"No one would understand that 60% of the capacity of highways, electricity networks, water or food was monopolized by 6 users, leaving the remaining 40% for the rest of the world." The president of Telefónica has resorted to this comparative graph to raise one of his most recurring demands in recent years, that the large technological multinationals contribute to the cost of infrastructure networks.
The company's shareholders' meeting, which was held this Friday at the Las Tablas headquarters in Madrid, has once again heard their demand. “A new world requires new rules. Rules that get the best out of all actors. Rules that balance the playing field. Rules that encourage collaboration in this new world. Rules that encourage the responsible and equitable use of these new networks ”, she insisted.
During his speech, Pallete reviewed the balance sheet at the helm of the company in the seven years he has been in charge. “We have invested more than 55,000 million euros, generated more than 21,700 million in net profit and more than 32,000 million in free cash flow. We have allocated 17,300 million euros to remunerate our shareholders, increased our net worth by 9,300 million, and reduced our net debt by more than 23,000 million”, he assured.
After reviewing how Telefónica has managed to advance in the development of the strategic plan defined in November 2019, the manager stressed that Telefónica has ceased to be the company in which it was born 99 years ago to connect people by voice to become " another company". “We have transformed our revenue to be more relevant. Today, 73% of our service revenues derive from broadband and digital services, compared to 46% in 2015. This is revenue that comes from the new world. We are another company ”, he stated.
