Telefonica closed 2012 with a net profit of only €3,928 million, down by 27.3% on the previous year, after making adjustments of €2,536 million to take into account participation in Telefonica Italy, Telefonica Ireland and the devaluation of the Venezuelan Bolivar.
Without the adjustments, net profit would have been €6,465 million, up on the figure of €5,403 million for 2011.
Group revenues were €62,356 million, 0.8% less than in 2011 and operating income before gross depreciation was up by 5.1% to €21,231 million. The fourth quarter of 2012 was the best period of the year for Telefonica.