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  • rogerwenman rogerwenman May 4, 2012 1:55 PM Flag

    Balance Sheet questions

    The 4th qtr 2011 report says on page 10:

    "Consolidated operating expenses stood at 44,501 million euros in 2011. It is important to remember that the year-on-year performance in reported terms (+10.2%) is mainly affected by the increase in personnel expenses (+31.8% year-on-year in reported terms), as a result of:

    1) non-recurrent restructuring expenses recorded in the second half of 2010 (1,262 million euros), mainly related to personnel reorganization (658 million euros) and firm commitments relating to the Telefónica Foundation’s social activities (400 million euros; of this total, 280 million euros
    were recorded in Telefónica S.A. and the remainder was registered in Telefónica Latinoamérica).

    2) the non-cash impact provision for restructuring expenses (2,671 million euros in consolidated terms) register in the third quarter of 2011, associated to the workforce restructuring plan approved by the Company in Spain."

    I've not gone into the footnotes and did the author of the article. The full annual financial statements for 2011 are due out on May 11th.

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