On the financial side, we have taken decisive actions to improve the balance sheet and diffuse potential risk, including an exceptional use demand of remuneration policy, which allow us to have a full year refinance maturity behind the end of 2013. We are managing productively our portfolio of assets, with visible results year-to-date. And we have decided next actions, including preparation for an IPO of Telefónica Germany in the fourth quarter. And we continue making significant progress to enhance our growth profile and capture the significant growth opportunities arising in the digital space.Let me now review, with more detail, our first half performance starting with the summary of the key financials on Slide #4. In the first half of both 2012 and 2011, we look at several significant exceptional items. So to better understand the underlying performance of the company, we are providing a P&L, excluding those nonrecurring effects and noncash impacts.
TelefÃ³nica, S.A. Management Discusses H1 2012 Results - Earnings Call Transcript
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