Telefonica SA (TEF) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 23, 2023 4:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning. Thank you for standing by, and welcome to Telefónica's January-December 2022 Results Conference Call. [Operator Instructions]. As a reminder, today's conference is being recorded. I would now like to turn the call over to Mr. Adrián Zunzunegui, Global Director of Investor Relations. Please go ahead, sir.

Adrián Zunzunegui

Good morning, and welcome to Telefónica's conference call to discuss January-December '22 results. I'm Adrián Zunzunegui from Investor Relations. Before proceeding, let me mention that the financial information contained in this document has been prepared and the international financial reporting standards as adopted by the European Union. This financial information is unaudited.

This conference call and 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 -- regarding plans, objectives and expectations regarding the different matters. All forward-looking statements involve risks and uncertainties that could cause the fiscal developments, 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 the slides, please contact Telefónica's Investor Relations team in Madrid or London.

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

Jose María Alvarez-Pallete

Thank you, Adrián. Good morning, and welcome to Telefónica's fourth quarter and annual results conference call. With me today are as Ángel Vilá, Laura Abasolo, Eduardo Navarro and Lutz Schüler. As usual, we will first talk you through the slides, and we'll then be happy to take any questions.

I would like to start looking at the strategic plan we shared with you back in November 2019. We then said, we were to focus on our key markets where we intended to be more relevant and aim for sustainable growth. We also wanted to reduce capital employed exposure to Spain whilst addressing efficiency, to promote growth opportunities through the launch of Telefónica Tech and Telefónica Infra, and at the same time, leverage value of our infrastructures, all under the new operating model in which best and digitized networks anchored everything.