Auditor`s Report, Annual Accounts and Management Report at December 31, 2019
(WorldNews Spain)

2019 Telefónica, S.A. Annual financial statements and management report for the year ended December 31, 2019 INDIVIDUAL ANNUAL REPORT Financial Statements 2019 Index Balance sheet at December 31 3 Income statements for the years ended December 31 5 Statements of changes in equity for the years ended December 31 6 Cash flow statements for the years ended December 31 7 Note 1. Introduction and general information 9 Note 2. Basis of presentation 10 Note 3. Proposed appropriation of profit 11 Note 4. Recognition and measurement accounting policies 12 Note 5. Intangible assets 14 Note 6. Property, plant and equipment 15 Note 7. Investment properties 16 Note 8. Investments in group companies and...