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Group structure

Telefónica’s organisation evolves around three regional business divisions, and builds on the strategic and industry alliances in China, Italy and Portugal.

Telefónica España

Share in %
Telefónica de España 100%
Telefónica Móviles España 100%
Telyco 100%
Telefónica Telecomunic. Públicas 100%
T. Soluciones de Informática y Comunicaciones de España 100%
Iberlanda 58.94%

Telefónica Latinoamérica

Share in %
Telesp 1 87.95%
Telefónica del Perú 98.34%
Telefónica de Argentina 100%
TLD Puerto Rico 98%
Telefónica Chile 2 97.89%
Telefónica Telecom 52.03%
Telefónica USA 100%
T. Intern. Wholesale Serv. (TIWS) 3 100%
Brasilcel 4 50%
T. Móviles Argentina 100%
T. Móviles Perú 100%
T. Móviles Mexiko 100%
Telefónica Móviles Chile 100%
T. Móviles El Salvador 99.08%
T. Móviles Guatemala 100%
Telcel (Venezuela) 100%
T. Móviles Colombia 100%
Otecel (Ecuador) 100%
T. Móviles Panamá 100%
T. Móviles Uruguay 100%
Telefonía Celular Nicaragua 100%
T. Móviles Soluciones y Aplicac. (Chile) 100%

1 In real terms, the ownership interest (share) is 88.01%.

2 Telefónica Internacional de Chile, S.A., owns 44.98%, and Inversiones Telefónica Internacional Holding Ltd. owns 51.86%. On 9 January 2009, after the second acquisition was completed, the share of the Telefónica Group in the Chilean company has risen to 97.89%.

3 Telefónica, S.A., holds 92.51%, and Telefónica DataCorp holds 7.49%.

4 A joint venture which globally integrates the branch Vivo, S.A., through participation in Vivo Participaçoes, S.A. (63.54%).

Telefónica Europe

Share in %
Telefónica O2 UK 100%
Telefónica O2 Germany 5 100%
Telefónica O2 Ireland 100%
Max 100%
Be 100%
Groups 3G (Germany) 6 100%
Telefónica O2 Czech Republic 5 69.41%
Telefónica O2 Slovakia 7 100%

 5 A company in which the group has a stake through Telefónica, S.A.

 6 A company in which the group has a stake through Telefónica O2 Germany.

 7 A company in which the group has a stake through Telefónica O2 Czech Republic.

Other interests

Share in %
3G Mobile AG (Switzerland) 100%
Group Atento 100%
Telefónica de Contenidos – content services (Spain) 100%
Mobipay Internacional 50%
Telco SpA (Italy) 8 49.18%
IPSE 2000 (Italy) 9 39.92%
Lycos Europe 32.10%
Hispasat 13.23%
Portugal Telecom 10 9.86%
China Unicom Limited (Hong Kong, China) 8.37%
ZON Multimedia 11 5.46%
BBVA 0.98%
Amper 6.10%

8 Through Telco, Telefónica holds an indirect stake in Telecom Italia of approximately 10.36% in ordinary shares (with voting rights). After discounting saving shares (azioni di risparmio), which do not confer control rights, the indirect interest of Telefónica in Telecom Italia was 7.15%.

9 Companies in which Telefónica Móviles España has a direct or an indirect interest.

10 Real interest of the Telefónica Group. With minority shareholdings disregarded, Telefónica’s interest would be in the range of 10%.

11 Real interest of the Telefónica Group. With minority shareholdings disregarded, Telefónica’s interest would be in the range of 5.46%.

For more information please visit: www.telefonica.es/accionistaseinversiones