Financial Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Movement in Non-Current Financial Assets

The movement in items composing “Non-current financial assets” in 2017 and 2016, is as follows:



Millions of euros	Investments		Long-term credits		Deposits and guarantees		Derivative financial assets		Impairment provision		Non-current prepayments		Non-current financial assets
Balance at 12/31/15	1,289		2,512		1,425		5,315		(507	)	371		10,405
Acquisitions	73		952		169		73		(13	)	43		1,297
Disposals	(446	)	(955	)	(102	)	(270	)	402		(20	)	(1,391	)
Translation differences	8		(37	)	337		(15	)	30		6		329
Fair value adjustments and financial updates	(103	)	(21	)	102		151		—		—		129
Transfers and other	4		(681	)	7		(206	)	(66	)	(62	)	(1,004	)
Balance at 12/31/16	825		1,770		1,938		5,048		(154	)	338		9,765
Acquisitions	16		960		955		—		(12	)	170		2,089
Disposals	(155	)	(232	)	(156	)	(120	)	41		(24	)	(646	)
Translation differences	(7	)	(81	)	(258	)	(57	)	16		(19	)	(406	)
Fair value adjustments and financial updates	5		(1	)	84		(1,251	)	—		—		(1,163	)
Transfers and other	(34	)	(594	)	62		(808	)	(29	)	(69	)	(1,472	)
Balance at 12/31/17	650		1,822		2,625		2,812		(138	)	396		8,167

Schedule of Composition of Long-Term Credits

The composition of long-term credits is as follows:



Millions of euros	12/31/2017	12/31/2016
Long-term trade receivables	638	593
Long-term receivables for indirect taxes	189	144
Other long-term credits	995	1,033
Total	1,822	1,770

Schedule of Disclosure of Financial Assets

The movement in impairment of trade receivables in 2017 and 2016 is as follows:



	Millions of euros
Impairment provision at December 31, 2015	2,787
Allowances	915
Amounts applied	(1,044	)
Translation differences and other	137
Impairment provision at December 31, 2016	2,795
Allowances	998
Inclusion of companies	14
Amounts applied	(1,019	)
Translation differences and other	(225	)
Impairment provision at December 31, 2017	2,563

The breakdown of financial assets of the Telefónica Group at December 31, 2017 and 2016, without considering non-current prepayments, is as follows:



December 31, 2017
	Fair value through profit or loss				Measurement hierarchy
Millions of euros	Held for trading	Fair value option	Available- for-sale	Hedges	Level 1 (Quoted prices)	Level 2 (Other directly observable market inputs)	Level 3 (Inputs not based on observable market data)	Held-to-maturity invest-ments	Rest of financial assets at amortized cost		Total carrying amount		Total fair value
Non-current financial assets	1,074	250	1,117	1,738	822	3,339	18	—	3,592		7,771		7,771
Investments	—	—	650	—	567	83	—	—	—		650		650
Long-term credits	—	250	467	—	86	613	18	—	1,105		1,822		1,684
Deposits and guarantees	—	—	—	—	—	—	—	—	2,625		2,625		2,625
Derivative instruments	1,074	—	—	1,738	169	2,643	—	—	—		2,812		2,812
Impairment losses	—	—	—	—	—	—	—	—	(138	)	(138	)	—
Current financial assets	163	60	66	731	105	915	—	169	6,157		7,346		7,346
Financial investments	163	60	66	731	105	915	—	169	965		2,154		2,154
Cash and cash equivalents	—	—	—	—	—	—	—	—	5,192		5,192		5,192
Total	1,237	310	1,183	2,469	927	4,254	18	169	9,749		15,117		15,117



December 31, 2016
	Fair value through profit or loss				Measurement hierarchy
Millions of euros	Held for trading	Fair value option	Available- for-sale	Hedges	Level 1 (Quoted prices)	Level 2 (Other directly observable market inputs)	Level 3 (Inputs not based on observable market data)	Held-to-maturity invest-ments	Rest of financial assets at amortized cost		Total carrying amount		Total fair value
Non-current financial assets	1,716	270	1,333	3,332	864	5,766	21	—	2,776		9,427		9,427
Investments	—	—	825	—	620	205	—	—	—		825		825
Long-term credits	—	270	508	—	76	681	21	—	992		1,770		1,616
Deposits and guarantees	—	—	—	—	—	—	—	—	1,938		1,938		1,938
Derivative instruments	1,716	—	—	3,332	168	4,880	—	—	—		5,048		5,048
Impairment losses	—	—	—	—	—	—	—	—	(154	)	(154	)	—
Current financial assets	883	118	115	1,173	483	1,806	—	39	4,362		6,690		6,690
Financial investments	883	118	115	1,173	483	1,806	—	39	626		2,954		2,954
Cash and cash equivalents	—	—	—	—	—	—	—	—	3,736		3,736		3,736
Total	2,599	388	1,448	4,505	1,347	7,572	21	39	7,138		16,117		16,117

Schedule of Maturity Analysis for Non-Derivative Financial Liabilities

The breakdown of financial liabilities at December 31, 2017 and the corresponding maturities schedule is as follows:



Millions of euros
	Current	Non-current
Maturity	2018	2019	2020	2021	2022	Subsequent years	Non-current total	Total
Debentures and bonds	5,313	3,599	5,108	4,760	4,903	17,605	35,975	41,288
Promissory notes & commercial paper	2,107	—	112	—	—	187	299	2,406
Total Issues	7,420	3,599	5,220	4,760	4,903	17,792	36,274	43,694
Loans and other payables	1,714	2,250	819	918	531	2,668	7,186	8,900
Derivative instruments (Note 16)	280	214	824	453	185	1,196	2,872	3,152
Total	9,414	6,063	6,863	6,131	5,619	21,656	46,332	55,746

The detail and key features of outstanding debentures and bonds at December 31, 2017 are as follows (in millions of euros):



Total Telefónica and its instrumental companies
				Maturity (nominal)
Debentures and bonds	Currency	% Interest rate		2018	2019	2020	2021	2022	Subsequent years	Total
T. EUROPE BV SEP_00 BOND GLOBAL D	USD	8.250	%	—	—	—	—	—	1,042	1,042
TEBV FEB_03 EMTN FIXED TRANCHE B	EUR	5.875	%	—	—	—	—	—	500	500
Telefónica Europe, B.V.				—	—	—	—	—	1,542	1,542
EMTN O2 GBP	GBP	5.375	%	845	—	—	—	—	—	845
EMTN O2 GBP	GBP	5.375	%	—	—	—	—	—	563	563
TELEF EMISIONES JUNE 06 TRANCHE D	USD	7.045	%	—	—	—	—	—	1,667	1,667
TELEF EMISIONES JANUARY 07 A	EUR	1 x EURIBOR6M + 0.83000%		—	—	—	55	—	—	55
TELEF EMISIONES JANUARY 07 B	EUR	1 x EURIBOR3M + 0.70000%		24	—	—	—	—	—	24
TELEF EMISIONES MAY 2014	EUR	2.242	%	—	—	—	—	1,250	—	1,250
TELEF EMISIONES JULY 15, 2019	USD	5.877	%	—	834	—	—	—	—	834
TELEF EMISIONES NOVEMBER 11, 2019	EUR	4.693	%	—	1,750	—	—	—	—	1,750
EMTN GBP 12/09/2022 650 GBP	GBP	5.289	%	—	—	—	—	732	—	732
TELE EMISIONES APRIL 3 2010	USD	5.134	%	—	—	1,168	—	—	—	1,168
EMTN GBP 10/08/2029 400 GBP	GBP	5.445	%	—	—	—	—	—	451	451
TELEF EMISIONES FEBRUARY 2011	USD	5.462	%	—	—	—	1,251	—	—	1,251
TELEF. EMISIONES FEBRUARY 2012	EUR	4.797	%	1,500	—	—	—	—	—	1,500
TELEF. EMISIONES FEBRUARY 2012	GBP	5.597	%	—	—	788	—	—	—	788
TELEF. EMISIONES JUNE 2013	JPY	4.250	%	74	—	—	—	—	—	74
TELEF. EMISIONES OCTOBER 2012	EUR	4.710	%	—	—	1,200	—	—	—	1,200
TELEF. EMISIONES DECEMBER 2012	CHF	2.718	%	213	—	—	—	—	—	213
TELEF. EMISIONES DECEMBER 2012	CHF	3.450	%	—	—	—	—	128	—	128
TELEF EMISIONES JANUARY 2013	EUR	3.987	%	—	—	—	—	—	1,500	1,500



				Maturity (nominal)
Debentures and bonds	Currency	% Interest rate		2018	2019	2020	2021	2022	Subsequent years	Total
TELEF. EMISIONES MARCH 2013	EUR	3.961	%	—	—	—	1,000	—	—	1,000
TELEF EMISIONES APRIL 2013	USD	3.192	%	1,042	—	—	—	—	—	1,042
TELEF EMISIONES APRIL 2013	USD	4.570	%	—	—	—	—	—	625	625
TELEF. EMISIONES MAY 2013	EUR	2.736	%	—	750	—	—	—	—	750
TELEF. EMISIONES OCTOBER 2014	EUR	2.932	%	—	—	—	—	—	800	800
TELEF. EMISIONES OCTOBER 2013	CHF	2.595	%	—	—	192	—	—	—	192
TELEF EMISIONES JULY 2015	EUR	1 x EURIBOR6M +0.83%		—	—	—	—	67	—	67
TELEF. EMISIONES SEPTEMBER 2015	EUR	1.477	%	—	—	—	1,000	—	—	1,000
TELEF EMISIONES APRIL 2016	EUR	0.750	%	—	—	—	—	1,400	—	1,400
TELEF EMISIONES APRIL 2016	EUR	1.460	%	—	—	—	—	—	1,350	1,350
TELEF. EMISIONES OCTOBER 2016	EUR	0.318	%	—	—	1,250	—	—	—	1,250
TELEF. EMISIONES OCTOBER 2016	EUR	1.930	%	—	—	—	—	—	750	750
TELEF. EMISIONES DECEMBER 2016	EUR	4.000	%	—	—	—	—	—	150	150
TELEF. EMISIONES JANUARY 2017	EUR	1 x EURIBOR3M +0.40%		—	150	—	—	—	—	150
TELEF. EMISIONES JANUARY 2017	EUR	1.528	%	—	—	—	—	—	1,250	1,250
TELEF. EMISIONES JANUARY 2017	EUR	2.318	%	—	—	—	—	—	500	500
TELEF. EMISIONES MARCH 2017	USD	4.103	%	—	—	—	—	—	1,251	1,251
TELEF. EMISIONES MARCH 2017	USD	5.213	%	—	—	—	—	—	1,668	1,668
TELEF. EMISIONES MARCH 2017	EUR	2.318	%	—	—	—	—	—	200	200
TELEF. EMISIONES APRIL 2017	USD	4.900	%	—	—	—	—	—	167	167
TELEF. EMISIONES APRIL 2017	USD	5.213	%	—	—	—	—	—	417	417
TELEF. EMISIONES SEPTEMBER 2017	EUR	1.715	%	—	—	—	—	—	1,250	1,250
Telefónica Emisiones, S.A.U.				3,698	3,484	4,598	3,306	3,577	14,559	33,222
Exchangeable Bond MARCH 2016 (*)	EUR	—		—	—	—	600	—	—	600
Telefónica Participaciones		—		—	—	—	600	—	—	600
Total Telefónica, S.A. and its instrumental companies				3,698	3,484	4,598	3,906	3,577	16,101	35,364
(*) Issue of non-dilutive cash-settled equity-linked bonds referenced to Telefónica share price, with a nominal amount of 600 million euros, issue price of 101.25% and maturing in March 2021.



Foreign operators
				Maturity
Debentures and bonds	Currency	% Interest rate		2018	2019	2020	2021	2022	Subsequent years	Total
Bond Q	CLP	5.750	%	—	64	—	—	—	—	64
Bond T	CLP	4.900	%	—	—	13	26	—	26	65
144A Bond	USD	3.875	%	—	—	—	—	417	—	417
Telefónica Chile, S.A.				—	64	13	26	417	26	546
Bond F	UF	3.600	%	—	—	—	—	—	109	109
Bond G	UF	2.200	%	—	—	73	—	—	—	73
Bond I	UF	1.950	%	—	—	73	—	—	—	73
Bond K	CLP	4.900	%	—	—	—	128	—	—	128



				Maturity
Debentures and bonds	Currency	% Interest rate		2018	2019	2020	2021	2022	Subsequent years	Total
Telefónica Móviles Chile, S.A.				—	—	146	128	—	109	383
T. Finanzas Mex 0710 FIX	MXN	8.070	%	—	—	83	—	—	—	83
Telefónica Finanzas México, S.A.				—	—	83	—	—	—	83
Bond T. Peru 4th Program (19th Serie A)	N. SOL	VAC + 3.6250%		—	—	—	—	—	22	22
Bond T. Peru 4th Program (12th Serie A)	N. SOL	VAC + 3.6875%		—	21	—	—	—	—	21
Bond T. Peru 4th Program (36th Serie B)	N. SOL	VAC + 3.3750%		17	—	—	—	—	—	17
Bond T. Peru 4th Program (19th Serie B)	N. SOL	VAC + 2.8750%		—	—	—	—	—	17	17
Bond T. Peru 4th Program (37th Serie A)	N. SOL	VAC + 3.1250%		—	—	—	—	—	16	16
Bond T. Peru 4th Program (19th Serie C)	N. SOL	VAC + 3.1875%		—	—	—	—	—	7	7
Bond T. Peru 5th Program (22nd Serie Ab)	N. SOL	VAC + 3.5000%		—	4	—	—	—	—	4
Bond T. Peru 5th Program (22nd Serie Ac)	N. SOL	VAC + 3.5000%		—	—	—	8	—	—	8
Bond T. Peru 6th Program (11th Serie A)	N. SOL	6.656	%	—	—	—	—	—	67	67
Bond T. Peru 6th Program (11th Serie B)	N. SOL	6.190	%	—	—	—	—	—	31	31
Bond T. Peru 6th Program (12th Serie A)	N. SOL	5.060	%	—	—	28	—	—	—	28
Bond T. Peru 6th Program (13th Serie A)	N. SOL	5.500	%	—	—	—	—	36	—	36
Bond T. Peru 6th Program (14th Serie A)	N. SOL	5.340	%	—	—	—	—	26	—	26
Bond T. Peru 6th Program (15th Serie A)	N. SOL	5.470	%	—	—	—	—	—	34	34
Bond TM Peru 2nd Program (11th Serie B)	N. SOL	7.375	%	15	—	—	—	—	—	15
Bond TM Peru 2nd Program (27th Serie A)	N. SOL	5.531	%	—	13	—	—	—	—	13
Telefónica del Perú, S.A.				32	38	28	8	62	194	362
Nonconvertible bonds	BRL	1.0 XCDI + 0.68%		328	—	—	—	—	—	328
Nonconvertible bonds	BRL	1.0825 XCDI		—	—	—	252	252	—	504
Nonconvertible bonds	BRL	1.0 XCDI + 0.24%		—	—	252	—	—	—	252
Nonconvertible bonds	BRL	1 XIPXA +4		—	10	—	—	—	—	10
Nonconvertible bonds ( Telemig) I	BRL	IPCA + 0.5%		1	1	1	1	—	—	4
Nonconvertible bonds ( Telemig) II	BRL	IPCA + 0.5%		2	2	2	2	—	—	8
Nonconvertible bonds ( Telemig) III	BRL	IPCA + 0.5%		3	3	3	3	—	—	12
Telefônica Brasil, S.A.				334	16	258	258	252	—	1,118
BOND R144-A	USD	5.375	%	—	—	—	—	625	—	625
Colombia Telecomunicaciones, S.A, ESP				—	—	—	—	625	—	625
Bond	EUR	1.875	%	600	—	—	—	—	—	600
Bond	EUR	2.375	%	—	—	—	500	—	—	500
O2 Telefónica Deutschland Finanzierungs, GmbH				600	—	—	500	—	—	1,100
Total Outstanding Debentures and Bonds Foreign operators				966	118	528	920	1,356	329	4,217
Total Outstanding Debentures and Bonds				4,664	3,602	5,126	4,826	4,933	16,430	39,581

Schedule of Maturity Analysis for Derivative Financial Liabilities

The breakdown of financial liabilities at December 31, 2017 and the corresponding maturities schedule is as follows:



Millions of euros
	Current	Non-current
Maturity	2018	2019	2020	2021	2022	Subsequent years	Non-current total	Total
Debentures and bonds	5,313	3,599	5,108	4,760	4,903	17,605	35,975	41,288
Promissory notes & commercial paper	2,107	—	112	—	—	187	299	2,406
Total Issues	7,420	3,599	5,220	4,760	4,903	17,792	36,274	43,694
Loans and other payables	1,714	2,250	819	918	531	2,668	7,186	8,900
Derivative instruments (Note 16)	280	214	824	453	185	1,196	2,872	3,152
Total	9,414	6,063	6,863	6,131	5,619	21,656	46,332	55,746

Foreign exchange and interest rate options, by maturity, are as follows:



Currency options	Maturities
Millions of euros	2018	2019	2020	2021	2022	Subsequent years
Currency Puts (EURUSD, USDEUR)
Notional amount of options bought	120	—	—	—	—	—
Strike	1.57	—	—	—	—	—
Notional amount of options sold	120	—	—	—	—	—
Strike	1.57	—	—	—	—	—



Interest rate options	Maturities
Millions of euros	2018	2019	2020	2021	2022	Subsequent years
Collars
Notional amount of options bought	800	—	—	—	845	—
Strike Cap	4.35	—	—	—	4.92	—
Strike Floor	3.05	—	—	—	4.15	—
Caps
Notional amount of options bought	—	—	—	—	—	—
Strike	—	—	—	—	—	—
Notional amount of options sold	—	—	—	—	845	—
Strike	—	—	—	—	5.53	—
Floors
Notional amount of options bought	—	—	—	—	845	—
Strike	—	—	—	—	1.17	—
Notional amount of options sold	—	—	—	—	—	—
Strike	—	—	—	—	—	—

Cash flows receivable or payable on derivative financial instruments to be settled via the swap of nominals, categorized by currency of collection/payment, along with contractual maturities are as follows:



Millions of euros		2018		2019		2020		2021		2022		Subsequent years		Total
Currency swaps
Receive	ARS	—		—		—		—		—		—		—
Pay	ARS	—		—		—		—		—		—		—
Receive	BRL	66		—		—		—		—		—		66
Pay	BRL	(140	)	(79	)	—		—		—		—		(219	)
Receive	CLP	—		—		—		—		326		94		420
Pay	CLP	—		—		(136	)	(134	)	(652	)	(188	)	(1,110	)
Receive	COP	—		—		—		—		—		—		—
Pay	COP	(42	)	(2	)	—		—		—		—		(44	)
Receive	CZK	—		—		—		—		—		—		—
Pay	CZK	—		—		—		—		—		—		—
Receive	EUR	80		74		—		—		—		64		218
Pay	EUR	(2,119	)	(1,583	)	(3,019	)	(3,104	)	(313	)	(4,952	)	(15,090	)
Receive	GBP	—		563		1,239		—		—		—		1,802
Pay	GBP	—		—		—		—		—		—		—
Receive	JPY	74		—		—		—		—		—		74
Pay	JPY	—		—		—		—		—		—		—
Receive	MAD	—		—		—		—		—		—		—
Pay	MAD	—		—		—		—		—		—		—
Receive	MXN	—		—		—		—		—		—		—
Pay	MXN	—		—		—		—		—		—		—
Receive	PEN	—		—		—		—		—		—		—
Pay	PEN	(6	)	(1	)	—		—		—		—		(7	)
Receive	UFC	—		—		145		—		—		218		363
Pay	UFC	—		—		—		—		—		(109	)	(109	)
Receive	USD	1,963		1,027		1,612		3,302		1,026		4,525		13,455
Pay	USD	(47	)	—		—		—		(417	)	—		(464	)
Receive	UDI	—		—		—		—		—		—		—
Pay	UDI	—		—		—		—		—		—		—
Receive	CHF	214		—		192		—		—		—		406
Pay	CHF	—		—		—		—		128		—		128
TOTAL		43		(1	)	33		64		98		(348	)	(111	)



Millions of euros		2018		2019	2020	2021	2022	Subsequent years	Total
Forwards
Receive	ARS	—		—	—	—	—	—	—
Pay	ARS	—		—	—	—	—	—	—
Receive	BRL	8		—	—	—	—	—	8
Pay	BRL	(748	)	—	—	—	—	—	(748	)
Receive	CLP	1		—	—	—	—	—	1
Pay	CLP	(569	)	—	—	—	—	—	(569	)
Receive	COP	3		—	—	—	—	—	3
Pay	COP	(818	)	—	—	—	—	—	(818	)
Receive	CZK	67		—	—	—	—	—	67
Pay	CZK	—		—	—	—	—	—	—
Receive	EUR	5,533		—	—	—	—	—	5,533
Pay	EUR	(2,131	)	—	—	—	—	—	(2,131	)
Receive	GBP	1,022		—	—	—	—	—	1,022
Pay	GBP	(3,084	)	—	—	—	—	—	(3,084	)
Receive	MXN	—		—	—	—	—	—	—
Pay	MXN	(352	)	—	—	—	—	—	(352	)
Receive	PEN	25		—	—	—	—	—	25
Pay	PEN	(245	)	—	—	—	—	—	(245	)
Receive	UFC	—		—	—	—	—	—	—
Pay	UFC	—		—	—	—	—	—	—
Receive	USD	2,610		—	—	—	—	—	2,610
Pay	USD	(1,338	)	—	—	—	—	—	(1,338	)
Receive	UYU	—		—	—	—	—	—	—
Pay	UYU	(19	)	—	—	—	—	—	(19	)
TOTAL		(35	)	—	—	—	—	—	(35	)

Schedule of Financial Liabilities

The composition of these financial liabilities, by category, at December 31, 2017 and 2016 is as follows:



December 31, 2017
	Fair value through profit or loss			Measurement hierarchy
Millions of euros	Held for trading	Fair value option	Hedges	Level 1 (Quoted prices)	Level 2 (Other directly observable market inputs)	Level 3 (Inputs not based on observable market data)	Liabilities at amortized cost	Total carrying amount	Total fair value
Issues	—	—	—	—	—	—	43,694	43,694	47,166
Loans and other payables	—	—	—	—	—	—	8,900	8,900	9,010
Derivative instruments	1,180	—	1,972	80	3,072	—	—	3,152	3,152
Total financial liabilities	1,180	—	1,972	80	3,072	—	52,594	55,746	59,328



December 31, 2016
	Fair value through profit or loss			Measurement hierarchy
Millions of euros	Held for trading	Fair value option	Hedges	Level 1 (Quoted prices)	Level 2 (Other directly observable market inputs)	Level 3 (Inputs not based on observable market data)	Liabilities at amortized cost	Total carrying amount	Total fair value
Issues	—	—	—	—	—	—	45,444	45,444	48,686
Loans and other payables	—	—	—	—	—	—	11,398	11,398	11,398
Derivative instruments	2,299	—	1,220	64	3,455	—	—	3,519	3,519
Total financial liabilities	2,299	—	1,220	64	3,455	—	56,842	60,361	63,603

Schedule of Movement in Financial Liabilities

The following movement presents the detail of changes in the financial liabilities in 2017 that arise from the financial activities:



			Cash used in financing activities
Millions of euros	Balance at 12/31/16		Acquisitions	Disposals		Translation differences		Fair value adjustment and financial updates		Others movements		Balance at 12/31/17
Issues	42,084		8,390	(6,687	)	(2,178	)	(296	)	(25	)	41,288
Promissory notes and commercial paper	3,360		60	(1,008	)	(6	)	—		—		2,406
Loans and other payables	11,397		4,209	(6,241	)	(699	)	(16	)	250		8,900
Net derivative instruments	(3,401	)	—	396		87		3,075		(662	)	(505	)
Total	53,440		12,659	(13,540	)	(2,796	)	2,763		(437	)	52,089

Schedule of Movement in Issues of Debt

The movement in issues of debentures, bonds and other marketable debt securities in 2017 and 2016 is as follows:



Millions of euros	Debenture and bond issues		Promissory notes and commercial paper		Total
Balance at 12/31/15	43,557		1,815		45,372
New issues	5,693		1,566		7,259
Redemptions, conversions and exchanges	(6,873	)	(25	)	(6,898	)
Revaluation and other movements	(293	)	4		(289	)
Balance at 12/31/16	42,084		3,360		45,444
New issues	8,390		60		8,450
Redemptions, conversions and exchanges	(6,687	)	(1,008	)	(7,695	)
Revaluation and other movements	(2,499	)	(6	)	(2,505	)
Balance at 12/31/17	41,288		2,406		43,694

Schedule of Detailed Information about Debt

Interest-bearing debt arranged or repaid in 2017 mainly includes the following:



Description	Limit 12/31/2017 (million euros)	Currency	Outstanding balance 12/31/2017 (million euros)	Arrangement date	Maturity date	Drawndown 2017 (million euros)	Repayment 2017 (million euros)
Telefónica, S.A.
Syndicated facility	2,500	EUR	—	02/19/2015	02/19/2022	—	(550	)
Syndicated facility ⁽¹⁾	—	EUR	—	11/17/2015	03/30/2017	—	—
Structured financing ^(*)	679	USD	566	12/11/2015	03/11/2026	329	(48	)
Structured financing ^(*)	469	EUR	423	12/11/2015	03/11/2026	217	(34	)
Structured financing ^(2)(*)	—	EUR	—	06/13/2014	12/15/2017		(185	)
Bilateral loan ⁽³⁾	—	EUR	—	02/23/2016	02/23/2017	—	(100	)
Bilateral loan ⁽⁴⁾	—	EUR	—	11/13/2015	05/16/2017	—	(100	)
Bilateral loan ⁽⁵⁾	1,500	EUR	1,500	06/26/2014	06/26/2019	—	—
Bilateral loan ⁽⁶⁾	—	EUR		06/30/2015	12/29/2017	—	(200	)
Bilateral loan ⁽⁷⁾	150	EUR	150	10/24/2016	03/19/2019	—	(150	)
Credit facility	380	EUR	292	12/27/2002	12/27/2020	292	—
Credit facility	200	EUR	167	03/27/2013	03/14/2020	167	—
Telefónica Germany GmbH & Co. OHG
^{Syndicated facility (8)}	750	EUR	—	03/22/2016	03/22/2022	650	(700	)
EIB Financing	—	EUR	450	06/13/2016	06/13/2025	200	—
Telefónica Europe, B.V.
Structured financing ^(*)	750	EUR	750	11/28/2016	11/28/2024	750	—


(1)	On March 30, 2017 an early cancellation was made for the 1,500 million euros syndicated facility originally scheduled to mature in 2019.


(2)	On December 15, 2017 an early repayment was made for the long-term financing originally scheduled to mature in 2019.


(3)	On February 23, 2017 an early cancellation was made for the bilateral loan originally scheduled to mature in 2019.


(4)	On May 16, 2017 an early cancellation was made for the bilateral loan originally scheduled to mature in 2020.

(5)

On January 17, 2017 an amendment was made to the bilateral loan, with an outstanding amount of 1,500 million euros, split into two tranches with a new amortization schedule: tranche A for 500 million euros maturing on June 26, 2017 and tranche B for 1,000 million euros maturing on June 26, 2019. Later, on February 17, 2017 a new amendment was signed extending the maturity of the tranche A for 500 million euros up to June 26, 2019.


(6)	On December 29, 2017 an early repayment was made for the 200 million euros bilateral loan originally scheduled to mature in 2020.


(7)	On December 19, 2017 an early repayment was made for 150 million euros of the 300 million euros bilateral loan originally scheduled to mature in 2019.


(8)	On February 17, 2017 a twelve-month extension was signed for the 750 million euros syndicated facility originally scheduled to mature in 2021.

(*) Facility with amortization schedule showing in the column "Limit 12/31/2017" the undrawn amount.

The main debentures and bonds issued by the Group in 2017 are as follows:



			Nominal (millions)
Item	Date	Maturity Date	Currency	Euros	Currency of issuance	Coupon
Telefónica Emisiones, S.A.U.
EMTN Bond	01/17/2017	01/17/2025	1,250	1,250	EUR	1.528	%
EMTN Bond	01/17/2017	10/17/2028	500	500	EUR	2.318	%
EMTN Bond	01/25/2017	01/25/2019	150	150	EUR	EURIBOR 3M + 0.40%
SHELF Bond	03/08/2017	03/08/2027	1,500	1,251	USD	4.103	%
SHELF Bond	03/08/2017	03/08/2047	2,000	1,667	USD	5.213	%
EMTN Bond (Retap)	03/17/2017	10/17/2028	200	200	EUR	2.318	%
EMTN Bond	04/18/2017	04/18/2037	200	167	USD	4.900	%
SHELF Bond (Retap)	04/28/2017	03/08/2047	500	417	USD	5.213	%
EMTN Bond	09/12/2017	01/12/2028	1,250	1,250	EUR	1.715	%
Telefónica Brasil, S.A.
Debentures	02/08/2017	02/08/2022	2,000	504	BRL	108.25% CDI
Debentures	11/27/2017	11/27/2020	1,000	252	BRL	100% CDI + 0.24%

The main financing transactions at December 31, 2017 and 2016 and their nominal amounts are as follows:



			Outstanding principal balance
			(millions of euros)
Descriptive name summary	Current limit (millions)	Currency	12/31/2017	12/31/2016	Arrangement date	Maturity date
Telefónica, S.A
Structured Financing (*)	153	USD	128	190	05/03/2011	07/30/2021
Structured Financing (*)	551	USD	460	635	02/22/2013	01/31/2023
Structured Financing (*)	446	USD	371	505	08/01/2013	10/31/2023
Bilateral (1)	1,500	EUR	1,500	1,500	06/26/2014	06/26/2019
Syndicated facility	2,500	EUR	—	550	02/19/2015	02/19/2022
Bilateral (2)	—	EUR	—	200	06/30/2015	12/29/2017
Structured Financing (*)	679	USD	566	324	12/11/2015	03/11/2026
Structured Financing (*)	469	EUR	423	240	12/11/2015	03/11/2026
Bilateral loan (3)	—	EUR	—	100	02/23/2016	02/23/2017
Bilateral loan	100	EUR	100	100	02/23/2016	02/23/2021
Loan	300	EUR	300	300	03/08/2016	03/08/2021
Bilateral loan (4)	150	EUR	150	300	10/24/2016	03/19/2019
Credit	380	EUR	292	—	12/27/2002	12/27/2020
Credit	200	EUR	167	—	03/27/2013	03/14/2020
Telefónica Germany GmbH & Co. OHG
Syndicated facility (5)	750	EUR	—	50	03/22/2016	03/22/2022
EIB Financing	—	EUR	450	250	06/13/2016	06/13/2025
Telefónica Europe, B.V.
Structured Financing (*)	750	EUR	750	—	11/28/2016	11/28/2024

(1) On January 17, 2017 an amendment was made to the bilateral loan, with an outstanding amount of 1,500 million euros, split into two tranches with a new amortization schedule: tranche A for 500 million euros maturing on June 26, 2017 and tranche B for 1,000 million euros maturing on June 26, 2019. Later, on February 17, 2017 a new amendment was signed extending the maturity of the tranche A for 500 million euros up to June 26, 2019.

(2) On December 29, 2017 an early repayment was made for the 200 million euros bilateral loan originally scheduled to mature in 2020.

(3) On February 23, 2017 an early cancellation was made for the bilateral loan originally scheduled to mature in 2019.

(4) On December 19, 2017 an early repayment was made for 150 million euros of the 300 million euros bilateral loan originally scheduled to mature in 2019.

(5) On February 17, 2017 a twelve-month extension was signed for the 750 million euros syndicated facility originally scheduled to mature in 2021.

(*) Facility with amortization schedule, showing in the column "Current limit" the undrawn amount.

Schedule of Loans and Other Payables

The breakdown of “Loans and other payables” by currency at December 31, 2017 and 2016, along with the equivalent value of foreign-currency loans in euros, is as follows:



	Outstanding balance (in millions)
	Currency		Euros
Currency	12/31/17	12/31/16	12/31/17	12/31/16
Euro	4,682	5,174	4,682	5,174
US dollar	2,936	2,812	2,448	2,668
Brazilian Real	3,939	4,744	993	1,381
Colombian Peso	1,398,550	5,473,409	391	1,731
Pounds Sterling	106	109	120	127
Peruvian nuevo sol	462	527	119	149
Other currencies			147	168
Total Group			8,900	11,398