The Company's mobile broadband accesses maintained solid growth of 40% year-on-year to 47.7 million at the end of September 2012, and accounted for 19% of mobile accesses (+5 percentage points year-on-year). It should be highlighted the continued smartphone adoption by our customers (with attached data tariffs), with 10.0 million net additions in the first nine months of 2012 (+14% year-on-year).Telefónica’s retail fixed broadband accesses increased by 4% year-on-year to 18.5 million at the end of September 2012, with 458 thousand net additions, reflecting the sustained growth of Telefónica Latinoamérica. Retail fixed broadband accesses reached a penetration rate of 47% over total fixed accesses. Analysis of the operating statement Revenues in the first nine months of 2012 totalled 46,519 million euros, virtually unchanged year-on-year (-0.3%). This performance reflects the Company’s high diversification, a key differentiating factor in the current environment characterised by adverse economic conditions, more intense competition and negative effects of regulation in some countries. Excluding the negative effect of regulation, revenues rose by 1.1% year-on-year vs. the first nine months of 2011. By region, Telefónica Latinoamérica’s revenues continue to show strong year-on-year growth (+5.9%) and now account for 49% of consolidated revenues (+2.9 percentage points year-on-year), for the first time exceeding revenues from the European operations (48% of the total). Telefónica España’s contribution decreased to 24% of consolidated revenues. Mobile data revenues continue to post a solid growth during the first nine months of 2012 (+14.2% year-on-year), contributing more than 34% to mobile service revenues during the period. Also, non-SMS mobile data revenues have posted a significant increase (+25.3% year-on-year), representing 57% of total mobile data revenues. Consolidated operating expenses amounted to 31,663 million euros, down 5.4% vs. the first nine months of 2011 (-21.1% in the third quarter). It should be noted that reported year-on-year comparison is affected by the provision for expenses related to the redundancy program in Spain booked in the third quarter of last year (2,671 million euros). Supplies in the January-September 2012 period totalled 13,403 million euros and were flat year-on-year in reported terms. Subcontract expenses (10,113 million euros) rose by 5.5% year-on-year compared to the first nine months of 2011 (+5.5% organic), with a sequential decrease in year-on-year growth in the third quarter, mainly due to efficiencies implemented and reflected in a general reduction of commercial costs. Finally, personnel costs stood at 6,507 million euros, down 27.0% year-on-year, affected by the aforementioned provision associated with the redundancy program in Spain.