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Telefonica, S.A.'s CEO Discusses Q1 2012 Results - Earnings Call Transcript

We invite you to read the complete disclaimer included in the first page of the presentation, which you will find on our website. We encourage you to review our publicly available disclosure documents filed with the relevant securities and market regulators. If you don't have a copy of the relevant press release and the slides, please contact Telefónica's Investor Relations team in Madrid by dialing the following telephone number +34-91-482-8770.

Now let me turn the call over to our Chief Financial and Corporate Development Officer, Mr. Angel Vila, who will begin this conference call.

Ángel Vilá Boix

Thank you, María. Good afternoon, ladies and gentlemen, and welcome to Telefónica's First Quarter Results Conference Call. It is my pleasure to chair this call. Today with me are the members of the executive committee, so during the question-and-answer session they would have the opportunity to answer the questions you may have.

Progress year-to-date shows that we are delivering on our growth strategy, fully executing the priorities set for 2012. First, on the commercial side, we have had a very strong start for 2012, leveraging the new propositions launched across markets since second half of 2011. Growth in the quarter was underpinned by the expansion of our mobile base, especially on the mobile broadband space. Second, top line has recorded a significant improvement year-on-year, as increased commercial push is already flowing into revenue. In the middle of the crisis, we are back to positive growth rates, despite material drags from regulation in Spain. Mobile data sales continue to post very solid growth and will drive further top line growth acceleration along the year.

Third, our businesses in Latin America have delivered an outstanding evolution in the first quarter, with sustainable pricing-related revenue expansion. To highlight, Brazil already accounts for about 1/4 of our total revenues, similar to Spain. And despite having our headquarters in Europe, for the first time, over 50% of our OIBDA comes from Latin America.

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