Historical Archive Annual Reports

2002 Annual Report

Telefónica has adopted a series of decisions and strategic agreements which have substantially improved its balance sheet, and have laid the foundations for the sustained growth of cash flow,net profits and return on employed capital in the coming years. The main agreements finalised were:

  • To re-establish the policy of compensating shareholders by paying dividends.
  • The restructure and writedown of investments in third-generation mobile telephony in Europe.
  • The repurchase of up to 2% of its own shares
  • Divestiture or decreased activity in non-strategic business areas
  • The formation of Brasilcel
  • The acquisition and integration of the existing operations of the Mexican operator Pegaso
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