*5<56W>931) - To the shareholders of Telefónica, S.A .: Report on the annual accounts Opinion We have audited the annual accounts of Telefónica, S.A. (the Company), which comprise the balance sheet as at 31 December 2023, and the income statement, statement of changes in equity, cash flow statement and related notes for the year then ended. n our opinion, the accompanying annual accounts present fairly, in all material respects, the equity nd financial position of the Company as at 31 December 2023, as well ...