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Financial situation

Telefónica's net financial debt reached 31,705 million euros following the sale of O2 UK, while the debt ratio stands at 2.15 times. This data confirms the solidity of the Company's balance.

The net financial debt has been reduced by 294 million euros in the last twelve months, down to 45,087 million euros, affected by the adoption of the SICAD II fixed rate of exchange in Venezuela, which means an increase in the debt of 1,231 million euros. Thus, it is worth pointing out that the debt would stand at 31,705 million euros, and the debt ratio (net financial debt to OIBDA) would be 2.15 times. All this following the finalisation of the O2 UK sale at the end of the fiscal year, and despite the exchange rate adjustment in Venezuela.