:

Dividend €0.35/sh.

€0.35/sh. voluntary

scrip Q4 15 Voluntary scrip

€0.40/sh. Cash Q2 16 dividend Nov-15

Share buyback: % share capital cancelled (treasury) 1.5% Executed in

Jun-15

Investor Relations

Telefónica, S.A. 4

Strong FCF in Q3, to accelerate further in Q4

FCF 2015 (€ in millions)

€+1,957m

9M FCF

1,400 1,206 ex-spectrum

€2,511m

(557)

Q1 Q2 Q3 9M

€2Bn FCF improvement q-o-q

Lower spectrum payments (-€1.2bn)

Reduced interest payments (+€60m)

Savings on tax payments (+€38m)

Improved WC generation (+€98m)

Less minority drag (+€363m)

FCFS 2015 (€/share)

9M FCFS

ex-spectrum

0.08 0.29 0.25 €0.52

(0.12)

Q1 Q2 Q3 9M

EPS 2015 (€/share)

0.91 9M EPS

0.38 0.37 63.5% y-o-y

0.17

Q1 Q2 Q3 9M

FCF TO IMPROVE IN Q4 AS SEASONAL FACTORS IMPACT POSITIVELY

Investor Relations

Telefónica, S.A.

5

Organic growth and perimeter outweighing Q3 FX impact

Q3 Revenue

€ in millions

1,449 582 11,919

10,759

(871)

Q3 14 Perimeter Organic FX Q3 15

+10.8%

Contribution +13.5 p.p. +5.4 p.p.(8.1 p.p.)

9M Revenue

€ in millions

3,127 35,337

31,577 1,457

(824)

9M 14 Perimeter Organic FX 9M 15

+11.9%

Contribution +9.9 p.p. +4.6 p.p.(2.6 p.p.)

Q3 OIBDA

€ in millions

3,590 259 182 3,693

(281)(57)

Q3 14 Perimeter Organic FX Towers & Q3 15

Restruct.

+2.9%

Contribution +7.2 p.p. +5.1 p.p.(7.8 p.p.)(1.6 p.p.)

9M OIBDA

€ in millions

592 384 11,013

10,415

(292)(88)

9M 14 Perimeter Organic FX Towers & 9M 15

Restruct.

+5.7%

Contribution +5.7 p.p. +3.7 p.p.(2.8 p.p.)(0.8 p.p.)

Investor Relations Telefónica, S.A.

6

Revenue & OIBDA continue to accelerate

Revenue 2015(organic growth y-o-y)

+0.4 p.p.

4.8%

4.2% 4.4%

Spain: +1.3 p.p. q-o-q

3.3% Hispam: +2.2 p.p. q-o-q

9M Q1 Q2 Q3

Group organic revenue growth ramping-up in Q3

Proving strong progress in Spain to positive y-o-y

Hispam ramping-up to +12.6% y-o-y

Continued solid mid-single digit y-o-y in Brazil

Data increase remains robust: +19.3% y-o-y

Higher Digital Services sales

SoC revenues 11% of total; +1.9 p.p. y-o-y

OIBDA 2015 (organic growth y-o-y)

+1.4 p.p.

4.8%

3.5%

3.3%

Germany: +15.3 p.p. q-o-q

2.4% Brazil: +1.6 p.p. q-o-q

9M Q1 Q2 Q3

Margin

(reported) 31.2% 31.3% 31.2% 31.0%

Margin y-o-y

(organic)(0.2 p.p.)(0.3 p.p.)(0.3 p.p.) 0.0 p.p.

Right balance between growth and profitability

OIBDA improved performance in Q3 supported by Germany and Brazil

Successful execution of initial synergies in Germany; Brazil to follow

Strengthening efficiency over the year

Flattish margin at 31% (Range Q3: Spain 45%Germany 20%)

OpEx +4.8% (vs. Q3 14 organically)

Investment in value customers to capture market growth despite cost and simplification initiatives

Investor Relations Telefónica...


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