Telefonica has cut its dividend payments for 2012 and 2013 due to changes to the economic and operating environment and financial market conditions. Shareholders will receive EUR1.50 per share including EUR1.30 as cash – in 2012. A “similar” dividend will be paid in 2013 although potentially with a different remuneration mix depending on market conditions. However, shareholders will receive the promised EUR1.60 per share for 2011, with the first payment of EUR0.77 having been made in November, and the remaining EUR0.83 due in May 2012.