Telephone IT IS ON PRIMARY MENU BEGINNING SHAREHOLDERS AND INVESTORS DEBT AND RATINGS Financing policy The Telefónica Group intends that the maturity profile of its debt is adapted to its ability to generate cash flows to pay it, maintaining a certain slack. In practice, this has resulted in following two criteria: The average maturity of the Telefónica Group's net financial debt will be tried to be greater than six years, or that threshold will be recovered in a reasonable period of time if it eventually falls below that limit. This criterion is considered a guideline in debt management and access to capital markets, but not a rigid requirement. For the purposes of calculating the average life of the net financial debt, the part of the available credit lines can be considered that compensate the maturities of the short-term debt and the options to extend the maturity in some financing operations can be considered. as exercised. The Telefónica Group must be able to pay all its commitments in the next 12 months, without the need to appeal to new loans or the capital markets (with the lines firmly committed by financial entities), in the event of budgetary compliance. As of December 31, 2020, the average maturity of the net financial debt (35,228 million euros) was 10.79 years (including available and committed credit lines). As of December 31, 2020, the expected maturities for 2021 of financial liabilities (Note 18) and of lease debt (Note 20) amount to 8,123 and 1,255 million euros, respectively. These maturities are less than the availability of funds, measured as the sum of: a) cash and cash equivalents and short-term financial assets; b) the annual cash generation forecast for 2021; and c) credit lines committed by banks, not used and with an initial maturity of more than one year (for an amount of 12,466 million euros as of December 31, 2020), which gives the Telefónica Group flexibility when it comes to access the capital or credit markets in the next two years. Nota: Para más información, consultar dentro del documento Información Consolidada del Informe Anual 2020 Documento en formato PDF [68,5 MB] el apartado (18) Pasivos Financieros (página 74-78) y el Anexo V (página 182). Cuentas anuales consolidadas 2020 PDF | 65 MB TE PUEDE INTERESAR Detalle y evolución de la deuda Programas y Emisores de deuda Marco de financiación sostenible Detalle de deuda entidades bancarias Detalle de emisiones y bonos de Telefónica S.A. y compañías instrumentales Ratings crediticios Subir Hacer nuestro mundo más humano, conectando la vida de las personas. facebook linkedin twitter instagram youtube Países CONTACTO Configure / Reject cookies Política de cookies Aviso legal Accesibilidad Política de privacidad © Telefónica SA Telefónica may use, depending on the section, subdomain or section of the www.telefonica.com website that you are visiting, its own and third-party cookies for analytical, personalization, social media purposes and to show you personalized advertising based on a profile. made from your browsing habits (for example, pages visited). You can accept all cookies by pressing the "Accept all and continue" button or configure or reject their use by clicking on the "Configure / Reject Cookies" button. For more detailed information, see our Cookies Policy CONFIGURE / REJECT COOKIES ACCEPT ALL AND CONTINUE