Historical Archive Annual Reports

2012 Annual Report

  • In 2012 we undertook a profound transformation of our commercial model, changing our offering from a subsidyfocused model to a more sustainable approach based on distinctive quality and offerings
  • We made significant efforts to streamline processes and simplify our product base, a measure that is already generating sizeable savings and raising efficiency levels
  • We optimized our investment management model, reallocating resources to the highest growth activities. From that perspective, in 2012 we decided to share networks and coinvest in some countries
  • We recovered our financial flexibility reducing debt significantly. Telefónica scaled down its debt more than any other telecoms operator worldwide.
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