Active financing policyDuring 2012, Telefónica's financing activity, excluding short-term Commercial Paper Programmes activity, stood at around 15,000 million equivalent euros and has exceeded the amount raised in fiscal year 2011, improving significantly the Company’s liquidity position. The financing activity was focused on financing in advance debt maturing in 2012, and on smoothing the debt maturity profile for 2013 and 2014 at the Holding level. Therefore, the Company maintains a debt maturity profile that, along with cash flow generation expectations, is covered beyond 2014.
Telefónica Ends 2012 With Net Profit Of 3,928 Million Euros After Write-Offs Totalling 2,536 Million
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