And as I said, we have our shareholder remuneration for 2020. And fifth, we signed the MoU with Rakuten and OpenRAN, a next step in our journey toward a virtualized networks model. Second, in Hispam, we filed for regulatory approval of the Costa Rica sale to LLA, and we continue to evaluate all available options for reducing our portfolio exposure in the region. Thank you, Angel, and good morning to everyone. Having said that and has been more active than ever in the inorganic front, let me tell you that on the organic front, I think our free cash flow has proved to be very, very, very robust. It's the sale of Costa Rica. Thank you, David. So obviously, that's one assumption that is not going in the right direction. Contract net adds are back to pre-COVID-19 levels with a benchmark churn of 1.2%, down 0.7 percentage points year-on-year. Time: 10:00 a.m. Brazil | 09:00 a.m. New York (US EDT) We saw robust commercial activity in Q3, surpassing pre-COVID-19 levels as contract net adds almost doubled versus Q3 '19 and fiber-to-home connections maintain a clear upward trend. Clearly, it's a very valuable and very well-developed FiberCo or Fiber presence in the country. Ghana investor relations. If those additional content savings were to be produced, they would be incremental to this outlook. Telefónica is a listed company. In Spain, we launched 5G services with the aim of reaching 75% coverage nationwide by year-end. On slide 18, we can see that Telefonica Tech has continued to make significant progress. Next question, please. We believe that there is a massive opportunity for Fiber-to-the-Home in that market because the penetration is low. And that's why you see the submarine cable reducing its performance compared to previous quarters. But I do note that one assumption, among others, is that the euro to Brazil rate stays at 6.3. OIBDA margin was close to 42% in Q3 as the year-on-year OIBDA trend improved by 4.1 percentage points sequentially driven by better revenue performance, lower content costs, lower roaming costs and personnel efficiencies. At the group level, Telefonica's financing activity amounts to EUR10.4 billion and contributes to both an extension of our average debt life as close to 11 years and a robust liquidity position of more than EUR22 billion. In terms of financials, revenues show a pronounced year-on-year improvement compared to the previous quarter, with revenues decreasing minus 6% year-on-year versus minus 11% in Q2. Zakhele. Presentation. Another remarkable highlight, our free cash flow during the quarter was outstanding at EUR1.6 billion, plus 13% year-on-year, and EUR0.30 per share. Argentina is suffering a very severe confinement and also the legacy of some unbalances. And the customer base is three times year-on-year. I mean you've made very clearly the point this year that you've used the scrip to address the dividend and give you flexibility. View now. And in the inorganic, I told Mathieu, everything we've done last year, everything we have done already in the first nine months and more is definitely going to come. Seed, Series A, Private Equity), Whether an Organization is for profit or non-profit, General contact email for the organization, Total number of sub-organizations that belongs to a parent Organization. And am I correct that your net debt would have been EUR two billion lower if that hadn't happened? We have negotiated also, for instance, other sport rights like Formula One, renewed for three seasons with more than 25% deflation versus the current cycle. In Brazil, we are quite progressed. I know you have some of these types of agreements in Brazil, but whether you plan to expand them beyond these two markets. We have the balance sheet in excess of EUR100 billion. About Telefónica Colombia It cannot be -- it could be leverage-neutral, depends on the ratio. So with this message, I can tell you that there's a lot of management focus on delivering free cash flow as a sustainable way for our share price appreciation and also for deleverage. Net financial debt declined a further EUR525 million in Q3 to EUR36.7 billion, down 4% versus September 2019. In cloud, our multi-cloud services for enterprises of all sizes were the key driver of 23% year-on-year growth in revenue in the first nine months of the year as we establish ourselves as stress-free partner for migration to the cloud. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. And have you already started to have active discussions with other wholesale operators in the market outside of Telefonica situations? It is also worth highlighting the growth of the customer base in U.K. across all segments of the business. First, we are providing ongoing support to all stakeholders to contribute to economic recovery. Our business, therefore, it's a robust cash generation. From January to September, reported revenues declined by 10.7%, which translates into a 3.7% organic drop after stripping out 5.9 percentage points of ForEx and one percentage point from changes in the consolidation perimeter and other effects. This outstanding result was supported by our continued focus on driving opex efficiencies and optimizing capital allocation, to which 70% was dedicated to growth areas. 24. Well, I think it's early days to think about La Liga. And with a very strong free cash flow, also the share price should go up. The significant shareholdings in compliance with law are available on this website at the following page: Significant Shareholdings. Read more, Cloud computing allows anyone to access maximum potential in processing power, paving the way for endless applications. But if I try to go to the underlying other hand elimination, I think the figure you've seen for Q3 could be a right extrapolation for Q4. It's early to quantify the details. What we have done is renegotiate those early in exchange for an extended period of five years. In that part, in the inorganic option, the -- we keep on working in parallel, in getting ourselves prepared for the spin-off. It's already at 6.8. From my perspective, it seems hard to imagine it could carry the net debt to EBITDA that Telefonica Group has. No. Horário: 10h00 Brasília | 09h00 Nova York In Brazil, we progressed with the joint offer for Oi, being now the preferred bidder. Jakob Bluestone -- Credit Suisse -- Analyst. Mathieu Robilliard -- Barclays -- Analyst. At the same time, when one looks at the evolution of the consolidated of Telxius, the behavior of the submarine cable business has been different. However, total pay TV base fell due to the decline in lower-value TV accesses, including Movistar+ Lite OTT service, following a large temporary increase in the base in Q2 due to COVID-19-related confinement when we added 57,000 accesses. Thank you. And we still think we are going to deliver very, very robust free cash flow in this complex year in the remainder of 2020. Do you actually have a book value for Telefonica Hispam post the Argentina writedown, please? We have had record fixed broadband net adds, highest for the last two years. Chat with us online or give us a call. Our O2/Virgin Media joint venture formally requested EU approval, and the GBP5.7 billion recapitalization process was completed. On slide 13. This position accepts debt maturities beyond 2022. • USA: (+1 412) 717-9627 Moving to slide six. Keval Khiroya -- Deutsche Bank -- Analyst.
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