In the financial area, Telefónica has managed to close another year with a notable reduction in its bulky debt volume. Specifically, and thanks above all to the generation of free cash, the June 2019 calendar Cute reduced its financial debt in the year by 2,445 million, to 41,785 million. To this we must add, although they do not count in the 2018 accounts, in the first two months of 2019 it has been able to reduce it by approximately 1,400 million more with the sale of all its subsidiaries in Central America, a process that has been completed this week. Profits of Ibex 35 companies grew by 16.2% in 2017 compared to the previous year, while their contribution to Corporate Tax decreased by 11%, according to the report “Unequal distribution. How the Ibex 35 companies distribute value », carried out by Oxfam Intermón.
June 2019 calendar Cute
In it, the organization analyzes the tax practices of large companies, their presence in tax havens, the differences between the salaries of senior managers and the rest of the staff and the evolution of the dividends they share. For Oxfam, this data “questions the design of this tax and calls into question the commitment to reduce the inequality of many large companies, which prioritize gaining competitiveness by maintaining comfortable profit margins at the expense of wage adjustments and a lower tax contribution”.
The report highlights that large companies are improving fiscal transparency as well as their presence in tax havens. Specifically, the number of subsidiaries present in tax havens decreased by 14% in 2017, to a total of 858. In addition, it highlights that some such as Aena, June 2019 calendar Cute, Colonial and Merlin Properties do not have any subsidiary in any tax haven. Likewise, Oxfam points out that the inequality in company salaries has continued to grow. Thus, while the profits of companies grew, with an increase in emoluments of directors and senior executives, average wages paid to workers fell by 4.2%. According to the organization, a first executive earns 132 times more than the average salary and 301 times more than the lowest salaries. He also adds that the salaries of senior managers rose by 8%, four times more than that of the rest of the staff.