And that, together with the FX, explains about 75% even more of the impairment. What I can tell you on that front is that we have an absolutely commitment to keep on reducing leverage, and we have an absolute commitment to remain with a solid investment grade. Last quarter, that was about EUR four billion.
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.
This accounted for a negative contribution from the U.K., primarily as a result from roaming, handset release delays, together with increasing higher-margin direct distribution impacting revenue recognition.
(2) Effective 12 May 2020 Paul E. Singer disclosed to Consob and to the Company, pursuant to art.
Fifth, net debt continued to be reduced. So just to clarify, so there will be no further content savings in Q4. See you at the top! Admittedly, it was slight deflation, but we achieved deflation. You are right. As such, I cannot disclose the targets that we have of take-up, but I can tell you that we are aiming for those targets to be quite positive in this -- in our projections. First, we are providing ongoing support to all stakeholders to contribute to economic recovery. Meanwhile, Telefonica Tech Services delivered double-digit revenue growth year-on-year versus nine months 2019.
Presentation. Horário: 10h00 Brasília | 09h00 Nova York
Active, Closed, Last funding round type (e.g. I've got two questions, please, one on capex and one on the other companies line.
And... Is there any visibility on the potential timing of the auction as far as you're aware? Our financial update for the quarter on slide seven clearly shows the significant impact of COVID-19 and currency depreciation on the reported figures. So obviously, because of COVID, we're seeing some difficult trends. Good morning, and welcome to Telefonica's Third Quarter Results Conference Call. financial reports and official filings. More in investors. The OIBDA minus capex over revenue ratio, excluding M&A capex from inorganic operations, stood at 51.2% for the first nine months of the year. Sorry, because as it's part of the others, it's hard to see. Going forward, Telefonica Tech is expected to continue outperforming, underpinned by its critical role amid accelerating digitalization during the COVID-19 crisis and by the strengthening of its capabilities. Meanwhile, we launched 5G in July while maintaining our leadership in fiber-to-the-home, increasing the number of homes passed in Q3 by 1.5 million to 14.6 million. Telefônica Brasil S.A. is the largest telecommunication company in the country, with presence in the entire Brazilian territory with a complete and convergent portfolio of products (fixed and mobile voice, fixed and mobile broadband, ultra-broadband, data and digital services, pay TV and IT) Just on Spain, just on the fight around O2, we've got -- our analysis suggests it's tracking about 20% to 25% of gross adds. Thank you.
Net adds reached the highest level of the last eight years, indicating a strong commercial recovery.
It is true that in this quarter, we ended up having -- or in the first half of the year, we ended up having fewer content that we originally had contracted for. Let me start with the main highlights of our third quarter results.
Different development in the two businesses.
We have an exclusive agreement with Vodafone to access their cable. The first one is around the agreement you announced with Allianz today.
It cannot be -- it could be leverage-neutral, depends on the ratio. Our breakdown of the COVID-19 impacts by quarter and business line shows a clear improvement versus the second quarter. You can also be that we are doing this with partners. So thank you, Jakob, for the questions.
So personnel cost was down high single-digit in the year, same savings from the personnel reduction program as in Q2. And therefore, we are maintaining or having the possibility to increase ARPU quarter-on-quarter while reducing churn at the same time. Investor Email Alerts. We have been awarded the Sustainable Procurement Award at the Amazon Business Exchange for promoting sustainability in our supply chain. Thank you, Mathieu, for your questions.
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. COVID-19 dragged 4.9 percentage points year-on-year. Ghana investor relations. And then the second question, on the Fiber-to-the-Home business in Germany. ET, Ladies and gentlemen, thank you for standing by, and welcome to Telefonica's January to September 2020 Results Conference Call. At the same time, we have upselling, we have new digital services with quite strong traction and we have lower year-on-year promotion weight.