ABOUT THIS REPORT
Telefónica has decided to take the first steps towards an integrated report with the present Annual Report 2012. To this end, strategic and operational aspects, and those of context, Corporate Governance and performance have all been incorporated into a single volume, together with other themes related to sustainability. In this way, any reader will be able to understand better how Telefónica is capable of creating and sustaining its value in the future through its business model.
The behavior of the market is also detailed, along with the most relevant financial and non-financial indicators of the Company. The report firstly shows the Management and Governance Bodies of Telefónica at the end of 2012, as well as the most important indicators of the Company for the 24 countries in which it is present. In addition, it offers Telefónica’s perception of the most significant changes that the telecommunications sector is undergoing and how the Company handles the opportunities and risks inherent to these transformations. These are the keys to understanding its business model, working to convert the Company into a Digital Telco, as clearly as possible. And all this, through innovation and digital solutions, the talent of its professionals, the strength that its global scale bestows and the values of a great brand.