29 Jun 2016 14:34
RAMIRO S脕NCHEZ DE LER脥N GARC脥A-OVIES
General Secretary and
Secretary to the Board of Directors
TELEF脫NICA, S.A.
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TELEF脫NICA, S.A. as provided in article聽228 of the Spanish Stock Market Act (Ley del Mercado de Valores), hereby reports the following
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SIGNIFICANT EVENT
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Following the Significant Event published on May 11, 2016 in relation to the European Commission decision to prohibit the sale of Telef贸nica's subsidiary in the UK (O2 UK) to Hutchison Whampoa Group, Telef贸nica informs that upon the publication of its 2016 first half results, Telef贸nica's operations in the UK will no longer be reported as discontinued operations within Telef贸nica Group and all its assets and liabilities will cease to be reported as "held for sale", and will be reclassified back into full consolidation within Telef贸nica Group financial statements, according to IFRS. The comparative results will be reported accordingly.
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O2 UK is a leading company in the UK telecommunications market, leader in customer satisfaction and brand recognition, with very positive financial results showing y-o-y growth at OIBDA and OpCF level, and, at the same time, OIBDA margin expansion(1).
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Telef贸nica continues to explore different strategic alternatives for O2 UK, to be implemented when market conditions are deemed appropriate.
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Madrid, June 29, 2016
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(1) According to O2 UK first quarter 2016 results published by Telef贸nica S.A. on April 29, 2016
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