Shareholders

"We manage the company with the aim of creating value for our shareholders" Business Principles.

Telefónica closed 2008 with a market capitalisation of 74.574 billion €, making it the fourth largest company in its sector worldwide.

The increasingly complex economic environment did not prevent the company from meeting its targets for yet another year, and it demonstrated greater capacity for growth than its main competitors. These solid results were the fruit of Telefónica's diversified profile, one that it has been building over the course of the decade and that is unique in the sector.

Telefónica's financial strength and abundant cash flow-generating capacity have rewarded well the trust that shareholders have put in the company.