Fri. Apr 19th, 2019

«The action still has growth potential»

«The action still has growth potential»

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The president of Telefónica, José María Álvarez-Pallete, has addressed a broad letter to the shareholders of the company with a view to the general meeting scheduled for next June 7, in which he has defended that the share price of the multinational is already experiencing a recovery, "Has still growth potential to reflect the true value of your company." In the same, the senior executive has also stressed that "2018 has been the year we have crossed the equator of the transformation of Telefónica." In this line, he stressed that "we are forming a company for the next 20 or 30 years."

Pallete stressed that the company has achieved the 356 million customers by the end of 2018, with a greater proportion of those that enjoy wide banking with fiber or cable and with half of the mobile clients with a contract. He also recalled that revenues have increased and that the data business already accounts for 53% of sales, after achieving last year a profit of 3,300 million euros. Similarly, the head of Telefónica has taken his chest before its shareholders and underlined the strong rate of investment of the last seven years: 82,000 million euros. In addition to highlighting the reduction of net debt by 12,000 million euros since 2016 and what qualified «Attractive remuneration to shareholders» with a sustainable dividend of 0.40 euros per share.

The top executive of Telefonica has also acknowledged the difficulties to drive the transformation of the teleco "in the midst of an environment that is not conducive, if not adverse" by various factors such as "turbulence" in markets such as Latin America or the United Kingdom; «The distrust of the markets towards our sector» or what he has considered as "the negative stock market atmosphere of the Ibex". In his opinion, Telefónica is now "considerably stronger than three years ago" and as a sample has highlighted that it generates an impact on the GDP of more than 53,000 million euros and contributes 21 euros of every 100 billed to the public budget. Besides contributing to the creation of 1.2 million direct and indirect jobs.

Similarly, it has defended initiatives such as the Charter of Rights and Digital Obligations or the reduction of the digital divide and the promotion of inclusive connectivity, through programs such as «Internet for all» in Peru.

In any case, Pallete has been sure that the Spanish teleco is prepared for the fourth wave derived from the world of cognitive intelligence and put in value that «Connectivity offers us one of those huge opportunities to grow, going out to meet the world of big data ». For this reason, the head of Telefónica has taken a stand for "the splendid future of the company", which will continue to create long-term value for shareholders, customers, employees or suppliers.


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