Between January and September, 2012, the Telefónica Group has achieved a consolidated net profit of 3,455 million euros, implying growth of 26.4% with respect to the same period in 2011. At the close of the year’s third quarter, the Company has consolidated the quarter-on-quarter improvement in returns in all regions and, between January and September, has recorded year-on-year growth of +10.7% and +19.6% in OIBDA (€ 15,782M) and operating result (€ 8,009 M), respectively. In addition, the revenue generated by Telefónica Latin America at the end of September has for the first time in history exceeded the weighting of revenue from operations in Europe to represent 49% of the Company’s total turnover, which has remained stable at 46,519 million euros. In the management report on the third-quarter results, the Executive Chairman of Telefónica, César Alierta, has underscored the highly visible progress achieved in issues of great priority for the Company over the last few months. In this sense, he stressed that in “the third quarter of the year there has been a consolidation of the recovery trend initiated in the second quarter, with an outstanding sequential improvement in underlying earnings per share, which stood at 0.36 euros per share in the quarter (0.98 euros at the end of September), returning to positive year-on-year growth.” Alierta also points out the strengthening of the financial positioning of the company, thanks to the debt reduction and a proactive refinancing policy. Furthermore, the Executive Chairman of Telefónica has highlighted that “from a strategic standpoint, we continue making progress in our transformation into a “Digital Telco” and we are making further progress in our transformation journey and the results achieved so far make us feel more positive about the future despite tough conditions”. Greater efficiencies and more financial flexibility Telefónica’s results in the third quarter of the year showed significant progress in priority areas for the Company.